Question
In: Accounting
The information presented here represents selected data from the December 31, 2016, balance sheets and income...
The information presented here represents selected data from the December 31, 2016, balance sheets and income statements for the year then ended for three firms.
Required:
Calculate the missing amounts for each firm.
|
Solutions
Expert Solution
| Firm A | Firm B | Firm C | |
| Total assets, 12/31/16 | $64,000+$44,000+$84,800 = $192,800 | $ 348,000 | $ 416,000 |
| Total liabilities, 12/31/16 | $ 64,000 | $348,000-$47,200-$148,800 = $152,000 | $ 164,000 |
| Pain in capital 12/31/16 | $ 44,000 | $ 47,200 | $ 112,000 |
| Retained earnings 12/31/16 | $40,000+$54,400-$9,600 = $84,800 | $ 148,800 | $416,000-$164,000-$112,000 = $140,000 |
| Net income for 2016 | $ 54,400 | $ 88,000 | $ 64,800 |
| Dividend declared and paid in 2016 | $ 9,600 | $148,800-$99,200-$88,000 = $38,400 | $ 22,400 |
| Retained earnings 1/1/16 | $ 40,000 | $ 99,200 | $140,000-$64,800+$22,400 = $97,600 |
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ekkarill92 answered 1 year agoRelated Solutions
Presented here are the comparative balance sheets of Hames, Inc., at December 31, 2017 and 2016....
Presented here are the comparative balance sheets of Hames,
Inc., at December 31, 2017 and 2016. Sales for the year ended
December 31, 2017, totaled $640,000.
HAMES, INC.,
Balance Sheets
December 31, 2017 and 2016
2017
2016
Assets
Cash
$
19,000
$
20,000
Accounts receivable
78,000
72,000
Merchandise inventory
103,000
99,000
Total current assets
$
200,000
$
191,000
Land
50,000
40,000
Plant and equipment
125,000
110,000
Less: Accumulated
depreciation
(65,000
)
(60,000
)
Total assets
$
310,000
$
281,000
Liabilities...
Presented here are the comparative balance sheets of Hames, Inc., at December 31, 2017 and 2016....
Presented here are the comparative balance sheets of Hames,
Inc., at December 31, 2017 and 2016. Sales for the year ended
December 31, 2017, totaled $670,000.
HAMES, INC.,
Balance Sheets
December 31, 2017 and 2016
2017
2016
Assets
Cash
$
20,000
$
20,000
Accounts receivable
78,000
72,000
Merchandise inventory
103,000
99,000
Total current assets
$
201,000
$
191,000
Land
50,000
40,000
Plant and equipment
125,000
110,000
Less: Accumulated
depreciation
(65,000
)
(60,000
)
Total assets
$
311,000
$
281,000
Liabilities...
Presented here are summarized data from the balance sheets and income statements of Wiper, Inc.: WIPER,...
Presented here are summarized data from the balance sheets and
income statements of Wiper, Inc.:
WIPER, INC.
Condensed Balance Sheets
December 31, 2017, 2016, 2015
(in millions)
2017
2016
2015
Current assets
$
829
$
1,071
$
933
Other assets
2,433
1,940
1,739
Total assets
$
3,262
$
3,011
$
2,672
Current liabilities
$
597
$
850
$
752
Long-term liabilities
1,638
1,115
982
Stockholders’ equity
1,027
1,046
938
Total liabilities and
stockholders' equity
$
3,262
$
3,011
$
2,672...
Presented here are summarized data from the balance sheets and income statements of Wiper, Inc.: WIPER,...
Presented here are summarized data from the balance sheets and
income statements of Wiper, Inc.:
WIPER, INC.
Condensed Balance Sheets
December 31, 2017, 2016, 2015
(in millions)
2017
2016
2015
Current assets
$
707
$
939
$
793
Other
assets
2,419
1,926
1,725
Total
assets
$
3,126
$
2,865
$
2,518
Current
liabilities
$
583
$
836
$
724
Long-term
liabilities
1,530
997
870
Stockholders’
equity
1,013
1,032
924
Total
liabilities and stockholders' equity
$
3,126
$
2,865
$
2,518...
Presented here are summarized data from the balance sheets and income statements of Wiper Inc.: WIPER...
Presented here are summarized data from the balance sheets and
income statements of Wiper Inc.:
WIPER INC.
Condensed Balance Sheets
December 31, 2020, 2019, 2018
(in millions)
2020
2019
2018
Current assets
$
798
$
1,031
$
893
Other assets
2,429
1,936
1,735
Total assets
$
3,227
$
2,967
$
2,628
Current liabilities
$
593
$
846
$
748
Long-term liabilities
1,611
1,079
946
Stockholders’ equity
1,023
1,042
934
Total liabilities and stockholders' equity
$
3,227
$
2,967
$
2,628...
Presented here are summarized data from the balance sheets and income statements of Wiper Inc.: WIPER...
Presented here are summarized data from the balance sheets and
income statements of Wiper Inc.:
WIPER INC.
Condensed Balance Sheets
December 31, 2020, 2019, 2018
(in millions)
2020
2019
2018
Current assets
$
722
$
949
$
803
Other assets
2,420
1,927
1,726
Total assets
$
3,142
$
2,876
$
2,529
Current liabilities
$
584
$
837
$
730
Long-term liabilities
1,544
1,006
874
Stockholders’ equity
1,014
1,033
925
Total liabilities and stockholders' equity
$
3,142
$
2,876
$
2,529...
Presented here are summarized data from the balance sheets and income statements of Wiper Inc.: WIPER...
Presented here are summarized data from the balance sheets and
income statements of Wiper Inc.:
WIPER INC.
Condensed Balance Sheets
December 31, 2020, 2019, 2018
(in millions)
2020
2019
2018
Current assets
$
734
$
959
$
813
Other assets
2,421
1,928
1,727
Total assets
$
3,155
$
2,887
$
2,540
Current liabilities
$
585
$
838
$
731
Long-term liabilities
1,555
1,015
883
Stockholders’ equity
1,015
1,034
926
Total liabilities and stockholders' equity
$
3,155
$
2,887
$
2,540...
Presented here are summarized data from the balance sheets and income statements of Wiper Inc.: WIPER...
Presented here are summarized data from the balance sheets and
income statements of Wiper Inc.:
WIPER INC.
Condensed Balance Sheets
December 31, 2020, 2019, 2018
(in millions)
2020
2019
2018
Current assets
$
798
$
1,031
$
893
Other assets
2,429
1,936
1,735
Total assets
$
3,227
$
2,967
$
2,628
Current liabilities
$
593
$
846
$
748
Long-term liabilities
1,611
1,079
946
Stockholders’ equity
1,023
1,042
934
Total liabilities and stockholders' equity
$
3,227
$
2,967
$
2,628...
Presented here are summarized data from the balance sheets and income statements of Wiper, Inc.: WIPER,...
Presented here are summarized data from the balance sheets and
income statements of Wiper, Inc.:
WIPER, INC.
Condensed Balance Sheets
December 31, 2017, 2016, 2015
(in millions)
2017
2016
2015
Current assets
$
707
$
939
$
793
Other assets
2,419
1,926
1,725
Total assets
$
3,126
$
2,865
$
2,518
Current liabilities
$
583
$
836
$
724
Long-term liabilities
1,530
997
870
Stockholders’ equity
1,013
1,032
924
Total liabilities and stockholders' equity
$
3,126
$
2,865
$
2,518...
Presented here are the comparative balance sheets of Hames Inc. at December 31, 2020 and 2019....
Presented here are the comparative balance sheets of Hames Inc.
at December 31, 2020 and 2019. Sales for the year ended December
31, 2020, totaled $1,700,000.
HAMES INC.
Balance Sheets
December 31, 2020 and 2019
2020
2019
Assets
Cash
$
63,000
$
57,000
Accounts receivable
285,000
266,000
Merchandise inventory
261,000
247,000
Total current assets
$
609,000
$
570,000
Land
109,000
82,000
Plant and equipment
375,000
330,000
Less: Accumulated depreciation
(195,000
)
(180,000
)
Total assets
$
898,000
$
802,000
Liabilities...
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