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In: Accounting
A comparative balance sheet for Harrison Co. appear below: Assets 12/31/2019 12/31/2018 Cash $34,000 $11,000 Accounts...
A comparative balance sheet for Harrison Co. appear below:
| Assets | 12/31/2019 | 12/31/2018 |
| Cash | $34,000 | $11,000 |
| Accounts receivable | 18,000 | 13,000 |
| Inventory | 25,000 | 17,000 |
| Prepaid expenses | 6,000 | 9,000 |
| Long-term investments | -0- | 17,000 |
| Equipment | 60,000 | 33,000 |
| Accumulated depreciation-equipment | (20,000) | (15,000) |
| Total assets | $123,000 | $85,000 |
| Liabilities and Stockholders' Equity | ||
| Accounts payable | $17,000 | $7,000 |
| Bonds payable | 36,000 | 45,000 |
| Common stock | 40,000 | 23,000 |
| Retained earnings | 30,000 | 10,000 |
| Total liabilities and equity | $123,000 | $85,000 |
Additional information:
- Net income for the year ending December 31, 2019 was $35,000.
- Cash dividends of $15,000 were declared and paid during the year.
- Long-term investments that had a cost of $17,000 were sold for $14,000.
- Sales for 2019 were $120,000.
- Depreciation Expense was $5,000
- Equipment was purchased with cash. No equipment was sold.
- Common stock was issued for cash.
- Bonds were retired with cash.
Please prepare (in good form) the cash flow statement.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Below are Lebnas Corp.’s 2019 income statement and comparative balance sheet at 12/31/2019 and 12/31/2018. Additional...
Below are Lebnas Corp.’s 2019 income statement and comparative
balance sheet at 12/31/2019 and 12/31/2018.
Additional information:
On December 31, 2018, Lebnas acquired 25% of Island Co.’s
common stock for $609,000. On that date, the carrying value of
Island’s assets and liabilities, which approximated their fair
values, was
$2,435,000. Island reported income of $319,000 for the year
ended December 31, 2019. No dividend income was received by Lebnas
on Island’s common stock during the year 2019.
During 2018, Lebnas loaned...
Below are Lebnas Corp.’s 2019 income statement and comparative balance sheet at 12/31/2019 and 12/31/2018. Additional...
Below are Lebnas
Corp.’s 2019 income statement and comparative balance sheet at
12/31/2019 and 12/31/2018.
Additional
information:
On December 31, 2018, Lebnas acquired 25% of Island Co.’s
common stock for $609,000. On that date, thecarrying value of
Island’s assets and liabilities, which approximated their fair
values, was $2,435,000. Islandreported income of $319,000 for the
year ended December 31, 2019. No dividend income was received by
Lebnas on Island’s common stock during the year 2019.
During 2018, Lebnas loaned $797,500 to...
A comparative balance sheet for Crane Corporation is presented below. December 31 Assets 2020 2019 Cash...
A comparative balance sheet for Crane Corporation is presented
below.
December
31
Assets
2020
2019
Cash
$70720
$22880
Accounts receivable
85280
68640
Inventory
176800
196560
Land
73840
114400
Equipment
291200
208000
Accumulated depreciation–equipment
(76960)
(43680)
Total
$620880
$566800
Liabilities and Stockholders’ Equity
Accounts payable
$35360
$48880
Bonds payable
156000
208000
Common stock ($1 par)
170560
170560
Retained earnings
258960
139360
Total
$620880
$566800
Additional information:
1.
Net income for 2020 was $161200; there were no gains or
losses.
2.
Cash...
Data Table Outdoor Adventure Company Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Assets...
Data Table
Outdoor Adventure Company
Comparative Balance Sheet
December 31, 2019 and 2018
2019
2018
Assets
Current Assets:
Cash
$1,398,330
$14,790
Short-term Investments, net
29,000
0
Accounts Receivable, net
1,600
6,300
Merchandise Inventory
400
0
Office Supplies
70
300
Prepaid Rent
0
2,000
Property, Plant, and Equipment:
Land
615,000
75,000
Building
944,000
94,000
Canoes
13,920
13,920
Office Furniture and Equipment
140,000
0
Accumulated Depreciation—PP&E
(31,920)
(1,740)
Total Assets
$3,110,400
$204,570
Liabilities
Current Liabilities:
Accounts Payable
$6,420
$4,400
Utilities Payable
550...
The financial statements of Flowers Co. appear below: Flowers Co. Comparative Balance Sheets December 31, 2018...
The financial statements of Flowers Co. appear below:
Flowers Co.
Comparative Balance Sheets
December 31, 2018 - 2019
——————————————————————————————————
Assets
2019
2018
Cash
$ 75,000
$ 150,000
Short-term
investments
75,000
225,000
Accounts receivable
(net)
150,000
112,500
Inventory
225,000
262,500
Property, plant and equipment
(net)
975,000
1,125,000
Total assets
$1,500,000
$1,875,000
Liabilities and stockholders' equity
Accounts
payable
$ 75,000
$ 112,500
Short-term notes...
The Balance Sheet of the Illini as of 12/31/20X0: Assets Current Assets: Cash 1,500,000 Accounts receivable,...
The Balance Sheet of the Illini as of
12/31/20X0:
Assets
Current Assets:
Cash 1,500,000
Accounts receivable, net 18,000
Inventory 50,000
Total current assets 1,568,000
Equipment 90,000
Goodwill 20,000
Total assets $1,678,000
Liabilities and shareholders' equity
Shareholders' equity:
Common stock, 20,000 shares outstanding, $1 par 20,000
Additional paid-in capital 280,000
Retained earnings 1,378,000
Total shareholders' equity 1,678,000
Total liabilities and shareholders' equity 1,678,000
Note that all additional paid-in capital (APIC) sub accounts
(e.g., APIC-options and APIC-treasury stock), if any, are tracked...
The Balance Sheet of the Illini as of 12/31/20X0: Assets Current Assets: Cash 1,500,000 Accounts receivable,...
The Balance Sheet of the Illini as of
12/31/20X0:
Assets
Current Assets:
Cash 1,500,000
Accounts receivable, net 18,000
Inventory 50,000
Total current assets 1,568,000
Equipment 90,000
Goodwill 20,000
Total assets $1,678,000
Liabilities and shareholders' equity
Shareholders' equity:
Common stock, 20,000 shares outstanding, $1 par 20,000
Additional paid-in capital 280,000
Retained earnings 1,378,000
Total shareholders' equity 1,678,000
Total liabilities and shareholders' equity 1,678,000
Note that all additional paid-in capital (APIC) sub accounts
(e.g., APIC-options and APIC-treasury stock), if any, are tracked...
Below are Sullivan Corp.'s comparative balance sheet accounts at December 31, 2020 and 2019,
Below are Sullivan Corp.'s comparative balance sheet accounts at December 31, 2020 and 2019,
2020
2019
Increase(Decrease)
Cash
$ 815,000
$ 700,000
Accounts receivable
1,128,000
1,168,000
Inventory
1,850,000
1,715,000
Property, plant, and equipment
3,307,000
2,967,000
Accumulated depreciation
(1,165,000)
(1,040,000)
Investment in Myers Co.
310,000
275,000
Loan receivable
250,000
—
Total assets
$6,495,000
$5,785,000
Accounts payable
$1,015,000
$ 955,000
Income taxes payable
30,000
50,000
Dividends payable
80,000
100,000
Lease...
Below is the comparative balance sheet for Sheffield Corporation. Dec. 31, 2020 Dec. 31, 2019 Cash...
Below is the comparative balance sheet for Sheffield
Corporation.
Dec. 31, 2020
Dec. 31, 2019
Cash
$16,400
$21,100
Short-term investments
25,200
19,100
Accounts receivable
42,900
44,600
Allowance for doubtful accounts
(1,800
)
(2,000
)
Prepaid expenses
4,200
2,500
Inventory
81,300
65,700
Land
49,600
49,600
Buildings
126,200
72,800
Accumulated depreciation—buildings
(30,200
)
(23,300
)
Equipment
53,000
45,800
Accumulated depreciation—equipment
(19,100
)
(15,600
)
Delivery equipment
39,200
39,200
Accumulated depreciation—delivery equipment
(22,200
)
(20,700
)
Patents
14,900
–0–
$379,600
$298,800
Accounts payable...
Below is the comparative balance sheet for Pina Corporation. Dec. 31, 2020 Dec. 31, 2019 Cash...
Below is the comparative balance sheet for Pina Corporation.
Dec. 31, 2020
Dec. 31, 2019
Cash
$16,700
$21,000
Short-term investments
24,900
19,100
Accounts receivable
42,500
45,000
Allowance for doubtful accounts
(1,800
)
(2,100
)
Prepaid expenses
4,300
2,500
Inventory
81,800
65,500
Land
50,400
50,400
Buildings
124,200
73,600
Accumulated depreciation—buildings
(29,900
)
(22,900
)
Equipment
52,700
45,700
Accumulated depreciation—equipment
(18,900
)
(15,600
)
Delivery equipment
38,600
38,600
Accumulated depreciation—delivery equipment
(21,900
)
(20,700
)
Patents
15,000
–0–
$378,600
$300,100
Accounts payable...
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