Question
In: Accounting
Applying Interrelations of Financial Statements Fill in the missing amounts, a through t, for each of...
Applying Interrelations of Financial Statements
Fill in the missing amounts, a through t, for each of the three separate companies.
| Case 1 | Case 2 | Case 3 | |
|---|---|---|---|
| Net income, 2020 | $42,000 | h) | $135,000 |
| Retained earnings, December 31, 2020 | a) | 1,305,000 | n) |
| Retained earnings, December 31, 2019 | 15,000 | 1,170,000 | 381,750 |
| Dividends, 2020 | 12,000 | 52,500 | o) |
| Common stock, December 31, 2020 | b) | i) | 225,000 |
| Total stockholders’ equity, December 31, 2020 | 168,000 | j) | 720,000 |
| Other comprehensive income, 2020 | c) | 0 | p) |
| Accumulated other comprehensive income, December 31, 2019 | 4,500 | 0 | 3,750 |
| Accumulated other comprehensive income, December 31, 2020 | 3,000 | 0 | q) |
| Comprehensive income, 2020 | d) | k) | 154,500 |
| Total assets, December 31, 2020 | e) | 3,300,000 | 1,320,000 |
| Total assets, excluding cash, December 31, 2020 | f) | l) | 1,237,500 |
| Total liabilities, December 31, 2020 | 138,000 | 1,350,000 | r) |
| Cash, December 31, 2019 | 7,500 | 112,500 | s) |
| Cash, December 31, 2020 | 15,000 | m) | t) |
| Change in cash, 2020 | g) | (15,000) | 15,000 |
Solutions
Expert Solution
| Case 1 | Case 2 | Case 3 | |
| Net income, 2020 | $ 42,000 | $ 187,500 | $ 135,000 |
| $1,305,000 - $1,170,000 + $52,500 | |||
| Retained earnings, December 31, 2020 | $ 45,000 | $ 1,305,000 | $ 471,750 |
| $15,000 + $42,000 - $12,000 | $720,000 - $225,000 - $23,250 | ||
| Retained earnings, December 31, 2019 | $ 15,000 | $ 1,170,000 | $ 381,750 |
| Dividends, 2020 | $ 12,000 | $ 52,500 | $ 45,000 |
| $381,750 + $135,000 - $471,750 | |||
| Common stock, December 31, 2020 | $ 120,000 | $ 645,000 | $ 225,000 |
| $168,000 - $45,000 - $3,000 | $1,950,000 - $1,305,000 | ||
| Total stockholders’ equity, December 31, 2020 | $ 168,000 | $ 1,950,000 | $ 720,000 |
| $3,300,000 - $1,350,000 | |||
| Other comprehensive income, 2020 | $ (1,500) | $ - | $ 19,500 |
| $4,500 - $3,000 | $154,500 - $135,000 | ||
| Accumulated other comprehensive income, December 31, 2019 | $ 4,500 | $ - | $ 3,750 |
| Accumulated other comprehensive income, December 31, 2020 | $ 3,000 | $ - | $ 23,250 |
| $19,500 + $3,750 | |||
| Comprehensive income, 2020 | $ 40,500 | $ 187,500 | $ 154,500 |
| $42,000 - $1500 | $187,500 + $0 | ||
| Total assets, December 31, 2020 | $ 306,000 | $ 3,300,000 | $ 1,320,000 |
| $168,000 + $138,000 | |||
| Total assets, excluding cash, December 31, 2020 | $ 291,000 | $ 3,202,500 | $ 1,237,500 |
| $306,000 - $15,000 | $3,300,000 - $97,500 | ||
| Total liabilities, December 31, 2020 | $ 138,000 | $ 1,350,000 | $ 600,000 |
| $1,320,000 - $720,000 | |||
| Cash, December 31, 2019 | $ 7,500 | $ 112,500 | $ 67,500 |
| $82,500 - $15,000 | |||
| Cash, December 31, 2020 | $ 15,000 | $ 97,500 | $ 82,500 |
| $112,500 - $15,000 | $1,320,000 - $1,237,500 | ||
| Change in cash, 2020 | $ (7,500) | $ (15,000) | $ 15,000 |
| $7,500 - $15,000 |
ekkarill92 answered 1 year agoRelated Solutions
Fill in the missing amounts for items (a) through (o) as well as a1 through m1...
Fill in the missing amounts for items (a) through (o) as well as
a1 through m1 in the following perpetual inventory records:
Calculate the cost of goods sold and ending inventory using
weighted average. (Round the weighted average cost per
unit to 2 decimal places, e.g. 5.25 and final answers to 0 decimal
places, e.g. 5,250.)
Purchases
Cost of
Goods Sold
Balance
Date
Units
Cost
Total
Units
Cost
Total
Units
Cost
Total
Units
Total Cost
WA Cost Per unit
Apr-01...
Fill in the missing amounts in each of the eight case situations below. Each case is...
Fill in the missing amounts in each of the eight case situations
below. Each case is independent of the others. (Hint: One
way to find the missing amounts would be to prepare a contribution
format income statement for each case, enter the known data, and
then compute the missing items.)
Required:
a. Assume that only one product is being sold in each of the
four following case situations:
b. Assume that more than one product is being sold in each...
Fill in the missing amounts in each of the eight case situations below. Each case is...
Fill in the missing amounts in each of the eight case situations
below. Each case is independent of the others. (Hint: One way to
find the missing amounts would be to prepare a contribution format
income statement for each case, enter the known data, and then
compute the missing items.) Required: a. Assume that only one
product is being sold in each of the four following case
situations: b. Assume that more than one product is being sold in
each...
Fill in the missing amounts in each of the eight case situations below. Each case is...
Fill in the missing amounts in each of the eight case situations
below. Each case is independent of the others. (Hint: One way to
find the missing amounts would be to prepare a contribution format
income statement for each case, enter the known data, and then
compute the missing items.)
a. Assume that only one product is being sold in each of the
four following case situations:
Case #1
Case #2
Case #3
Case #4
Unit
sold
8,100
19,500
4,900...
Fill in the missing amounts in each of the eight case situations below. Each case is...
Fill in the missing amounts in each of the eight case situations
below. Each case is independent of the others. (Hint: One way to
find the missing amounts would be to prepare a contribution format
income statement for each case, enter the known data, and then
compute the missing items.)
Required:
a.
Case #1
Case #2
Case #3
Case #4
Unit
sold
8,200
19,800
5,100
Sales
$237,800
$330,000
$137,700
Variable
expenses
114,800
198,000
Fixed
expenses
89,000
175,000
75,000
Net
operating...
Fill in the missing amounts in each of the eight case situations below. Each case is...
Fill in the missing amounts in each of the eight case situations
below. Each case is independent of the others. (Hint: One
way to find the missing amounts would be to prepare a contribution
format income statement for each case, enter the known data, and
then compute the missing items.)
Required:
a. Assume that only one product is being sold in each of the
four following case situations:
b. Assume that more than one product is being sold in each...
Fill in the missing amounts in each of the eight case situations below. Each case is...
Fill in the missing amounts in each of the eight case situations
below. Each case is independent of the others. (Hint: One
way to find the missing amounts would be to prepare a contribution
format income statement for each case, enter the known data, and
then compute the missing items.)
Required:
a. Assume that only one product is being sold in each of the
four following case situations:
b. Assume that more than one product is being sold in each...
Fill in the missing amounts for the following 4 companies. Each case is independent of the...
Fill in the missing amounts for the following 4 companies. Each
case is independent of the others. Assume that only one product is
being sold by each company:
Company A
Company B
Company C
Company D
Units Sold
600
900
Sales in Dollars
$30,000
$63,000
$235,000
$
Total Variable Expenses
$6,600
$
$
$135,000
Per Unit C/M
$
$60
$270
$140
Total Fixed Expenses
$20,600
$35,000
$144,000
$
Net Operating Income (Loss)
$
$7,000
$(9,000)
$(25,000)
Missing amounts from financial statements The financial statements at the end of Wolverine Realty’s first month...
Missing amounts from financial statements
The financial statements at the end of Wolverine Realty’s first
month of operations are as follows:
By analyzing the interrelationships among the four financial
statements, determine the proper amounts for the missing items. Use
the minus sign to indicate cash outflows, cash payments, and
decreases in cash in the Statement of Cash Flows.
Wolverine Realty
Income Statement
For the Month Ended April 30,
20Y0
Fees earned
$
Expenses:
Wages expense
$304,000
Rent expense
107,000
Supplies...
Missing amounts from financial statements The financial statements at the end of Atlas Realty’s first month...
Missing amounts from financial statements
The financial statements at the end of Atlas Realty’s first
month of operations follow:
By analyzing the interrelationships among the four financial
statements, determine the missing amounts. If a net loss is
incurred or dividends were paid, enter that amount as a negative
number using a minus sign. Use the minus sign to indicate cash
outflows, cash payments, and decreases in cash in the Statement of
Cash Flows.
Atlas Realty
Income Statement
For the Month...
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