Presented below are the comparative December 31 financial statements for Noland Plumbing (in $ Millions). Prepare...

Presented below are the comparative December 31 financial statements for Noland Plumbing (in $ Millions). Prepare the operating section of the statement of cash flows for December 31, Year 2 using the indirect method.

Martin Industries, Inc.

Balance Sheets

At December 31, Year 2 and Year 1

	Year 2	Year 1
Cash	$96,719	$28,694
Accounts Receivable	100,000	85,313
Inventory	206,250	181,250
Prepaid Insurance Long-term Investments	1,875 19,375	2,500 106,250
Land, Buildings, and Equipment	1,562,500	1,406,250
Accumulated Depreciation	(762,500)	(715,000)

_
Total Assets	$1,224,219	$1,095,257

Accounts Payable	$95,425	$185,838
Salaries Payable	25,000	30,625
Notes Payable (long-term)	31,250	93,750
Bonds Payable	250,000	-
Common Stock	375,000	375,000
Retained Earnings	447,544	410,044
	$1,224,219	$1,095,257

Additional information for Year 2

(1) Sold available for sale securities costing $86,875 for $92,500.

(2) Equipment costing $25,000 with a book value of $6,250 was sold for $7,500 (Hint: You must using this information to find depreciation expense and the gain or loss on sale.

(3) Net income was $62,500.

Expert Solution

ekkarill92 answered 9 months ago

Presented below are the financial statements of Pearl Industries. Pearl Industries Comparative Balance Sheets December 31...

Presented below are the financial statements of Pearl Industries. Pearl Industries Comparative Balance Sheets December 31 Assets 2017 2016 Cash $ 123,200 $ 70,400 Accounts receivable 70,400 49,280 Inventory 98,560 70,400 Property, plant, and equipment 211,200 274,560 Accumulated depreciation ( 112,640 ) ( 84,480 ) Total $ 390,720 $ 380,160 Liabilities and Stockholders’ Equity Accounts payable $ 66,880 $ 52,800 Income taxes payable 24,640 28,160 Bonds payable 59,840 116,160 Common stock 63,360 49,280 Retained earnings 176,000 133,760 Total $ 390,720...

Financial statements for Kinder Corporation are presented below. KINDER CORPORATION Comparative Balance Sheet December 31 &nbsp

Financial statements for Kinder Corporation are presented below. KINDER CORPORATION Comparative Balance Sheet December 31 2015 2014 Assets Cash................................................................................................... $ 4,000 $ 6,000 Accounts receivable (net).................................................................. 16,000 12,000 Inventory............................................................................................ 20,000 18,000 Land................................................................................................... 28,000 8,000 Equipment.......................................................................................... 62,000 60,000 Accumulated depreciation—equipment............................................ (20,000) (14,000) Total assets.................................................................................. $110,000 $90,000 Liabilities and Stockholders' Equity Accounts payable.............................................................................. $ 10,000 $16,000 Long-term notes payable................................................................... 34,000 19,000 Common stock ($10 par value)......................................................... ...

3. The comparative statements of Corbin Company are presented below. Corey Company Balance Sheets December 31...

3. The comparative statements of Corbin Company are presented below. Corey Company Balance Sheets December 31 Assets 2015 2014 Current assets Cash $?21,000 $?18,000 Short-term investments 18,000 15,000 Accounts receivable (net) 91,000 74,000 Inventory 85,000 70,000 Total current assets 215,000 177,000 Plant assets (net) 423,000 383,000 Total assets $638,000 $560,000 Liabilities and Stockholders' Equity Current liabilities Accounts payable $122,000 $110,000 Income taxes payable 23,000 20,000 Total current liabilities 145,000 130,000 Long-term liabilities Bonds payable 120,000 80,000 Total liabilities 265,000 210,000...

The comparative balance sheets for Rothlisberger Company as of December 31 are presented below.

The comparative balance sheets for Rothlisberger Company as of December 31 are presented below. Additional information: 1. Operating expenses include depreciation expense of $42,000 and charges from prepaid expenses of $5,720. 2. Land was sold for cash at book value. 3. Cash dividends of $20,000 were paid. 4. Net income for 2017 was $42,000. 5. Equipment was purchased for $88,000 cash. In addition, equipment costing $22,000 with a book value of $10,000 was sold for $6,000 cash. 6. Bonds...

Rhodes Corporation’s financial statements are shown below. Rhodes Corporation: Income Statements for Year Ending December 31 (Millions of Dollars)

Rhodes Corporation’s financial statements are shown below.Rhodes Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) 2020 2019Sales$11,000 $10,000Operating costs excluding depreciation 9,608 8,700Depreciation and amortization 400 360Earnings before interest and taxes$992 $940Less interest 260 200Pre-tax income$732 $740Taxes (25%) 183 185Net income available to common stockholders$549 $555Common dividends$203 $200Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars) 2020 2019AssetsCash$650 $600Short-term investments 210 200Accounts receivable 2,750 2,500Inventories 1,650 1,400Total current assets$5,260 $4,700Net plant and equipment 3,750 3,500Total...

The financial statements of the Precious Company appear below: PRECIOUS COMPANY Comparative Balance Sheet December 31,...

The financial statements of the Precious Company appear below: PRECIOUS COMPANY Comparative Balance Sheet December 31, _________________________________________________________________________ Assets 2020 2019 Cash ............................................................................................. $ 25,000 $ 40,000 Debt investments .......................................................................... 20,000 60,000 Accounts receivable (net) .............................................................. 50,000 30,000 Inventory ....................................................................................... 140,000 170,000 Property, plant and equipment (net) .............................................. 170,000 200,000 Total assets ............................................................................. $405,000 $500,000 Liabilities and stockholders' equity Accounts payable .......................................................................... $ 25,000 $ 30,000 Short-term notes payable .............................................................. 40,000 90,000 Bonds payable .............................................................................. 75,000 160,000 Common shares ............................................................................ 160,000...

Excerpts from TPX Company's December 31, 2015 and 2014, financial statements are presented below: 2015 ...

Excerpts from TPX Company's December 31, 2015 and 2014, financial statements are presented below: 2015 2014 Accounts receivable $89,000 $65,000 Inventory 87,000 75,000 Net sales 480,000 379,000 Cost of goods sold 263,000 220,000 Total assets 845,000 785,000 Total stockholders' equity 505,000 430,000 Net income 77,000 53,000 Assuming all the sales are credit sales, what is TPX Company's 2015 receivables turnover? (Round your answer to 1 decimal place) Excerpts from TPX Company's December 31, 2015 and 2014, financial statements are...

Trio Company’s December 31, Year 2 financial statements reported the following (in millions). Cash December 31...

Trio Company’s December 31, Year 2 financial statements reported the following (in millions). Cash December 31 $1,132 Cash from operating activities $1,504 Cash from investing activities $(973) Cash from financing activities $(875) What did Trio Company report for cash on its December 31, Year 1 balance sheet? Select one: a. None of the these are correct. b. $344 million c. $2,281 million d. $1,476 million e. $788 million

1) The comparative balance sheets for Sunland Company as of December 31 are presented below. Sunland...

1) The comparative balance sheets for Sunland Company as of December 31 are presented below. Sunland Company Comparative Balance Sheets December 31 Assets 2017 2016 Cash $ 80,104 $ 53,010 Accounts receivable 58,900 68,324 Inventory 178,408 167,276 Prepaid expenses 18,000 24,738 Land 170,810 153,140 Buildings 235,600 235,600 Accumulated depreciation—buildings (70,680 ) (47,120 ) Equipment 265,050 182,590 Accumulated depreciation—equipment (53,010 ) (41,230 ) Total $883,182 $796,328 Liabilities and Stockholders’ Equity Accounts payable $ 52,692 $ 42,408 Bonds payable 353,400 353,400 Common...

Question 12 The comparative balance sheets for Rothlisberger Company as of December 31 are presented below....

Question 12 The comparative balance sheets for Rothlisberger Company as of December 31 are presented below. ROTHLISBERGER COMPANY Comparative Balance Sheets December 31 Assets 2020 2019 Cash $57,000 $49,000 Accounts receivable 42,400 64,000 Inventory 150,000 146,800 Prepaid expenses 14,300 21,600 Land 98,900 130,800 Buildings 198,400 198,400 Accumulated depreciation—buildings (60,800 ) (33,100 ) Equipment 229,000 156,400 Accumulated depreciation—equipment (42,800 ) (37,500 ) Total $686,400 $696,400 Liabilities and Stockholders’ Equity Accounts payable $46,400 $39,200 Bonds payable 260,000 293,100 Common stock, $1 par...

Question