The balance sheets for Plasma Screens Corporation, along with additional information, are provided below:
| PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 |
||||||||
| 2021 | 2020 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash | $ | 107,800 | $ | 118,100 | ||||
| Accounts receivable | 80,000 | 94,500 | ||||||
| Inventory | 100,000 | 84,500 | ||||||
| Prepaid rent | 5,000 | 2,500 | ||||||
| Long-term assets: | ||||||||
| Land | 505,000 | 505,000 | ||||||
| Equipment | 810,000 | 695,000 | ||||||
| Accumulated depreciation | (433,000 | ) | (278,000 | ) | ||||
| Total assets | $ | 1,174,800 | $ | 1,221,600 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 104,000 | $ | 89,500 | ||||
| Interest payable | 6,300 | 12,600 | ||||||
| Income tax payable | 9,000 | 5,500 | ||||||
| Long-term liabilities: | ||||||||
| Notes payable | 105,000 | 210,000 | ||||||
| Stockholders' equity: | ||||||||
| Common stock | 725,000 | 725,000 | ||||||
| Retained earnings | 225,500 | 179,000 | ||||||
| Total liabilities and stockholders' equity | $ | 1,174,800 | $ | 1,221,600 | ||||
Additional Information for 2021:
Required:
Prepare the statement of cash flows using the indirect method.
(List cash outflows and any decrease in cash as negative
amounts.)
In: Finance
Identify one (1) Sukuk issues by any company/ government. Explain in detail, include:
a)Sukuk Profile
b)Purpose of the Sukuk
c)Contract involve
d)Performance of the Sukuk
Conduct a descriptive analysis on Shariah Stock Malaysia from November 2010 until May 2020.
a)General/ Overall Performance by year
b)Analysis by sectors over years
In: Economics
In: Accounting
Arroyo Company issued $600,000, 10-year, 6% bonds at 103.
Instructions
(a)
Prepare the journal entry to record the sale of these bonds on January 1, 2017.
(b)
Suppose the remaining Premium on Bonds Payable was $10,800 on December 31, 2020. Show the balance sheet presentation on this date.
(c)
Explain why the bonds sold at a price above the face amount.
In: Accounting
E11.24 (LO5) (Revaluation Accounting) Croatia Company purchased land in
2019 for $300,000. The land
'
s fair value at the end of 2019 is $320,000; at
the end of 2020, $280,000; and at the end of 2021, $305,000. Assume that
Croatia chooses to use revaluation accounting to account for its land.
Instructions
Prepare the journal entries to record the land using revaluation accounting for
2019
–
2021.
In: Accounting
Balance Sheet
Assets: 12/31/19
Current Assets:
Cash $3,000.00
Accounts Receivable 1,250.00
Prepaid Expenses $100.00
Total Current Assets $4,350.00
Non-Current Assets:
Property, Plant, and Equipment
Land $10,000.00
Buildings 25,000.00
Equipment 15,000.00
Accumulated Depreciation $(12,000.00)
Total Property, Plant, and Equipment $38,000.00
Total Assets $42,350.00
Liabilities:
Current Liabilities
Accounts Payable $100.00
Accrued Expense 150.00
Salary and Wages Payable -
Notes Payable -
Unearned Revenue $1,500.00
Total Liabilities $1,750.00
Shareholder's Equity
Common Stock - $1 par (See Note Below) $15,000.00
Retained Earnings $25,600.00
Total Equity $40,600.00
Total Liabilities and Equity $42,350.00
Transactions during January 2020:
1. On January 2, 2020, ACC executed a 3 month- 6% promissory note for $10,000.00 in favor of its
bank, Cheatem Trust Company, Inc. for working capital purposes.
7. Depreciation expense for the month of January was $1,000.00
8. January service revenue for the Company is $21,000.00. All revenues are recorded as "on account."
9. ACC reviewed its work product for January and determined that it had performed $500.00 of the
services required that were being accounted for as unearned revenue in addition to revenues
described in transaction 8.
10. ACC recorded interest expense associated with the Note Payable described in transaction 1.
NOTE: Other events possibly having an effect on the company:
At the end of January, the Board of Directors voted to shut down and liquidate a component of the
company's operations. This represents a strategic shift in their operations. The component experienced
a 2,100 loss during January. This was partially offset by a $1,200 gain on the disposition of the assets.
Both of these transactions are net of tax and have already been appropriately reflected in the
Retained Earnings balance shown on the December 31, 2019 Balance Sheet.
Note 14 of ACC's financial statements for the year ended 12/31/19 indicates the company's
effective tax rate to be 25%.
The company's common stock account includes 100,000 shares authorized, 1,000 shares issued
and outstanding.
Required:
On separate sheets of paper, please:
Prepare the appropriate journal entries associated with the above transactions. It is not necessary to
prepare journal entries associated with the discontinued component.
Prepare a "T" account depiction of the Company's General Ledger activity for the
month of January 2020.
Prepare ACC's Income Statement for the month ending January 31, 2020
Prepare ACC's Balance Sheet at January 31, 2020.
In: Accounting
You are asked to review the file of Ms. Jane Foley, the niece and only surviving heir of the late Ron Foley. Mr. Foley had a $1,000,000 life insurance policy that named his former business partner William Hill as the beneficiary. Ms. Foley believes that Mr. Hills has no right to collect from any insurance policy of her late uncle and she should get the proceeds. Write an interoffice memo
In: Finance
You are asked to review the file of Ms. Jane Foley, the niece and only surviving heir of the late Ron Foley. Mr. Foley had a $1,000,000 life insurance policy that named his former business partner William Hill as the beneficiary. Ms. Foley believes that Mr. Hills has no right to collect from any insurance policy of her late uncle and she should get the proceeds. Write an interoffice memo
In: Operations Management
In: Statistics and Probability
Two general types are addressed: organic and mechanistic. Do you believe that one type of structure (mechanistic or organic) is better? What are the advantages/disadvantages of each? How is your current/ was your former organization structured? What factors may make an organization move away from one type of these structures toward another? Do you see a military type (top-down) approach to organizational structure in organizations today??
In: Operations Management