Financial statements for Askew Industries for 2018 are shown below (in $000’s):

Stevens Textile Corporation's 2018 financial statements are shown below:

Balance Sheet as of December 31, 2018 (Thousands of Dollars)

Income Statement for January 1 - December 31, 2018 (Thousands of Dollars)

1. Suppose 2019 sales are projected to increase by 10% over 2018 sales. Use the forecasted financial statement method to forecast a balance sheet and income statement for December 31, 2019. The interest rate on all debt is 12%, and cash earns no interest income. Assume that all additional debt in the form of a line of credit is added at the end of the year, which means that you should base the forecasted interest expense on the balance of debt at the beginning of the year. Use the forecasted income statement to determine the addition to retained earnings. Assume that the company was operating at full capacity in 2018, that it cannot sell off any of its fixed assets, and that any required financing will be borrowed as notes payable. Also, assume that assets, spontaneous liabilities, and operating costs are expected to increase by the same percentage as sales. Determine the additional funds needed. Do not round intermediate calculations. Round your answers to the nearest dollar.
   Total assets: $   
   AFN: $   
2. 
   
3. What is the resulting total forecasted amount of the line of credit? Do not round intermediate calculations. Round your answer to the nearest dollar.
   $  
4. 
   

Stevens Textile Corporation's 2018 financial statements are shown below:

Balance Sheet as of December 31, 2018 (Thousands of Dollars)

Income Statement for January 1 - December 31, 2018 (Thousands of Dollars)

1. Suppose 2019 sales are projected to increase by 15% over 2018 sales. Use the forecasted financial statement method to forecast a balance sheet and income statement for December 31, 2019. The interest rate on all debt is 12%, and cash earns no interest income. Assume that all additional debt in the form of a line of credit is added at the end of the year, which means that you should base the forecasted interest expense on the balance of debt at the beginning of the year. Use the forecasted income statement to determine the addition to retained earnings. Assume that the company was operating at full capacity in 2018, that it cannot sell off any of its fixed assets, and that any required financing will be borrowed as notes payable. Also, assume that assets, spontaneous liabilities, and operating costs are expected to increase by the same percentage as sales. Determine the additional funds needed. Do not round intermediate calculations. Round your answers to the nearest dollar.
   Total assets: $  
   AFN: $  
2. 
   
3. What is the resulting total forecasted amount of the line of credit? Do not round intermediate calculations. Round your answer to the nearest dollar.
   $  
4. 
   
5. In your answers to Parts a and b, you should not have charged any interest on the additional debt added during 2019 because it was assumed that the new debt was added at the end of the year. But now suppose that the new debt is added throughout the year. Don't do any calculations, but how would this change the answers to parts a and b?
   If debt is added throughout the year rather than only at the end of the year, interest expense will be -Select-higherlowerItem 4 than in the projections of part a. This would cause net income to be -Select-higherlowerItem 5 , the addition to retained earnings to be -Select-higherlowerItem 6 , and the AFN to be -Select-higherlowerItem 7 . Thus, you would have to -Select-add insubtract fromItem 8 new debt.

UX COMPANY
Comparative Balance Sheets
December 31, 2018 and 2017
($ in 000s)

2018, 2017

Assets :(Cash $67.... $37) (Accounts receivable $61.....$81) (Less: Allowance for uncollectible accounts:$(6)....$(5) )(Dividends receivable $4.....$3) (Inventory $89...$67 ) (Long-term investment $49...$27 ) (Land $143....$73 ) (Buildings and equipment $208...$284 )(Less: Accumulated depreciation $(42)....$(84) totals $573 ....$483  

Liabilities : (Accounts payable $30....$54 ) (Salaries payable $4 ...$10 ) (Interest payable $6 ....$4 ) (Income tax payable $24.... $30 ) (Notes payable $70 ... 0 ) (Bonds payable $129....$87 ) (Less: Discount on bonds $(19)...$(37)

Shareholders' Equity: (Common stock $227....$217 ) (Paid-in capital—excess of par $38...$37 ) (Retained earnings $84....$81 ) (Less: Treasury stock $(20)...0 ) ( totals $573....$483 )

Additional information from the accounting records:

1. A building that originally cost $108,000, and which was three-fourths depreciated, was sold for $24,000. 2. The common stock of Byrd Corporation was purchased for $22,000 as a long-term investment. 3. Property was acquired by issuing a 15%, seven-year, $70,000 note payable to the seller. 4. New equipment was purchased for $32,000 cash. 5. On January 1, 2018, bonds were sold at their $42,000 face value.6. On January 19, Dux issued a 3% stock dividend (1,000 shares). The market price of the $10 par value common stock was $11 per share at that time. 7. Cash dividends of $74,000 were paid to shareholders. 8. On November 40,000 shares of common stock were repurchased as treasury stock at a cost of $20,000.

Required:
Prepare the statement of cash flows for Dux Company using the indirect method. (Do not round intermediate calculations. Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands. (i.e., 10,000 should be entered as 10).))

Superstar Limited purchased several investments during 2018. At 31 December 2018, the company had the following investments in ordinary share listed below. All investments are considered as available-for-sale:

On 1 May 2019, the company sold out half of Orlando shares at $28 each and paid $5,000 brokerage fee.

The company acquired 6% bonds from Fantastic Company on 1 October 2019 at $1,207,321. The face value of the bonds is $1,500,000. Semiannual interest is payable 31 March and 30 September. The market interest rate was 9% for bonds of similar risk and maturity. Management has the positive intent and ability to hold the bonds until maturity in 2029.

During 2019, the net income for Sunshine and Orlando were $200,000 and $500,000 respectively. Sunshine and Orlando declared and paid cash dividends of $1.2 and $0.8 each share on 31 December 2019.

The fair value of the investments on 31 December 2019 are shown as below:

Required:

1. Prepare the journal entries to record the investments mentioned above for the year 2019.
2. Assume Superstar has significant influence over the management of Sunshine Company (the investment represents 25% interest in the net assets of Sunshine), what is the reported amount of the investment shown on Superstar’s 2019 statement of financial position?

Calloway Company reported the following balance sheet data for 2018 and 2017:

Additional information for 2018:

(1.) Sold available-for-sale debt securities costing $69,500 for $74,000.

(2.) Equipment costing $20,000 with a book value of $5,000 was sold for $6,000.

(3.) Issued 6% bonds payable at face value, $200,000.

(4.) Purchased new equipment for $145,000 cash.

(5.) Paid cash dividends of $20,000. This was the only change to Retained Earnings other than Net Income.

Required:

Prepare a full statement of cash flows for 2018 in good form using the indirect method.

Also, for additional question:

1. costing 69,500 and sold for 7400, which account does it affect?

2. what is the relationship between "costing" "book value" "was sold for"

3. what is face value and which account it is

4. the teacher did not give me the net income, where can i find it

Buck had the following items for 2018. Calculate his adjusted gross income (AGI) for 2018. Write down how each of the following items impacts the AIG and calculate the AGI.

Buck and his ex-wife divorced in 2010.

If an item increases the AGI, write the positive number. If an item decreases the AGI, write the negative number. If an item does not impact the AGI, write 0. For instance, he had wages of $80,000. Write 80,000 or 80000.

                        Wages                                                             $80,000

                        Interest income from corporate bonds           $27,000

                        Alimony paid to her ex-wife                          $2,000

                        Itemized deductions                                       $8,000

                       Standard Deduction                                       $12,000

                        Cash gift from grandma                                 $8,000

a) How does the interest income from Corporate bonds impact his AGI?

B. How does the alimony paid impact his AGI?

(c) How do his itemized deductions impact his AGI?

(d) How does the Standard deduction impact his AGI?

How does the cash gift impact his AGI?

(f) What is his AGI?

Income statements for Burch Company for 2018 and 2019 follow:

Required

a. Perform a horizontal analysis, showing the percentage change in each income statement component between 2018 and 2019.

b. Perform a vertical analysis, showing each income statement component as a percentage of sales for each year.