A comparative balance sheet for Pharoah Corporation is presented as follows.
|
December 31 |
||||||
| Assets |
2020 |
2019 |
||||
| Cash | $ 72,800 | $ 22,000 | ||||
| Accounts receivable | 83,260 | 67,460 | ||||
| Inventory | 181,260 | 190,460 | ||||
| Land | 72,260 | 111,460 | ||||
| Equipment | 261,260 | 201,460 | ||||
| Accumulated Depreciation-Equipment | (70,260 | ) | (43,460 | ) | ||
| Total | $600,580 | $549,380 | ||||
| Liabilities and Stockholders' Equity | ||||||
| Accounts payable | $ 35,260 | $ 48,460 | ||||
| Bonds payable | 150,000 | 200,000 | ||||
| Common stock ($1 par) | 214,000 | 164,000 | ||||
| Retained earnings | 201,320 | 136,920 | ||||
| Total | $600,580 | $549,380 | ||||
Additional information:
| 1. | Net income for 2020 was $127,520. No gains or losses were recorded in 2020. | |
| 2. | Cash dividends of $63,120 were declared and paid. | |
| 3. | Bonds payable amounting to $50,000 were retired through issuance of common stock. |
Prepare a statement of cash flows for 2020 for Pharoah Corporation. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
In: Accounting
Assume you work as budget analyst for City of Blue Ridge and you are preparing the budget for Fiscal Year 2020-2021. The data of tax revenue of past 10 years have been obtained as following. You are using two of the three different forecast models - 3-year moving average (with the alpha 0.4), linear regression trend project, and exponential smoothing.
(1) What would be your forecasted revenue for 2020-2021based on your forecasting models, respectively?
(2) Which model gives you the better estimate? In other words, which model would you choose? Provide a justification for your choice.
|
Year |
Tax Levies |
|
2010-2011 |
31,039,086 |
|
2011-2012 |
30,838,534 |
|
2012-2013 |
31,389,341 |
|
2013-2014 |
30,005,085 |
|
2014-2015 |
31,657,568 |
|
2015-2016 |
32,647,441 |
|
2016-2017 |
32,676,680 |
|
2017-2018 |
33,704,285 |
|
2018-2019 |
34,150,363 |
|
2019-2020 |
35,048,537 |
|
2020-2021 |
? |
In: Accounting
Splish Corp. has the following beginning-of-the-year present
values for its projected benefit obligation and market-related
values for its pension plan assets.
|
Projected |
Plan |
|||
|---|---|---|---|---|
|
2019 |
$2,100,000 | $1,995,000 | ||
|
2020 |
2,520,000 | 2,625,000 | ||
|
2021 |
3,097,500 | 2,730,000 | ||
|
2022 |
3,780,000 | 3,150,000 |
The average remaining service life per employee in 2019 and 2020 is
10 years and in 2021 and 2022 is 12 years. The net gain or loss
that occurred during each year is as follows: 2019, $294,000 loss;
2020, $94,500 loss; 2021, $11,550 loss; and 2022, $26,250 gain. (In
working the solution, the gains and losses must be aggregated to
arrive at year-end balances.)
Using the corridor approach, compute the amount of net gain or loss
amortized and charged to pension expense in each of the four years,
setting up an appropriate schedule.
|
Year |
Minimum Amortization of Loss |
|
|---|---|---|
|
2019 |
||
|
2020 |
||
|
2021 |
||
|
2022 |
In: Accounting
I have to do an simple-step Income statement and I'm stuck on what comes after the expense part.
Accounting, Analysis, and Principles a1-a3 SheffieldInc. provided the following information for the year 2020. Retained earnings, January 1, 2020 $ 672,000 Administrative expenses 268,800 Selling expenses 336,000 Sales revenue 2,128,000 Cash dividends declared 89,600 Cost of goods sold 952,000 Loss on discontinued operations 123,200 Rent revenue 115,024 Unrealized holding gain on available-for-sale debt securities 19,040 Income tax applicable to continuing operations 209,440 Income tax benefit applicable to loss on discontinued operations 67,760 Income tax applicable to unrealized holding gain on available-for-sale debt securities 2,240 Prepare a single-step income statement for 2020. Shares outstanding during 2020 were 100,000. (Round earnings per share to 2 decimal places, e.g. $1.48.)
In: Accounting
Why did the U.S. return to the gold standard in 1875?
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