Anthem Healthcare had the following Assets and Liabilities on the dates indicated: December 31 Total Assets Total Liabilities 2022 $276,000 $180,000 2023 $414,000 $240,000 The Company began business on January 1, 2022 with an investment of $45,000 from stockholders. In 2023, the Company issued an additional $18,000 in stock and paid $3,000 in dividends. The Company recorded $7,200 worth of expenses in 2023. How much revenue was recorded in 2023? Select one: a. $78,000 b. $67,200 c. $51,000 d. $70,200 e. $88,200

Anthem Healthcare had the following Assets and Liabilities on the dates indicated: December 31 Total Assets Total Liabilities 2022 $276,000 $180,000 2023 $414,000 $240,000 The Company began business on January 1, 2022 with an investment of $45,000 from stockholders. In 2023, the Company issued an additional $18,000 in stock and paid $3,000 in dividends. The Company recorded $7,200 worth of expenses in 2023. How much revenue was recorded in 2023? Select one: a. $78,000 b. $67,200 c. $51,000 d. $70,200 e. $88,200

Name: Anthem Healthcare had the following Assets and Liabilities on the date
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Description: Anthem Healthcare had the following Assets and Liabilities on the dates indicated: December 31 Total Assets Total Liabilities 2022 $276,000 $180,000 2023 $414,000 $240,000 The Company began business on January 1, 2022 with an investment of $45,000 fr

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 18E: Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares...

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Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1, 000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50, 000 to retire bonds with a face value (and book value) of 50, 000. e. On July 2, 2019, Farrell purchased equipment for 63, 000 cash. f. On December 31, 2019, land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows. (Appendix 21.1) Spreadsheet and Statement Refer to the information for Farrell Corporation in P21-13. Required: 1. Using the direct method for operating cash flows, prepare a spreadsheet to support a 2019 statement of cash flows. (Hint: Combine the income statement and December 31, 2019, balance sheet items for the adjusted trial balance. Use a retained earnings balance of 291,000 in this adjusted trial balance.) 2. Prepare the statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)
Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1,000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50,000 to retire bonds with a face value (and book value) of 50,000. e. On July 2, 2019, Farrell purchased equipment for 63,000 cash. f. On December 31, 2019. land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows.
Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares of 10%, 100 par, nonconvertible preferred stock outstanding, on which the years dividends had been paid. At the beginning of 2019, the company had 7,000 shares of common stock outstanding. On April 2, 2019, the company issued another 2,000 shares of common stock so that 9,000 common shares were outstanding at the end of 2019. Common dividends of 17,000 had been paid during 2019. At the end of 2019, the market price per share of common stock was 17.50. Required: 1. Compute Mononas basic earnings per share for 2019. 2. Compute the price/earnings ratio for 2019.
On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of 67,000, and the following events occurred: 1. Cash dividends of 3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of 10 par common stock. On the date of declaration, the market price of the companys common stock was 36 per share. 3. The company recalled and retired 500 shares of 100 par preferred stock. The call price was 125 per share; the stock had originally been issued for 110 per share. 4. The company discovered that it had erroneously recorded depreciation expense of 45,000 in 2018 for both financial reporting and income tax reporting. The correct depreciation for 2018 should have been 20,000. This is considered a material error. Required: 1. Prepare journal entries to record Items 1 through 4. 2. Prepare Kittsons statement of retained earnings for the year ended December 31, 2019.
Neptune Corporation is preparing its December 31, 2018, balance sheet. The following items may be reported as either assets, liabilities or stockholders’ equity. d) During the year, customer advances of $220,000 were received; $110,000 of this amount was earned by December 31, 2018. e) A 10% bonds payable of 1,000,000 was issued on December 31, 2018, due on December 31, 2023. f) Treasury stock of $55,000 has been recorded at cost. Instructions:For each item above indicate the dollar amounts to be reported as assets, liabilities or stockholders’ equity. Mention the classification as well.
Belton, Inc. had the following transactions in 2018, its first year of operations: Issued 37,000 shares of common stock. Stock has par value of $1.00 per share and was issued at $21.00 per share. Earned net income of $72,000. Paid no dividends. At the end of 2018, what is the total amount of paid-in capital? A. $777,000 B. $37,000 C. $849,000 D. $72,000
Tanaka Corporation's statement of financial position indicates the following balances as at December 31, 2022. Cash $70,000 Accounts receivable 80,000 Inventory 110,000 Property, plant, and equipment 500,000 Accounts payable 75,000 Bonds payable (due in 2022) 100,000 Common shares (12/31/2021) 275,000 Common shares (12/31/2022) 325,000 Retained earnings (12/31/2021) 200,000 Retained earnings (12/31/2022) 260,000 Required: If Tanaka's 2022 net income is $80,000, what is its return on equity (in percentage terms, rounded to two decimal places)?
Below is the balance sheet for Glucose Control Company as of Dec. 31, 2022. The company had an EBIT of 88,000 in 2022, a tax rate of 34% and an after-tax cost of capital of 16%. The current stock price is $43 and there are 4,500 shares outstanding. Assets Liabilities and Equity Cash 11,000 Accounts payable 20,000 Marketable securities 2,000 Notes payable 6,000 Accounts receivable 4,000 Current liabilities 26,000 Inventory 35,000 Long-term debt 95,000 Current assets 52,000 Total liabilities 121,000 Machines 34,000 Paid-in capital 20,000 Real estate 80,000 Retained earnings 25,000 Fixed assets 114,000 Equity 45,000 Total assets 166,000 Total liab. & equity 166,000 What was the market value added (MVA)? What was NOPAT for 2022? What was total invested capital at the end of 2022? What was the economic value added (EVA)?
Company ABC began its operations on January 2, 2022. The company had the following transactions during 2022: 1. On January 4, the company issued 120,000 shares of common stock to a group of investors for $3.00 per share with par value of $0.45 per share. 2. On May 1, it borrowed $20,000 from Bank of America, with interest rate of 12%. Interest on the loan is due on March 31, 2023, which is also the due date of the loan. 3. On July 1, the company acquired a new wireless networking equipment. The list price was $80,000. Because the company agreed to pay cash, it qualified for a discount of 8%. Payments for necessary transportation, software, licenses, and installation totaled $4,400. The company estimated a useful life of 5 years and a residual value of $8,000 for the equipment and used straight-line depreciation. 4. In December, the company declared a dividend of $0.03 per share, payable on April 15, 2023. 5. For the year, the company received cash payment of $137,000 from its…
During the first year of operation, a company issued 60,000 shares of $2 par value common stock at a price of $50 cash per share. On December 31, 2018, it reported Net Income of $250,000 and paid $50,000 cash dividends. Determine the dollar amounts that the company will report on its year end Balance Sheet for Paid in Capital Common Stock in Excess to par.
At the beginning of 2024, Norton Academy reported a balance in common stock of $156,000 and a balance in retained earnings of $56,000. During the year, the company issued additional shares of stock for $46,000, earned net income of $36,000, and paid dividends of $10,600. In addition, the company reported balances for the following assets and liabilities on December 31. Assets Liabilities Cash $53,200 Accounts payable $9,600 Supplies 11,500 Utilities payable 3,600 Prepaid rent 27,000 Salaries payable 4,100 Land 230,000 Notes payable 21,000 Required: Prepare a statement of stockholders’ equity. Prepare a balance sheet.
At the beginning of 2021, Artichoke Academy reported a balance in common stock of $150,000 and a balance in retained earnings of $50,000. During the year, the company issued additional shares of stock for $40,000, earned net income of $30,000, and paid dividends of $10,000. In addition, the company reported balances for the following assets and liabilities on December 31.Assets LiabilitiesCash $ 52,600 Accounts payable $ 9,100Supplies 13,400 Utilities payable 2,400Prepaid rent 24,000 Salaries payable 3,500Land 200,000 Notes payable 15,000Required: 1. Prepare a statement of stockholders’ equity. 2. Prepare a balance sheet.