Cullumber Company had the following assets and liabilities on the dates indicated. December 31 Total Assets 2021 2022 2023 $487,000 $547,000 Net income V $677,000 Total Liabilities Cullumber began business on January 1, 2021, with an investment of $97,000. 4 From an analysis of the change in owner's equity during the year, compute the net income (or loss) for: (a) 2021, assuming Cullumber's drawings were $19,000 for the year. for 2021 $345,000 $395,000 $495,000 $

Cullumber Company had the following assets and liabilities on the dates indicated. December 31 Total Assets 2021 2022 2023 $487,000 $547,000 Net income V $677,000 Total Liabilities Cullumber began business on January 1, 2021, with an investment of $97,000. 4 From an analysis of the change in owner's equity during the year, compute the net income (or loss) for: (a) 2021, assuming Cullumber's drawings were $19,000 for the year. for 2021 $345,000 $395,000 $495,000 $

Name: Cullumber Company had the following assets and liabilities on the dat
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Description: Cullumber Company had the following assets and liabilities on the dates indicated.December 31 Total Assets Total Liabilities202120222023$487,000$547,000$677,000Net income$345,000$395,000Cullumber began business on January 1, 2021, with an investment

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 50E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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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.
Gray Company lists the following shareholders equity items on its December 31, 2018, balance sheet: The following stock transactions occurred during 2019: Required: 1. Prepare journal entries to record the preceding transactions. 2. Prepare the December 31, 2019, shareholders equity section (assume that 2019 net income was 225,000).
Included in the December 31, 2018, Jacobi Company balance sheet was the following shareholders equity section: The company engaged in the following stock transactions during 2019: Required: 1. Prepare journal entries to record the preceding transactions. 2. Prepare the December 31, 2019, shareholders equity section (assume that 2019 net income was 270,000).
Net Income and Comprehensive Income At the beginning of 2019, JR Companys shareholders equity was as follows: During 2019, the following events and transactions occurred: 1. JR recognized sales revenues of 108,000. It incurred cost of goods sold of 62,000 and operating expenses of 12,000, 2. JR issued 1,000 shares of its 5 par common stock for 14 per share. 3. JR invested 30,000 in available-for-sale securities. At the end of the year, the securities had a fair value of 35,000. 4. JR paid dividends of 6,000. The income tax rate on all items of income is 30%. Required: 1. Prepare a 2019 income statement for JR which includes net income and comprehensive income ignore earnings per share). 2. For 2016 prepare a separate (a) income statement (ignore earnings per share) and (b) statement of comprehensive income.
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: Note: Round answers to two decimal places. 1. Calculate the times-interest-earned ratio. 2. Calculate the debt ratio. 3. Calculate the debt-to-equity ratio.
Comprehensive: Income Statement and Supporting Schedules The following s a partial list of the account balances, after adjustments, of Silvoso Company on December 31, 2019: The following information is also available: 1. The company declared and paid a 0.60 per share cash dividend on its common stock. The stock was outstanding the entire year. 2. A physical count determined that the December 31, 2019, ending inventory is 34,100. 3. A tornado destroyed a warehouse, resulting in a pretax loss of 12,000. The last tornado in this area had occurred 10 years earlier. 4. On May 1, 2019, the company sold an unprofitable division (R). From January through April, Division R (a major component of the company) had incurred a pretax operating loss of 8,700. Division R was sold at a pretax gain of 10,000. 5. The company is subject to a 30% income tax rate. Its income tax expense for 2019 totals 4,230. The breakdown is as follows: 6. The company had average shareholders equity of 150,000 during 2019. Required: 1. As supporting documents for Requirement 2, prepare separate supporting schedules for cost of goods sold, selling expenses, general and administrative expenses, and depreciation expense. 2. Prepare a 2019 multiple-step income statement for Silvoso. Include any related note to the financial statements. 3. Prepare a 2019 retained earnings statement. 4. Next Level What was Silvosos return on common equity for 2019? What is your evaluation of Silvosos return on common equity if last year it was 10%?
The Sheffield Company had the following assets and liabilities on the dates indicated. December 31 Total Assets Total Liabilities 2019 $528,000 $262,000 2020 $520,000 $239,200 2021 $638,000 $304,000 Sheffield began business on January 1, 2019, with an investment of $124,000. From an analysis of the change in owner's equity during the year, compute the net income (or loss) for: (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) (a) 2019, assuming Sheffield's drawings were $69,000 for the year. (b) 2020, assuming Sheffield made an additional investment of $74,000 and had no drawings in 2020. (c) 2021, assuming Sheffield made an additional investment of $22,500 and had drawings of $64,000 in 2021. (a) Net income/loss for 2019 $ 335000 (b) Net income/loss for 2020 $ 594000 (c) Net income/loss for 2021 $ 596500
The current sections of Crane Inc.’s balance sheets at December 31, 2021 and 2022, are presented here. Crane’s net income for 2022 was $154,700. Depreciation expense was $26,300. 2022 2021 Current assets Cash $102,700 $97,700 Accounts receivable 79,400 90,000 Inventory 168,200 173,000 Prepaid expenses 26,900 22,900 Total current assets $377,200 $383,600 Current liabilities Accrued expenses payable $15,000 $9,300 Accounts payable 84,000 95,600 Total current liabilities $99,000 $104,900 Prepare the operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method
Carla Vista Company had the following assets and liabilities on the dates indicated. December 31 Total Assets Total Liabilities $480,000 $540,000 $670,000 2021 2022 2023 e ✓for 2021 Carla Vista began business on January 1, 2021, with an investment of $93,000. From an analysis of the change in owner's equity during the year, compute the net income (or loss) for: (a) 2021, assuming Carla Vista's drawings were $17.000 for the year. $163,000 ✓ for 2022 $213.000 $313,000 (b) 2022, assuming Carla Vista made an additional investment of $50,000 and had no drawings in 2022. ✓for 2023 LA (c) 2023, assuming Carla Vista made an additional investment of $19,000 and had drawings of $32,000 in 2023.
Oriole Company had the following assets and liabilities on the dates indicated. December 31 Total Assets 2021 2022 2023 Net income $496,000 $556,000 $686,000 Oriole began business on January 1, 2021, with an investment of $98,000. From an analysis of the change in owner's equity during the year, compute the net income (or loss) for: (a) 2021, assuming Oriole's drawings were $15,000 for the year. Net loss for 2021 Net income Total Liabilities (b) 2022, assuming Oriole made an additional investment of $50,000 and had no drawings in 2022. for 2022 $209,000 $259,000 $359,000 for 2023 $ (c) 2023, assuming Oriole made an additional investment of $23,000 and had drawings of $27,000 in 2023. $ $
The current sections of Larkspur, Inc.’s balance sheets at December 31, 2021 and 2022, are presented here. Larkspur, Inc.’s net income for 2022 was $221,850. Depreciation expense was $39,150. 2022 2021 Current assets Cash $152,250 $ 143,550 Accounts receivable 116,000 129,050 Inventory 243,600 249,400 Prepaid expenses 39,150 31,900 Total current assets $551,000 $553,900 Current liabilities Accrued expenses payable $ 21,750 $ 7,250 Accounts payable 123,250 133,400 Total current liabilities $145,000 $ 140,650 Prepare the net cash provided (used) by operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)