I need help with this review. I dont know how to start it. Balance Sheet Correction Problemthe balance sheet (B), income statemBelow is the December 31, 2020 preliminary balance sheet of Muskrat Toupees Inc.:Muskrat Toupees, Inc.Balance SheetDecember 31, 2020Current assetsInvestmentsProperty, plant, and equipmentIntangible assetsCurrent liabilitiesLong-term liabilitiesStockholders' equity$229,500324,500823,000152,500Total assets $1,529,500$414,500450,000665.000Total Liabilities and S/E $ 1,529,500This balance sheet was prepared by Muskrat's bookkeeper and obviously needs some work. As thenew CPA working with this client, you dig a little deeper and come up with the following:1. The current assets is made up of cash $41,000 (including $19,000 cash restricted for advertisingexpenditures to be made two years from now), accounts receivable of $105,000, inventories $90,000, andless unearned rent revenue of $6,500.2. The investments section includes the company's pension fund of $145,000 for its employees, and equity anddebt investments totalling $179,500, net of the related fair value adjustment accounts. In this amount isan investment of $10,500 in Treasury bills purchased on 12/1/20. These bills will mature on February 1,2021. Also in the $179,500, there are $35,500 in investments management intends to sell in late spring, 2021.Management intends to hold the rest of the investments for at least the next 2 years.3. Property, plant, and equipment includes a building $520,000 less accumulated depreciation$180,000; equipment $225,000 less accumulated depreciation of $90,000; land $148,000 (including $98,000spent to buy land to be used in an expansion in 2028); and $200,000 for right of use assets (leasedequipment, shown net of amortization).4. Intangible assets include goodwill $57,500; patents $82,500; and discount on bonds payable$12,500.5. Current liabilities include accounts payable $75,000; salaries and wages payable $25,000; interestpayable $10,000; notes payable due in 90 days $37,000; notes payable due over the next 5 years $60,000;allowance for doubtful accounts $7,500; lease payable $180,000 (due evenly over the next 6 years);and income taxes payable $20,000. Of the $60,000 note payable, $12,000 is due in 2021.6. The $450,000 in long-term liabilities consists of $130,000 pension liability and the remainder in bondspayable. Both obligations are due in 5 years or more.7. Stockholders' equity has common stock, $1.00 par value, authorized 200,000 shares, 50,000 shares issuedand outstanding, all issued at an average price of $10. In addition, stockholders' equity also includesdividends payable of $5,000 and retained earnings of $160,000.Instructions:Prepare a classified balance in good form and with proper classification, based on the additionalinformation given. Not all numbers are in the proper classification, so you may have to move itemsaround to present the accounts correctly. Please use 3 column paper and refer to SciProd for formatting.This problem is based on a problem in Intermediate Accounting, 15th ed., by Kieso, Weygandt,and Warfield, Wiley, 2013

A classified balance sheet is a financial statement that classifies a company's assets, liabilities,…

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Business

Accounting

I need help with this review. I dont know how to start it.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 103.1C: Leverage Cook Corporation issued financial statements at December 31, 2019, that include the...

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Muskrat Toupees, Inc. Balance Sheet Correction Problem Below is the December 31. 2020 prelinminary balance sheet of Muskrat Toupe Muskrat Toupees, Inc. Balance Sheet December 31. 2020 Current assets Investments Property, plant, and equipment Intangible assets 229,500 324 500 823,000 152.500 Total assets S 1.529 500 Current liabities Long-term liabilities Stockholders' equity 414,500 450.000 665.000 Total Liabilities and S/E S 1.529.500 This balance sheet was prepared by Muskrat's bookkeeper and obviously needs some work. AS the new CPA working with this client, you dig a ittle deeper and come up with the following The current assets is made up of cash $41.000 (including $19,000 cash restricted for advertising expenditures to be made two years from now), accounts receivable of $105.000, inventories $90,000, and less uneamed rent revenue of $6,500. 2the investments section includes the company's pension fund of $145,000 for its employees, and equity and debt investments totaling…
Jamison Corp.'s balance sheet accounts as of December 31, 2021 and 2020 and information relating to 2021 activities are presented below. December 31, 2021 2020 AssetsCash $ 440,000 $ 200,000Short-term investments 600,000 —Accounts receivable (net) 1,020,000 1,020,000Inventory 1,380,000 1,200,000Long-term investments 400,000 600,000Plant assets 3,400,000 2,000,000Accumulated depreciation (900,000)…
Balance sheet extracts as at 31/12/2019 & 31/12/2020 2019(RO) 2020(RO) Current assets Inventories 6500 4500 Account receivables 3400 5300 Prepaid Expenses 1220 1550 Current liabilities Account payables 4320 3450 Expense payables 3100 4700 The operating profit for 2020 was RO 22500 and the depreciation for the year was RO7650 The profit on sale of fixed assets RO 4200 . Amortisation of intangible assets OMR 550. Calculate cash flow from operating activity
l-Itihad Corporation Balance SheetDecember 31, 2019AssetsLiability & EquityCurrent AssetsCurrent LiabilityCash$5,000Accounts payable22,000Short term securities10,000Accrual Account8,000Account Receivables30,000Short term debt6,000Inventory32,000Total Current Liability36,000Long-term debt40,000Total Current Assets77,000TotalLiability76,000Long term AssetsEquityNet Property & equipment70,000CommonStocks64,000Retained earnings17,000Total Equity81,000Total Liability and Equity157,000Other assts 10000Total Assets157,000Sur Corporation Income StatementDecember 31, 2019Other Financial information of Sur corporation December 31, 2019Net sales (revenue)$150,000· Average Number of Common shares outstanding 16,000 Shares· Market price of Common share $3.5Cost of goods sold80,000Gross profit70,000Operating expenses30,000EBIT- (Operating profit)40,000Interest expense10,000EBT- ( Earnings before taxes)30,000Income tax 10,000Net Income (net profit)20,000You have to find the following ratios…
Comprehensive Byrd Companys Contributed Capital section of its January 1, 2019, balance sheet is as follows: During 2019, Byrd entered into the following transactions: Required: 1. Prepare memorandum and journal entries to record the preceding transactions. 2. Prepare the Contributed Capital section of Byrds December 31, 2019, balance sheet.
Leverage Cook Corporation issued financial statements at December 31, 2019, that include the following information: Balance sheet at December 31,2019 Assets $8,000,000 Liabilities $1,200,000 Stockholders' equity (300,000 shares) $6,800,000 Income statement for 2019: Income from operations $1,200,000 Less: Interest expense (100,000) Income before taxes $1,100,000 Less: Income taxes expense (0,30) (330,000) Net income $ 770,000 The levels of assets, liabilities, stockholders' equity, and operating income have been stable in recent years; however, Cook Corporation is planning a 51,800,000 expansion program that will increase income from operations by $350,000 to $1,550,000, Cook is planning to sell 8.5% notes at par to finance the expansion. Required: What earnings per share does Cook report before the expansion?
Consolidated Balance Sheet $ millions, except par value Feb. 1, 2019 Current assets Cash and cash equivalents Short-term investments Merchandise inventory-net Other current assets Total current assets Property, less accumulated depreciation Long-term investments Deferred income taxes-net Goodwill Other assets Total assets Current liabilities Short-term borrowings Current maturities of long-term debt Accounts payable Accrued compensation and employee benefits Deferred revenue Other current liabilities Total current liabilities Long-term debt, excluding current maturities Deferred revenue-extended protection plans Other liabilities Total liabilities Shareholders equity Preferred stock-$5 par value, none issued Common stock-$0.50 par value Capital in excess of par value Retained earnings Accumulated other comprehensive loss Total shareholders' equity Total liabilities and shareholders equity $430 183 10,570 789 11,972 15,511 215 247 255 837 $29,037 NOA S $608 934 6,967 557 1,093 2,041…
COMPARATIVE BALANCE SHEET S OF DECEMBER 31,2020 AND 2019 $1,800 1,750 1,600 $1,150 1,300 1,000 1,700 (1,170) 1,420 Cash Recetvables Inventory Plant assets (1,200 ) 1,300 $7,150 Accumulated depreclatlon Long-term Investments (held-to-maturity) $6,300 Accounts payable Accrued llabilitles 200 250 Bonds payable 1,400 1,550 Common stock 1,700 Retained eamings 2,450 $7,150 $6,300 PAT METHENY COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 $5,900 4,200 sales revEnue Pjos spoo6 jo j50 Selling and administrative expenses Income fron operations 930 1,270 Other revenues and gains Gain on sale of Investrments Income befare tax 1,350 Income tax expense 540 Net incoE Cash dy deds 266 Income retained In business Add tional information:
1. The following information is from Direct to You Corp.’s (DYC) financial records for its year ended December 31, 2020: Select statement of financial position information: 2020 2019 Investments in financial assets (at fair value through profit or loss [FVPL]) 12,000 10,000 Inventory 575,000 498,000 Property, plant, and equipment (PPE) 1,984,000 1,396,000 Less: accumulated depreciation (650,400) (487,000) Copyright 126,000 135,000 Patents 564,000 417,000 Select statement of comprehensive income information: Depreciation of property, plant, and equipment (334,400) Amortization of patents (65,000) Interest expense (75,000) Impairment loss — copyright (9,000) Gain on sale of PPE 23,000 Additional information: PPE that originally cost $570,000 was sold during the year. 100,000 common shares were issued in 2020 to acquire $450,000 of property, plant, and equipment. DYC is subject to IFRS. What amount of net cash used…
View Policies Current Attempt in Progress The comparative statement of financial position for Sunland Corporation shows the following noncash current asset and liability accounts at March 31: 2021 2020 Accounts receivable $65,000 $42,000 Inventory 80,000 63,500 Accounts payable 35,000 44,000 Dividends payable 1,400 2,400 Sunland's statement of income reported the following selected information for the year ended March31, 2021: net income was $270,000, depreciation expense was $65,000, and a loss on the disposal of land was $15,000. Sunland uses a perpetual inventory system. Calculate net cash provided (used) by operating activities 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).) SUNLAND CORPORATION Statement of Cash Flows (Partial) Operating activities Adjustments to reconcile net income to
Balance Sheet Calculations Dawson Company's balance sheet information at the end of 2019 and 2020 is as follows: 2019 2020 Current assets $ (a) $25,000 Long-term liabilities (b) 34,900 Total contributed capital (c) (g) Long-term investments 19,200 (h) Retained earnings 50,300 61,100 Total liabilities (d) (i) Intangible assets 10,400 9,000 Current liabilities 14,500 12,000 Common stock, $5 par (e) 20,000 Total assets 142,800 (j) Additional paid-in capital 15,000 (k) Property, plant, and equipment (net) 85,700 92,800 Accumulated other comprehensive income 7,000 6,000 Total shareholders' equity (f) (l) Additional information: The company did not issue any common stock during 2020. Required: Next Level Prepare the correct balance sheet. All the necessary information is provided. (Hint: It is not necessary to calculate your answers in alphabetical order.)
Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…