In alphabetical order below are balance sheet items for Robinson Company at December 31, 2022. Sandra Robinson is the owner of Robinson Company. Accounts payable Accounts receivable Cash Owner's capital Total Assets Liabilities $94,600 Prepare a balance sheet. (List Assets in order of liquidity.) Owner's Equity 72,400 45,700 23,500 ROBINSON COMPANY Balance Sheet For the Year Ended December 31, 2022 Assets Liabilities and Owner's Equity Total Liabilities and Owner's Equity $ $ $ 118,100 94,600 23,500 118,100
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- The following data were taken from the comparative balance sheet of Osborn Sisters Company for the years ended December 31, 2019 and December 31, 20Y8: Dec. 31, 20Y9 Dec. 31, 20YS Cash $337,500 $254,100 Temporary investments 360,200 278,400 Accounts and notes receivable (net) 331,300 303,500 Inventories 463,100 376,200 Prepaid expenses 173,900 107,800 Total current assets $1,666.000 $1,320,000 Accounts payable $284,200 $308.000 Accrued liabilities 205,800 132,000 Total current Fabilities $490,000 $440,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. 20Y9 20Y8 %24 Working capital Current ratio Quick ratioThe current assets and liabilities sections of the comparative balance sheet of Wildhorse Inc., a private company reporting under ASPE, at October 31 are presented below, along with the income statement: WILDHORSE INC.Comparative Balance Sheet Accounts 2021 2020 Cash $72,270 $76,650 Accounts receivable 46,720 29,930 Inventory 23,725 33,580 Prepaid expenses 5,475 4,234 Accounts payable 31,390 26,280 Accrued expenses payable 3,650 5,840 Dividends payable 17,520 12,410 Income taxes payable 4,964 8,614 WILDHORSE INC.Income StatementYear Ended October 31, 2021 Sales $456,250 Cost of goods sold 284,700 Gross profit 171,550 Operating expenses $64,240 Depreciation expense 16,790 Loss on sale of equipment 5,840 86,870 Profit before income taxes 84,680 Income taxes 21,170 Profit $63,510 Prepare the…Carla Vista Corporation began operations on January 1, 2027. The following information is available for Carla Vista on December 31, 2027. Accounts receivable$1, 060Accounts payable$1, 420Equipment12, 880Cash2, 400Dividends2, 180Notes payable5, 750Supplies 2,050Common stock7, 940 Retained earningsNet income5, 460 Prepare a retained earnings statement for Carla Vista Corporation for 2027. (List items that increase retained earnings first.) Prepare a retained earnings statement for Carla Vista Corporation for 2027. (List Items that increase retained earnings first.) CARLA VISTA CORPORATION Retained Earnings Statement
- The current assets and liabilities sections of the comparative balance sheet of Wildhorse Inc., a private company reporting under ASPE, at October 31 are presented below, along with the income statement: WILDHORSE INC.Comparative Balance Sheet Accounts 2021 2020 Cash $72,270 $76,650 Accounts receivable 46,720 29,930 Inventory 23,725 33,580 Prepaid expenses 5,475 4,234 Accounts payable 31,390 26,280 Accrued expenses payable 3,650 5,840 Dividends payable 17,520 12,410 Income taxes payable 4,964 8,614 WILDHORSE INC.Income StatementYear Ended October 31, 2021 Sales $456,250 Cost of goods sold 284,700 Gross profit 171,550 Operating expenses $64,240 Depreciation expense 16,790 Loss on sale of equipment 5,840 86,870 Profit before income taxes 84,680 Income taxes 21,170 Profit $63,510 Prepare the…The December 31, 2019, balance sheet for Walton Corporation is presented here. These are the only accounts on Walton’s balance sheet. Amounts indicated by question marks (?) can be calculated using the following additional information: WALTON CORPORATIONBalance Sheet As of December 31, 2019 Assets Cash $ 35,000 Accounts receivable (net) ? Inventory ? Property, plant, and equipment (net) 305,000 $ 452,000 Liabilities and Stockholders’ Equity Accounts payable (trade) $ ? Income taxes payable (current) 35,000 Long-term debt ? Common stock 311,000 Retained earnings ? $ ? Additional Information Current ratio (at year end) 1.4 to 1.0 Total liabilities ÷ Total stockholders’ equity 60 % Gross margin percentage 40 % Inventory turnover (Cost of goods sold ÷ Ending inventory) 10.5 times Gross margin for 2019 $ 350,000 Required Compute the balance in trade accounts…Presented here are the comparative balance sheets of Hames Incorporated at December 31, 2023 and 2022. Sales for the year ended December 31, 2023, totaled $500,000. Assets Cash Accounts receivable Merchandise inventory Total current assets Land Plant and equipment Less: Accumulated depreciation Total assets Liabilities Short-term debt Accounts payable Other accrued liabilities Total current liabilities Long-term debt Total liabilities Stockholders' Equity Common stock, no par, 100,eee shares authorized 40,000 and 25,000 shares issued, respectively Retained earnings: Beginning balance Net income for the year Dividends for the year Ending balance Total stockholders' equity Total liabilities and stockholders' equity HAMES INCORPORATED Balance Sheets December 31, 2023 and 2022 Note: Round your answer to 1 decimal place. c. Calculate working capital at December 31, 2023. d. Calculate the current ratio at December 31, 2023. Note: Round your answer to 2 decimal places. e. Calculate the…
- The following information pertains to Luna Company as at September 30, 2020:a. Notes payable – bank, P35,000b. Accounts payable arising from purchase of goods, P1,125,000c. Dividends in arrears on preference shares, not yet declared, P250,000d. Income tax payable, P134,000e. Accrued liabilities, P42,000f. Mortgage payable, P2,250,000g. Customers’ deposits, P89,000h. Reserve for contingencies, P250,000What is the total amount of liabilities that should be reported on Luna's statement of financial position as at September 30, 2020?In alphabetical order below are balance sheet items for Robinson Company at December 31, 2022. Sandra Robinson is the owner of Robinson Company. Accounts payable Accounts receivable Cash Owner's capital $94,600 72,400 45,700 23,500 W Prepare a balance sheet. (List Assets in order of liquidity.) ROBINSON COMPANY Balance Sheet Assets Liabilities and Owner's Equity $ $ 17 $The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Dux Company. Additional information from Dux’s accounting records is provided also. DUX COMPANYComparative Balance SheetsDecember 31, 2021 and 2020($ in thousands) 2021 2020 Assets Cash $ 111.0 $ 33.0 Accounts receivable 61.0 63.0 Less: Allowance for uncollectible accounts (6.0 ) (5.0 ) Dividends receivable 16.0 15.0 Inventory 68.0 63.0 Long-term investment 28.0 23.0 Land 83.0 40.0 Buildings and equipment 173.0 263.0 Less: Accumulated depreciation (9.0 ) (115.0 ) $ 525.0 $ 380.0 Liabilities Accounts payable $ 26.0 $ 33.0 Salaries payable 15.0 18.0 Interest payable 17.0 15.0 Income tax payable 20.0 21.0 Notes payable 43.0 0 Bonds payable 94.0…
- The current sections of Flint Corporation's balance sheets at December 31, 2021 and 2022, are presented here. Flint Corporation's net income for 2022 was $215,900. Depreciation expense was $35,700. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2022 $52,700 eTextbook and Media 72,250 66,300 14,450 $205,700 $5,100 74,800 $79,900 2021 Adjustments to reconcile net income to $75,650 58,650 52,700 16,150 $203,150 Prepare the net cash provided 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).) $ 13,600 61,200 $74,800 Flint Corporation Partial Statement of Cash Flows $The comparative statement of financial position for Blossom Corporation shows the following noncash current asset and liability accounts at March 31: 2024 2023 Accounts receivable $61,000 $41,400 Inventory 60,000 73,000 Prepaid expenses 6,000 4,900 Accounts payable 30,600 40,000 Salaries payable 13,600 10,600 Income tax payable 10,800 5,600 Blossom's statement of income reported the following selected information for the year ended March 31, 2024: sales were $810,000, cost of goods sold was $500,000, other operating expenses were $220,000 (which included depreciation expense of $25,000), salaries expense was $51,500, and income tax expense was $15,400. Calculate net cash provided (used) by operating activities using the direct method. BLOSSOM CORPORATION Statement of Cash Flows (Partial) Cash payments $The following data were taken from the balance sheet of Albertini Company at the end of two recent fiscal years: Current Year Previous Year Current assets: Cash Marketable securities Accounts and notes receivable (net) Inventories Prepaid expenses Total current assets Current liabilities: Accounts and notes payable (short-term) Accrued liabilities Total current liabilities. $620,500 718,500 294,000 749,800 386,200 $2,769,000 1. Working capital 2. Current ratio 3. Quick ratio b. The liquidity of Albertini has in current assets relative to current liabilities. $411,800 298,200 $710,000 $496,000 558,000 186,000 529,500 338,500 $2,108,000 $434,000 186,000 $620,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. Current Year Previous Year from the preceding year to the current year. The working capital, current ratio, and quick ratio have all Most of these changes are the result of an