Chapter 1, Problem 1.8E

The comparative balance sheets for 2024 and 2023 and the statement of income for 2024 are given below for Dux Company. Additional information from Dux’s accounting records is provided also. DUX COMPANY Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands)   2024 2023 Assets     Cash $ 129.0 $ 36.0 Accounts receivable 64.0 66.0 Less: Allowance for uncollectible accounts (5.0) (4.0) Dividends receivable 19.0 18.0 Inventory 71.0 66.0 Long-term investment 31.0 26.0 Land 86.0 40.0 Buildings and equipment 161.0 266.0 Less: Accumulated depreciation (6.0) (130.0)   $ 550.0 $ 384.0 Liabilities     Accounts payable $ 29.0 $ 36.0 Salaries payable 18.0 21.0 Interest payable 20.0 18.0 Income tax payable 23.0 24.0 Notes payable 46.0 0 Bonds payable 91.0 50.0 Less: Discount on bonds (2.0) (3.0) Shareholders' Equity     Common stock 210.0 200.0 Paid-in capital—excess of par 24.0 20.0 Retained earnings 99.0 18.0 Less: Treasury…

Please see attachment.  The bottom portion is what I cannot figure out. The following financial information is for Priscoll Company. Priscoll CompanyBalance SheetsDecember 31 Assets   2020   2019 Cash   $ 84,700     $ 78,650   Debt investments (short-term)   66,550     48,400   Accounts receivable   125,840     108,900   Inventory   278,300     199,650   Prepaid expenses   30,250     27,830   Land   157,300     157,300   Building and equipment (net)   314,600     223,850   Total assets   $1,057,540     $844,580   Liabilities and Stockholders’ Equity             Notes payable (short-term)   $205,700     $145,200   Accounts payable   78,650     62,920   Accrued liabilities   48,400     48,400   Bonds payable, due 2023   302,500     205,700   Common stock, $10 par   242,000     242,000   Retained earnings   180,290     140,360   Total liabilities and stockholders’ equity   $1,057,540     $844,580     Priscoll CompanyIncome StatementFor…

The bookkeeper for Novak Corp. has prepared the following statement of financial position as at July 31, 2023: Cash Accounts receivable (net) Inventory Equipment (net) Patents (net) 1. Novak Corp. Statement of Financial Position As at July 31, 2023 2. $84,000 39,800 72,000 217,000 23,000 $435,800 The following additional information is provided: Notes and accounts payable Long-term liabilities Shareholders' equity $52,000 83,000 300,800 $435,800 Cash includes $1,700 in a petty cash fund and $29,000 in a bond sinking fund. The net accounts receivable balance is composed of the following three items: (a) accounts receivable debit balances =SUPPORT

Wildhorse Company has a December 31 fiscal year end. Selected information follows for Wildhorse Company for two independent situations as at December 31, 2024: 1. 2. Wildhorse purchased a patent from Windsor Inc. for $471,000 on January 1, 2021. The patent expires on January 1, 2029. Wildhorse has been amortizing it over its legal life. During 2024, Wildhorse determined that the patent's economic benefits would not last longer than six years from the date of acquisition. Wildhorse has a trademark that had been purchased in 2017 for $285,000. During 2023, the company spent $50,000 on a lawsuit that successfully defended the trademark. On December 31, 2024, it was assessed for impairment and the recoverable amount was determined to be $300,000.

The comparative balance sheets for 2024 and 2023 and the statement of income for 2024 are given below for Dux Company. Additional information from Dux's accounting records is provided also. DUX COMPANY Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands)   2024 2023 Assets     Cash $ 49 $ 24 Accounts receivable 46 53 Less: Allowance for uncollectible accounts (3) (2) Dividends receivable 3 2 Inventory 65 60 Long-term investment 21 18 Land 85 60 Buildings and equipment 273 290 Less: Accumulated depreciation (70) (90)   $ 469 $ 415 Liabilities     Accounts payable $ 35 $ 43 Salaries payable 3 7 Interest payable 7 2 Income tax payable 8 9 Notes payable 25 0 Bonds payable 115 90 Less: Discount on bonds (4) (5) Shareholders' Equity     Common stock 210 200 Paid-in capital—excess of par 24 20 Retained earnings 54 49 Less: Treasury stock (8) 0   $ 469 $ 415 DUX COMPANY Income Statement For the Year Ended…

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

Crane Company's balance sheet at December 31, 2021, is presented below. Crane Company Balance Sheet December 31, 2021 Cash $13,800 Accounts payable $9,260 Accounts receivable 19,200 Common stock 18,100 Allowance for doubtful accounts (810) Retained earnings 14,320 Inventory 9,490 $41,680 $41,680 During January 2022, the following transactions occurred. Crane uses the perpetual inventory method. Jan. Crane accepted a 4-month, 8% note from Betheny Company in payment of Betheny's $3,600 account. Crane wrote off as uncollectible the accounts of Walter Corporation ($500) and Drake Company ($300). 8 Crane purchased $16,130 of inventory on account. 11 Crane sold for $24,200 on account inventory that cost $18,610. Crane sold inventory that cost $670 to Jack Rice for $1,000. Rice charged this amount on his Visa First Bank card. The service fee charged Crane by First Bank is 3%. 15 17 Crane collected $21,800 from customers on account. 21 Crane paid $15,740 on accounts payable. 24 Crane received…

Required information [The following information applies to the questions displayed below.) The following financial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets 2021 At June 30. Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable. Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity Sales Cost of goods sold Gross profit $ 96,700 92,000 81,800 6,200 276,700 142,000 (36,000) $ 382,700 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense. Net incone $ 43,000 7,800 5,200 56,000 48,000 104,000 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 256,000 22,700 $ 382,700 Operating expenses (excluding depreciation) Depreciation…

The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.