Forecast for 2020 183Excrcise 5-7The beginning and ending balances in each of the balance sheet accountsof the Mexico Company are as follows:Dec. 31, 2019P260,000180,000400,00050,000P890,000P1,200,0001,000,000(400,000)P1,800,000Dec. 31, 2020P100,000360,000460,00030,000P950,000P1,500,0001,400,000(500,000)P2,400,000CashAccounts receivableInventoryPrepaid insuranceTotal current assetsLandPlant & equipmentAccumulated depreciationTotal non-current assetsTotal assetsP2,690,000P3,350,000Accounts payableAccrued operating expensesInterest payableIncome taxes payableP 300,000200,000P 260,000132,00030,00020,000122,000P 642,000150.000P 572,000700,000Total current liabilitiesBonds payable600,000800,000648,000Common stock1,100,000Retained earnings978,000Total liabilities & equityP2,690,000P3,350,000The forecast income statement for the Mexico Company for 2020 ispresented below:P2,500,0001,400,000P1,100,000300,000P 800,00050,000P 750,000300,000P 450,000SalesCost of salesGross profitOperating expensesIncome before interest & taxInterest expenseIncome before taxIncome taxNet incomeREQUIRED:1. Prepare a forecast cash flow statement for 2020,

Cash flow statement is a statement which shows all cash inflows and cash outflows of the business…

183 Exercise 5-7 The beginning and ending balances in each of the balance sheet accounts of the Mexico Company are as follows: Dec. 31, 2019 P260,000 180,000 Dec. 31, 2020 Pi00,000 Cash Accounts receivable 360,000 Inventory Prepaid insurance 400,000 50,000 P890,000 P1,200,000 460,000 30,000 P950,000 P1,500,000 1,400,000 Total current assets Land Plant & equipment Accumulated depreciation 1,000,000 (400,000) P1,800,000 (500,000) P2,400,000 Total non-current assets Total assets P2,690,000 P3,350,000 Accounts payable Accrued operating expenses Interest payable Income taxes payabie P 300,000 P 260,000 132,000 200,000 20,000 122,000 P 642,000 600,000 800,000 648,000 30,000 150,000 P 572,000 700,000 1,100,000 978,003 Total current liabilities Bonds payable Common stock Retained earnings Total liabilities & equity P2,690,000 Р3,350,000 The forecast income statement for the Mexico Company for 2020 is presented below: P2,500,000 1,400,000 P1,100,000 Sales Cost of sales Gross profit Operating expenses Income before interest & tax 300,000 P 800,000 50,000 P 750,000 300,000 P 450,000 Interest expense Income before tax Income tax Net income REQUIRED: 1. Prepare a forecast cash flow statement for 2020,

183 Exercise 5-7 The beginning and ending balances in each of the balance sheet accounts of the Mexico Company are as follows: Dec. 31, 2019 P260,000 180,000 Dec. 31, 2020 Pi00,000 Cash Accounts receivable 360,000 Inventory Prepaid insurance 400,000 50,000 P890,000 P1,200,000 460,000 30,000 P950,000 P1,500,000 1,400,000 Total current assets Land Plant & equipment Accumulated depreciation 1,000,000 (400,000) P1,800,000 (500,000) P2,400,000 Total non-current assets Total assets P2,690,000 P3,350,000 Accounts payable Accrued operating expenses Interest payable Income taxes payabie P 300,000 P 260,000 132,000 200,000 20,000 122,000 P 642,000 600,000 800,000 648,000 30,000 150,000 P 572,000 700,000 1,100,000 978,003 Total current liabilities Bonds payable Common stock Retained earnings Total liabilities & equity P2,690,000 Р3,350,000 The forecast income statement for the Mexico Company for 2020 is presented below: P2,500,000 1,400,000 P1,100,000 Sales Cost of sales Gross profit Operating expenses Income before interest & tax 300,000 P 800,000 50,000 P 750,000 300,000 P 450,000 Interest expense Income before tax Income tax Net income REQUIRED: 1. Prepare a forecast cash flow statement for 2020,

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter8: Liabilities And Stockholders' Equity

Section: Chapter Questions

Problem 8.1.2MBA

See similar textbooks

Similar questions

m - Aug 28 X + nd.vst.idref%3DP7001016677000000000000000003B8F]!/4/2[P700101667700000000000... 2 ☆ S4-2 At December 31, 2020, before any year-end adjustments are made, White Corporation had a $50 balance in Accounts Receivable and a $0.6 debit balance in the Allowance for Uncollectible Accounts. Requirements O 1. What is the normal balance in the Allowance for Uncollectible Accounts? What would cause this account to have a debit balance? 2. How does management determine the amount of uncollectible accounts? 3. The aging of receivables indicates that White Corporation will not collect $1.5 million of its accounts receivables. Prepare the journal entry to record the bad debt expense for 2020. PUCE a 209
Brief Exercise 170 Using these data from the comparative balance sheet of Banner Company, perform vertical analysis. (Round answers to 1 decimal place, e.g. 15.2.) December 31, 2020 December 31, 2019 Amount Percentage Amount Percentage Accounts Receivable $ 480,000 % $ 336,000 % Inventory 720,000 % 504,000 % Total Assets 4,000,000 % 2,800,000 %
10 Ji Lui’s statement of financial position was prepared on 31 December 2018. It showed the followingassets and liabilities:$Machinery 7200Trade receivables 800Inventory 1300Other payables 830Creditors 510Cash 180Bank (debit balance) 250a Calculate Ji Lui’s owner’s equity on 31 December 2018. [2 marks]........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................On 1 January 2019, the following transactions took place:i) Ji Lui paid salaries for December 2018 in cash $319.ii) Ji Lui took cash $89 for her own personal…
ll TM 16:18 O 1 29% 4 cdn.fbsbx.com Done E9-4B: (Statement of Financial Position – Missing Elements) The following calendar year-end information is available for GRAPES Corporation: .Cash and cash equivalents · Accounts receivable (net) · Inventories · Property, plant, and equipment (net) ·Accounts payable . Wages payable . Contributed capital асcount balance P 5,000 20,000 60,000 120,000 44,000 15,000 100,000 The only asset not listed is trading securities. The only liabilities not listed are a P30,000 note payable due in two years and related accrued interest of P1,000 due in four months. The current ratio (equal to Current Assets : Current Liabilities) at year-end is 1.5:1. Instruction: Determine the following balances at year end. A. Total current assets (Cash and cash equivalent 500 Accounts receivable {net} 20,000 inventories {60,000} – 85000) Trading Securities В. (5000+20000+60000+120000)=20 5,000 c. Total Assets Accounts payable 44,000 + wages payable 15,000 59,00 D.…
183 Exercise 5-7 The beginning and ending balances in each of the halance sheet accounts of the Mexico Company are as follows: Dec. 31, 2020 PI00,000 Dee. 31, 2019 Cash P260,000 Accounts reccivable Inventory Prepaid insurance Total current assets 180,000 360,000 400,000 50.000 P890,000 P1,200,000 460,000 30,000 P950,000 P1,500,000 Land Plant & equipment Accumulated depreciation 1,000,000 1.400.000 (400,000) P1.800,000 (500,000) P2,400,000 Total non-current assets Total assets P2,690,000 P3,350,000 Accounts payable Accrued operating expenses Interest payable Income taxes payabie P 300,000 200,000 P 260.000 132,000 20,000 122,000 P 642,000 30,000 150,000 P 572,000 700,000 Total current liabilities Bonds payable Common stock Retained earnings 600,000 800,000 648,000 1,100,000 978,000 Total liabilities & equity P2,690,000 P3,350,000 The forecast income statement for the Mexico Company for 2020 is resented below: Sales P2,500,000 Cost of sales Gross profit Operating expenses Income before…
QS 17-4 (Algo) Horizontal analysis LO P1 Compute the annual dollar changes and percent changes for each of the following accounts. (Decreases should be indicated with a minus sign. Round percent change to one decimal place.) Short-term investments Accounts receivable Notes payable Percent Change: = Short-term investments Accounts receivable Notes payable $ Current Year Prior Year $ 377,232 99,828 0 $ 236,026 103,326 90,624 Horizontal Analysis - Calculation of Percent Change Numerator: Current Year 377,232 $ 99,828 0 Prior Year 236,026 103,326 90,624 Denominator: Dollar Change Percent Change % % %
Plppi Aaia of S C acell(PASUC 45,939,500.00 1:37 U v O 4G 4 0 Statement of Financial Position December 31, 2018 and 2019 2019 2018 Assets 2,030,500.00 Cash Marketable Securities 1,191,000.00 4,002,000.00 4,383,500.00 208,500.00 18,384,500.00 379,500.00 28,132,000.00 2,636,000.00 4,704,000.00 Accounts Receivable Allowance for Doubtful Accounts - Inventories 224,000.00 - 23,520,500.00 256,000.00 Prepaid Expenses Total Current Assets 32,923,000.00 20,303,500.00 Property, Plant and Equipment Less: Accumulated Depreciation 13,253,500.00 3,765,000.00 9,488,500.00 5,764,000.00 14,539,500.00 Other Assets Total Assets 186,500.00 47,649,000.00 334,000.00 37,954,500.00 Liabilities and Equity Accounts Payable 7,147,000.00 2,807,000.00 942,000.00 2,834,500.00 3,795,500.00 Notes Payable Current Portion of Long-term Debt 3,006,000.00 758,000.00 2,656,500.00 317,500.00 8,487,500.00 Accrued Liabilities Deferred Income Tax Long-term Debt Total Liabilities 421,500.00 10,529,500.00 24,681,500.00…
Item Prior year Current year Accounts payable 8,198.00 7,775.00 Accounts receivable 6,030.00 6,768.00 Accruals 1,007.00 1,602.00 Cash ??? ??? Common Stock 10,168.00 12,293.00 COGS 12,621.00 18,231.00 Current portion long-term 4,953.00 5,046.00 debt Depreciation expense 2,500 2,756.00 Interest expense 733 417 Inventories 4,136.00 4,819.00 Long-term debt 14,434.00 13,704.00 Net fixed assets 50,920.00 54,636.00 Notes payable 4,385.00 9,940.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,358.00 30,071.00 Sales 35,119 47,773.00 Тахes 2,084 2,775 What is the firm's total change in cash from the prior year to the current year? Submit Answer format: Number: Round to: 0 decimal places.
Item Prior year Current year Accounts payable 8,112.00 7,889.00 Accounts receivable 6,029.00 6,526.00 Accruals 981.00 1,445.00 Cash ??? ??? Common Stock 10,050.00 11,831.00 COGS 12,659.00 18,136.00 Current portion long-term 5,054.00 5,053.00 debt Depreciation expense 2,500 2,814.00 Interest expense 733 417 Inventories 4,101.00 4,816.00 Long-term debt 14,355.00 13,032.00 Net fixed assets 51,776.00 54,131.00 Notes payable 4,395.00 9,850.00 Operating expenses (excl. 13,977 depr.) 18,172 Retained earnings 28,273.00 29,816.00 Sales 47,524 Taxes 2,084 2,775 What is the firm's cash flow from operations? Submit Answer format: Number: Round to: 0 decimal places.
#9 Item Prior year Current year Accounts payable 8,122.00 7,930.00 Accounts receivable 6,011.00 6,556.00 Accruals 1,028.00 1,686.00 Cash ??? ??? Common Stock 11,889.00 11,432.00 COGS 12,613.00 18,213.00 Current portion long-term 4,995.00 4,975.00 debt Depreciation expense 2,500 2,793.00 Interest expense 733 417 Inventories 4,294.00 4,819.00 Long-term debt 13,601.00 13,831.00 Net fixed assets 50,018.00 54,610.00 Notes payable 4,367.00 9,942.00 Operating expenses (excl. 13,977 18,172 depr.) Retained earnings 28,908.00 30,580.00 Sales 35,119 45,307.00 Тахes 2,084 2,775 What is the firm's cash flow from investing? Submit Answer format: Number: Round to: 0 decimal places.
HCS/ X What x SAAM X HCS380 Week 4 Horizontal and Vertical Analysis Basic X edu/cms/202118851 Resul x Cove x G how X Hosp x G beau x + DIRECTIONS: Using these data from Rollaird Company's comparative balance sheets, perform a horizontal analysis. Use Ch. 13, "Financial Analysis: The Big Picture," as guidance. Dec. 31, 2022 Dec. 31, 2021 Accounts Receivable 460,000 400,000 Inventory 780,000 650,000 Total Assets 3,164,000 2,800,000 NOTE: When entering your numbers, use whole numbers in the equation, and 1 decimal point for the answer, as seen in the example below. The text box will highlight red if incorrect after clicking the Submit button (bottom right corner). Example: 30000 ÷ 500000 = 6.0 % Accounts Receivable = 400000 % I
#10 Item Prior year Current year Accounts payable 8,192.00 7,708.00 Accounts receivable 6,001.00 6,656.00 Accruals 990.00 1,424.00 Cash ??? ??? Common Stock 11,572.00 12,100.00 COGS 12,755.00 18,124.00 Current portion long-term 4,908.00 4,906.00 debt Depreciation expense 2,500 2,795.00 Interest expense 733 417 Inventories 4,157.00 4,813.00 Long-term debt 14,743.00 13,589.00 Net fixed assets 51,715.00 54,037.00 Notes payable 4,358.00 9,905.00 Operating expenses (excl. 13,977 depr.) 18,172 Retained earnings 28,867.00 29,863.00 Sales 35,119 45,665.00 Тахes 2,084 2,775 What is the firm's total change in cash from the prior year to the current year? Submit Answer format: Number: Round to: 0 decimal places. unanswered not_submitted Attempts Remaining: Infinity