Corex comparative balance sheets are presented below. COREX CORPORATION Comparative Balance Sheets December 31
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- Corex comparative balance sheets are presented below.
COREX CORPORATION
Comparative Balance Sheets
December 31
2020 2019
Cash $ 14,300 $ 10,700
Accounts receivable 21,200 23,400
Land 20,000 26,000
Building 70,000 70,000
Total $110,500 $120,100
Accounts payable $12,370 $31,100
Common stock 75,000 69,000
Retained earnings 23,130 20,000
Total $110,500 $120,100
Additional information:
- Net income was $22,630. Dividends declared and paid were $39,500.
- All other changes in noncurrent account balances had a direct effect on cash flows, except the change in accumulated depreciation. The land was sold for $5,900.
Instructions
(a) Prepare a statement of cash flows for 2010 using the indirect method.
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- A comparative balance sheet for Gena Company appears below:GENA COMPANYComparative Balance SheetDec. 31, 2021 Dec. 31, 2020AssetsCash $ 34,000 $11,000Accounts receivable 21,000 13,000Inventory 35,000 17,000Prepaid expenses 6,000 9,000Long-term investments -0- 17,000Equipment 60,000 33,000Accumulated depreciation—equipment (20,000) (15,000)Total assets $136,000 $85,000Liabilities and Stockholders' EquityAccounts payable $ 17,000 $ 7,000Bonds payable 36,000 45,000Common stock 53,000 23,000Retained earnings 30,000 10,000Total liabilities and stockholders' equity $136,000 $85,000Additional information:1. Net income for the year ending December 31, 2021 was $35,000.2. Cash dividends of $15,000 were declared and paid during the year.3. Long-term investments that had a cost of $17,000 were sold for $14,000.4. Depreciation expense for the year was $5,000.InstructionsPrepare a full statement of cash flows for the year ended December 31, 2021, using the indirectmethod.Rodriquez Corporation’s comparative balance sheets are presented below: RODRIQUEZ CORPORATIONComparative Balance SheetsDecember 31 2020 2019 Cash $16,500 $17,400 Accounts receivable 25,300 22,100 Investments 20,150 15,850 Equipment 59,950 69,850 Accumulated depreciation—equipment (13,850 ) (10,300 ) Total $108,050 $114,900 Accounts payable $14,850 $11,150 Bonds payable 10,600 30,100 Common stock 49,500 45,500 Retained earnings 33,100 28,150 Total $108,050 $114,900 Additional information: 1. Net income was $18,550. Dividends declared and paid were $13,600. 2. Equipment which cost $9,900 and had accumulated depreciation of $1,600 was sold for $3,300. 3. No noncash investing and financing activities occurred during 2020. Prepare a statement of cash flows for 2020 using the…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)…
- the balance sheets for Plasma Screens Corporation and additional information are provided below. PLASMA SCREENS CORPORATIONBalance SheetsDecember 31, 2021 and 2020 2021 2020 Assets Current assets: Cash $ 242,000 $ 130,000 Accounts receivable 98,000 102,000 Inventory 105,000 90,000 Investments 5,000 3,000 Long-term assets: Land 580,000 580,000 Equipment 890,000 770,000 Less: Accumulated depreciation (528,000 ) (368,000 ) Total assets $ 1,392,000 $ 1,307,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 109,000 $ 95,000 Interest payable 7,000 13,000 Income tax payable 9,000 6,000 Long-term liabilities: Notes payable 110,000 220,000 Stockholders' equity: Common stock…The balance sheets for Plasma Screens Corporation and additional information are provided below. PLASMA SCREENS CORPORATIONBalance SheetsDecember 31, 2021 and 2020 2021 2020 Assets Current assets: Cash $ 138,880 $ 118,000 Accounts receivable 74,000 90,000 Inventory 93,000 78,000 Investments 3,800 1,800 Long-term assets: Land 460,000 460,000 Equipment 770,000 650,000 Less: Accumulated depreciation (408,000 ) (248,000 ) Total assets $ 1,131,680 $ 1,149,800 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 97,600 $ 83,000 Interest payable 5,500 11,800 Income tax payable 7,500 4,800 Long-term liabilities: Notes payable 100,000 200,000 Stockholders' equity: Common stock…Pharoah Corporation’s comparative balance sheet is presented below. PHAROAH CORPORATIONBalance SheetDecember 31 Assets 2021 2020 Cash $12,010 $8,980 Accounts receivable 17,810 19,660 Land 16,800 21,840 Buildings 58,800 58,800 Accumulated depreciation—buildings (12,600 ) (8,400 ) Total $92,820 $100,880 Liabilities and Shareholders’ Equity Accounts payable $10,390 $26,120 Common shares 63,000 57,960 Retained earnings 19,430 16,800 Total $92,820 $100,880 Additional information: 1. Profit was $19,010. Dividends declared and paid were $16,380. 2. No noncash investing and financing activities occurred during 2021. 3. The land was sold for cash of $4,120 resulting in a loss of $920 on the sale of the land. Prepare a cash flow statement for 2021 using the indirect method. Lu…
- A comparative balance sheet for Carter Fuel Injection Systems, Inc. appears below:Carter Fuel Injection Systems, Inc.Comparative Balance SheetDec. 31, 2020 Dec. 31, 2019AssetsCash $ 34,000 $11,000Accounts receivable 25,000 13,000Inventory 18,000 17,000Prepaid expenses 11,000 9,000Long-term investments -0- 17,000Equipment 55,000 33,000Accumulated depreciation—equipment (20,000) (15,000)Total assets $123,000 $85,000Liabilities and Stockholders' EquityAccounts payable $ 27,000 $ 7,000Bonds payable 35,000 45,000Common stock 31,000 23,000Retained earnings 30,000 10,000Total liabilities and stockholders' equity $123,000 $85,000Additional information:1. Net income for the year ending December 31, 2020 was $35,000.2. Cash dividends of $15,000 were declared and paid during the year.3. Long-term investments that had a cost of $17,000 were sold for $14,000.4. No equipment was sold during 2020.HINT: depreciation expense must be determined. Notice in #4 it states no equipment was “sold”during…The comparative balance sheet of Best Buy for January 31, 2020 and 2019, is shown as follows (values are in millions): Best Buy Comparative Balance Sheet For January 31, 2020 and 2019 $In militans Jan 31, 2020 Jan 31, 2019 Assets Cash Accounts recelvable Inventory Investments Land Equlpment Accumulated depreciation - Equipment Total assets 2,229 S 1,980 1,149 5,174 $ 1,015 5,409 500 650 S 637 9,228 S (6,900) S 9,200 (6,690) 11,530 S 12,051 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable (operating expenses) Dividends payable Common stock 5,288 906 S 5,257 982 564 564 26 27 Pald in capital: Excess of Issue price over par - common stock Retalned earnings Total liabilities and stockholders' equlty 4,745 S 11,530 $ 5,221 12,051 Additional data obtained from an examination of the accounts in the ledger for 2020 are as follows: a. The investments were sold for $875 million cash. b. Equipment and land were acquired for cash. c. There were no disposals of…Financial information for Powell Panther Corporation is shown below: Powell Panther Corporation: Income Statements for Year Ending December 31 (millions of dollars) 2021 2020 Sales $ 2,500.0 $ 2,000.0 Operating costs excluding depreciation and amortization 1,938.0 1,700.0 EBITDA $ 562.0 $ 300.0 Depreciation and amortization 62.0 54.0 Earnings before interest and taxes (EBIT) $ 500.0 $ 246.0 Interest 55.0 44.0 Earnings before taxes (EBT) $ 445.0 $ 202.0 Taxes (25%) 178.0 80.8 Net income $ 267.0 $ 121.2 Common dividends $ 240.3 $ 97.0 Powell Panther Corporation: Balance Sheets as of December 31 (millions of dollars) 2021 2020 Assets Cash and equivalents $ 36.0 $ 30.0 Accounts receivable 375.0 300.0 Inventories 468.0 360.0 Total current assets $ 879.0 $ 690.0 Net plant and equipment 621.0 540.0 Total assets $ 1,500.0 $ 1,230.0 Liabilities and Equity Accounts payable $ 250.0 $ 200.0 Accruals 75.0…
- Condensed balance sheet and income statement data for Coronado Corporation are presented here. Coronado CorporationBalance SheetsDecember 31 2022 2021 2020 Cash $ 29,700 $ 17,300 $ 17,100 Accounts receivable (net) 49,500 45,800 49,000 Other current assets 89,800 95,700 63,900 Investments 55,100 69,300 45,600 Property, plant, and equipment (net) 500,800 369,900 358,000 $724,900 $598,000 $533,600 Current liabilities $84,500 $80,200 $69,100 Long-term debt 145,100 84,100 49,100 Common stock, $10 par 354,000 321,000 308,000 Retained earnings 141,300 112,700 107,400 $724,900 $598,000 $533,600 Coronado CorporationIncome StatementsFor the Years Ended December 31 2022 2021 Sales $744,500 $606,300 Less: Sales returns and allowances 40,900 29,700 Net…Some selected financial statement items belonging to PXR Company are given in the table below. According to this information, which of the following is Return on Assets (ROA) in 2021? Receivables 18,500 Total Assets in 2021 130,000 Current Liabilities 42,000 Total Assets in 2020 110,000 Profit before Tax 18,000 Tax 3,000 Select one: a. 0.125 b. 0.150 c. 0.205 d. 0.137Condensed balance sheet and income statement data for Jergan Corporation are presented here. Jergan CorporationBalance SheetsDecember 31 2020 2019 2018 Cash $ 30,800 $ 17,600 $ 18,700 Accounts receivable (net) 50,500 44,200 47,100 Other current assets 89,600 94,900 63,900 Investments 55,300 71,000 45,100 Plant and equipment (net) 500,500 370,000 358,500 $726,700 $597,700 $533,300 Current liabilities $85,500 $79,800 $69,400 Long-term debt 144,300 84,100 50,300 Common stock, $10 par 348,000 316,000 304,000 Retained earnings 148,900 117,800 109,600 $726,700 $597,700 $533,300 Jergan CorporationIncome StatementFor the Years Ended December 31 2020 2019 Sales revenue $738,000 $605,500 Less: Sales returns and allowances 39,100 29,900 Net sales…