Current Attempt in Progress The comparative balance sheets of Cheyenne Inc. at the beginning and the end of the year 2025 are as follows. Assets Cash Accounts receivable Equipment Less: Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total Cheyenne Inc. Balance Sheets Dec. 31, 2025 $ 53,100 107,380 46,020 20,060 $186,440 $ 23,600 118,000 44,840 $186,440 Jan. 1, 2025 $ 15,340 103,840 25,960 12,980 $132,160 $ 17,700 94,400 20,060 $132,160 Inc./Dec. $37,760 Inc. 3,540 Inc. 20,060 Inc. Inc. 7,080 $ 5,900 Inc. 23,600 Inc. 24,780 Inc. Net income of $51,920 was reported, and dividends of $27,140 were paid in 2025. New equipment was purchased and none was sold Prepare a statement of cash flows for the year 2025. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).)

Current Attempt in Progress The comparative balance sheets of Cheyenne Inc. at the beginning and the end of the year 2025 are as follows. Assets Cash Accounts receivable Equipment Less: Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total Cheyenne Inc. Balance Sheets Dec. 31, 2025 $ 53,100 107,380 46,020 20,060 $186,440 $ 23,600 118,000 44,840 $186,440 Jan. 1, 2025 $ 15,340 103,840 25,960 12,980 $132,160 $ 17,700 94,400 20,060 $132,160 Inc./Dec. $37,760 Inc. 3,540 Inc. 20,060 Inc. Inc. 7,080 $ 5,900 Inc. 23,600 Inc. 24,780 Inc. Net income of $51,920 was reported, and dividends of $27,140 were paid in 2025. New equipment was purchased and none was sold Prepare a statement of cash flows for the year 2025. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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.
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…
Condensed financial data of Sheridan Company for 2025 and 2024 are presented below. Cash Receivables Inventory Plant assets Sheridan Company Comparative Balance Sheet As of December 31, 2025 and 2024 Accumulated depreciation Long-term investments (held-to-maturity) Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings 2025 $1,780 1,760 1,620 1,910 1,670 (1,210) (1,160) 1,330 1,440 $7,190 $6,280 $1,230 210 2024 $1,170 1,370 1,920 2,460 $7,190 1,280 1,880 $920 250 1,560 1,680 1,870 $6,280
Here is comparative balance sheet for 2021 and 2022, stating each asset as a percent of total assests and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. 2020 (%) 2021 (%) Assets Cash 43,500 8.84 55,000 14.25 Inventory 22,000 4.47 23,500 6.09 Equipment and fixures 380,000 77.24 255,000 66.08 Supplies 3,800 0.77 4,100 1.06 Prepaid expenses 9,200 1.87 12,500 3.24 Store design/Buildout 27,000 5.49 27,000 7.00 Loan Fee 4,000 0.81 5,500 1.42 Advertising and Marketing 2,500 0.51 3,300 0.86 Total assets 492,000 100.00 385,900 100.00 Bank Loan 150,000 30.49 170,000 44.05 Other liability (Balancing figure) 292,000 59.35 170,900 44.29 Owner contribution 50,000 10.16 45,000 11.66 Total equity and liability 492,000 100.00 385,900 100.00 Please explain or make an assumption of the figure
Here is financial information for Sheridan Inc. Current assets Plant assets (net) Current liabilities Long-term liabilities Common stock, $1 par Retained earnings Assets Current assets Plant assets (net) Total assets December 31, 2022 Liabilities $123,000 395,300 89,279 130,592 166,959 131,470 2022 Prepare a schedule showing a horizontal analysis for 2022, using 2021 as the base year. (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45, -45% or parentheses e.g. (45), (45%). Round percentages to 1 decimal place, e.g. 12.3%.) $123,000 December 31, 2021 395,300 $100,000 335,000 73,000 88,000 117,000 157,000 2021 SHERIDAN INC. Condensed Balance Sheets December 31 $100,000 335,000 $518,300 $435,000 Increase or (Decrease) Amount Percentage % % %
Current Attempt in Progress Here is financial information for Crane Inc. Current assets Plant assets (net) Current liabilities Long-term liabilities Common stock, $1 par Retained earnings December 31, 2025 $108,600 404,500 103,500 124,600 132,600 152,400 December 31, 2024 $94,500 352,600 67,600 94,500 117,600 167,400 Prepare a schedule showing a horizontal analysis for 2025, using 2024 as the base year. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.)
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…
Current Attempt in Progress Suppose selected comparative statement data for the giant bookseller Barnes & Noble are as follows. All balance sheet data are as of the end of the fiscal year (in millions). Net sales Cost of goods sold Net income Accounts receivable Inventory Total assets Total common stockholders' equity 2022 $5,050.3 3,700.7 65.1 65.0 1,250.1 2,950.1 940.6 2021 $5,800.9 3,200.1 190.9 106.6 1,350.1 3,250.1 1,100.5
Scanned with CamScanner Scanned with CamScanner Balance Sheets as at 31 December Non current asse Current assets ess depreciation Accounts reco Total assets Accounts pavable oan hotes Net awetse entory at 1 January 2018 was E50,000. Required: 2018 and 2019 Cn Net promt capons for and signi of any changes in the ratios shown by your calaton Scanned with CamScanner given below. Income Statements for the years ending 31 December 2018 2019 £00 £000 £000 E000 Sales Less Cost of sales Gross profit 200 (150) 50 280 (210) 70 Less Administration expenses 38 46 Loan note interest 4 (50) (38) 12 Net profit 20
The comparative balance sheets of RegalEagle Inc. at the beginning and the end of the year 2020 are as follows. RegalEagle INC.BALANCE SHEETS Dec. 31, 2020 Jan. 1, 2020 Inc./Dec. Assets Cash $ 47,720 $ 15,720 $32,000 Inc. Accounts receivable 95,830 90,110 5,720 Inc. Equipment 43,830 24,110 19,720 Inc. Less: Accumulated Depreciation-Equipment 21,830 11,000 10,830 Inc. Total $165,550 $118,940 Liabilities and Stockholders’ Equity Accounts payable $ 24,830 $ 17,110 7,720 Inc. Common stock 102,720 82,110 20,610 Inc. Retained earnings 38,000 19,720 18,280 Inc. Total $165,550 $118,940 Net income of $48,830 was reported, and dividends of $30,550 were paid in 2020. New equipment was purchased and none was sold.Prepare a statement of…
Condensed financial data of Whispering Company for 2020 and 2019 are presented below. WHISPERING COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,830 $1,130 Receivables 1,770 1,290 Inventory 1,620 1,920 Plant assets 1,940 1,680 Accumulated depreciation (1,190 ) (1,170 ) Long-term investments (held-to-maturity) 1,300 1,410 $7,270 $6,260 Accounts payable $1,220 $910 Accrued liabilities 210 260 Bonds payable 1,420 1,530 Common stock 1,890 1,710 Retained earnings 2,530 1,850 $7,270 $6,260 WHISPERING COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $7,100 Cost of goods sold 4,760 Gross margin 2,340 Selling and administrative expenses 930 Income from…
cash flow statment Assets Long term investments long-term assets Brand name & Goodwell The comparative statements of financial position of Lopez Inc. at the beginning and the end of the year 2022 appear as follows. Inventory Accounts receivable Cash Total J Equity and Liabilities Share capital ordinary Retained earnings Accounts payable Income Tax payable Total Ć Lopez Inc. Statements of Financial Position Dec.31, 2022 $ 56,000 115,000 50,000 100,000 65,000 12,000 $398,000 $250,000 61,000 53,000 34,000 $398,000 Jan. 1, 2022 $ 40,000 150,000 43,000 60,000 40,000 43,000 $376,000 $ 200,000 91,000 75,000 10,000 $376,000 Additional information Net income $90,000 Deprecation on long term assets $25,000 dividends of $15,000 were paid in 2022 a long-term asset with a net book value of $10,000 were sold at a gain of $17,000 Instructions From the information given above, prepare a Cash Flow Statement for Lopez Inc. for the period ending 31st Dec., 2022 (Using indirect method). Show very clearly…