llg .5 Exercise 8-23 (Algo) Preparing a balance sheet LO P1, P3, P4Selected accounts from Gregor Company's adjusted trial balance for the year ended December 31 follow. Prepare a classified balancesheet. Note: On the company's balance sheet, accumulated depreciation is subtracted from equipment, accumulated amortization issubtracted from patents, and accumulated depletion is subtracted from silver mine.Common stockRetained earningsPatentsCashLandEquipmentsilver mine$ 10,00059,0007,8007,980Accounts payableAccumulated depreciation-EquipmentNotes payable (due in 9 years)Goodwill49,000 Accumulated depletion-Silver mineAccumulated amortization-Patents39,00034,000$ 3,90030,10030,0006,9006,8004,800Current assetsPlant assetsTotal plant assetsIntangible assetsTotal intangible assetsTotal assetsCurrent liabilitiesLong-term liabilitiesTotal liabilitiesTotal equityTotal liabilities and equityGREGOR COMPANYBalance SheetDecember 31AssetsLiabilitiesEquity

Some more explanation Gregor CompanyBalance SheetDecember 31. Explanation Assets Current assets:…

Answered: Exercise 8-23 (Algo) Preparing a…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter4: Income Measurement And Accrual Accounting

Section: Chapter Questions

Problem 4.33E

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mework Assignment i Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity RELETEORRE Interest expense Income tax expense Total costs and expenses Net income KEREKE Earnings per share DENNE SLAP BOGATE Current Year For both the current year and one year ago, compute the following ratios: $ 32,893 100, 248 123,571 10,593 307,446 $574,751 monosokom. $ 144,544 105,892 162,500 161,815 $574, 751 $ 455,777 231, 625 12,702 9,713 The company's income statements for the current year and 1 year ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses Current Year…
Exercise 17-7 (Algo) Analyzing liquidity LO P3 (1-a) Compute the current ratio for each of the three years. (1-b) Did the current ratio improve or worsen over the three-year period? (2-a) Compute the acid-test ratio for each of the three years. (2-b) Did the acid-test ratio improve or worsen over the three-year period? Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2A Required 2B Compute the current ratio for each of the three years. Current Year: 1 Year Ago: 2 Years Ago: Numerator: 1 1 1 1 1 Current Ratio Denominator:
Required: Use the following information to prepare a classified balance sheet for Alpha Company at the end of Year 1. Accounts receivable $41,120 Accounts payable 6,905 Cash 14,050 Common stock 40,000 Land 19,000 Long-term notes payable 20,750 Merchandise inventory 27,475 Retained earnings 33,990 Assets Current assets ALPHA COMPANY Classified Balance Sheet As of December 31, Year 1 Total current assets Property, plant and equipment Total property, plant and equipment Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity
Problem 4-19 (IAA) Empress Company provided the following data for the current year: Retained earnings, January 1 Dividends declared Sales Dividend income Inventory, January 1 Purchases Salaries Contribution to employees' pension fund Delivery Miscellaneous expense Doubtful accounts expense Depreciation expense Loss on sale of investment Income from discontinued operation, net of tax Income tax expenae Inventory on December 31 at cost Net realizable value of inventery 3,000,000 1,000,000 8,400,000 100,000 1,000,000 3,700,000 1,540,000 300,000 200,000 120,000 10,000 80,000 100,000 500,000 150,000 850,000 700,000 1. What amount should be reported as cost of goods sold? a. 3,850,000 b. 4,000,000 c. 4,150,000 d. 4,700,000 2. What amount should be reported as total expenses before income tax? a. 2,350,000 b. 2,500,000 c. 2,250,000 d. 2,050,000 3. What amount should be reported as net income for the current year? a. 2,000,000 b. 2,500,000 c. 1,500,000 d. 2,650,000 4. What amount should be…
(1) Debt and equity ratios. (2-a) Compute debt-to-equity ratio for the current year and one year ago. (2-b) Based on debt-to-equity ratio, does the company have more or less debt in the current year versus one year ago? (3-a) Times interest earned. (3-b) Based on times interest earned, is the company more or less risky for creditors in the Current Year versus 1 Year Ago? Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 2B Required 3A Required 3B Compute debt and equity ratio for the current year and one year ago. Current Year: 1 Year Ago: Current Year: 1 Year Ago: Numerator: Numerator: Debt Ratio 1 1 Equity Ratio 1 1 1 1 Required 1 Denominator: Denominator: = = = Required 2A > Debt Ratio Debt ratio % % Equity Ratio Equity ratio % %
Presented below is the comparative balance sheet for Pearl Company Pearl Company Comparative Balance Sheet As of December 31 Assets Accounts receivable net Short-terminants Inventories Prepaid expenses Plant & ment Accumulated depreciation Liabies and Stockholdersity Accounts payable Accrued Bonds payable Common stock Retiredning (a) Cash Your answer is partially correct Accounts receivable (net) Assets Short-term investments Investories Prepaid expenses Plant and equipment Accumulated depreciation Total Accrued operes Bonds payable (h) Prepare a comparative balance sheet of Pearl Company showing the percent each item is of the total asets or total liabilities and stockholders' equity Round percentages to 2 decimal places.eg 2.25%) Common stock Retained earnings Total Cash Liabilities and Stockholders Equity Accounts payable Assets Account receivable Inet Investments Inventories Prepaid expenses Plant and equipment Accumulated depreciation Total Accuedes Bonds payable Common stock…
=HCS/380 Ratio Calculations HCS/380: Week 4 - Ratio Calculations - Academic Resour... Select the images below to enlarge. Balance Sheet Murawski Company Balance Sheet December 31 Current Assets Investments Cash and cash equivalents Accounts receivable (net) Property, plant, and equipment Intangibles and other assets Total assets Current liabilities Inventory Prepaid expenses Total current assets Long-term liabilities Stockholder's equity - common Total liabilities and stockholder's equity Sales Revenue Murawski Company Income Statement For the Years Ended December 31 Costs and expenses Cost of goods sold Selling and Administrative expenses Interest expense Total costs and expenses Income before income taxes 2022 Income Statement Income tax expense Net Income $330 470 460 120 1,380 10 420 530 $2,340 $900 410 1,030 $2,340 2022 $3,800 955 2,400 25 3,380 420 126 $294 2021 $360 400 390 160 1,310 10 380 510 $2,210 $790 380 1,040 $2,210 2021 $3,460 890 2,330 20 3,240 220 66 $154 View…
The following financial information relates to HGR Co: Statement of financial position at the current date (extracts) Non-current assets Current assets Inventory Accounts receivable Total assets Current liabilities Overdraft Accounts payable $000 3,800 10,200 Required: Calculate: Current ratio and Quick Ratio and make comments. $000 8,160 8,775 14,000 $000 48,965 16,935 65,900
Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable. Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity Current Year 1 Year Ago $ 29,682 52,463 $ 25,647 73,597 93,460 8,096 229,592 $430,392 $ 107,168 81,723 163,500 78,001 $430,392 Exercise 13-7 (Algo) Analyzing liquidity LO P3 Required 1A Required 1B (1-a) Compute the current ratio for each of the three years. (1-b) Did the current ratio improve or worsen over the three-year period? (2-a) Compute the acid-test ratio for each of the three years. (2-b) Did the acid-test ratio improve or worsen over the three-year period? 69,327 7,558 211,998 $ 371,028 Complete this question by entering…
Month ending January 31 Assets Cash Accounts Receivable Inventory Prepaid Rent Property, Plant & Equipment MixMax Company Comparative Balance Sheets Accumulated Depreciation Total Assets Liabilities & Shareowners' Equity Advances from Customers (Deferred Revenue) Accounts Payable Merchandise Accounts Payable Services Interest Payable Tax Payable Current Portion - Long Term Debt Long Term Debt Common Stock Retained Earnings Total Liabilities & Shareowners' Equity Check that Assets = Liabilities + Owners' Equity Notes to the Consolidated Financial Statements: $ $ $ $ 1/1/2021 8,400 1,600 7,000 3,000 0 0 20,000 $ 1,400 3,600 200 0 0 0 0 13,000 1,800 20,000 0 $ 11,000 7,600 10,000 2,500 45,000 $ 1/31/2021 $ (675) 75,425 800 5,100 1,275 450 3,200 6,373 38,627 13,000 6,600 75,425 1 The MixMax Company did not issue common stock during January 20x1 0 Change 2,600 6,000 3,000 (500) 45,000 (675) 55,425 (600) 1,500 1,075 450 3,200 6,373 38,627 0 4,800 55,425 0 MixMax Company Statement of Cash…
Question Content Area The following information was taken from Slater Company's balance sheet: Line Item Description Amount Fixed assets (net) $2,694,060 Long-term liabilities 498,900 Total liabilities 551,680 Total stockholders' equity 1,724,000 Determine the company’s (a) ratio of fixed assets to long-term liabilities and (b) ratio of liabilities to stockholders’ equity. Round your answers to one decimal place. Line Item Description Answer a. Ratio of fixed assets to long-term liabilities b. Ratio of liabilities to stockholders' equity
Preparing the Operating Activities Section The data below were provided by the accounting records of Franklin Company. Net income (accrual basis) $104,000 Depreciation expense 20,800 Decrease in salaries payable 3,120 Decrease in trade accounts receivable 4,680 Increase in merchandise inventory 6,500 Amortization of patent 260 Increase in long-term liabilities 26,000 Sale of capital stock for cash 65,000 Amortization of premium on bonds payable 520 Accounts payable increase 10,400 Stock dividend issued 26,000 Required Prepare the reconciliation of net income with cash flow from operations for inclusion in the statement of cash flows (indirect method). Note: If an item is not included in the operating activities section, leave the answer blank (zero). Cash flows from Operating Activities Net income Answer Adjustments: Depreciation expense Answer Amortization expense—patent Answer Amortization of premium on bonds payable…

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