In Year 1, Lee Incorporated billed its customers $56,300 for services performed. The company collected $40,600 of the amount billed. Lee incurred $37,900 of other operating expenses on account. Lee paid $24,400 of the accounts payable. Lee acquired $21,000 cash from the issue of common stock. The company invested $18,000 cash in the purchase of land. g. what amounts of total assets, liabilities, and equity will be reported on the year-end sheet?

In Year 1, Lee Incorporated billed its customers $56,300 for services performed. The company collected $40,600 of the amount billed. Lee incurred $37,900 of other operating expenses on account. Lee paid $24,400 of the accounts payable. Lee acquired $21,000 cash from the issue of common stock. The company invested $18,000 cash in the purchase of land. g. what amounts of total assets, liabilities, and equity will be reported on the year-end sheet?

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
Jada Company had the following transactions during the year: Purchased a machine for $500,000 using a long-term note to finance it Paid $500 for ordinary repair Purchased a patent for $45,000 cash Paid $200,000 cash for addition to an existing building Paid $60,000 for monthly salaries Paid $250 for routine maintenance on equipment Paid $10,000 for extraordinary repairs If all transactions were recorded properly, what amount did Jada capitalize for the year, and what amount did Jada expense for the year?
Dristell Inc. had the following activities during the year (all transactions are for cash unless stated otherwise): A building with a book value of $400,000 was sold for $500,000. Additional common stock was issued for $160,000. Dristell purchased its own common stock as treasury stock at a cost of $75,000. Land was acquired by issuing a 6%, 10-year, $750,000 note payable to the seller. A dividend of $40,000 was paid to shareholders. An investment in Fleet Corp.’s common stock was made for $120,000. New equipment was purchased for $65,000. A $90,000 note payable issued three years ago was paid in full. A loan for $100,000 was made to one of Dristell’s suppliers. The supplier plans to repay Dristell this amount plus 10% interest within 18 months. Required:Calculate net cash flows from investing activities. (List cash outflows and any decrease in cash as negative amounts.)
The Owner's Capital has a beginning balance of P626,000. The owner gave P130,000 additional contribution during the year. Based on the Statement of Comprehensive Income, net income for the year was P355,000. How much should be reported as total assets in the statement of financial position? Accounts Payable Accounts Receivable Accrued Expenses Accumulated Depreciation Cash Inventory Investments Your answer 57,000 Mortgage Payable 65,000 Notes Payable 37,000 Notes Receivable 110,000 Owner, Capital 91,000 Prepaid Expenses 89,000 Property, Plant and Equipment 143,000 Unearned Revenue 400,000 130,000 283,000 ? 64,000 850,000 18,000
Dristell Incorporated had the following activities during the year (all transactions are for cash unless stated otherwise): a. A building with a book value of $420,000 was sold for $520,000. b. Additional common stock was issued for $180,000. c. Dristell purchased its own common stock as treasury stock at a cost of $85,000. d. Land was acquired by issuing a 6%, 10-year, $770,000 note payable to the seller. e. A dividend of $60,000 was paid to shareholders. f. An investment in Fleet Corporation's common stock was made for $140,000. g. New equipment was purchased for $75,000. h. A $100,000 note payable issued three years ago was paid in full. i. A loan for $120,000 was made to one of Dristell's suppliers. The supplier plans to repay Dristell this amount plus 10% interest within 18 months. Required: Calculate net cash flows from investing activities. (Cash outflows should be indicated with a minus sign.) DRISTELL INCORPORATED Statement of Cash Flows (partial) For the Year Ended December…
Snyder Company's transactions for the year ended December 31, 2020 included the following: • Purchased real estate for $1,250,000 cash which was borrowed from a bank. • Sold available-for-sale securities for $1,000,000. • Paid dividends of $1,200,000. • Issued 500 shares of common stock for $500,000. • Purchased machinery and equipment for $250,000 cash. • Paid $900,000 toward a bank loan. • Reduced accounts receivable by $200,000. • Increased accounts payable $400,000. Snyder's net cash used in financing activities for 2020 was a. $900,000 O b. $850,000 c. $450,000 O d. $350,000
Ross Company is a C corporation providing property management services. Ross has used the cash method since inception because its gross receipts did not exceed $26,000,000. This year its average annual gross receipts for the prior three years crossed the $26,000,000 mark, requiring Ross to change from the cash method to the accrual method. At the end of its prior year, Ross had accounts receivable of $850,000 and accounts payable of $540,000. Compute and explain the adjustment to taxable income that Ross must make due to the change in accounting method. When must Ross include this adjustment in its income?
Dristell Incorporated had the following activities during the year (all transactions are for cash unless stated otherwise); a. A building with a book value of $400,000 was sold for $500,000. b. Additional common stock was issued for $160,000. c. Dristell purchased its own common stock as treasury stock at a cost of $75,000. d. Land was acquired by issuing a 6%, 10-year, $750,000 note payable to the seller. e. A dividend of $40,000 was paid to shareholders. f. An investment in Fleet Corporation's common stock was made for $120,000. g. New equipment was purchased for $65,000. h. A $90,000 note payable issued three years ago was paid in full. 1. A loan for $100,000 was made to one of Dristell's suppliers. The supplier plans to repay Dristell this amount plus 10% interest within 18 months. Required: Calculate net cash flows from investing activities. (Cash outflows should be indicated with a minus sign.)
Dristell Incorporated had the following activities during the year (all transactions are for cash unless stated otherwise): a. A building with a book value of $419,000 was sold for $519,000. b. Additional common stock was issued for $179,000. c. Dristell purchased its own common stock as treasury stock at a cost of $84,500. d. Land was acquired by issuing a 6%, 10-year, $769,000 note payable to the seller. e. A dividend of $59,000 was paid to shareholders. f. An investment in Fleet Corporation's common stock was made for $139,000. g. New equipment was purchased for $74,500. h. A $99,500 note payable issued three years ago was paid in full. i. A loan for $119,000 was made to one of Dristell's suppliers. The supplier plans to repay Dristell this amount plus 10% interest within 18 months. Required: Calculate net cash flows from financing activities. (Cash outflows should be indicated with a minus sign.) DRISTELL INCORPORATED Statement of Cash Flows (partial) For the Year Ended December…
Swifty Corporation's transactions for the year ended December 31, 2021 included the following:• Purchased real estate for $1245000 cash which was borrowed from a bank.• Sold available-for-sale securities for $1080000.• Paid dividends of $1180000.• Issued 550 shares of common stock for $550000.• Purchased machinery and equipment for $250000 cash.• Paid $908000 toward a bank loan.• Reduced accounts receivable by $195000.• Increased accounts payable $396000.Swifty's net cash used in financing activities for 2021 was $843000. $445000. $908000. $293000.
Clarke Incorporated has the following assets and Sabilities on the company's balance sheet: Cash $13,000, Accounts Receivable $15.500 Inventory $4.000, Land $165,000, Patent $45.000 Accounts Payable $23,000; Notes Payable due within one year $20,000 and Bond Payable (due in five years) $225.500 Clarke's amount of current assets would be O $28.500 $197.500 O $77,500 O $32,500
Minear Company reported net income of $480,000 for the year ended 12/31/21. Included in the computation of net income were: depreciation expense, $60,000; amortization of a patent, $32,000; income from an investment in common stock of Brett Inc., accounted for under the equity method, $48,000; and amortization of a bond discount, $12,000. Minear also paid an $80,000 dividend during the year. The net cash provided by operating activities would be reported at $344,000. $424,000. $536,000. $456,000.