KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 52,390 $ 37,924 Long-term investments Plant assets, net $51,748 3,950 60,000 500 100,000 96,000 Total assets $152,390 $134,424 $115,698 Liabilities and Equity $ 22,800 72,000 9,000 48,590 $ 19,960 72,000 9,000 33,464 $ 20,300 60,000 6,000 29,398 Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity $152,390 $134,424 $115,698
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- Xyz tradingCondensed comparative balance sheet 2021 2020 2019Assets:Current assets 468,000. 345,600. 300,000Property and equipment 600,000. 560,400. 500,400Other assets(advances ). 72,000. 126,000. 150,000Total assets. 1,140,000. 1,032,000. 950,400Liabilities and stockholders’ equityLiabilitiesCurrent liabilities 134,400. 112,800. 100,00012 % long-term notes payable. 240,000. 300,000 350,000Total liabilities. 374,400. 412,800. 450,000Stockholders’ equity10% preferred stock 120,000. 120,000. 120,000Common stock 300,000 240,000 200,000Additional paid in capital 84,000. 48,000 40,000Retained earnings…The comparative balance sheets for Metlock Corporation show the following information. December 312020 2019Cash $33,500 $12,900Accounts receivable 12,400 10,000Inventory 12,100 9,000Available-for-sale debt investments –0– 3,000Buildings –0– 29,800Equipment 44,800 19,900Patents 5,000 6,300 $107,800 $90,900Allowance for doubtful accounts $3,100 $4,500Accumulated depreciation—equipment 2,000 4,500Accumulated depreciation—building –0– 6,000Accounts payable 5,000 3,000Dividends payable –0– 4,900Notes payable, short-term (nontrade) 3,000 4,100Long-term notes payable 31,000 25,000Common stock 43,000 33,000Retained earnings 20,700 5,900 $107,800 $90,900 Additional data related to 2020 are as follows. 1. Equipment that had cost $11,000 and was 40% depreciated at time of disposal was sold for $2,500.2. $10,000 of the long-term note payable was paid by issuing common stock.3. Cash dividends paid were $4,900.4. On January…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)…
- Е. The income statement , statement of retained earnings and balance sheet of Somerville Company are as follows: Somerville Company Income Statement For the Year Ended December 31, 2019 Amount Percent Net sales 8,281,989 100.0% Less: Cost of goods sold Gross margin Less: Operating expenses Operating income (5,383,293) 2,898,696 (1,323,368) 1,575,328 (50,000) 1,525,328 65.0 35.0 16.0 19.0 Less: Interest expense Income before taxes 0.6 18.4 Less: Income taxes (40%) (610,131) 915.197 7.4 Net income 11.0 Somerville Company Statement of Retained Earnings For the Year Ended December 31, 2019 Balance, beginning of period 1,979,155 Net income 915,197 Total 2,894,352 (80,000) (201,887) 2.612.465 Less: Preferred dividends Dividends to common stockholders Balance, end of periodA 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.Avery Corporation Balance Sheet For year ending December 31 2019 2020 2021 ssets Cash & securities 17,643.813 132,468.629 22,281.616 115,121.68 27,594.924 ccounts receivable 112,479.309 100,955.129 10,947.986 251,977.349 ventories 78,867.845 90,512.493 10,222.209 239,202.497 repaid expenses 10,426.653 otal current assets 238,342.442 Flant property and equipment Lcumulated depreciation let property plant and equipment 531,554.881 510,906.018 536,451.319 87,197.29 128,069.772 170,985.877 444,357.591 382,836.246 365,465.442 Other assets 10,222.209 15,639.98 16,421.979 otal Assets 693,782.297 636,818.669 633,864.769 iabilities & Shareholders'Equity ccounts payable ank Loan axes Payable ccrued expenses 54,080.808 31,297.644 27,599.965 45,191.687 112,482.797 26,066.634 15,639.98 37,773.252 150,798.301 27,369.965 26,577.744 139,556.161 32,843.958 248,785.476 otal current liabilities 199,381.098 ong term debt 95,000 55,000 30,000 Common stock 300,000 200,000 150,000 Eetained earnings Total…
- 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…24. Condensed financial data of Sheffield Company for 2020 and 2019 are presented below. SHEFFIELD COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,800 $1,130 Receivables 1,770 1,320 Inventory 1,560 1,890 Plant assets 1,900 1,700 Accumulated depreciation (1,220 ) (1,180 ) Long-term investments (held-to-maturity) 1,300 1,430 $7,110 $6,290 Accounts payable $1,220 $890 Accrued liabilities 190 250 Bonds payable 1,410 1,520 Common stock 1,870 1,730 Retained earnings 2,420 1,900 $7,110 $6,290 SHEFFIELD COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,860 Cost of goods sold 4,710 Gross margin 2,150 Selling and administrative expenses 920 Income…COMPARATIVE BALANCE SHEET S OF DECEMBER 31,2020 AND 2019 $1,800 1,750 1,600 $1,150 1,300 1,000 1,700 (1,170) 1,420 Cash Recetvables Inventory Plant assets (1,200 ) 1,300 $7,150 Accumulated depreclatlon Long-term Investments (held-to-maturity) $6,300 Accounts payable Accrued llabilitles 200 250 Bonds payable 1,400 1,550 Common stock 1,700 Retained eamings 2,450 $7,150 $6,300 PAT METHENY COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 $5,900 4,200 sales revEnue Pjos spoo6 jo j50 Selling and administrative expenses Income fron operations 930 1,270 Other revenues and gains Gain on sale of Investrments Income befare tax 1,350 Income tax expense 540 Net incoE Cash dy deds 266 Income retained In business Add tional information:
- Condensed 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…JUST DEW IT CORPORATION2017 and 2018 Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current assets Current liabilities Cash $ 10,150 $ 10,350 Accounts payable $ 74,500 $ 61,250 Accounts receivable 27,100 27,250 Notes payable 48,500 49,250 Inventory 62,900 63,500 Total $ 123,000 $ 110,500 Total $ 100,150 $ 101,100 Long-term debt $ 59,400 $ 64,900 Owners' equity Common stock and paid-in surplus $ 80,000 $ 80,000 Fixed assets Retained earnings 171,750 192,700 Net plant and equipment $ 334,000 $ 347,000 Total $ 251,750 $ 272,700 Total assets $ 434,150 $ 448,100 Total liabilities and owners' equity $ 434,150 $ 448,100 Based on the balance sheets given for Just Dew It, calculate the following…Financial statements for the Genatron Manufacturing Corporation for the years 2020 and 2019 are shown. Genatron Manufacturing CorporationBalance Sheet 2020 2019 ASSETS Cash $41,847 $50,643 Accts. receivable 261,201 201,804 Inventory 504,430 450,954 Total current assets 807,478 703,401 Fixed assets, net 400,000 300,000 Total assets $1,207,478 $1,003,401 LIABILITIES AND EQUITY Accts. payable $170,208 $134,265 Bank loan 91,242 91,242 Accruals 70,000 50,000 Total current liabilities 331,450 275,507 Long-term debt, 12% 392,625 293,723 Common stock, $10 par 300,000 300,000 Capital surplus 48,173 48,173 Retained earnings 135,230 85,998 Total liabilities & equity $1,207,478 $1,003,401 Genatron Manufacturing CorporationIncome Statement 2020 2019…