The following events apply to San Bernadino Co for the 2021 fiscal year: 1 Received 2 Paid $136,500 cash from the issue of common stock. $65,000 cash for a new for Vehicle. $44,200 cash for operating expenses. $201,500 in cash revenue. 3 Paid 4 Earned. 5 Paid $94,250 cash for salaries expense. 6 Adjusted the records to reflect the use of the Vehicle. The vehicle, purchased on January 1, 2021, has an expected useful life of five years and an estimated salvage value of Use straight-line depreciation. The depreciation transaction was made as of December 31, 2021. a. C. d. REQUIRED Record the above transactions in a horizontal statements model What amount of depreciation expense would San Bernadino Co report on the 2021 Income statement? What amount of accumulated depreciation would San Bernadino Co report on the December 31, 2021, balance sheet? Would the cash flow from operating activities be affected by depreciation in 2021? $22,7

The following events apply to San Bernadino Co for the 2021 fiscal year: 1 Received 2 Paid $136,500 cash from the issue of common stock. $65,000 cash for a new for Vehicle. $44,200 cash for operating expenses. $201,500 in cash revenue. 3 Paid 4 Earned. 5 Paid $94,250 cash for salaries expense. 6 Adjusted the records to reflect the use of the Vehicle. The vehicle, purchased on January 1, 2021, has an expected useful life of five years and an estimated salvage value of Use straight-line depreciation. The depreciation transaction was made as of December 31, 2021. a. C. d. REQUIRED Record the above transactions in a horizontal statements model What amount of depreciation expense would San Bernadino Co report on the 2021 Income statement? What amount of accumulated depreciation would San Bernadino Co report on the December 31, 2021, balance sheet? Would the cash flow from operating activities be affected by depreciation in 2021? $22,7

Name: The following events apply to San Bernadino Co for the 2021 fiscal ye
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Description: The following events apply to San Bernadino Co for the 2021 fiscal year:$136,500 cash from the issue of common stock.$65,000 cash for a new for Vehicle.$44,200 cash for operating expenses.$201,500 in cash revenue.REQUIREDa. Record the above transact

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.
The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Wright Company. Additional information from Wright's accounting records is provided also. WRIGHT COMPANYComparative Balance SheetsDecember 31, 2021 and 2020($ in thousands) 2021 2020 Assets Cash $ 79 $ 40 Accounts receivable 83 85 Short-term investment 33 12 Inventory 83 80 Land 58 70 Buildings and equipment 525 420 Less: Accumulated depreciation (127 ) (85 ) $ 734 622 Liabilities Accounts payable $ 29 $ 37 Salaries payable 4 7 Interest payable 4 2 Income tax payable 6 11 Notes payable 0 21 Bonds payable 162 120 Shareholders’ Equity Common stock 265 220 Paid-in capital—excess of par 145 110 Retained earnings…
Presented below are a number of balance sheet items for radiant, Inc. for the current year, 2020. Goodwill $ 126,520 Accumulated Depreciation-Equipment $ 292,470 Payroll Taxes Payable 179,111 Inventory 241,320 Bonds payable 301,520 Rent payable (short-term) 46,520 Discount on bonds payable 15,470 Income taxes payable 99,882 Cash 361,520 Rent payable (long-term) 481,520 Land 481,520 Common stock, $1 par value 201,520 Notes receivable 447,220 Preferred stock, $10 par value 151,520 Notes payable (to banks) 266,520 Prepaid expenses 89,440 Accounts payable 491,520 Equipment 1,471,520 Retained earnings ? Debt investments (trading) 122,520 Income taxes receivable 99,150 Accumulated Depreciation-Buildings 270,670 Notes payable (long-term) 1,601,520 Buildings 1,641,520 Prepare a classified balance sheet in good form. Common stock authorized was…
Required: Prepare the statement of cash flows of Wright Company for the year ended December 31, 2021. Present cash flows from operating activities by the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 10,000 should be entered as 10).) WRIGHT COMPANY Statement of Cash Flows For the year ended December 31, 2021 ($ in thousands) Cash flows from operating activities: Cash inflows: Cash outflows: Net cash flows from operating activities. Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities Net increase (decrease) in cash Cash balance, January 1 Cash balance, December 31
The current sections of Martinez Corp.’s balance sheets at December 31, 2021 and 2022, are presented here. Martinez Corp.’s net income for 2022 was $241,300. Depreciation expense was $39,900. 2022 2021 Current assets Cash $58,900 $ 84,550 Accounts receivable 80,750 65,550 Inventory 74,100 58,900 Prepaid expenses 16,150 18,050 Total current assets $229,900 $227,050 Current liabilities Accrued expenses payable $ 5,700 $ 15,200 Accounts payable 83,600 68,400 Total current liabilities $89,300 $ 83,600
Income Statement Information (2021): 1. Net income for the year ending December 31, 2021 is $43,500. 2. Depreciation expense is $6,000. 3. There is a loss of $3,000 resulted from the sale of long-term investment. Additional information (2021): 1. All sales and purchases of inventory are on account (or credit). 2. Received cash for the sale of long-term investments that had a cost of $27,000, yielding a $3,000 loss. 3. Cash dividends paid is $15,000. 4. The company purchased new machines and tools for $7,500 cash. Required: Prepare the FIRST (Operating) and the SECOND (Investing) sections of the statement of cash flows for the year ended December 31, 2021.
Presented below is the balance sheet of Sheffield Corporation for the current year, 2025. Current assets Investments 643,870 Property, plant, and equipment 1,723,870 Intangible assets 305,000 1. 2. 3. The following information is presented. The current assets section includes cash $153,870, accounts receivable $173,870 less $13,870 for allowance for doubtful accounts, inventories $183,870, and unearned rent revenue $8,870. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 4. 5. Sheffield Corporation Balance Sheet December 31, 2025 $ 488,870 6. 7. $3,161,610 Current liabilities Long-term liabilities Stockholders' equity $ 383,870 1,003,870 1,773,870 $3,161,610 The investments section includes the cash surrender value of a life insurance contract $43,870; investments in common stock, short-term $83,870 and long-term $273,870; and bond sinking fund $242,260. The cost and fair value of investments in common stock are the same. Property, plant, and equipment includes…
Presented below are a number of balance sheet items for Monty, Inc. for the current year, 2020. Goodwill $ 127,990 Accumulated Depreciation-Equipment $ 292,160 Payroll Taxes Payable 180,581 Inventory 242,790 Bonds payable 302,990 Rent payable (short-term) 47,990 Discount on bonds payable 15,160 Income taxes payable 101,352 Cash 362,990 Rent payable (long-term) 482,990 Land 482,990 Common stock, $1 par value 202,990 Notes receivable 448,690 Preferred stock, $10 par value 152,990 Notes payable (to banks) 267,990 Prepaid expenses 90,910 Accounts payable 492,990 Equipment 1,472,990 Retained earnings ? Debt investments (trading) 123,990 Income taxes receivable 100,620 Accumulated Depreciation-Buildings 270,360 Notes payable (long-term) 1,602,990 Buildings 1,642,990 Prepare a classified balance sheet in good form. Common stock authorized was…
Lily Company's income statement contained the following condensed information. LILY COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income Accounts receivable Accounts payable Income taxes payable 2022 $75,500 41,000 12,200 2021 cash payments: Lily's balance sheets contained the comparative data at December 31, shown below. $61,000 28,300 6,700 $624,200 55,500 25,000 $ $969,000 704,700 264,300 39,700 $224,600 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis eg. (15,000).) LILY COMPANY Partial Statement of Cash Flows $
Erie Company reported the following comparative balance sheets: Additional Information:1. Net income for 2019 was $20,500.2. Cash dividends of $7,900 were declared and paid during 2019.3. Long-term investments with a cost of $28,600 were sold for cash at a gain of $4,100. Additionallong-term investments were purchased for $14,400 cash.4. Equipment with a cost of $14,800 and accumulated depreciation of $13,500 was sold for$3,800 cash. New equipment was purchased for $27,350 cash.5. Depreciation expense was $18,900.6. A principal payment of $25,000 was made on long-term notes.7. Common stock was sold for $31,500 cash.Required:Prepare a statement of cash flows for Erie using the indirect method to compute net cash flowfrom operating activities.
The table below contains data on Fincorp Inc. The balance sheet items correspond to values at year-end 2018 and 2019, while the income statement items correspond to revenues or expenses during the year ending in either 2018 or 2019. All values are in thousands of dollars. 2018 2019 $5,600 1,800 420 $5,700 1,900 440 285 Revenue Cont of gooda sold Depreciation Inventories 250 410 460 220 Administrative expenses Intereat expense Federal and state taxen Accounta payable Accounts receivable 220 790 810 325 280 450 525 Net fixed aBseta Long-term debt Notes payable Dividends paid Cash and marketable securities 5,530 2,410 740 4,900 2, 00০ 1,010 320 800 320 390 * Taxes are paid in their entirety in the year that the tax obligation is incurred, T Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed. Suppose that Fincorp has 445,000 shares outstanding. What were earnings per share? (Round your answers to 2 decimal places.) 2018 2019 Eamings per share.
The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Wright Company. Additional information from Wright’s accounting records is provided also. WRIGHT COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) 2021 2020 Assets Cash $ 42 $ 30 Accounts receivable 73 75 Short-term investment 40 15 Inventory 75 70 Land 50 60 Buildings and equipment 550 400 Less: Accumulated depreciation (115 ) (75 ) $ 715 575 Liabilities Accounts payable $ 28 $ 35 Salaries payable 2 5 Interest payable 5 3 Income tax payable 9 12 Notes payable 0 30 Bonds payable 160 100 Shareholders’ Equity Common stock 250 200 Paid-in capital—excess of par 126 100…