Prepare a balance sheet as of December 31, 20XY. (Input all answers as positive values. Balance Sheet
Fantastic news! We've Found the answer you've been seeking!
Question:
Prepare a balance sheet as of December 31, 20XY. (Input all answers as positive values. Balance Sheet For the Year Ended December 31, 20XY
Assets:
Cash
Accounts receivable
Inventory
Prepaid expenses
Plant and Equipment
less: acc. amortization
Net plant & equipment
Total assets
Liabilities
Accounts payable
Notes payable
Bonds payable
Shareholders' equity:
Retained earnings
Common stock
Total liabilities & equity
Transcribed Image Text:
For December 31, 20XX (last year), the balance sheet is as follows. Balance Sheet Liabilities $13,900 Accounts payable 17,800 Notes payable 27,500 Bonds payable 17,700 Current Assets Cash Accounts receivable Inventory Prepaid expenses Capital Assets Plant and equipment (gross) Less Accumulated amortization Net plant and equipment Total assets Shareholders' Equity $307,000 Common stock 54,400 Retained earings 252,000 $320.500 Total liabilities and shareholders' equity $16,500 26.700 50,500 $75,000 100,500 $329.500 Sales for 20XY (current year) were $266,000, with cost of goods sold being 68 percent of sales. Amortization expense was 10 percent of plant and equipment (net) at the beginning of the year. Interest expense for the bonds payable was 14 percent, while interest on the notes payable was 18 percent. These are based on December 31, 20XX, balances. Selling and administrative expenses were $23,700, and the tax rate averaged 18 percent.. During 20XY, the cash balance and prepaid expense balance were unchanged. Accounts receivable and inventory each increased by 19 percent, and accounts payable increased by 33 percent. A new machine was purchased on December 31. 20XY, at a cost of $25,500. A cash dividend of $12,000 was paid to common shareholders at the end of 20XY. Also, notes payable increased by $6,269 and bonds payable decreased by 10.780. The common stock account did not change. For December 31, 20XX (last year), the balance sheet is as follows. Balance Sheet Liabilities $13,900 Accounts payable 17,800 Notes payable 27,500 Bonds payable 17,700 Current Assets Cash Accounts receivable Inventory Prepaid expenses Capital Assets Plant and equipment (gross) Less Accumulated amortization Net plant and equipment Total assets Shareholders' Equity $307,000 Common stock 54,400 Retained earings 252,000 $320.500 Total liabilities and shareholders' equity $16,500 26.700 50,500 $75,000 100,500 $329.500 Sales for 20XY (current year) were $266,000, with cost of goods sold being 68 percent of sales. Amortization expense was 10 percent of plant and equipment (net) at the beginning of the year. Interest expense for the bonds payable was 14 percent, while interest on the notes payable was 18 percent. These are based on December 31, 20XX, balances. Selling and administrative expenses were $23,700, and the tax rate averaged 18 percent.. During 20XY, the cash balance and prepaid expense balance were unchanged. Accounts receivable and inventory each increased by 19 percent, and accounts payable increased by 33 percent. A new machine was purchased on December 31. 20XY, at a cost of $25,500. A cash dividend of $12,000 was paid to common shareholders at the end of 20XY. Also, notes payable increased by $6,269 and bonds payable decreased by 10.780. The common stock account did not change.
Expert Answer:
Answer rating: 100% (QA)
Calculate the cost of goods sold COGS COGSSalesCost of goods sold percentage COGS266000068 COGS181280 Calculate the amortization expense Amortization ... View the full answer
Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: 978-0078110931
16th Edition
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus
Posted Date:
Students also viewed these finance questions
-
Prepare the assets section of the balance sheet as of December 31 for Hoopers International using the following information: Cash Equipment Accounts receivable Copyright* Copyright amortization...
-
The Edwards Lake Community Hospital balance sheet as of December 31, 2019, follows. Required a. Record in general journal form the effect of the following transactions during the fiscal year ended...
-
The summarized statements for the year ended 31 December 2007 for Mat, Rug and P entities are as follows: Statements of comprehensive income for the year ended 31 December 2007 The following...
-
Prepare journal entries to record each of the following sales transactions for the sales company. The company uses a perpetual inventory system and the gross method. 1. April 1st Sold for $3,000,...
-
The following information was taken from Google, Inc.'s statement of cash flow in the company's 2006 annual report (amount in millions): The following information was taken from Google's statement of...
-
Q5 [20] A uniform steel bar is fastened to a vertical steel C-channel of dimensions 12"x2.942"x0.282". A static load of 4000 lbf acts at the right end of the steel bar in the direction with a-45....
-
The Forrester Company's income statement and comparative balance sheets as of December 31 of 2019 and 2018 are shown below: Cash dividends of \(\$ 31,000\) were declared and paid during 2019. Plant...
-
Darby Electronics manufactures two large-screen television models: the Royale which sells for $1,500, and a new model, the Majestic, which sells for $1,200.The production cost per unit for each model...
-
Fortes Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours....
-
A six-lane freeway (three lanes in each direction) in a scenic area has a measured free-flow speed of 88.5 km/h. The peak-hour factor is 0.80, and there are 8% large trucks and buses and 6%...
-
Bond Sam and Bond Dave both have 9 percent coupon bonds outstanding, with semiannual interest payments, and both are priced at par value. Bond Sam bond has four years to maturity, whereas the Bond...
-
Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below. The company did not issue any new common stock during the year. A total...
-
" Biden's Assault on 'Shareholder Capitalism' It would come at the expense of retirees and would hurt 'stakeholders' too. By Andy Puzder The Wall Street Journal URL:...
-
Short Answer Question: Define/explain/show significance of, etc., in no more than 5 complete sentences ONE of the following terms/characters: Dharma / Karma / Samsara / Hanuman/Vishnu / Ravana /...
-
A retailer pays $110,000 rent each year for its two-story building. Space in this building is occupied by five departments as shown here. Department Jewelry Cosmetics Department Housewares Tools...
-
There are many options available to families as they choose an early childhood education environment for their young children. While Montessori may be the most widely known, other options include...
-
You can obtain the Fiscal Year 2022 financial statements for the Columbia Sportswear Company using this link:...
-
The test statistic in the NeymanPearson Lemma and the likelihood ratio test statistic K are intimately related. Consider testing H 0 : = 0 versus H a : = a , and let * denote the test statistic...
-
Discuss some of the presentation differences between the operating statements of not-for-profit and business-type governmental health care entities.
-
The source of authoritative guidance for federal financial accounting and reporting is the Federal Accounting Standards Advisory Board. To better understand the FASAB, access its Web site at...
-
Inglis City had a beginning cash balance in its enterprise fund of $895,635. During 2014, the following transactions occurred: 1. Interest received on investments totaled $42,400. 2. The city...
-
The average total cost curve rises at high levels of output because of _________ product.
-
When AVC is falling, MC must be _________ than AVC; and when AVC is rising, MC must be _________ than AVC.
-
In the _________ run, a company cannot vary its plant size and equipment, so the firm can only expand output by employing more _________ inputs.
Study smarter with the SolutionInn App