Assets: Cash Accounts Receivable Inventory Prepaid Expenses Total Current Assets Long-Term Investments Property, Plant & Equipment...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Assets: Cash Accounts Receivable Inventory Prepaid Expenses Total Current Assets Long-Term Investments Property, Plant & Equipment Intangible Assets Total Long-Term Assets Total Assets Liabilities & Equity: Liabilities: Accounts Payable Lincoln Company Balance Sheet Current Portion of Long-Term Liabilties Total Current Liabilities Long-Term Liabilities Total Liabilities Equity: Preferred 6% Stock, $100 par Common Stock, $10 par Retained Earnings Total Equity Total Liabilities & Equity 12/31/2014 118,500 115,000 311,000 5,500 550,000 95,000 444,500 50,000 589,500 1,139,500 101,000 109,000 210,000 100,000 310,000 150,000 500,000 179,500 829,500 1,139,500 12/31/2013 124,500 120,000 283,000 5,500 533,000 177,500 470,000 50,000 697,500 1,230,500 125,000 118,000 243,000 200,000 443,000 150,000 500,000 137,500 787,500 1,230,500 Complete the Horizontal Analysis for these Financial Statements Lincoln Company Income Statement For the Years Ended Revenue Sales Sales Returns & Allowances Net Revenue Cost of Goods Sold Gross Margin Operating Expenses Selling Expenses Administrative Expenses Total Operating Expenses Net Income from Operations Other Income/(Expenses) Other Income Interest Expense Total Other Income/(Expenses) Net Income before Income Taxes Income Tax Expense Net Income 12/31/2014 12/31/2013 1,530,500 1,234,000 (32,500) (34,000) 1,498,000 1,200,000 1,043,000 455,000 191,000 104,000 8,500 (6,000) 2,500 820,000 380,000 295,000 244,400 160,000 135,600 162,500 71,500 91,000 147,000 97,400 11,000 (12,000) (1,000) 134,600 58,100 76,500 Assets: Cash Accounts Receivable Inventory Prepaid Expenses Total Current Assets Long-Term Investments Property, Plant & Equipment Intangible Assets Total Long-Term Assets Total Assets Liabilities & Equity: Liabilities: Accounts Payable Lincoln Company Balance Sheet Current Portion of Long-Term Liabilties Total Current Liabilities Long-Term Liabilities Total Liabilities Equity: Preferred 6% Stock, $100 par Common Stock, $10 par Retained Earnings Total Equity Total Liabilities & Equity 12/31/2014 118,500 115,000 311,000 5,500 550,000 95,000 444,500 50,000 589,500 1,139,500 101,000 109,000 210,000 100,000 310,000 150,000 500,000 179,500 829,500 1,139,500 12/31/2013 124,500 120,000 283,000 5,500 533,000 177,500 470,000 50,000 697,500 1,230,500 125,000 118,000 243,000 200,000 443,000 150,000 500,000 137,500 787,500 1,230,500 Complete the Horizontal Analysis for these Financial Statements Lincoln Company Income Statement For the Years Ended Revenue Sales Sales Returns & Allowances Net Revenue Cost of Goods Sold Gross Margin Operating Expenses Selling Expenses Administrative Expenses Total Operating Expenses Net Income from Operations Other Income/(Expenses) Other Income Interest Expense Total Other Income/(Expenses) Net Income before Income Taxes Income Tax Expense Net Income 12/31/2014 12/31/2013 1,530,500 1,234,000 (32,500) (34,000) 1,498,000 1,200,000 1,043,000 455,000 191,000 104,000 8,500 (6,000) 2,500 820,000 380,000 295,000 244,400 160,000 135,600 162,500 71,500 91,000 147,000 97,400 11,000 (12,000) (1,000) 134,600 58,100 76,500
Expert Answer:
Answer rating: 100% (QA)
The image youve provided shows financial statements for Lincoln Company specifically a Balance Sheet ... View the full answer
Related Book For
Financial Accounting A User Perspective
ISBN: 978-0470676608
6th Canadian Edition
Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry
Posted Date:
Students also viewed these accounting questions
-
2 Write The expression u + 23 u+ 1 in factored form
-
a) What is the role of arbitrage in the foreign exchange markets? Use an example to explain your answer. (4 marks) b) The interest rate in the U.S. is 4%, in Switzerland it is 3%. The spot rate is...
-
According to the 2020 Global Study on Occupational Fraud and Abuse, a tip is the most common way to report fraud. What should be the ethical considerations for employees before deciding whether to...
-
Mr. Burns, president of Greetings Inc., created the Wall Décor unit of Greetings three years ago to increase the company's revenue and profits. Unfortunately, even though Wall Décor's...
-
Chapati Company started business on January 1, 2020. Some of the events that occurred in its first year of operations follow: Transactions 1. An insurance policy was purchased on February 28 for...
-
You have been assigned to the annual audit of Explosives, Inc. You contact the senior, Bob Good, as instructed and arrange a date to discuss the client and the current year's audit. At your meeting...
-
The net income reported on the income statement for the current year was $92,000. Depreciation recorded on store equipment for the year amounted to $18,600. Balances of the current asset and current...
-
Make observations and analyze them - Begin the observation session(s) well in advance of the due date. You will need to make at least two 30- minute observations of your subject. The first...
-
Midwest Mills has a plant that can mill wheat grain into a cracked wheat cereal and then further mill the cracked wheat into fl our. The company can sell all the cracked wheat cereal that it can...
-
Consider an analog signal x.(t) = cos(20nt), 011. It is sampled at Ts=0.01, 0.05, and 0.1 sec intervals to obtain x(n). Now compute x(n), where n-4 for each sampling frequency. Show your calculations.
-
In this question, you need to price options with different binomial trees valuation approaches. The two figures below, extracted from Refinitiv Workspace, show the information for stock options on...
-
Smith Ltd is a small company established in Exeter some years ago. Over the last couple of years, the company has been facing tough competition from some newly established local businesses, which is...
-
The information below is relevant for both projects: All sales are expected to be cash sales, and all costs are expected to be paid for in cash as and when incurred. Depreciation is charged on a...
-
The financial statements below were prepared by a student intern who did not think it was important to go to accounting class. She frequently missed class and never did homework. Identify twelve (12)...
-
At the beginning of January 2020, the ledger of Powermix Company showed Cash of P750,000 and R. Manalo Capital of P750,000. Powermix completed the following transactions in the month of January:...
-
True or False? Obtaining eligibility for Medicaid has become more complicated since the program was first established.
-
Citing a scientific article, explain in your own words, how DNA fingerprinting has been used in forensic science to solve crimes and why it may not always be accurate or effective.
-
One of the issues discussed in this chapter is the financial statement recognition and disclosure of contingent liabilities , such as the potential claims associated with litigation and environmental...
-
List and briefly describe the four rights that common shareholders typically have in a corporation.
-
Albert Wong just graduated from university and is planning to start his own software development company. He is debating whether to set up practice as a sole proprietor or establish a corporate...
-
Nitrogen is compressed to a density of \(4 \mathrm{~kg} / \mathrm{m}^{3}\) under an absolute pressure of \(400 \mathrm{kPa}\). Determine the temperature in degrees Celsius.
-
A regulation basketball is initially flat and is then inflated to a pressure of approximately \(24 \mathrm{lb} / \mathrm{in}^{2}\) absolute. Consider the air temperature to be constant at...
-
The presence of raindrops in the air during a heavy rainstorm increases the average density of the air-water mixture. Estimate by what percent the average air-water density is greater than that of...
Study smarter with the SolutionInn App