Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Basic Finance Expert

#1. (Balance sheet and income statement) Johnsons Scuba Co. has a weird accountant who reported the balance sheet and income statement items in alphabetical order. Please put these items in the correct format for a balance sheet and income statement for Johnsons
Scuba Co. for the year ending January 31. All of the data are in thousands of dollars.
Accounts payable 500
Accounts receivable 700
Addition to retained earnings 400
Cash and equivalents 300
Common stock 500
Cost of goods sold 2,000
Depreciation 200
Dividends on common shares 100
Earnings before interest and taxes 800
Earnings before taxes 750
Gross profit 2,000
Interest expense 50
Inventories 500
Long-term debt 1,000
Net income 500
Net plant and equipment 3,000
Notes payable 250
Other current liabilities 400
Retained earnings 1,850
Sales 4,000
Selling, general, and administrative expenses 1,000
Taxes 250
Total assets 4,500
Total current assets 1,500
Total liabilities and equity 4,500
Total current liabilities 1,150
Total liabilities 2,150

#2. (Statement of cash flows) Johnsons accountant also presented all of the items in the statement of cash flows in alphabetical order. Please put these items in the correct format for a statement of cash flows for Johnsons Scuba Co. for the year ending January 31. All data are
in thousands of dollars.
Accounts payable increase 100
Accounts receivable increase (50)
Cash dividends (common stock) (200)
Cash and equivalents at beginning of year 300
Cash and equivalents at end of year 150
Depreciation and amortization 200
Increase in other long-term liabilities 0
Inventories increase (200)
Issuance of long-term debt, net 100
Net cash provided by (used in) financing activities 0
Net cash provided by (used in) investing activities (700)
Net cash provided by (used in) operating activities 550
Net income 500
Net increase in cash and equivalents (150)
Notes payable increase 100
Purchase of plant and equipment (700)

#3. (Financial statements) For the year ended December 31, Dutch Retail, Inc., recorded the items listed here. Prepare an income statement for the year ended December 31 for Dutch Retail, Inc. Please use an appropriate format, such as the one in Table 3-2.
Cost of goods sold $200
Interest expense 100
Preferred dividends paid 50
Common dividends paid 100
Selling expenses 65
Administrative expenses 100
Depreciation expense 150
Sales revenues 900
Taxes = 40% of taxable income

#4. (Financial statements) For the year, Pennsylvania Construction has a cash flow from operating activities of $1,000,000, a cash flow from investing activities of â?'$600,000, and a cash flow from financing activities of â?'$200,000. If Pennsylvania Construction has a beginning cash balance for the year of $500,000, what is the company ending
cash balance?

#5. (Financial statements) Ivan Brick Company earned net income after taxes of $850,000 during the latest year. Retained earnings on its balance sheet equaled $1,740,000 on December 31, last year and $2,040,000 on December 31, the latest year. What cash dividends did Ivan Brick Company pay during the latest year?

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M927915

Have any Question? 


Related Questions in Basic Finance

Suppose that an economy in 10000 bc used a rare stone as

Suppose that an economy in 10000 B.C. used a rare stone as its money. Suppose also that the number of stones declined over time as stones were accidentally destroyed or used as weapons. What probably happened to the valu ...

1 behavioral measures frequently have the advantage of

1. Behavioral measures frequently have the advantage of reducing participant reactivity. Since they can capture the behavior of individuals more honestly, why are they so infrequently used in behavioral research? 2. Cons ...

The last decade has witnessed an unprecedented number of

The last decade has witnessed an unprecedented number of mega-mergers in the banking industry: Bank of America's acquisitions of Fleet Bank, MBNA, and U.S. Trust; Bank of New York's acquisition of Mellon Financial; and W ...

The hudson corporation makes an investment of 24000 that

The Hudson Corporation makes an investment of $24,000 that provides the following cash flow: Year Cash Flow 1................ $ 13,000 2................ 13,000 3................ 4,000 a. What is the net present value at ...

Assignment casethis case has two separate partspart i

Assignment Case This case has two separate parts. Part I: Capital Budgeting Practice Problems a. Consider the project with the following expected cash flows: Year  Cash flow 0 -$400,000 1 $100,000 2 $120,000 3 $850,000 • ...

1 what is the risk insured by private mortgage insurance2

1. What is the risk insured by private mortgage insurance? 2. What are the principal features of an affordable housing loan qualification, and how are they different from those of recent temporary "Making Homes Affordabl ...

You work for a company with no international experience

You work for a company with no international experience that has an efficient production method for small engines. A Vietnamese company approaches your CEO with a proposal to form a joint venture with your company in Vie ...

Explain what we mean when we say that the binomial model is

Explain what we mean when we say that the binomial model is a discrete time model and the Black-Scholes-Merton model is a continuous time model? Explain the difference between a normal and a lognormal distribution as it ...

1 how can strategic procurement contribute to the quality

1. How can strategic procurement contribute to the quality of products produced by a manufacturing organization? 2. Explain the rationale underlying volume consolidation. What are the risks associated with using a single ...

The real risk-free rate of interest is 3 percent inflation

The real risk-free rate of interest is 3 percent. Inflation is expected to be 4 percent this coming year, jump to 5 percent next year, and increase to 6 percent the year after (Year 3). According to the expectations theo ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro