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Balance sheet ending 2020 Cash 33,100 AR 30,000 Inventory 56,000 Ppd Ins 2,700 PP&E 305,000 Accum Deprec -120,640 Patent 33,000 Leased Asset 146,233 485,393 AP
Balance sheet ending 2020 | |
Cash | 33,100 |
AR | 30,000 |
Inventory | 56,000 |
Ppd Ins | 2,700 |
PP&E | 305,000 |
Accum Deprec | -120,640 |
Patent | 33,000 |
Leased Asset | 146,233 |
485,393 | |
AP | 39,500 |
Wages Payable | 1,200 |
Taxes Payable | 10,426 |
Notes Payable | 99,000 |
Interest Payable | 2,800 |
Deferred Tax Liability | 235 |
Lease Liability | 143,926 |
297,087 | |
Common Stock | 10,000 |
APIC | 52,300 |
RE | 130,006 |
Treasury Stock | -4000 |
188,306 | |
485,393 | |
The following is information for XYZ, Inc. | |
Results from 2021 | |
Sales | |
385,000$ | |
All sales on credit | |
Depreciation expense | |
16,000$ | |
Not including depreciation on assets acquired in 2017 and 2018 | |
Amortization expense | |
3,000$ | |
Same for tax purposes | |
Interest Expense | |
6,900$ | |
Not considering convertible bonds and paid in cash | |
Wages Expense | |
33,600$ | |
Paid in cash | |
Insurance expense | |
4,700$ | |
Includes $2000 paid for life insurance premiums and expired insurance | |
Collections on A/R = 340,000 | |
Payments on A/P = 239,500 - all accounts payable deal with inventory | |
Paid income taxes payable in Jan 2021 | |
Payment on Note payable = 20,000 | |
Inventory Purchases on credit = 241,000 and ending inventory $46000 | |
Payment of all accrued interest. | |
Lease payments as called for in agreements from 2020 including the change in asset/liability | |
Transactions the accountant needs help with: | |
Remainder of the stock options vest/are earned on January 1 | |
Mar 1, 2021 purchased 500 shares in the open market for $26 each | |
August 1, 2021 - Sold equipment that XYZ no longer needed for $400 in cash | |
The equipment had originally been purchased for 5000 at the beginning of 2013 and fully | |
depreciated last year | |
Nov 1, 2021 employees exercised their options to buy 100 shares from the 2018 option plan | |
The shares came out of treasury stock bought last year | |
Dec 30, 2021 paid dividends equal to $.60 per share. | |
Record accrued interest and depreciation on 2020 asset | |
Other Information | |
Tax rate is 21% | |
Average price of shares during 2021 is $27 | |
Incremental borrowing rate 7% | |
No half year convention | |
Required: | |
1. Show journal entries or T accounts for results of 2021 operations. | |
2. Show journal entries or T accounts as needed for the transactions the accountant needs help with. | |
3. Create an income statement including taxes and required EPS disclosures for 2021. | |
4. Create a statement of changes in stockholders equity for 2021 | |
5. Create a balance sheet for the end of 2021. | |
6. Create a cash flow statement for 2021 using the indirect method. |
here is a photo of it. let me know if you need anything else.
A B Balance sheet ending 2020 2 Cash BAR 4. Inventory 5 Ppd Ins 6 PP&E 7 Accum Deprec 8 Patent 9 Leased Asset 10 33,100 30,000 56,000 2,700 305,000 -120,640 33,000 146,233 485,393 11 12 AP 13 Wages Payable 14 Taxes Payable 15 Notes Payable 16 Interest Payable 17 Deferred Tax Liability 18 Lease Liability 19 20 21 Common Stock 22 APIC 23 RE 24 Treasury Stock 25 39,500 1,200 10,426 99,000 2,800 235 143,926 297,087 10,000 52,300 130,006 -4000 188,306 26 27 485,393 28 29 30 31 32 23 A B Balance sheet ending 2020 2 Cash BAR 4. Inventory 5 Ppd Ins 6 PP&E 7 Accum Deprec 8 Patent 9 Leased Asset 10 33,100 30,000 56,000 2,700 305,000 -120,640 33,000 146,233 485,393 11 12 AP 13 Wages Payable 14 Taxes Payable 15 Notes Payable 16 Interest Payable 17 Deferred Tax Liability 18 Lease Liability 19 20 21 Common Stock 22 APIC 23 RE 24 Treasury Stock 25 39,500 1,200 10,426 99,000 2,800 235 143,926 297,087 10,000 52,300 130,006 -4000 188,306 26 27 485,393 28 29 30 31 32 23Step by Step Solution
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