I have three worksheets that I need help on. P1-3A A. Prepare an income statement and Retained Earnings Statement for the month of June and a Balance Sheet P2-3A A. Prepare an Income Statement and a Retained Earnings Statement for Kiley Enterprises for the year ended April 30, 2010. B. Prepare a classified balance sheet for Kiley Enterprises as of April 30, 2010. P2-6A Compute these values and ratios for 2009 and 2010 A. Earnings per share B. Working Capital C. Current Ratio D. Debt to total assets ratio E. Free cash flow F. Based on the ratio calculated, discuss briefly the improvement or lack thereof in fiancial position and operating results from 2009 to 2010 of Lark Corporation.
P1-3A On June 1 Eckersley Service Co. was started with an initial investment in the company of $26,200 cash. Here are the assets and liabilities of the company at June 30, and the revenue and expense for the month of June, its first month of operations: Cash Account Receivable Revenue Supplies Advertising Expense Equipment Total Asset 4600 4000 7000 2400 400 29000 Note Payable Accounting Payable Supplies Expense Gas and Oil Expense Utilities Expense Wage Expense Total Liabilities 12000 500 1000 600 300 1400 In June, the company issued no additional stock, but paid dividends of $2,000 Instructions A. Prepare an income statement and Retained Earnings Statement for the month of June and a Balance Sheet B. Briefly discuss whether the company's first month of operation was a success C. Discuss the company's decision to distribute a dividend Instructions Prepare an income statement, a retained earning statement, and a classified balance sheet of December 31, 2010. P2-3A You are provided with the following information for Kiley Enterprises, effective as of its April 30, 2010, year end. Account payable Accounts receivable Building, net of accumulated depreciation Cash Common Stock Cost of goods sold Current Portion of long-term debt Depreciation Expense Dividends Equipment, net of accumulated depreciation Income tax expense Income taxes payable Interest expense Inventories Land Long-term debt Prepaid Expenses Retained Earnings, beginning Revenues Short-term investments Wages expense Wages payable $834.00 $810.00 $1,537.00 $1,270.00 $900.00 $990.00 $450.00 $335.00 $325.00 $1,220.00 $165.00 $135.00 $400.00 $967.00 $2,100.00 $3,500.00 $12.00 $1,600.00 $4,600.00 $210.00 $1,200.00 $700.00 $222.00 A. Prepare an Income Statement and a Retained Earnings Statement for Kiley Enterprises for the year ended April 30, 2010. B. Prepare a classified balance sheet for Kiley Enterprises as of April 30, 2010. LARK CORPORATION Balance Sheets 31-Dec Assets Cash Receivables (net) Other current assets Long-term investments Plant and equipment (net) Total assets 2010 $25,000.00 $70,000.00 $80,000.00 $75,000.00 $510,000.00 $760,000.00 2009 $20,000.00 $62,000.00 $73,000.00 $60,000.00 $470,000.00 $685,000.00 Liabilities and Stockholder's Equity Current Liabilities Long-term debt Common stock Retained earnings Total Liabilities and stockholders's equity $75,000.00 $80,000.00 $330,000.00 $275,000.00 $760,000.00 $70,000.00 $90,000.00 $300,000.00 $225,000.00 $685,000.00 LARK CORPORATION Income Statements For the Years Ended December 31 Sales Cost of goods sold Operating Expenses (Including income taxes) Net Income 2010 $750,000.00 $440,000.00 $240,000.00 $70,000.00 2009 $670,000.00 $400,000.00 $220,000.00 $50,000.00 Additional Information: Cash from operating activities Cash used for capital expenditures Dividends paid Average number of shares outstanding $87,000.00 $45,000.00 $20,000.00 $33,000.00 $60,000.00 $38,000.00 $15,000.00 $30,000.00 Instructions Compute these values and ratios for 2009 and 2010 A. Earnings per share B. Working Capital C. Current Ratio D. Debt to total assets ratio E. Free cash flow F. Based on the ratio calculated, discuss briefly the improvement or lack thereof in fiancial position and operating results from 2009 to 2010 of Lark Corporation. P1-3A On June 1 Eckersley Service Co. was started with an initial investment in the company of $26,200 cash. Here are the assets and liabilities of the company at June 30, and the revenue and expense for the month of June, its first month of operations: Cash Account Receivable Revenue Supplies Advertising Expense Equipment Total Asset 4600 4000 7000 2400 400 29000 Note Payable Accounting Payable Supplies Expense Gas and Oil Expense Utilities Expense Wage Expense Total Liabilities 12000 500 1000 600 300 1400 In June, the company issued no additional stock, but paid dividends of $2,000 Instructions A. Prepare an income statement and Retained Earnings Statement for the month of June and a Balance Sheet B. Briefly discuss whether the company's first month of operation was a success C. Discuss the company's decision to distribute a dividend Instructions Prepare an income statement, a retained earning statement, and a classified balance sheet of December 31, 2010. P2-3A You are provided with the following information for Kiley Enterprises, effective as of its April 30, 2010, year end. Account payable Accounts receivable Building, net of accumulated depreciation Cash Common Stock Cost of goods sold Current Portion of long-term debt Depreciation Expense Dividends Equipment, net of accumulated depreciation Income tax expense Income taxes payable Interest expense Inventories Land Long-term debt Prepaid Expenses Retained Earnings, beginning Revenues Short-term investments Wages expense Wages payable $834.00 $810.00 $1,537.00 $1,270.00 $900.00 $990.00 $450.00 $335.00 $325.00 $1,220.00 $165.00 $135.00 $400.00 $967.00 $2,100.00 $3,500.00 $12.00 $1,600.00 $4,600.00 $210.00 $1,200.00 $700.00 $222.00 A. Prepare an Income Statement and a Retained Earnings Statement for Kiley Enterprises for the year ended April 30, 2010. B. Prepare a classified balance sheet for Kiley Enterprises as of April 30, 2010. LARK CORPORATION Balance Sheets 31-Dec Assets Cash Receivables (net) Other current assets Long-term investments Plant and equipment (net) Total assets 2010 $25,000.00 $70,000.00 $80,000.00 $75,000.00 $510,000.00 $760,000.00 2009 $20,000.00 $62,000.00 $73,000.00 $60,000.00 $470,000.00 $685,000.00 Liabilities and Stockholder's Equity Current Liabilities Long-term debt Common stock Retained earnings Total Liabilities and stockholders's equity $75,000.00 $80,000.00 $330,000.00 $275,000.00 $760,000.00 $70,000.00 $90,000.00 $300,000.00 $225,000.00 $685,000.00 LARK CORPORATION Income Statements For the Years Ended December 31 Sales Cost of goods sold Operating Expenses (Including income taxes) Net Income 2010 $750,000.00 $440,000.00 $240,000.00 $70,000.00 2009 $670,000.00 $400,000.00 $220,000.00 $50,000.00 Additional Information: Cash from operating activities Cash used for capital expenditures Dividends paid Average number of shares outstanding $87,000.00 $45,000.00 $20,000.00 $33,000.00 $60,000.00 $38,000.00 $15,000.00 $30,000.00 Instructions Compute these values and ratios for 2009 and 2010 A. Earnings per share B. Working Capital C. Current Ratio D. Debt to total assets ratio E. Free cash flow F. Based on the ratio calculated, discuss briefly the improvement or lack thereof in fiancial position and operating results from 2009 to 2010 of Lark Corporation. P1-3A On June 1 Eckersley Service Co. was started with an initial investment in the company of $26,200 cash. Here are the assets and liabilities of the company at June 30, and the revenue and expense for the month of June, its first month of operations: Cash Account Receivable Revenue Supplies Advertising Expense Equipment Total Asset 4600 4000 7000 2400 400 29000 Note Payable Accounting Payable Supplies Expense Gas and Oil Expense Utilities Expense Wage Expense Total Liabilities 12000 500 1000 600 300 1400 In June, the company issued no additional stock, but paid dividends of $2,000 Instructions A. Prepare an income statement and Retained Earnings Statement for the month of June and a Balance Sheet B. Briefly discuss whether the company's first month of operation was a success C. Discuss the company's decision to distribute a dividend Instructions Prepare an income statement, a retained earning statement, and a classified balance sheet of December 31, 2010. P2-3A You are provided with the following information for Kiley Enterprises, effective as of its April 30, 2010, year end. Account payable Accounts receivable Building, net of accumulated depreciation Cash Common Stock Cost of goods sold Current Portion of long-term debt Depreciation Expense Dividends Equipment, net of accumulated depreciation Income tax expense Income taxes payable Interest expense Inventories Land Long-term debt Prepaid Expenses Retained Earnings, beginning Revenues Short-term investments Wages expense Wages payable $834.00 $810.00 $1,537.00 $1,270.00 $900.00 $990.00 $450.00 $335.00 $325.00 $1,220.00 $165.00 $135.00 $400.00 $967.00 $2,100.00 $3,500.00 $12.00 $1,600.00 $4,600.00 $210.00 $1,200.00 $700.00 $222.00 A. Prepare an Income Statement and a Retained Earnings Statement for Kiley Enterprises for the year ended April 30, 2010. B. Prepare a classified balance sheet for Kiley Enterprises as of April 30, 2010. LARK CORPORATION Balance Sheets 31-Dec Assets Cash Receivables (net) Other current assets Long-term investments Plant and equipment (net) Total assets 2010 $25,000.00 $70,000.00 $80,000.00 $75,000.00 $510,000.00 $760,000.00 2009 $20,000.00 $62,000.00 $73,000.00 $60,000.00 $470,000.00 $685,000.00 Liabilities and Stockholder's Equity Current Liabilities Long-term debt Common stock Retained earnings Total Liabilities and stockholders's equity $75,000.00 $80,000.00 $330,000.00 $275,000.00 $760,000.00 $70,000.00 $90,000.00 $300,000.00 $225,000.00 $685,000.00 LARK CORPORATION Income Statements For the Years Ended December 31 Sales Cost of goods sold Operating Expenses (Including income taxes) Net Income 2010 $750,000.00 $440,000.00 $240,000.00 $70,000.00 2009 $670,000.00 $400,000.00 $220,000.00 $50,000.00 Additional Information: Cash from operating activities Cash used for capital expenditures Dividends paid Average number of shares outstanding $87,000.00 $45,000.00 $20,000.00 $33,000.00 $60,000.00 $38,000.00 $15,000.00 $30,000.00 Instructions Compute these values and ratios for 2009 and 2010 A. Earnings per share B. Working Capital C. Current Ratio D. Debt to total assets ratio E. Free cash flow F. Based on the ratio calculated, discuss briefly the improvement or lack thereof in fiancial position and operating results from 2009 to 2010 of Lark Corporation
