The following is information for ABC-a publicly traded company Balance Sheet at end of 2020 (amounts...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6653a57c6f606_8846653a57c12fe2.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6653a57d27690_8846653a57cb6426.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6653a57dc80a0_8856653a57d5d9b8.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6653a57e7726a_8866653a57e19261.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6653a57f2c0c7_8866653a57ec57f0.jpg)
Transcribed Image Text:
The following is information for ABC-a publicly traded company Balance Sheet at end of 2020 (amounts in thousands) Condensed Income Statement for 2020 Current Assets Cash Statement of Comprehensive Income 2020 $ 4,650 Sales $ 265,320 Net Inco Accounts Receivable $ 18,260 Cost of Goods Sold $ Inventory $ 21,275 Gross Profit $ 157000 Prepaid Insurance $ 5,700 Total Current Assets $ 49,885 Wages Expense $ 21,450 Property, Plant and Equipment $ 311,000 Depreciation Expense $ 15330 Other Comprehensive Unrealand Gain o APS Debt Securities 5 158 Income Tax Effect Total Other Comprehensive in $ 125 Accumulated Depreciation $ (103,500) Amortization Expense $ 1,500 Patent $ 36,000 Insurance Expense $ Come Income AFS Debt Securities $ 2,100 Interest Expense $ 10.150 Total Assets $ 295,485 Other Expense $ ANO Current Liabilities Total Expenses 51,07 Accounts Payable $ 25,212 Income before Taxes $ Interest Payable $ 650 Income Tax Expens 13014 Wages Payable $ 1,085 Net Income $ Unearned Revenue $ 1,000 Total Current Liabilities $ 28,547 Earnings Per Share 4.30 Note Payable $ 114,000 Bond Payable in 2022 $ 30,000 Equity Common Stock (51 par, 10,000 shares i $ 10,000 APIC $ 20,800 Beginning C $ Statement of Changes in Stockholders Equity-2020 BE Retained Earnings $ 92,435 Total OC APIC AOC 10,000 $20,800 $ 47,468 $ (422) $125 Accumulated Other Comprehensive Lo 5 (297) Net income Liabilities and Equity $ 295,485 Dividends $ 48,967 $ 14,000) Ending Balance $10,000 $20,000 $ 92,435 5 (297) Results for 2021 Sales $ 281,300 All sales on credit Inventory Purchases on credit Depreciation expense $ Patent purchased in 2018 and Wages Expense 191,400 and ending inventory 556200 16,000 not including assets sold, bought or found determined to have remaining useful life of 10 years in 2021 $ 27,450 Paid in cash $ 2,194 owed at end of 2020 Insurance policy indicates that $5,700 was paid in May 2020 for 24 month coverage starting May 1 2020. During 2021 found an asset purchased and recorded in 2018 that had not been depreciated-cost 6,230 no salvage 10 year useful fe Sold AFS Debt Securities that cost 400 for 390 in cash ($7 loss in AOCI recorded previously) Sold equipment that cost 3,000 with accumulated depreciation of 2,690 for $200 in cash. Purchased new equipment costing $6,975 with $2,000 down payment and 10% note payable on December 1, 2021 (first payment due January 1, 2022) 10 year useful life and no salvage The following is information for ABC-a publicly traded company Balance Sheet at end of 2020 (amounts in thousands) Condensed Income Statement for 2020 Current Assets Cash Statement of Comprehensive Income 2020 $ 4,650 Sales $ 265,320 Net Inco Accounts Receivable $ 18,260 Cost of Goods Sold $ Inventory $ 21,275 Gross Profit $ 157000 Prepaid Insurance $ 5,700 Total Current Assets $ 49,885 Wages Expense $ 21,450 Property, Plant and Equipment $ 311,000 Depreciation Expense $ 15330 Other Comprehensive Unrealand Gain o APS Debt Securities 5 158 Income Tax Effect Total Other Comprehensive in $ 125 Accumulated Depreciation $ (103,500) Amortization Expense $ 1,500 Patent $ 36,000 Insurance Expense $ Come Income AFS Debt Securities $ 2,100 Interest Expense $ 10.150 Total Assets $ 295,485 Other Expense $ ANO Current Liabilities Total Expenses 51,07 Accounts Payable $ 25,212 Income before Taxes $ Interest Payable $ 650 Income Tax Expens 13014 Wages Payable $ 1,085 Net Income $ Unearned Revenue $ 1,000 Total Current Liabilities $ 28,547 Earnings Per Share 4.30 Note Payable $ 114,000 Bond Payable in 2022 $ 30,000 Equity Common Stock (51 par, 10,000 shares i $ 10,000 APIC $ 20,800 Beginning C $ Statement of Changes in Stockholders Equity-2020 BE Retained Earnings $ 92,435 Total OC APIC AOC 10,000 $20,800 $ 47,468 $ (422) $125 Accumulated Other Comprehensive Lo 5 (297) Net income Liabilities and Equity $ 295,485 Dividends $ 48,967 $ 14,000) Ending Balance $10,000 $20,000 $ 92,435 5 (297) Results for 2021 Sales $ 281,300 All sales on credit Inventory Purchases on credit Depreciation expense $ Patent purchased in 2018 and Wages Expense 191,400 and ending inventory 556200 16,000 not including assets sold, bought or found determined to have remaining useful life of 10 years in 2021 $ 27,450 Paid in cash $ 2,194 owed at end of 2020 Insurance policy indicates that $5,700 was paid in May 2020 for 24 month coverage starting May 1 2020. During 2021 found an asset purchased and recorded in 2018 that had not been depreciated-cost 6,230 no salvage 10 year useful fe Sold AFS Debt Securities that cost 400 for 390 in cash ($7 loss in AOCI recorded previously) Sold equipment that cost 3,000 with accumulated depreciation of 2,690 for $200 in cash. Purchased new equipment costing $6,975 with $2,000 down payment and 10% note payable on December 1, 2021 (first payment due January 1, 2022) 10 year useful life and no salvage
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
The Weemow Lawn Service mows its customers lawns and provides lawn maintenance starting in the spring, through the summer, and into the early fall. During the winter, the service doesnt operate, and...
-
Dell contracts with its suppliers to pre-kit certain component parts before delivering them to Dell. Assume that this saves $1.5 million of the kitting activ ity cost and that it reduces the total...
-
A construction company is currently undertaking three separate contracts and information relating to these contracts for the previous year, together with other relevant data, is shown below. The cost...
-
Mark Wooden sent an e- mail to an alderwoman for the city of St. Louis. Attached was a nineteen- minute audio file that compared her to the biblical character Jezebel. The audio said she was a bitch...
-
Question 2 ( a ) ?Evaluate the benefits of implementation an ERP system in a firm. ( 2 0 ?marks ) ( b ) ?Provide an explanation of the four categories of costs related to quality. ( 2 0 ?marks )
-
Read the article Visualization Technologies and write a research paper on Data Visualization.
-
World Transportation Partners (WTP) offers three different intermodal container sizes that clients rent and pack with freight for shipping over- seas. Intermodal containers are measured in TEUS...
-
A tender evaluation method specifies 60% price and 40% quality. What is the weighted score of a tender that scored 80 points (out of 100) for price and 60 for quality?
-
A tender evaluation method specifies 30% price and 70% quality. What is the weighted score of a tender that scored 80 points (out of 100) for price and 60 for quality?
-
Main Street Cinema invited three firms to bid on its daily janitorial services contract, and then scored those tenders based on quality, reliability/risk, and price (using a 100-point scale in each...
-
Pick two of the industries listed in Exhibit 1, one on the high end of profitability and one on the low end. What are the boundaries of these industries? What are their market and geographic...
-
hey i need help calculating how much insurance someone should get
-
Assuming that all sales are for cash, what is the internal rate of return on the project in Question 46.15A?
-
Using a discount rate of 6%, what is the net present value of the project in Question 46.11A?
-
What is the internal rate of return on the project in Question 46.11A?
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App