was the cost of property and equipment purchased during the year? R If Child World decided that their large inventory of plastic dolls was obsolete and threw them away, how would this affect the following items? (Answer: Increase Decrease, or No change a Total Assets Total Liabilities Total Shareholder's Equity Net Income d. Net Cash flow During the year the following events occurred. Record the joumal entries. Make up suitable account names as required for the journal entries and label whether the item is a balance sheet (B/S) or income statement (1/S) item. If no entry is required state: "ne entry." a June 1 Year 2 Child World signed a 54,000 contract with a construction firm to have the leaky roof of one of its stores repaired b June 5/Year 2. Child World made an $800 down payment on the roof repairs June 26/Year 2, Roof repairs are completed and invoiced. d. August 1/Year 2 Child World paid the balance ewed for the roof repair. 10. At the fiscal Year 2 average rate of sales how long would it take for Child World to sell its existing inventory? Circle one and show your work 060 10 weeks 10 to 15 weeks 15 to 20 weeks 20 to 25 weeks More than 5 weeks 2:35 Consolidated Balance Sheets DECEMBER 31 ASSETS S. WHERE S3 A ... Prepaid expenses Total Current Property and Eco Prindiment Lampe Led depresionand more Total Peperty and que Lease reperty Under Capital Lewes, et Of A Costel Nethe, www amerton 713 and 8,680reply Total Asset LABILITIES AND STOCKHOLDERS EQUITY Carretilong-term dat Current partie despite wedi Able Arad bi And in te Total Current . Long-Term Delta Barat Capital Lease Olga, pri Deferred Income Tam... Steder Equality hered to be pershare, where shares par 1. perre 5.000.000 ure and obtain Capture Red Total Stockholders' Total Lab Studes' Equity OX S. ISH, IBRA CITY Net Income Net Cash flow 9 During the year the following events occurred. Record the joumal entries. Make up suitable account names as required for the journal entries and label whether the item is a balance sheet (B/S) or income statement (US) item. If no entry is required state no entry" a June 1/Year 2. Child World signed a $4.000 contract with a construction firm to have the leaky roof of one of its stores repaired. b. June 5/Year 2. Child World made an $800 down payment on the roof repairs . June 25/Year 2. Roof repairs are completed and invoiced. d. August I/Year 2. Child World paid the balance owed for the roof repair 10. At the fiscal Year 2 average rate of sales how long would it take for Child World to sell its existing inventory? Circle one and show you work 0 to 10 weeks 10 to 15 wocks 15 to 20 weeks 20 to 25 weeks More than 25 weeks (IV) Annual Report Exercise - Child World Inc. see pdf file attached) Child World, neurkets toys and other children's merchandise of low marin, self-service stores Operating under the names of Child World and sidren's Palace the company's stores are in 28 different we the following the attached income statement and balance sheet 1 Total Assets of Child World December 31, Year 2-3 2. What is Child World's grous profit margin for the year ended Dec 31, Year 2? 3 What is the amount paid by Child World for services, ere. What have not yet been used or received at December 31, Year 2? S 4.- Child World has 522615 in current assets. How are as categorized as "current 3. Why does the "Accrued income taxes on the balance sheet net equal the "Provision for inconic taxes on the income Are Child World's fixed assets fairly new or fairly old Why do you think so Assuming NO property and peent was to disposed of during Year 2, what was the cost of property and equipment purch sed during the year? If Child World decided that their large inventory of plastic dolls was obsoles and throw them away, how would this affect the following items? (Answer Inc Decrease or No change Total Asses b Total Liabilities Total Shareholder's Equity d Net Income Net Cash flow ? Chill World Consolidated Statements of Income 1$ in landharp pris! YEAR 2 YEAR 1 Net Sales $628,834 $513.145 Costs and Expenses: Cost of goods sold 438.946 355,536 Operating expenses 148,282 119.862 Depreciation and amortization 11,355 10.174 Total Operating Expenses 598,583 485,575 Income (Loss) from Operations. 30, 251 27,573 Interest: Interest on obligations under capital leases 2,596 2.537 Interest expense.. 2,580 5,045 Interest income (937) (514) Total Interest Expense, net 4,239 6.771 Income (Loss) before Income Taxes 26,012 20.802 Provision (Benefit) for Income Taxes 15,063 11.434 Net Income (Loss).... $ 10,949 $9.368 3 .95 $ Earnings per Share........ 91 The menyings to consolidated financial statements an integral part of the stars Chill, Inc 9? Consolidated Balance Sheets ( in the shure fire DECEMBER 31 YEAR 2 YEAR! $ 13,467 1.695 178,817 4,636 128,615 $2.325 2.046 141INI 3.MN w. 5.839 49 13. ONE 45,376 5.600 35 17.055 SS, (12.6 15.00 25,875 543 813 31.990 578 78 LOT 76,087 2 ASSETS Current Assets Cash and temporary cash investments Accounts receivable Inventories. Prepaid expenses Total Current Assets Property and Equipment, at costi Land and buildings.. Furniture, fixtures and equipment Leasehold improvements. Less-accumulated depreciation and amortization Total Property and Equipment, net Leased Property Under Capital Leases, net Other Assets.. . Costin Excess of Net Assets of Purchased Business, set of secumulated amortization of $4,713 and 52.683, respectively, Total Assets... LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Current portion of long-term debt Current portion of capital lease obligations Accounts payable Accrued abilities Accrued income taxes. Total Current Liabdities Long-Term Debt, less current portion.. Capital Lease Obligations, less current portion Deferred Income Taxes.... Stockholders' Equity Preferred stock - par value $1.00 per share, authorized 5,000,000 shares, no shares issued Common stock - par value 3.10 per share, authorized 95,000,000 shares, issued and outstanding 11.500.000 shares Capital surplus Retained earning Total Stockholders' Equity Total Liabilities and Stockholders' Equity 1 100 1.760 7 SM 20:55 3 100 1,005 129,410 25.000 6,982 166,836 5,500 94.345 1.689 3.900 1.150 158,781 LISO ISATSI 10 ONE SESSE ISSOS 10.075 was the cost of property and equipment purchased during the year? R If Child World decided that their large inventory of plastic dolls was obsolete and threw them away, how would this affect the following items? (Answer: Increase Decrease, or No change a Total Assets Total Liabilities Total Shareholder's Equity Net Income d. Net Cash flow During the year the following events occurred. Record the joumal entries. Make up suitable account names as required for the journal entries and label whether the item is a balance sheet (B/S) or income statement (1/S) item. If no entry is required state: "ne entry." a June 1 Year 2 Child World signed a 54,000 contract with a construction firm to have the leaky roof of one of its stores repaired b June 5/Year 2. Child World made an $800 down payment on the roof repairs June 26/Year 2, Roof repairs are completed and invoiced. d. August 1/Year 2 Child World paid the balance ewed for the roof repair. 10. At the fiscal Year 2 average rate of sales how long would it take for Child World to sell its existing inventory? Circle one and show your work 060 10 weeks 10 to 15 weeks 15 to 20 weeks 20 to 25 weeks More than 5 weeks 2:35 Consolidated Balance Sheets DECEMBER 31 ASSETS S. WHERE S3 A ... Prepaid expenses Total Current Property and Eco Prindiment Lampe Led depresionand more Total Peperty and que Lease reperty Under Capital Lewes, et Of A Costel Nethe, www amerton 713 and 8,680reply Total Asset LABILITIES AND STOCKHOLDERS EQUITY Carretilong-term dat Current partie despite wedi Able Arad bi And in te Total Current . Long-Term Delta Barat Capital Lease Olga, pri Deferred Income Tam... Steder Equality hered to be pershare, where shares par 1. perre 5.000.000 ure and obtain Capture Red Total Stockholders' Total Lab Studes' Equity OX S. ISH, IBRA CITY Net Income Net Cash flow 9 During the year the following events occurred. Record the joumal entries. Make up suitable account names as required for the journal entries and label whether the item is a balance sheet (B/S) or income statement (US) item. If no entry is required state no entry" a June 1/Year 2. Child World signed a $4.000 contract with a construction firm to have the leaky roof of one of its stores repaired. b. June 5/Year 2. Child World made an $800 down payment on the roof repairs . June 25/Year 2. Roof repairs are completed and invoiced. d. August I/Year 2. Child World paid the balance owed for the roof repair 10. At the fiscal Year 2 average rate of sales how long would it take for Child World to sell its existing inventory? Circle one and show you work 0 to 10 weeks 10 to 15 wocks 15 to 20 weeks 20 to 25 weeks More than 25 weeks (IV) Annual Report Exercise - Child World Inc. see pdf file attached) Child World, neurkets toys and other children's merchandise of low marin, self-service stores Operating under the names of Child World and sidren's Palace the company's stores are in 28 different we the following the attached income statement and balance sheet 1 Total Assets of Child World December 31, Year 2-3 2. What is Child World's grous profit margin for the year ended Dec 31, Year 2? 3 What is the amount paid by Child World for services, ere. What have not yet been used or received at December 31, Year 2? S 4.- Child World has 522615 in current assets. How are as categorized as "current 3. Why does the "Accrued income taxes on the balance sheet net equal the "Provision for inconic taxes on the income Are Child World's fixed assets fairly new or fairly old Why do you think so Assuming NO property and peent was to disposed of during Year 2, what was the cost of property and equipment purch sed during the year? If Child World decided that their large inventory of plastic dolls was obsoles and throw them away, how would this affect the following items? (Answer Inc Decrease or No change Total Asses b Total Liabilities Total Shareholder's Equity d Net Income Net Cash flow ? Chill World Consolidated Statements of Income 1$ in landharp pris! YEAR 2 YEAR 1 Net Sales $628,834 $513.145 Costs and Expenses: Cost of goods sold 438.946 355,536 Operating expenses 148,282 119.862 Depreciation and amortization 11,355 10.174 Total Operating Expenses 598,583 485,575 Income (Loss) from Operations. 30, 251 27,573 Interest: Interest on obligations under capital leases 2,596 2.537 Interest expense.. 2,580 5,045 Interest income (937) (514) Total Interest Expense, net 4,239 6.771 Income (Loss) before Income Taxes 26,012 20.802 Provision (Benefit) for Income Taxes 15,063 11.434 Net Income (Loss).... $ 10,949 $9.368 3 .95 $ Earnings per Share........ 91 The menyings to consolidated financial statements an integral part of the stars Chill, Inc 9? Consolidated Balance Sheets ( in the shure fire DECEMBER 31 YEAR 2 YEAR! $ 13,467 1.695 178,817 4,636 128,615 $2.325 2.046 141INI 3.MN w. 5.839 49 13. ONE 45,376 5.600 35 17.055 SS, (12.6 15.00 25,875 543 813 31.990 578 78 LOT 76,087 2 ASSETS Current Assets Cash and temporary cash investments Accounts receivable Inventories. Prepaid expenses Total Current Assets Property and Equipment, at costi Land and buildings.. Furniture, fixtures and equipment Leasehold improvements. Less-accumulated depreciation and amortization Total Property and Equipment, net Leased Property Under Capital Leases, net Other Assets.. . Costin Excess of Net Assets of Purchased Business, set of secumulated amortization of $4,713 and 52.683, respectively, Total Assets... LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Current portion of long-term debt Current portion of capital lease obligations Accounts payable Accrued abilities Accrued income taxes. Total Current Liabdities Long-Term Debt, less current portion.. Capital Lease Obligations, less current portion Deferred Income Taxes.... Stockholders' Equity Preferred stock - par value $1.00 per share, authorized 5,000,000 shares, no shares issued Common stock - par value 3.10 per share, authorized 95,000,000 shares, issued and outstanding 11.500.000 shares Capital surplus Retained earning Total Stockholders' Equity Total Liabilities and Stockholders' Equity 1 100 1.760 7 SM 20:55 3 100 1,005 129,410 25.000 6,982 166,836 5,500 94.345 1.689 3.900 1.150 158,781 LISO ISATSI 10 ONE SESSE ISSOS 10.075