Fill in the missing information from the balance sheet.
Valley Technology
Balance Sheet
As of December 31, 2018
(amounts in thousands) |
|---|
| Cash | 2,100 | Liabilities | 3,200 |
| Other Assets | | Equity | 2,700 |
| Total Assets | | Total Liabilities & Equity | |
What is the value for Other Assets?
Please specify your answer in the same units as the balance sheet.
Use the starting balance sheet and the list of changes to create an updated balance sheet and to answer the question.
Stuart Company
Balance Sheet
As of December 31, 2018
(amounts in thousands) |
|---|
| Cash | 3,700 | Liabilities | 2,200 |
| Other Assets | 3,200 | Equity | 4,700 |
| Total Assets | 6,900 | Total Liabilities & Equity | 6,900 |
Between January 1 and March 31, 2019:
1. Other Assets decrease by $300,000
2. Liabilities increase by $400,000
3. Equity increases by $100,000
What is the value for Cash on March 31, 2019?
Please specify your answer in the same units as the balance sheet.
Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity.
1. Receive payment of $12,000 owed by a customer
2. Buy $15,000 worth of manufacturing supplies on credit
What is the net change in Total Liabilities & Equity?
Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity.
1. Pay $4,000 owed to a supplier
2. Issue $90,000 in stock
3. Buy $16,000 worth of manufacturing supplies on credit
4. Purchase equipment for $49,000 in cash
What is the net change in Total Equity?
Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity.
1. Purchase equipment for $43,000 in cash
2. Receive payment of $11,000 owed by a customer
3. Buy $14,000 worth of manufacturing supplies on credit
4. Issue $70,000 in stock
5. Pay $8,000 owed to a supplier
6. Borrow $55,000 from a bank
7. Buy $17,000 worth of manufacturing supplies on credit
What is the net change in Total Equity?
Acme Company
Balance Sheet
As of January 5, 2019
(amounts in thousands) |
|---|
| Cash | 12,500 | Accounts Payable | 2,400 |
| Accounts Receivable | 3,600 | Debt | 3,700 |
| Inventory | 5,200 | Other Liabilities | 3,000 |
| Property Plant & Equipment | 16,700 | Total Liabilities | 9,100 |
| Other Assets | 600 | Paid-In Capital | 5,600 |
| | Retained Earnings | 23,900 |
| | Total Equity | 29,500 |
| Total Assets | 38,600 | Total Liabilities & Equity | 38,600 |
Update the balance sheet above to reflect the transactions below, which occur on January 6, 2019
1. Buy $15,000 worth of manufacturing supplies on credit
2. Purchase equipment for $48,000 in cash
What is the final amount in Cash?
Please specify your answer in the same units as the balance sheet.
Acme Company
Balance Sheet
As of January 5, 2019
(amounts in thousands) |
|---|
| Cash | 12,500 | Accounts Payable | 2,400 |
| Accounts Receivable | 3,600 | Debt | 3,700 |
| Inventory | 5,200 | Other Liabilities | 3,000 |
| Property Plant & Equipment | 16,700 | Total Liabilities | 9,100 |
| Other Assets | 600 | Paid-In Capital | 5,600 |
| | Retained Earnings | 23,900 |
| | Total Equity | 29,500 |
| Total Assets | 38,600 | Total Liabilities & Equity | 38,600 |
Update the balance sheet above to reflect the transactions below, which occur on January 6, 2019
1. Buy $15,000 worth of manufacturing supplies on credit
2. Purchase equipment for $48,000 in cash
3. Receive payment of $13,000 owed by a customer
4. Issue $70,000 in stock
What is the final amount in Accounts Receivable?
Please specify your answer in the same units as the balance sheet.
Acme Company
Balance Sheet
As of January 5, 2019
(amounts in thousands) |
|---|
| Cash | 14,100 | Accounts Payable | 1,900 |
| Accounts Receivable | 3,200 | Debt | 3,600 |
| Inventory | 4,900 | Other Liabilities | 2,000 |
| Property Plant & Equipment | 16,300 | Total Liabilities | 7,500 |
| Other Assets | 500 | Paid-In Capital | 7,200 |
| | Retained Earnings | 24,300 |
| | Total Equity | 31,500 |
| Total Assets | 39,000 | Total Liabilities & Equity | 39,000 |
Update the balance sheet above to reflect the transactions below, which occur on January 6, 2019
1. Issue $80,000 in stock
2. Borrow $65,000 from a bank
3. Receive payment of $12,000 owed by a customer
4. Pay $6,000 owed to a supplier
5. Buy $17,000 worth of manufacturing supplies on credit
6. Purchase equipment for $47,000 in cash
7. Pay $8,000 owed to a supplier
What is the final amount in Cash?
Please specify your answer in the same units as the balance sheet.
Acme Company
Balance Sheet
As of January 5, 2019
(amounts in thousands) |
|---|
| Cash | 9,700 | Accounts Payable | 1,500 |
| Accounts Receivable | 4,500 | Debt | 2,900 |
| Inventory | 3,800 | Other Liabilities | 800 |
| Property Plant & Equipment | 16,400 | Total Liabilities | 5,200 |
| Other Assets | 1,700 | Paid-In Capital | 7,300 |
| | Retained Earnings | 23,600 |
| | Total Equity | 30,900 |
| Total Assets | 36,100 | Total Liabilities & Equity | 36,100 |
Update the balance sheet above to reflect the transactions below, which occur on January 6, 2019
1. Sell product for $20,000 with historical cost of $16,000
What is the final amount in Retained Earnings?
Please specify your answer in the same units as the balance sheet.
Balance Sheet
As of January 5, 2019
(amounts in thousands) |
|---|
| Cash | 13,700 | Accounts Payable | 2,000 |
| Accounts Receivable | 3,200 | Debt | 3,600 |
| Inventory | 5,100 | Other Liabilities | 900 |
| Property Plant & Equipment | 15,400 | Total Liabilities | 6,500 |
| Other Assets | 800 | Paid-In Capital | 7,200 |
| | Retained Earnings | 24,500 |
| | Total Equity | 31,700 |
| Total Assets | 38,200 | Total Liabilities & Equity | 38,200 |
Update the balance sheet above to reflect the transactions below, which occur on January 6, 2019
1. Sell product for $40,000 with historical cost of $32,000
2. Sell product for $25,000 with historical cost of $20,000
3. Sell product for $30,000 with historical cost of $24,000
What is the final amount in Retained Earnings?
Please specify your answer in the same units as the balance sheet.
The balance sheet value of a firm's inventory is $60,000. Suppose that the firm purchases supplies at a cost of $3,500 and adds them to inventory. A day later, the market value of the recently purchased supplies changes to $1,000.
Assuming no other changes to inventory, and using the historical cost method,what is the final balance sheet value of inventory?
Note: Students with prior accounting experience should not apply the monthly "lower of cost or market" adjustment. This is a day-to-day fluctuation.
Suppose Gulf Shipping Company has the following revenue and expenses for 2018:
Revenues of $9,000,000
Cost of Goods Sold of $3,600,000
Depreciation Expenses of $1,000,000
Income Taxes of $1,192,000
Interest Expenses of $120,000
Other Expenses of $400,000
Sales, General, & Administrative Expenses of $900,000
Create an income statement with amounts in thousands
What is the value of Gross Income?
Please specify your answer in the same units as the income statement.
Suppose Siam Traders has the following revenue and expenses for 2018:
Revenues of $7,800,000
Cost of Goods Sold of $1,560,000
Depreciation Expenses of $1,200,000
Income Taxes of $1,560,000
Interest Expenses of $60,000
Other Expenses of $300,000
Sales, General, & Administrative Expenses of $780,000
Create an income statement with amounts in thousands
What is the value of Earnings Before Interest & Taxes?
Please specify your answer in the same units as the income statement.
Suppose Lightspeed Industries has the following revenue and expenses for 2018:
Revenues of $9,800,000
Cost of Goods Sold of $1,960,000
Depreciation Expenses of $800,000
Income Taxes of $2,196,000
Interest Expenses of $170,000
Other Expenses of $400,000
Sales, General, & Administrative Expenses of $980,000
Create an income statement with amounts in thousands
What is the value of Pre-Tax Income?
Please specify your answer in the same units as the income statement.
Suppose Valley Technology has the following revenue and expenses for 2018:
Revenues of $8,200,000
Cost of Goods Sold of $2,460,000
Depreciation Expenses of $600,000
Income Taxes of $1,088,000
Interest Expenses of $80,000
Other Expenses of $700,000
Sales, General, & Administrative Expenses of $1,640,000
Create an income statement with amounts in thousands
What is the value of Earnings?
Please specify your answer in the same units as the income statement.
Suppose Ruston Company had the following cash flow results for 2018:
Net Cash Flow from Operating Activities of $9,100,000
Net Cash Flow from Investing Activities of -$4,300,000
Net Cash Flow from Financing Activities of $3,400,000
Create a statement of cash flows with amounts in thousands.
What is the Net Cash Flow?
Please specify your answer in the same units as the statement of cash flows.
Suppose Ruston Company had the following results related to cash flows for 2018:
Net Income of $9,100,000
Adjustments from Operating Activities of $1,100,000
Net Cash Flow from Investing Activities of -$4,300,000
Net Cash Flow from Financing Activities of $3,400,000
Create a statement of cash flows with amounts in thousands.
What is the Net Cash Flow?
Please specify your answer in the same units as the statement of cash flows.
Siam Traders had Net Income for 2018 of $9,500,000.
The firm invested $1,000,000 in manufacturing equipment during 2018.
The equipment is being depreciated over five years using straight-line depreciation, starting in 2018.
Assuming no other adjustments to cash flow than those mentioned here, create a statement of cash flows for 2018 with amounts in thousands.
What is the Net Cash Flow in 2018?
Please specify your answer in the same units as the statement of cash flows.
Valley Technology had Net Income for 2018 of $9,600,000.
The firm invested $5,000,000 in manufacturing equipment during 2017 but made no additional capital investments in 2018.
The equipment is being depreciated over five years using straight-line depreciation, starting in 2017.
Assuming no other adjustments to cash flow than those mentioned here, create a statement of cash flows for 2018 with amounts in thousands.
What is the Net Cash Flow in 2018?
Please specify your answer in the same units as the statement of cash flows.
Suppose Stuart Company has the following results related to cash flows for 2018:
Net Income of $5,600,000
Increase in Accounts Payable of $600,000
Decrease in Accounts Receivable of $900,000
Increase in Inventory of $200,000
Assuming no other cash flow adjustments than those listed above, create a statement of cash flows with amounts in thousands.
What is the Net Cash Flow from Operating Activities?
Please specify your answer in the same units as the statement of cash flows.
Suppose Torche Corporation has the following results related to cash flows for 2018:
Net Income of $10,000,000
Increase in Accounts Payable of $800,000
Increase in Accounts Receivable of $600,000
Depreciation of $1,600,000
Decrease in Inventory of $100,000
Other Adjustments from Operating Activities of $1,000,000
Assuming no other cash flow adjustments than those listed above, create a statement of cash flows with amounts in thousands.
What is the Net Cash Flow from Operating Activities?
Please specify your answer in the same units as the statement of cash flows.
Suppose Siam Traders has the following results related to cash flows for 2018:
Decrease in Debt of $700,000
Dividends Paid of $500,000
Purchases of Property, Plant, & Equipment of $8,300,000
Other Adjustments from Financing Activities of -$100,000
Other Adjustments from Investing Activities of $400,000
Assuming no other cash flow adjustments than those listed above, create a statement of cash flows for investing and financing activities with amounts in thousands.
What is the Net Cash Flow from Investing and Financing Activities?
Please specify your answer in the same units as the statement of cash flows.
Suppose Ruston Company has the following results related to cash flows for 2018:
Net Income of $5,800,000
Increase in Accounts Payable of $300,000
Increase in Accounts Receivable of $600,000
Increase in Debt of $700,000
Depreciation Expenses of $1,200,000
Purchases of Property, Plant, & Equipment of $8,300,000
Assuming no other cash flow adjustments than those listed above, create a statement of cash flows with amounts in thousands.
What is the Net Cash Flow?
Please specify your answer in the same units as the statement of cash flows.
Suppose Dansko Integrated has the following results related to cash flows for 2018:
Net Income of $9,500,000
Increase in Accounts Payable of $900,000
Decrease in Accounts Receivable of $400,000
Decrease in Debt of $200,000
Depreciation Expenses of $1,800,000
Dividends Paid of $800,000
Increase in Inventory of $800,000
Purchases of Property, Plant, & Equipment of $6,700,000
Other Adjustments from Financing Activities of -$600,000
Other Adjustments from Investing Activities of $300,000
Other Adjustments from Operating Activities of -$400,000
Create a statement of cash flows with amounts in thousands.
What is the Net Cash Flow?
Please specify your answer in the same units as the statement of cash flows.