Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
The following financial statements relate to Alpine Trails Ski Resort: comparative balance sheets as of December 31, 20x3 and 20x2; income statement for 20x3; and
statement of retained earnings for 20x3.
Alpine Trails Ski Resort
Comparative Balance Sheets
December 31, 20x3 and 20x2
(In thousands)
Assets
20X3
20X2
Current assets:
Cash
25
22
Marketable securities
10
Accounts receivable
130
140
Merchandise inventory
40
35
Prepaid expenses
3
Total current assets
215
210
Investment in Coulterton Transit Company
55
45
Facilities and equipment
450
Less: Accumulated depreciation
(225)
(175)
Land
653
540
Total assets
1,148
1,070
Current liabilities:
Accounts payable
80
75
Accrued salaries payable
15
Deferred revenue
5
Total current liabilities
98
105
Deferred income taxes
20
Bonds payable
190
Total liabilities
308
310
Stockholders' equity:
Common stock
270
Retained earnings
570
490
Total stockholders' equity
840
760
Total liabilities and stockholders' equity
Income Statement
For the Year Ended December 31, 20x3
Revenue:
Slope fees
340
Condominium rentals
625
Sales of merchandise
Total revenue
1,040
Less: Cost of merchandise
50
Gross margin
990
Less: Operating expenses
Salaries
Insurance
Property taxes
Depreciation
Utilities
100
Maintenance
Advertising
Administration
170
Interest on bonds
Total operating expenses
830
Income before taxes
160
Income-tax expense
Net income
110
Statement of Retained Earnings
Retained earnings, December 31, 20x2
Add: Net income for 20x3
Subtotal
600
Deduct: Dividends declared in 20x3 .
30
Retained earnings, December 31, 20x3
Alpine Trails did not buy or sell any facilities or equipment during 20x3.
Required:
Using the indirect method, prepare the company's statement of cash flows for 20x3.refer to the financial statement given in the precceding problem for Alpine Trails ski resort
Set up T-accounts to use as an aid in preparing the company's statement of cash flows. Prepare statement for 20 X 3.
Required: Using the direct method , prepare the company's statement of cash flows for 20 x 3.
constanza company had a beginning and ending allowance for doubtful accounts balance of 23000 and 27000 respectively.
Victor called you and was in a panic as he had just received a letter from the IRS, requesting an audit of his business. The letter specifically asked for support for the $ 150,000 truck operating expense. Victor had no receipts.
Bunting Corporation had net income of $250,000 and paid dividends to common stockholders of $50,000 in 2007. The weighted average number of shares outstanding in 2007 was 50,000 shares.
What would be the indifferent point?
pams stables used two different independent variables trainer hours and number of horses in two different equations to
how do you think each of the following items would affect a companys ability to attract new capital and the flotation
A company has cash, $85,000; temporary investments, $30,000; net receivables, $60,000; and inventory, $350,000. Current liabilities are $300,000.
morrow company applies overhead based on direct labor hours. at the beginning of the year morrow estimates overhead to
What is the total basis of the Apple Corporation stock, the per share basis, and gain recognized upon receipt of the common stock dividend?
a. How much in taxable income does T have as a result of receiving the rights?
on january 1 2007 the calvert company issues 12 100000 face value bonds for 103545.91 a price to yield 10. the bonds
Paper on Baderman island prepare a 1,050- to 1,400-word paper in which you compare and contrast options and make a recommendation about which strategy the organization must choose. Address the following in your paper:
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd