The following financial information relate to Lang Industrial Systems Inc. and as a financial analyst you are required to assist with the following problems: Assets Current Assets Cash Accounts Receivable Inventory Total Current Assets Fixed Assets Property, Plant, and Equipment Less Accumulated Depreciation Net Fixed Assets Total Assets Balance Sheet ($ in Millions) 2022 2021 540 820 550 950 174 400 776 600 Total Current Liabilities 1910 1400 Long-Term Liabilities Long-Term 400 800 100 Liabilities and 2022 Owners' Equity 700 Current Liabilities Accounts Payable Notes Payable Debt Total Long- Term Liabilities Owners' Equity Common Stock ($1 Par) Retained Earnings Total Owners' Equity 2686 2100 Total Liab. and Owners' Equity 1120 810 460 1580 431 431 340 335 675 2021 2686 370 1180 440 440 310 170 480 2100 Income Statement ($ in Millions) 2022 Sales Cost of Goods Sold Administrative Expenses Depreciation Earnings Before Interest and Taxes Interest Expense Taxable Income Taxes Net Income Dividends Addition to Retained Earnings 1100 700 100 74 226 30 196 15 181 16 165
The following financial information relate to Lang Industrial Systems Inc. and as a financial analyst you are required to assist with the following problems: Assets Current Assets Cash Accounts Receivable Inventory Total Current Assets Fixed Assets Property, Plant, and Equipment Less Accumulated Depreciation Net Fixed Assets Total Assets Balance Sheet ($ in Millions) 2022 2021 540 820 550 950 174 400 776 600 Total Current Liabilities 1910 1400 Long-Term Liabilities Long-Term 400 800 100 Liabilities and 2022 Owners' Equity 700 Current Liabilities Accounts Payable Notes Payable Debt Total Long- Term Liabilities Owners' Equity Common Stock ($1 Par) Retained Earnings Total Owners' Equity 2686 2100 Total Liab. and Owners' Equity 1120 810 460 1580 431 431 340 335 675 2021 2686 370 1180 440 440 310 170 480 2100 Income Statement ($ in Millions) 2022 Sales Cost of Goods Sold Administrative Expenses Depreciation Earnings Before Interest and Taxes Interest Expense Taxable Income Taxes Net Income Dividends Addition to Retained Earnings 1100 700 100 74 226 30 196 15 181 16 165
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter2: Financial Reporting: Its Conceptual Framework
Section: Chapter Questions
Problem 4C
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning