The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows:
1 | Dec. 31, 20Y8 | Dec. 31, 20Y7 | |
2 | Assets | ||
3 | Cash | $95,000.00 | $110,000.00 |
4 | Accounts receivable (net) | 260,000.00 | 280,000.00 |
5 | Inventories | 520,000.00 | 450,000.00 |
6 | Prepaid expenses | 15,000.00 | 5,000.00 |
7 | Equipment | 1,130,000.00 | 800,000.00 |
8 | Accumulated depreciation-equipment | (235,000.00) | (190,000.00) |
9 | Total assets | $1,785,000.00 | $1,455,000.00 |
10 | Liabilities and Stockholders’ Equity | ||
11 | Accounts payable (merchandise creditors) | $100,000.00 | $75,000.00 |
12 | Mortgage note payable | 0.00 | 500,000.00 |
13 | Common stock, $10 par | 500,000.00 | 200,000.00 |
14 | Paid-in capital in excess of par—common stock | 400,000.00 | 100,000.00 |
15 | Retained earnings | 785,000.00 | 580,000.00 |
16 | Total liabilities and stockholders’ equity | $1,785,000.00 | $1,455,000.00 |
Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows:
a. Net income, $250,000. | |
b. Depreciation reported on the income statement, $135,000. | |
c. Equipment was purchased at a cost of $420,000 and fully depreciated equipment costing $90,000 was discarded, with no salvage realized. | |
d. The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty. | |
e. 30,000 shares of common stock were issued at $20 for cash. | |
f. Cash dividends declared and paid, $45,000. |
Labels and Amount DEscription
Cash paid for dividends | |
Cash paid for equipment | |
Cash paid for merchandise | |
Cash paid for purchase of land | |
Cash paid to retire mortgage note payable | |
Cash received from customers | |
Cash received from sale of common stock | |
December 31, 20Y8 | |
Decrease in inventories | |
Decrease in accounts payable | |
Decrease in accounts receivable | |
Decrease in prepaid expenses | |
Depreciation | |
For the Year Ended December 31, 20Y8 | |
Gain on disposal of equipment | |
Gain on sale of investments | |
Increase in accounts payable | |
Increase in accounts receivable | |
Increase in inventories | |
Increase in prepaid expenses | |
Loss on disposal of equipment | |
Loss on sale of investments | |
Net cash flow from financing activities | |
Net cash flow from investing activities | |
Net cash flow from operating activities | |
Net cash flow used for financing activities | |
Net cash flow used for investing activities | |
Net cash flow used for operating activities | |
Net decrease in cash | |
Net income | |
Net increase in cash | |
Net loss |
Statement of cash flow
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.
Yellow Dog Enterprises Inc. |
Statement of Cash Flows |
1 | Cash flows from (used for) operating activities: | ||
2 |
| ||
3 | Adjustments to reconcile net income to net cash flow from operating activities: | ||
4 | |||
5 | Changes in current operating assets and liabilities: | ||
6 | |||
7 | |||
8 | |||
9 | |||
10 | |||
11 | |||
12 | Cash flows from (used for) investing activities: | ||
13 | |||
14 | |||
15 | |||
16 | Cash flows from (used for) financing activities: | ||
17 | |||
18 | |||
19 | |||
20 | |||
21 | |||
22 | Cash balance, January 1, 20Y8 | ||
23 | Cash balance, December 31, 20Y8 |
The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows:
The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Dec. 31, 20Y8 Dec. 31, 20Y7 Assets Cash $55,870 $68,540 Accounts receivable (net) 85,850 92,390 Inventories 122,620 114,520 Prepaid expenses 5,000 3,470 Equipment 249,820 205,170 Accumulated depreciation-equipment (64,950) (50,320) Total assets $454,210 $433,770 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $95,380 $90,660 Mortgage note payable 0 130,130 Common stock, $1 par 14,000 9,000 Paid-in capital in excess of par-common stock 197,000...
The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows Dec. 31,20Y8 Dec. 31,20Y7 Assets 146190.00 $179,070.00 41,100.00 299,700.00 430.00 537,730.00 170,790.00) 0) 1,190,560.00 $1,135,130.00 3Cash 4Accounts receivable (net) Inventories 6 Prepaid expenses 7 Equipment 8Accumulated depreciation-equipment 9 Total assets 224,940.00 22,390.00 12,670.00 655,160.00 Liabilities and Stockholders' Equity 10 11 Accounts payable (merchandise creditors) 12 Mortgage note payable 13 Common stock, $10 par 14 Paid-in capital: Excess of issue price over par-common...
The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Dec. 31, 20Y8 Dec. 31, 20Y7 Assets Cash $49,350 $60,220 Accounts receivable (net) 75,830 81,180 Inventories 108,320 100,620 Prepaid expenses 4,410 3,050 Equipment 220,660 180,280 Accumulated depreciation-equipment (57,370) (44,210) Total assets $401,200 $381,140 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $84,250 $79,660 Mortgage note payable 0 114,340 Common stock, $1 par 13,000 8,000 Paid-in capital: Excess of issue price over par-common...
The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: 1 Dec. 31, 20Y8 Dec. 31, 20Y7 2 Assets 3 Cash $145,630.00 $180,110.00 4 Accounts receivable (net) 224,520.00 241,890.00 5 Inventories 321,860.00 299,730.00 6 Prepaid expenses 12,550.00 10,220.00 7 Equipment 655,090.00 537,200.00 8 Accumulated depreciation-equipment (170,220.00) (132,040.00) 9 Total assets $1,189,430.00 $1,137,110.00 10 Liabilities and Stockholders’ Equity 11 Accounts payable (merchandise creditors) $240,110.00 $237,190.00 12 Mortgage note payable 0.00 335,380.00 13 Common...
The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: A. Net income, $190,000. B. Depreciation reported on the income statement, $115,000. C. Equipment was purchased at a cost of $395,000 and fully depreciated equipment costing $75,000 was discarded, with no salvage realized. D. The mortgage note payable was not...
the comparative balance sheet of yellow dog enterprises inc. at December 31, 20Y8 and 20Y7, is as follows: dec 31. 20Y8 dec 31. 20Y7. Assets. cash. $80,000.00. $100,000.00. Accounts receivable 275,000.00. 300,000.00. merchandise inventory 510,000.00. 400,000.00. prepaid expenses. 15,000.00. 10,000.00. equipment. 1,750,000.00. 750,000.00. Accumulated depreciation (200,000.00. (160,000.00. total Assets. 1,750,000.00. $1400,000.00. liabilities and stockholders equity. Accounts payable. $100,000.00. $90,000,00. mortgage note payable 0.00. 400,000.00. common stock $10 par. 600,000.00. 200,000.00. paid in capital. 300,000.00. 100,000.00. retained earnings. 750,000.00. 610,000.00. total...
The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: 1 Dec. 31, 20Y8 Dec. 31, 20Y7 2 Assets 3 Cash $146,590.00 $180,310.00 4 Accounts receivable (net) 223,920.00 242,510.00 5 Inventories 322,020.00 298,480.00 6 Prepaid expenses 12,710.00 9,770.00 7 Equipment 654,640.00 536,710.00 8 Accumulated depreciation-equipment (170,680.00) (132,810.00) 9 Total assets $1,189,200.00 $1,134,970.00 10 Liabilities and Stockholders’ Equity 11 Accounts payable (merchandise creditors) $239,470.00 $238,540.00 12 Mortgage note payable 0.00 335,820.00 13 Common...
Statement of Cash Flows—Indirect Method The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Dec. 31, 20Y8 Dec. 31, 20Y7 Assets Cash $69,770 $85,140 Accounts receivable (net) 107,210 114,780 Inventories 153,140 142,260 Prepaid expenses 6,240 4,310 Equipment 311,980 254,890 Accumulated depreciation-equipment (81,110) (62,510) Total assets $567,230 $538,870 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $119,120 $112,620 Mortgage note payable 0 161,660 Common stock, $1 par 18,000 11,000 Paid-in capital in...
Statement of Cash Flows—Indirect Method The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Dec. 31, 20Y8 Dec. 31, 20Y7 Assets Cash $68,210 $83,770 Accounts receivable (net) 104,820 112,930 Inventories 149,750 139,970 Prepaid expenses 6,100 4,240 Equipment 305,020 250,780 Accumulated depreciation-equipment (79,310) (61,500) Total assets $554,590 $530,190 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $116,460 $110,810 Mortgage note payable 0 159,060 Common stock, $1 par 18,000 11,000 Paid-in capital in...
Statement of Cash Flows—Indirect Method The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Dec. 31, 20Y8 Dec. 31, 20Y7 Assets Cash $61,270 $75,480 Accounts receivable (net) 94,140 101,750 Inventories 134,490 126,100 Prepaid expenses 5,480 3,820 Equipment 273,960 225,950 Accumulated depreciation-equipment (71,230) (55,410) Total assets $498,110 $477,690 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $104,600 $99,840 Mortgage note payable 0 143,310 Common stock, $1 par 16,000 10,000 Paid-in capital in...