Homework Answers
| Johnson corporation |
| Cash flow statement |
| Cash flows from operating activities | ||
| Net income | 98,000 | |
| Adjustment to reconcile net income to net cash provided by operating activities: | ||
| Depreciation expense | 27,000 | |
| Gain on sale of investment (70,000-30,000) | -40,000 | |
| Increase in account Recievable (45,000-27,000) | -18,000 | |
| Decrease in inventory (29,000-41,000) | 12,000 | |
| Decrease in prepaid expenses (5,000-10,000) | 5,000 | |
| Decrease in account payable (19,000-33,000) | -14,000 | |
| Increase in salary Payable (37,000-20,000) | 17,000 | |
| Decrease in taxes payable (27,000-30,000) | -3,000 | -14,000 |
| Net cash provided by operating activities | 84,000 | |
| cash flows from investing activities: | ||
| Proceeds from sale of investment | 70,000 | |
| Purchase of plant and equipment | -15,000 | |
| Net cash provided by investing activities | 55,000 | |
| Cash flows from Financing activities | ||
| Issuance of common stock | 30,000 | |
| Retirement of bonds payable | -120,000 | |
| Payments of cash dividends | -26,000 | |
| Net cash used by financing activities | -116,000 | |
| Net increase in cash | 23,000 | |
| Cash at the beginning | 36,000 | |
| Cash at the ending | 59,000 |
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Read aloud Page View Listed below are the comparative balance sheets for the current year (20X2)...
Listed below are the comparative balance sheets for the current year (20X2) and for the prior...
Listed below are the comparative balance sheets for the current year (20X2) and for the prior year (20x1) of Johnson Corporation. 12/31/20x2 12/31/20X1 Cash Accounts receivable Inventory Prepaid expenses Investments Plant and equipment Accumulated depreciation Total Assets $ 59,000 45,000 29,000 5,000 200,000 535,000 (297,000) $ 576,000 27,000 41,000 10,000 230,000 520,000 (270,000) $ 594,000 Accounts payable Salaries payable Taxes payable Bonds payable Common stock Retained earnings Total Liabilities and Equity $ 19,000 37,000 27,000 10,000 130,000 353,000 $ 576,000...
Listed below are the comparative balance sheets for the current year (20X2) and for the prior...
Listed below are the comparative balance sheets for the current year (20X2) and for the prior year (20x1) of Johnson Corporation. 12/31/20X2 1 2/31/20X1 Cash Accounts receivable Inventory Prepaid expenses Investments Plant and equipment Accumulated depreciation Total Assets $ 59,000 45,000 29,000 5,000 200,000 535,000 (297,000) $ 576,000 $ 36,000 27,000 41,000 10,000 230,000 520,000 (270,000) $ 594,000 7 Accounts payable Salaries payable Taxes payable Bonds payable Common stock Retained earnings Total Liabilities and Equity $ 19,000 37,000 27,000 10,000...
Comparative Balance Sheets For 20X1 and 20X2 Year-End Year-End Assets 20X1 20X2 Current assets: Cash $...
Comparative Balance Sheets For 20X1 and 20X2 Year-End Year-End Assets 20X1 20X2 Current assets: Cash $ 70,000 $100,000 Accounts receivable (net) 300,000 350,000 Inventory 410,000 430,000 Prepaid expenses 50,000 30,000 Total current assets 830,000 910,000 Investments (long-term securities) 80,000 70,000 Plant and equipment 2,000,000 2,400,000 Less: Accumulated depreciation 1,000,000 1,150,000 Net plant and equipment 1,000,000 1,250,000 Total assets $1,910,000 $2,230,000 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 250,000 $ 440,000 Notes payable 400,000 400,000 Accrued expenses 70,000 50,000...
PROBLEM VI The following information relates to Aires Corporation for 20x2 and 20x1 Aires Corporation Comparative Balance Sheets December 31, 20x2 and 20x1 s 21,00054, 000 ( 33,000) 421,000 480,00...
PROBLEM VI The following information relates to Aires Corporation for 20x2 and 20x1 Aires Corporation Comparative Balance Sheets December 31, 20x2 and 20x1 s 21,00054, 000 ( 33,000) 421,000 480,000 (59,000) 310,000 340,000 (30,000) 17,000 15, 000 2,000 Assets Cash Accounts receivable (net) Inventory Prepaid expenses Investments Land Building (net) Equipment (net) Total assets 80,000 80,000 350,000 300,000 50,000 680,000 700,000 (20, 000) 520.000 340,000 180,000 $2,399,000 3,09,090,000 Liabilities $ 328,000 $ 335, 000 ( 7,000) Accounts payable Accrued liabilities...
Swasey Company provided the following partial comparative balance sheets and the income statement for 20X2. Swasey...
Swasey Company provided the following partial comparative balance sheets and the income statement for 20X2. Swasey Company Partial Comparative Balance Sheets At December 31, 20X1 and 20X2 1 20X1 20X2 2 Current Assets 3 Accounts receivable 745,000.00 677,000.00 4 Inventories 295,000.00 315,000.00 5 Current liabilities 6 Wages payable 705,000.00 680,000.00 Swasey Company Income Statement For the Year Ended December 31, 20X2 1 Revenues 3,410,000.00 2 Gain on sale of equipment 100,000.00 3 Cost of goods sold (1,910,000.00) 4 Depreciation expense...
Swasey Company Partial Comparative Balance Sheets At December 31, 20X1 and 20X2 1 20X1 20X2 2...
Swasey Company Partial Comparative Balance Sheets At December 31, 20X1 and 20X2 1 20X1 20X2 2 Current Assets 3 Accounts receivable 1,500,000.00 1,165,000.00 4 Inventories 600,000.00 640,000.00 5 Current liabilities 6 Wages payable 1,400,000.00 1,030,000.00 Swasey Company Income Statement For the Year Ended December 31, 20X2 1 Revenues 6,000,000.00 2 Gain on sale of equipment 200,000.00 3 Cost of goods sold (3,840,000.00) 4 Depreciation expense (540,000.00) 5 Interest expense (20,000.00) 6 Net income $1,800,000.00 Required: Compute operating cash flows using...
Swasey Company provided the following partial comparative balance sheets and the income statement for 20X2 Swasey...
Swasey Company provided the following partial comparative balance sheets and the income statement for 20X2 Swasey Company Comparative Balance Sheets At December 31, 20X1 and 20X2 1 20X1 20X2 2 Current assets: 3 Cash $460,000.00 $1,320,000.00 4 Accounts receivable $1,500,000.00 $1,165,000.00 5 Inventories 600,000.00 640,000.00 6 Long-term assets: 7 Plant and equipment 4,400,000.00 4,300,000.00 8 Accumulated depreciation (2,400,000.00) (2,540,000.00) 9 Land 2,000,000.00 2,875,000.00 10 Total assets $6,560,000.00 $7,760,000.00 11 Current liabilities: 12 Wages payable $1,400,000.00 $1,030,000.00 13 Long-term liabilities: 14...
The Statement of Cash Flows 215 Problem 14 sed balance sheets of the Spartan Inn are...
The Statement of Cash Flows 215 Problem 14 sed balance sheets of the Spartan Inn are as follows: The condensed bala Spartan Inn Condensed Balance Sheets December 31, 20X1 and 20X2 20X1 Assets Current Assets: 20X2 Cash $ $ Marketable Securities Accounts Receivable Inventory Total Current Assets Investments Property and Equipment: 30,000 50,000 100,000 20,000 200,000 100,000 40,000 50,000 95,000 25,000 210,000 60,000 500,000 5,000,000 1,000,000 (1,600,000) 4,900,000 $5,200,000 500,000 6,000,000 1,100,000 (2,000,000) 5,600,000 $5,870,000 Land Building Equipment Accumulated Depreciation...
ohe comparative balance sheets for Russell Company appear below: RUSSELL COMPANY Comparative Balance Sheet Dec. 31,...
ohe comparative balance sheets for Russell Company appear below: RUSSELL COMPANY Comparative Balance Sheet Dec. 31, 2016 Dec. 31,2017 Assets $38,000 Cash $13,000 Accounts receivable 18,000 14,000 Inventory 25,000 15,000 Prepaid insurance 7,000 9,000 Stock investments 18,000 Equipment 60,000 30,000 Accumulated depreciation-equipment (18.000) (14.000) Total assets $130.000 $85,000 Liabilities and Stockholders Equity Accounts payable $ 25.000 $7,000 Bonds payable 37,000 45,000 Common stock 40,000 23.000 Retained earnings 28.000 10.000 (18.000) Accumulated depreciation-equipment (14.000) $130.000 $85,000 Total assets Liabilities and Stockholders'...
Year 20x2 Current Year 20X3 Year 20X1 849,750 524,000 325,750 $ $ $ 1,580,000 $ 875,200...
Year 20x2 Current Year 20X3 Year 20X1 849,750 524,000 325,750 $ $ $ 1,580,000 $ 875,200 $ 704,800 $ 3,100,000 1,580,000 1,520,000 Income Statement Revenue Cost of Goods Sold Gross Profit Administrative Expenses: Rent Expense Utilities Expense Wages Expense Office Expense Depreciation Expense Total Expenses Net Income 75,000 $ 25,000 $ 145,000 $ 5,500 $ 10,000 $ 260,500 $ 65,250 $ 90,000 $ 40,000 $ 315,000 $ 15,000 $ 65,000 $ 525,000 $ 179,800 $ 162,000 210,000 550,000 28,000 150,000...
Listed below are the comparative balance sheets for the current year (20X2) and for the prior year (20x1) of Johnson Corporation. 12/31/20x2 12/31/20X1 Cash Accounts receivable Inventory Prepaid expenses Investments Plant and equipment Accumulated depreciation Total Assets $ 59,000 45,000 29,000 5,000 200,000 535,000 (297,000) $ 576,000 27,000 41,000 10,000 230,000 520,000 (270,000) $ 594,000 Accounts payable Salaries payable Taxes payable Bonds payable Common stock Retained earnings Total Liabilities and Equity $ 19,000 37,000 27,000 10,000 130,000 353,000 $ 576,000...
Listed below are the comparative balance sheets for the current year (20X2) and for the prior year (20x1) of Johnson Corporation. 12/31/20X2 1 2/31/20X1 Cash Accounts receivable Inventory Prepaid expenses Investments Plant and equipment Accumulated depreciation Total Assets $ 59,000 45,000 29,000 5,000 200,000 535,000 (297,000) $ 576,000 $ 36,000 27,000 41,000 10,000 230,000 520,000 (270,000) $ 594,000 7 Accounts payable Salaries payable Taxes payable Bonds payable Common stock Retained earnings Total Liabilities and Equity $ 19,000 37,000 27,000 10,000...
PROBLEM VI The following information relates to Aires Corporation for 20x2 and 20x1 Aires Corporation Comparative Balance Sheets December 31, 20x2 and 20x1 s 21,00054, 000 ( 33,000) 421,000 480,000 (59,000) 310,000 340,000 (30,000) 17,000 15, 000 2,000 Assets Cash Accounts receivable (net) Inventory Prepaid expenses Investments Land Building (net) Equipment (net) Total assets 80,000 80,000 350,000 300,000 50,000 680,000 700,000 (20, 000) 520.000 340,000 180,000 $2,399,000 3,09,090,000 Liabilities $ 328,000 $ 335, 000 ( 7,000) Accounts payable Accrued liabilities...
The Statement of Cash Flows 215 Problem 14 sed balance sheets of the Spartan Inn are as follows: The condensed bala Spartan Inn Condensed Balance Sheets December 31, 20X1 and 20X2 20X1 Assets Current Assets: 20X2 Cash $ $ Marketable Securities Accounts Receivable Inventory Total Current Assets Investments Property and Equipment: 30,000 50,000 100,000 20,000 200,000 100,000 40,000 50,000 95,000 25,000 210,000 60,000 500,000 5,000,000 1,000,000 (1,600,000) 4,900,000 $5,200,000 500,000 6,000,000 1,100,000 (2,000,000) 5,600,000 $5,870,000 Land Building Equipment Accumulated Depreciation...
ohe comparative balance sheets for Russell Company appear below: RUSSELL COMPANY Comparative Balance Sheet Dec. 31, 2016 Dec. 31,2017 Assets $38,000 Cash $13,000 Accounts receivable 18,000 14,000 Inventory 25,000 15,000 Prepaid insurance 7,000 9,000 Stock investments 18,000 Equipment 60,000 30,000 Accumulated depreciation-equipment (18.000) (14.000) Total assets $130.000 $85,000 Liabilities and Stockholders Equity Accounts payable $ 25.000 $7,000 Bonds payable 37,000 45,000 Common stock 40,000 23.000 Retained earnings 28.000 10.000 (18.000) Accumulated depreciation-equipment (14.000) $130.000 $85,000 Total assets Liabilities and Stockholders'...
Year 20x2 Current Year 20X3 Year 20X1 849,750 524,000 325,750 $ $ $ 1,580,000 $ 875,200 $ 704,800 $ 3,100,000 1,580,000 1,520,000 Income Statement Revenue Cost of Goods Sold Gross Profit Administrative Expenses: Rent Expense Utilities Expense Wages Expense Office Expense Depreciation Expense Total Expenses Net Income 75,000 $ 25,000 $ 145,000 $ 5,500 $ 10,000 $ 260,500 $ 65,250 $ 90,000 $ 40,000 $ 315,000 $ 15,000 $ 65,000 $ 525,000 $ 179,800 $ 162,000 210,000 550,000 28,000 150,000...
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