Homework Answers
| Scenic Industries, Inc. | ||
| Statement of Cash Flows | ||
| For the Year Ended December 31, 2013 | ||
| Cash Flows from Operating Activities | ||
| Net Income | $183,000 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation Expense | $4,900 | |
| Gain on Sale of Equipment | -$4,400 | |
| Increase in Accounts Receivable | -$3,000 | |
| Decrease in Inventory | $7,300 | |
| Increase in Prepaid Insurance | -$500 | |
| Decrease in Accounts Payable | -$3,300 | |
| Decrease in Salaries Payable | -$4,500 | |
| Increase in Interest Payable | $2,400 | |
| Increase in Taxes Payable | $5,300 | |
| Decrease in Other Accrued Operating Expense | -$3,300 | |
| Net cash flows provided by operating activities | $183,900 | |
| Cash Flows from Investing Activities | ||
| Purchase of Long-Term Investments | -$113,000 | |
| Proceeds from Sale of Equipment | $15,100 | |
| Purchase of Equipment | -$29,700 | |
| Net cash flow used in investing activities | -$127,600 | |
| Cash Flows from Financing Activities | ||
| Principal Payment on Bond Payable | -$35,000 | |
| Proceeds from Issuance of Common Stock | $30,000 | |
| Cash paid for Dividends | -$24,800 | |
| Net cash flow used in financing activities | -$29,800 | |
| Increase in cash | $26,500 | |
| Cash balance, December 31, 2012 | $23,500 | |
| Cash balance, December 31, 2013 | $50,000 | |
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I
am preparing a statement of cash flows
below are the income statement, balance sheets for...
Statement of Cash Flows (Indirect Method) The Wolff Company's income statement and comparative balance sheets at...
Statement of Cash Flows (Indirect Method) The Wolff Company's income statement and comparative balance sheets at December 31 of 2013 .. and 2012 are shown below: WOLFF COMPANY Income Statement For the Year Ended December 31, 2013 Sales Revenue $762,000 Cost of Goods Sold $516,000 Wages Expense 103,200 Insurance Expense 9,600 Depreciation Expense 20,400 Interest Expense 10,800 Income Tax Expense 34,800 694,800 Net Income $67,200 WOLFF COMPANY Balance Sheets Dec. 31, 2013 Dec. 31, 2012 Assets Cash $13,200 $6,000 Accounts...
Preparing a Statement of Cash Flows (Direct Method) Rainbow Company's income statement and comparative balance sheets...
Preparing a Statement of Cash Flows (Direct Method) Rainbow Company's income statement and comparative balance sheets follow. RAINBOW COMPANY Income Statement For Year Ended December 31, 2018 Sales $750,000 Dividend Income 15,000 Total Revenue 765,000 Cost of Goods Sold $440,000 Wages and Other Operating Expenses 130,000 Depreciation Expense 39,000 Patent Amortization Expense 7,000 Interest Expense 13,000 Income Tax Expense 44,000 Loss on Sale of Equipment 5,000 Gain on Sale of Investments (3,000) 675,000 Net Income $90,000 RAINBOW COMPANY Balance Sheets...
Preparing a Statement of Cash Flows (Direct Method) Rainbow Company's income statement and comparative balance sheets...
Preparing a Statement of Cash Flows (Direct Method) Rainbow Company's income statement and comparative balance sheets follow. RAINBOW COMPANY Income Statement For Year Ended December 31, 2016 Sales $6,750,000 Dividend Income 135,000 Total Revenue 6,885,000 Cost of Goods Sold $3,960,000 Wages and Other Operating Expenses 1,170,000 Depreciation Expense 351,000 Patent Amortization Expense 63,000 Interest Expense 117,000 Income Tax Expense 396,000 Loss on Sale of Equipment 45,000 Gain on Sale of Investments (27,000) 6,075,000 Net Income $810,000 RAINBOW COMPANY Balance Sheets...
Exercise 12-11 Indirect: Preparing statement of cash flows LO P1, P2, P3, A1 The following financial...
Exercise 12-11 Indirect: Preparing statement of cash flows LO
P1, P2, P3, A1
The following financial statements and additional information
are reported.
IKIBAN INC.
Comparative Balance Sheets
June 30, 2017 and 2016
2017
2016
Assets
Cash
$
104,500
$
49,000
Accounts receivable, net
72,500
56,000
Inventory
68,800
94,000
Prepaid expenses
4,900
6,400
Total current assets
250,700
205,400
Equipment
129,000
120,000
Accum. depreciation—Equipment
(29,500
)
(11,500
)
Total assets
$
350,200
$
313,900
Liabilities and Equity
Accounts payable
$
30,000
$...
Statement of Cash Flows (Direct Method) The Wolff Company's income statement and comparative balance sheets at...
Statement of Cash Flows (Direct Method) The Wolff Company's income statement and comparative balance sheets at December 31 of 2013 and 2012 are shown below: WOLFF COMPANY Income Statement For the Year Ended December 31, 2013 Sales Revenue $825,500 Cost of Goods Sold $559,000 Wages Expense 111,800 Insurance Expense 10,400 Depreciation Expense 22,100 Interest Expense 11,700 Income Tax Expense 37,700 752,700 Net Income $72,800 WOLFF COMPANY Balance Sheets Dec. 31, 2013 Dec. 31, 2012 Assets Cash Accounts Receivable $14,300 53,300...
Problem 11-4B Prepare a statement of cash flows-indirect method. The income statement, blanace sheets, and additional...
Problem 11-4B Prepare a statement of cash flows-indirect method.
The income statement, blanace sheets, and additional
indormation dor Virtual Gaming Systems are provided.
Problem 11-4B Prepare a statement of cash flows-indirect method (LO11-2, 11-3, 11-4, 11-5) The income statement, balance sheets, and additional information for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 $2,450,000 7,500 2,457,500 Net sales Gain on sale of land Total revenues Expenses: Cost of goods sold Operating...
Statement of Cash Flows (Indirect Method) Dair Company's income statement and comparative balance sheets follow. DAIR...
Statement of Cash Flows (Indirect Method) Dair Company's income statement and comparative balance sheets follow. DAIR COMPANY Income Statement For Year Ended December 31,2011 Sales $ 700,000 Cost of goods sold $ 440,000 Wages and other operating expenses 95,000 Depreciation expense 21,000 Amortization expense 6,000 Interest expense 10,000 Income tax expense 36,000 Loss on bond retirement 5,000 613,000 Net income $87,000 DAIR COMPANY Balance Sheets Dec. 31, 2011 Dec. 31, 2010 Assets Cash $ 22,000 $ 18,000 Accounts receivable 54,000...
Statement of Cash Flows (Indirect Method) The Rainbow Company's income statement and comparative balance sheets as...
Statement of Cash Flows (Indirect Method) The Rainbow Company's income statement and comparative balance sheets as of December 31 1 of 2013 and 2012 follow: RAINBOW COMPANY Income Statement For the Year Ended December 31, 2013 Sales Revenue $825,000 Dividend Income 16,500 841,500 Cost of Goods Sold $484,000 Wages and Other Operating Expenses 143,000 Depreciation Expense 42,900 Patent Amortization Expense 7,700 Interest Expense 14,300 Income Tax Expense 48,400 Loss on Sale of Equipment 5,500 Gain on Sale of Investments (11,000)...
Statement of Cash Flows (Direct Method) The Wolff Company's income statement and comparative balance sheets at...
Statement of Cash Flows (Direct Method) The Wolff Company's income statement and comparative balance sheets at December 31 of 2013 and 2012 are shown below: WOLFF COMPANY Income Statement For the Year Ended December 31, 2013 Sales Revenue $825,500 Cost of Goods Sold $559,000 Wages Expense 111,800 Insurance Expense 10,400 Depreciation Expense 22,100 Interest Expense 11,700 Income Tax Expense 37,700 752,700 Net Income $72,800 WOLFF COMPANY Balance Sheets Dec. 31, 2013 Dec. 31, 2012 Assets Cash $14,300 53,300 117,000 6,500...
FINA 3006 Preparing a Statement of Cash Flows Given the balance sheets and the income statement...
FINA 3006 Preparing a Statement of Cash Flows Given the balance sheets and the income statement of The Jamin Corporation: a) Prepare the firm's statement of cash flows for the year ended December 31, 2017. Income Statement--The Jamin Corporation for the year Ending December 31, 2017 830,200 Sales 39,750 Cost of Goods Sold Gross profit Operating expenses Selling expenses General and administrative expenses Depreclation Total operating expenses Operating income 290,450 90,750 71,800 28,200 190,150 99,700 20,000 Interest expense Earnings before...
Statement of Cash Flows (Indirect Method) The Wolff Company's income statement and comparative balance sheets at December 31 of 2013 .. and 2012 are shown below: WOLFF COMPANY Income Statement For the Year Ended December 31, 2013 Sales Revenue $762,000 Cost of Goods Sold $516,000 Wages Expense 103,200 Insurance Expense 9,600 Depreciation Expense 20,400 Interest Expense 10,800 Income Tax Expense 34,800 694,800 Net Income $67,200 WOLFF COMPANY Balance Sheets Dec. 31, 2013 Dec. 31, 2012 Assets Cash $13,200 $6,000 Accounts...
Preparing a Statement of Cash Flows (Direct Method) Rainbow Company's income statement and comparative balance sheets follow. RAINBOW COMPANY Income Statement For Year Ended December 31, 2018 Sales $750,000 Dividend Income 15,000 Total Revenue 765,000 Cost of Goods Sold $440,000 Wages and Other Operating Expenses 130,000 Depreciation Expense 39,000 Patent Amortization Expense 7,000 Interest Expense 13,000 Income Tax Expense 44,000 Loss on Sale of Equipment 5,000 Gain on Sale of Investments (3,000) 675,000 Net Income $90,000 RAINBOW COMPANY Balance Sheets...
Preparing a Statement of Cash Flows (Direct Method) Rainbow Company's income statement and comparative balance sheets follow. RAINBOW COMPANY Income Statement For Year Ended December 31, 2016 Sales $6,750,000 Dividend Income 135,000 Total Revenue 6,885,000 Cost of Goods Sold $3,960,000 Wages and Other Operating Expenses 1,170,000 Depreciation Expense 351,000 Patent Amortization Expense 63,000 Interest Expense 117,000 Income Tax Expense 396,000 Loss on Sale of Equipment 45,000 Gain on Sale of Investments (27,000) 6,075,000 Net Income $810,000 RAINBOW COMPANY Balance Sheets...
Exercise 12-11 Indirect: Preparing statement of cash flows LO
P1, P2, P3, A1
The following financial statements and additional information
are reported.
IKIBAN INC.
Comparative Balance Sheets
June 30, 2017 and 2016
2017
2016
Assets
Cash
$
104,500
$
49,000
Accounts receivable, net
72,500
56,000
Inventory
68,800
94,000
Prepaid expenses
4,900
6,400
Total current assets
250,700
205,400
Equipment
129,000
120,000
Accum. depreciation—Equipment
(29,500
)
(11,500
)
Total assets
$
350,200
$
313,900
Liabilities and Equity
Accounts payable
$
30,000
$...
Statement of Cash Flows (Direct Method) The Wolff Company's income statement and comparative balance sheets at December 31 of 2013 and 2012 are shown below: WOLFF COMPANY Income Statement For the Year Ended December 31, 2013 Sales Revenue $825,500 Cost of Goods Sold $559,000 Wages Expense 111,800 Insurance Expense 10,400 Depreciation Expense 22,100 Interest Expense 11,700 Income Tax Expense 37,700 752,700 Net Income $72,800 WOLFF COMPANY Balance Sheets Dec. 31, 2013 Dec. 31, 2012 Assets Cash Accounts Receivable $14,300 53,300...
Problem 11-4B Prepare a statement of cash flows-indirect method.
The income statement, blanace sheets, and additional
indormation dor Virtual Gaming Systems are provided.
Problem 11-4B Prepare a statement of cash flows-indirect method (LO11-2, 11-3, 11-4, 11-5) The income statement, balance sheets, and additional information for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 $2,450,000 7,500 2,457,500 Net sales Gain on sale of land Total revenues Expenses: Cost of goods sold Operating...
Statement of Cash Flows (Indirect Method) Dair Company's income statement and comparative balance sheets follow. DAIR COMPANY Income Statement For Year Ended December 31,2011 Sales $ 700,000 Cost of goods sold $ 440,000 Wages and other operating expenses 95,000 Depreciation expense 21,000 Amortization expense 6,000 Interest expense 10,000 Income tax expense 36,000 Loss on bond retirement 5,000 613,000 Net income $87,000 DAIR COMPANY Balance Sheets Dec. 31, 2011 Dec. 31, 2010 Assets Cash $ 22,000 $ 18,000 Accounts receivable 54,000...
Statement of Cash Flows (Indirect Method) The Rainbow Company's income statement and comparative balance sheets as of December 31 1 of 2013 and 2012 follow: RAINBOW COMPANY Income Statement For the Year Ended December 31, 2013 Sales Revenue $825,000 Dividend Income 16,500 841,500 Cost of Goods Sold $484,000 Wages and Other Operating Expenses 143,000 Depreciation Expense 42,900 Patent Amortization Expense 7,700 Interest Expense 14,300 Income Tax Expense 48,400 Loss on Sale of Equipment 5,500 Gain on Sale of Investments (11,000)...
Statement of Cash Flows (Direct Method) The Wolff Company's income statement and comparative balance sheets at December 31 of 2013 and 2012 are shown below: WOLFF COMPANY Income Statement For the Year Ended December 31, 2013 Sales Revenue $825,500 Cost of Goods Sold $559,000 Wages Expense 111,800 Insurance Expense 10,400 Depreciation Expense 22,100 Interest Expense 11,700 Income Tax Expense 37,700 752,700 Net Income $72,800 WOLFF COMPANY Balance Sheets Dec. 31, 2013 Dec. 31, 2012 Assets Cash $14,300 53,300 117,000 6,500...
FINA 3006 Preparing a Statement of Cash Flows Given the balance sheets and the income statement of The Jamin Corporation: a) Prepare the firm's statement of cash flows for the year ended December 31, 2017. Income Statement--The Jamin Corporation for the year Ending December 31, 2017 830,200 Sales 39,750 Cost of Goods Sold Gross profit Operating expenses Selling expenses General and administrative expenses Depreclation Total operating expenses Operating income 290,450 90,750 71,800 28,200 190,150 99,700 20,000 Interest expense Earnings before...
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