I already did the Cash Flow Statement, please help with the DEBIT / CREDIT part
Homework Answers
Please see the below worksheet for Statement of Cash flow :
| MERRICK EQUIPMENT Co. | ||||
| Spreadsheet (Worksheet) for Statement of Cash flow | ||||
| Balance | Transaction | Balance | ||
| Dec. 31, 20Y8 | Debit | Credit | Dec. 31, 20Y9 | |
| Cash | 47,940 | 22,780 | 70,720 | |
| Accounts receivable (net) | 188,190 | 19,040 | 207,230 | |
| Inventories | 289,850 | 8,670 | 298,520 | |
| Investments | 102,000 | 102,000 | - | |
| Land | - | 295,800 | 295,800 | |
| Equipment | 358,020 | 80,580 | 438,600 | |
| Accumulated depreciation-equipment | (84,320) | 14,790 | (99,110) | |
| Accounts payable | (194,140) | 11,560 | (205,700) | |
| Accrued expenses payable | (26,860) | 3,740 | (30,600) | |
| Dividends payable | (20,400) | 5,100 | (25,500) | |
| Common stock, $10 par | (102,000) | 100,000 | (202,000) | |
| Paid-in capital: Excess of issue price over par-common stock | (204,000) | 150,000 | (354,000) | |
| Retained earnings | (354,280) | 102,000 | 141,680 | (393,960) |
| - | 528,870 | 528,870 | - | |
| Operating activities | ||||
| Net income | 141,680 | |||
| Depreciation | 14,790 | |||
| Loss on sale of investments | 10,200 | |||
| Increase in account recievable | 19,040 | |||
| Increase in inventories | 8,670 | |||
| Increase in account payable | 11,560 | |||
| Increase in accrued expenses | 3,740 | |||
| Investing activities: | ||||
| Purchase of land | 295,800 | |||
| Purchase of equipment | 80,580 | |||
| Sale of investments | 91,800 | |||
| Financing activities: | ||||
| Declaration of cash dividend | 102,000 | |||
| Sale of common stock | 250,000 | |||
| Increase in dividends Payable | 5,100 | |||
| Net Increase in cash | 22,780 | |||
| Totals | 528,870 | 528,870 | ||
Calculation :
Increase in dividends Payable = 102000 - 96,900 = 5,100
Cash paid for dividend = 96,900 (calculated for cash flow statement = =102000+20400-25500 = 96900]
Net Increase in cash (calculated for cash flow statement =Net cash flow from operating activities+Net Cash flow from investing activities+Net Cash flow from financing activities = 154,260+ (284,580)+153,100 = 22,780
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I already did the Cash Flow Statement, please help with the
DEBIT / CREDIT part
Credit...
Obj.2, 3, 4, 5 The comparative balance sheet of Merrick Equipment Co. for December 31, 2049...
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It says that the numbers for cash recieved from sale of investments, cash paid for purchase...
It says that the numbers for cash recieved from sale of
investments, cash paid for purchase of
land, cash paid for purchase of equipment, cash recieved from
sale of common stock and cash paid for dividends is inocrrect. Can
someone please check these?
Dec. 31, 2019 Dec. 31, 2018 Assets Cash $316,580 Accounts receivable (net) 114,680 323,750 $292,800 105,160 311,350 120,620 Inventories 0 166,050 Investments Land Equipment Accumulated depreciation-equipment 357,190 (83,620) $1,194,630 275,270 (74,230) $1,030,970 Total assets Liabilities and Stockholders'...
Statement of Cash Flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31,...
Statement of Cash Flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 20Y8, is as follows: Dec. 31, 2019 Dec. 31, 2018 ssets Cash Accounts receivable (net) Inventories Investments Land $251,460 91,090 257,150 $233,110 83,720 247,890 96,030 131,900 283,720 Equipment Accumulated deſreciation equipment Total assets (66,420) $948,900 219,150 (59,100) $820,800 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $171,750 $161,700 Accrued expenses payable (operating expenses) 17,080 21,340 Dividends payable 9,490 7,390 Common stock, $10...
Statement of Cash Flows—Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31,...
Statement of Cash Flows—Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Dec. 31, 20Y9 Dec. 31, 20Y8 Assets Cash $265,010 $248,220 Accounts receivable (net) 96,000 89,150 Inventories 271,010 263,960 Investments 0 102,260 Land 139,000 0 Equipment 299,010 233,370 Accumulated depreciation—equipment (70,000) (62,930) Total assets $1,000,030 $874,030 Liabilities and Stockholders' Equity Accounts payable $181,010 $172,180 Accrued expenses payable 18,000 22,720 Dividends payable 10,000 7,870 Common stock, $10 par 54,000 42,830...
Statement of Cash Flows—Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31,...
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Obj.2, 3, 4, 5 The comparative balance sheet of Merrick Equipment Co. for December 31, 2049 and 20Y8, is as follows: SHOW ME HOW EXCEL TEMPLATE Dec 31, 2049 Dec 31, 2048 $ 70,720 207,230 298,520 $ 47,940 188,190 289,850 102,000 Assets Cash Accounts receivable (net). Inventories ... Investments Land Equipment Accumulated depreciation-equipment.. Total assets .... Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Accrued expenses payable loperating expenses). Dividends payable...... Common stock, 51 par. Paid-in capital: Excess of issue...
Page 1 of 2 Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $185,000 recorded on equipment and a building amounted to $96,000 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: . Depreciation End of Year Beginning of Year Cash Accounts receivable (net) Inventories Prepaid expenses Accounts payable (merchandise creditors) Salaries payable s75,900 84,550 186,200...
Statement of Cash Flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 2049 and 20Y8, is as follows: Dec. 31, 2049 Dec. 31, 2048 Assets Cash $227,500 Accounts receivable (net) $242,880 87,990 248,370 81,710 Inventories 241,900 93,720 Investments Land 127,400 Equipment 274,040 (64,160) 213,880 (57,670) Accumulated depreciation-equipment Total assets $916,520 $801,040 Liabilities and Stockholders' Equity Accounts payable $157,800 $165,890 16,500 20,830 Accrued expenses payable Dividends payable 9,170 7,210 Common stock, $10 par 49,490 39,250 Paid-in capital:...
Statement of Cash Flows-Indirect Method The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 2041, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $128 Accounts receivable (net) Inventories Land Equipment Accumulated depreciation-equipment (16) Total Assets $395 $269 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable Common stock, $1 par Paid-in capital: Excess of issue price over par- common stock Retained earnings 244 Total liabilities and stockholders' equity $395 The following additional...
Dec. 31, 2049 Dec. 31, 2018 Assets Cash $316,580 Accounts receivable (net) 114,680 $292,800 105,160 311,350 120,620 Inventories 323,750 O 166,050 Investments Land Equipment Accumulated depreciation-equipment Total assets 357,190 (83,620) $1,194,630 275,270 (74,230) $1,030,970 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Accrued expenses payable (operating expenses) Dividends payable Common stock, $10 par $216,230 21,500 11,950 64,510 242,510 637,930 $1,194,630 $203,100 26,810 9,280 50,520 140,210 601,050 $1,030,970 Paid-in capital in excess of par--common stock Retained earnings Total liabilities and stockholders'...
Ch 16-3 Exercises and Problems eBook Show Me How Calculator Print Item Statement of Cash Flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 2088, is as follows: Dec 31, 2049 Dec. 31, 2018 Assets Cash $237,780 Accounts receivable (net) Inventories 86,140 243,170 $224,000 80,450 238,190 92,280 Investments Land Equipment Accumulated depreciation-equipment 124,720 268,290 (62,810) $897,290 210,590 (56,790) $788,720 Total assets Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Dividends payable $162,410 16,150...
It says that the numbers for cash recieved from sale of
investments, cash paid for purchase of
land, cash paid for purchase of equipment, cash recieved from
sale of common stock and cash paid for dividends is inocrrect. Can
someone please check these?
Dec. 31, 2019 Dec. 31, 2018 Assets Cash $316,580 Accounts receivable (net) 114,680 323,750 $292,800 105,160 311,350 120,620 Inventories 0 166,050 Investments Land Equipment Accumulated depreciation-equipment 357,190 (83,620) $1,194,630 275,270 (74,230) $1,030,970 Total assets Liabilities and Stockholders'...
Statement of Cash Flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 20Y8, is as follows: Dec. 31, 2019 Dec. 31, 2018 ssets Cash Accounts receivable (net) Inventories Investments Land $251,460 91,090 257,150 $233,110 83,720 247,890 96,030 131,900 283,720 Equipment Accumulated deſreciation equipment Total assets (66,420) $948,900 219,150 (59,100) $820,800 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $171,750 $161,700 Accrued expenses payable (operating expenses) 17,080 21,340 Dividends payable 9,490 7,390 Common stock, $10...
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