Homework Answers
Answer-
| BLOSSOM COMPANY | ||
| STATEMENT OF CASH FLOWS (USING INDIRECT METHOD) | ||
| FOR THE YEAR ENDED DECEMBER 31, 2022 | ||
| Particulars | Amount | |
| $ | ||
| Cash flow from operating activities | ||
| Net Income | 436800 | |
| Adjustments to reconcile net income to net cash provided by operating activities | ||
| Adjustment for non cash effects | ||
| Depreciation expense | 112000 | |
| Loss on disposal of equipment | 5600 | |
| Change in operating assets & liabilities | ||
| Increase in Accounts receivable | -112000 | |
| Increase in merchandise inventory | -123200 | |
| Increase in prepaid expenses | -5600 | |
| Increase in accounts payable | 8400 | |
| Decrease in accrued expenses payable | -28000 | |
| Net cash flow from operating activities (a) | 294000 | |
| Cash Flow from Investing activities | ||
| Equipment purchased | -464800 | |
| Equipment sold | 95200 | |
| Land sold | 42000 | |
| Net cash Flow from Investing activities (b) | -327600 | |
| Cash Flow from Financing activities | ||
| Cash dividends paid | -238000 | |
| Common stock issued | 476000 | |
| Bonds paid | -140000 | |
| Net cash Flow from Financing activities (c) | 98000 | |
| Net Change in cash c=a+b+c | 64400 | |
| Beginning cash balance | 100800 | |
| Closing cash balance | 165200 | |
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Blossom Company reported the following information for 2022. Blossom Company Comparative Balance Sheets December 31 Change...
Pharoah Company reported the following information for 2022. Pharoah Company Comparative Balance Sheets December 31 Assets...
Pharoah Company reported the following information for 2022. Pharoah Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $41,300 $25,200 43,400 15,400 Accounts receivable Inventory Prepaid expenses Change Increase/Decrease $16,100 Increase 28,000 Increase 30,800 Increase 1,400 Increase 10,500 Decrease 30,800 -0- 4,200 2,800 Land 38,500 49,000 140,000 140,000 -0- (14,700) (9,800) Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment 128,100 47,600 4,900 Increase 80,500 Increase 12,600 Increase (19,600) (7.000) $392,000 $263,200 Totals $30,100 $28,000 0 7,000 Liabilities and Stockholders' Equity Accounts...
Coronado Industries reported the following information for 2022. Coronado Industries Comparative Balance Sheets December 31 Assets...
Coronado Industries reported the following information for 2022. Coronado Industries Comparative Balance Sheets December 31 Assets 2022 2021 Change Increase/Decrease Cash $82,600 $50,400 $32,200 Increase Accounts receivable 86,800 30,800 56,000 Increase Inventory 61,600 –0– 61,600 Increase Prepaid expenses 8,400 5,600 2,800 Increase Land 77,000 98,000 21,000 Decrease Buildings 280,000 280,000 –0– Accumulated depreciation—buildings (29,400 ) (19,600 ) 9,800 Increase Equipment 256,200 95,200 161,000 Increase Accumulated depreciation—equipment (39,200 ) (14,000 ) 25,200 Increase Totals $784,000 $526,400 Liabilities and Stockholders’ Equity Accounts...
The current sections of Ayayai Corp.’s balance sheets at December 31, 2021 and 2022, are presented...
The current sections of Ayayai Corp.’s balance sheets at
December 31, 2021 and 2022, are presented here. Ayayai Corp.’s net
income for 2022 was $457,200. Depreciation expense was $75,600.
2022
2021
Current assets
Cash
$111,600
$ 160,200
Accounts receivable
153,000
124,200
Inventory
140,400
111,600
Prepaid expenses
30,600
34,200
Total current assets
$435,600
$430,200
Current liabilities
Accrued expenses payable
$ 10,800
$ 28,800
Accounts payable
158,400
129,600
Total current liabilities
$169,200
$ 158,400
Prepare the net cash provided by operating activities...
The current sections of Ayayai Corp.’s balance sheets at December 31, 2021 and 2022, are presented...
The current sections of Ayayai Corp.’s balance sheets at
December 31, 2021 and 2022, are presented here. Ayayai Corp.’s net
income for 2022 was $457,200. Depreciation expense was $75,600.
2022
2021
Current assets
Cash
$111,600
$ 160,200
Accounts receivable
153,000
124,200
Inventory
140,400
111,600
Prepaid expenses
30,600
34,200
Total current assets
$435,600
$430,200
Current liabilities
Accrued expenses payable
$ 10,800
$ 28,800
Accounts payable
158,400
129,600
Total current liabilities
$169,200
$ 158,400
Prepare the net cash provided by operating activities...
Pharoah Company Comparative Balance Sheets December 31 Assets 2022 $177,760 2021 $ 106,480 Cash Accounts receivable...
Pharoah Company Comparative Balance Sheets December 31 Assets 2022 $177,760 2021 $ 106,480 Cash Accounts receivable 193,160 83,600 Inventory 247,500 226,270 Prepaid expenses 62,480 57,200 Long-term investments 303,600 239,800 Plant assets 627,000 533,500 Accumulated depreciation (110,000) (114,400 ) Total $1,501,500 $1,132,450 Liabilities and Stockholders' Equity Accounts payable $ 224,400 $ 148,060 Accrued expenses payable 36,300 46,200 Bonds payable 242,000 300 321,200 000 Common stock 484,000 385,000 Retained earnings 514,800 231,990 Total $1,501,500 $1,132,450 Pharoah Company Income Statement Data For the...
The comparative balance sheets for Spicer Company as of December 31 are presented below. Spicer Company...
The comparative balance sheets for Spicer Company as of December
31 are presented below. Spicer Company Comparative Balance Sheets
December 31 Assets 2022 2021 Cash $ 68,000 $ 45,000 Accounts
receivable 50,000 58,000 Inventory 151,450 142,000 Prepaid expenses
15,280 21,000 Land 145,000 130,000 Buildings 200,000 200,000
Accumulated depreciation—buildings (60,000 ) (40,000 ) Equipment
225,000 155,000 Accumulated depreciation—equipment (45,000 )
(35,000 ) Total $749,730 $676,000 Liabilities and Stockholders’
Equity Accounts payable $ 44,730 $ 36,000 Bonds payable 300,000
300,000 Common stock,...
Presented below are the financial statements of Blossom Company. Blossom Company Comparative Balance Sheets December 31...
Presented below are the financial statements of Blossom
Company.
Blossom Company
Comparative Balance Sheets
December 31
Assets
2022
2021
Cash
$ 98,000
$ 56,000
Accounts receivable
56,000
39,200
Inventory
78,400
56,000
Property, plant, and equipment
168,000
218,400
Accumulated depreciation
(89,600
)
(67,200
)
Total
$310,800
$302,400
Liabilities and Stockholders’ Equity
Accounts payable
$ 53,200
$ 42,000
Income taxes payable
19,600
22,400
Bonds payable
47,600
92,400
Common stock
50,400
39,200
Retained earnings
140,000
106,400
Total
$310,800
$302,400
Blossom Company
Income Statement...
Windsor, Inc reported the following information for 2019. Windsor, Inc. Comparative Balance Sheets December 31 Change...
Windsor, Inc reported the following information for 2019. Windsor, Inc. Comparative Balance Sheets December 31 Change Assets 2019 2018 Increase/Decrease Cash $71,520 $36,090 $35.430 Increase Accounts receivable 61,620 21,880 39,740 Increase Inventory 43.590 -0 43,590 Increase Prepaid expenses 6,000 3.970 2.030 Increase Land 55.410 69,500 14.090 Decrease Buildings 198,460 198.460 -0- Accumulated depreciation-buildings (21,195) (14.130) 7,065 Increase Equipment 181.930 68.220 113.710 Increase Accumulated depreciation equipment (27,795) (10,000) 17.795 Increase Totels $569,540 $373.990 Liabilities and Stockholders' Equity Accounts payable $42,720 $40.400...
The current sections of Bridgeport Corp.'s balance sheets at December 31, 2021 and 2022, are presented...
The current sections of Bridgeport Corp.'s balance sheets at December 31, 2021 and 2022, are presented here. Bridgeport Corp.'s net income for 2022 was $76,500. Depreciation expense was $13,500. 2022 2021 Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities $52,500 40,000 84,000 13,500 $190,000 $ 49,500 44,500 86,000 11,000 $191,000 $ 7,500 42,500 $50,000 $ 2,500 46,000 $ 48,500 Prepare the net cash provided (used) by operating...
Here are comparative balance sheets for Velo Company. Velo Company Comparative Balance Sheets December 31 Assets...
Here are comparative balance sheets for Velo Company.
Velo Company
Comparative Balance Sheets
December 31
Assets
2020
2019
Cash
$72,800
$33,200
Accounts receivable
86,500
70,700
Inventory
170,200
187,000
Land
72,700
100,700
Equipment
260,700
200,600
Accumulated depreciation—equipment
(65,700
)
(33,500
)
Total
$597,200
$558,700
Liabilities and Stockholders’ Equity
Accounts payable
$35,400
$46,500
Bonds payable
149,800
203,300
Common stock ($1 par)
218,000
173,000
Retained earnings
194,000
135,900
Total
$597,200
$558,700
Additional information:
1.
Net income for 2020 was $103,600.
2.
Cash dividends...
Pharoah Company reported the following information for 2022. Pharoah Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $41,300 $25,200 43,400 15,400 Accounts receivable Inventory Prepaid expenses Change Increase/Decrease $16,100 Increase 28,000 Increase 30,800 Increase 1,400 Increase 10,500 Decrease 30,800 -0- 4,200 2,800 Land 38,500 49,000 140,000 140,000 -0- (14,700) (9,800) Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment 128,100 47,600 4,900 Increase 80,500 Increase 12,600 Increase (19,600) (7.000) $392,000 $263,200 Totals $30,100 $28,000 0 7,000 Liabilities and Stockholders' Equity Accounts...
The current sections of Ayayai Corp.’s balance sheets at
December 31, 2021 and 2022, are presented here. Ayayai Corp.’s net
income for 2022 was $457,200. Depreciation expense was $75,600.
2022
2021
Current assets
Cash
$111,600
$ 160,200
Accounts receivable
153,000
124,200
Inventory
140,400
111,600
Prepaid expenses
30,600
34,200
Total current assets
$435,600
$430,200
Current liabilities
Accrued expenses payable
$ 10,800
$ 28,800
Accounts payable
158,400
129,600
Total current liabilities
$169,200
$ 158,400
Prepare the net cash provided by operating activities...
The current sections of Ayayai Corp.’s balance sheets at
December 31, 2021 and 2022, are presented here. Ayayai Corp.’s net
income for 2022 was $457,200. Depreciation expense was $75,600.
2022
2021
Current assets
Cash
$111,600
$ 160,200
Accounts receivable
153,000
124,200
Inventory
140,400
111,600
Prepaid expenses
30,600
34,200
Total current assets
$435,600
$430,200
Current liabilities
Accrued expenses payable
$ 10,800
$ 28,800
Accounts payable
158,400
129,600
Total current liabilities
$169,200
$ 158,400
Prepare the net cash provided by operating activities...
Pharoah Company Comparative Balance Sheets December 31 Assets 2022 $177,760 2021 $ 106,480 Cash Accounts receivable 193,160 83,600 Inventory 247,500 226,270 Prepaid expenses 62,480 57,200 Long-term investments 303,600 239,800 Plant assets 627,000 533,500 Accumulated depreciation (110,000) (114,400 ) Total $1,501,500 $1,132,450 Liabilities and Stockholders' Equity Accounts payable $ 224,400 $ 148,060 Accrued expenses payable 36,300 46,200 Bonds payable 242,000 300 321,200 000 Common stock 484,000 385,000 Retained earnings 514,800 231,990 Total $1,501,500 $1,132,450 Pharoah Company Income Statement Data For the...
The comparative balance sheets for Spicer Company as of December
31 are presented below. Spicer Company Comparative Balance Sheets
December 31 Assets 2022 2021 Cash $ 68,000 $ 45,000 Accounts
receivable 50,000 58,000 Inventory 151,450 142,000 Prepaid expenses
15,280 21,000 Land 145,000 130,000 Buildings 200,000 200,000
Accumulated depreciation—buildings (60,000 ) (40,000 ) Equipment
225,000 155,000 Accumulated depreciation—equipment (45,000 )
(35,000 ) Total $749,730 $676,000 Liabilities and Stockholders’
Equity Accounts payable $ 44,730 $ 36,000 Bonds payable 300,000
300,000 Common stock,...
Presented below are the financial statements of Blossom
Company.
Blossom Company
Comparative Balance Sheets
December 31
Assets
2022
2021
Cash
$ 98,000
$ 56,000
Accounts receivable
56,000
39,200
Inventory
78,400
56,000
Property, plant, and equipment
168,000
218,400
Accumulated depreciation
(89,600
)
(67,200
)
Total
$310,800
$302,400
Liabilities and Stockholders’ Equity
Accounts payable
$ 53,200
$ 42,000
Income taxes payable
19,600
22,400
Bonds payable
47,600
92,400
Common stock
50,400
39,200
Retained earnings
140,000
106,400
Total
$310,800
$302,400
Blossom Company
Income Statement...
Windsor, Inc reported the following information for 2019. Windsor, Inc. Comparative Balance Sheets December 31 Change Assets 2019 2018 Increase/Decrease Cash $71,520 $36,090 $35.430 Increase Accounts receivable 61,620 21,880 39,740 Increase Inventory 43.590 -0 43,590 Increase Prepaid expenses 6,000 3.970 2.030 Increase Land 55.410 69,500 14.090 Decrease Buildings 198,460 198.460 -0- Accumulated depreciation-buildings (21,195) (14.130) 7,065 Increase Equipment 181.930 68.220 113.710 Increase Accumulated depreciation equipment (27,795) (10,000) 17.795 Increase Totels $569,540 $373.990 Liabilities and Stockholders' Equity Accounts payable $42,720 $40.400...
The current sections of Bridgeport Corp.'s balance sheets at December 31, 2021 and 2022, are presented here. Bridgeport Corp.'s net income for 2022 was $76,500. Depreciation expense was $13,500. 2022 2021 Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities $52,500 40,000 84,000 13,500 $190,000 $ 49,500 44,500 86,000 11,000 $191,000 $ 7,500 42,500 $50,000 $ 2,500 46,000 $ 48,500 Prepare the net cash provided (used) by operating...
Here are comparative balance sheets for Velo Company.
Velo Company
Comparative Balance Sheets
December 31
Assets
2020
2019
Cash
$72,800
$33,200
Accounts receivable
86,500
70,700
Inventory
170,200
187,000
Land
72,700
100,700
Equipment
260,700
200,600
Accumulated depreciation—equipment
(65,700
)
(33,500
)
Total
$597,200
$558,700
Liabilities and Stockholders’ Equity
Accounts payable
$35,400
$46,500
Bonds payable
149,800
203,300
Common stock ($1 par)
218,000
173,000
Retained earnings
194,000
135,900
Total
$597,200
$558,700
Additional information:
1.
Net income for 2020 was $103,600.
2.
Cash dividends...
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