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Homework Answers
a)
| Cash flow from Operating activities: | ||
| Net income | $13360 | |
| Adjustments to reconcile net cash flow from operating activities from net income | ||
| Depreciation expense | 16740 | |
| Loss on sale of equipment | 3100 | 19840 |
| Changes in working capital: | ||
| Increase in accounts receivable (55100-44800) | -10300 | |
| Increase in inventories (65400-45100) | -20300 | |
| Decrease in prepaid expenses (15200-25100) | 9900 | |
| Increase in accounts payable (65500-52000) | 13500 | |
| Decrease in accrued expense (15100-18100) | -3000 | -10200 |
| Net cash provided by operating activities | $23000 |
Net income= $8860+10000-5500= $13360
Depreciation expense for the year= Ending balance of the accumulated depreciation+Depreciation expense of the sold equipment-Beginning balance of the accumulated depreciation
=$17840+6800-7900= $16740
Depreciation expense of the sold equipment= Cost price of the equipment-Book value of the equipment
= $12900-6100= $6800
Loss on sale of equipment= $6100-3000= $3100
b)
| Cash flow from Investing activities: | ||
| Sale of equipment | 3000 | |
| Purchases of equipment | -27900 | |
| Net cash used by investing activities | $-24900 | |
Purchases of equipment= Ending balance of the equipment+Sales-Beginning value of the equipment
= $89200+12900-74200= $27900
c)
| Cash flow from Financing activities: | ||
| Issue of Bonds payable | 30000 | |
| Payment of notes payable | -23100 | |
| Paid cash dividend | -10000 | |
| Net cash used by financing activities | $-3100 | |
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Cash $29,800 55,100 $34,800 Accounts receivable (net) 44,800 Inventory 65,400 45,100...
Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation-equipment Land 2020 $29.700 55,000 64,500 14.900...
Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation-equipment Land 2020 $29.700 55,000 64,500 14.900 90,200 (18,040) 69,800 $306,060 2019 $34,800 45,000 45.100 24,900 75,600 (8,000) 40.100 $257.500 Accounts payable Accrued expenses Notes payable--bank, long-term Bonds payable Common stock, $10 par Retained earnings $64,700 14,800 -0- 30,300 189,100 7.160 $306,060 $52.500 17,800 23,200 -0- 159.400 4,600 $257,500 Land was acquired for $29,700 in exchange for common stock, par $29,700, during the year; all equipment purchased was for cash. Equipment...
Please help me out! If you can give answers as well as the explanation, that would...
Please help me out! If you can give answers
as well as the explanation, that would be much appreciated!!
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Below is the comparative balance sheet for Sarasota Corporation Dec. 31, 2017 Dec. 31, 2016 $16,500 24,800 43,000 $20,800 18,900 45,100 (1,900 ) 2,600 64,800 49,600 73,700 (22,800 ) 46,400 (15,400) 3...
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Spicer Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total 2017 2016 $ 45,000 58,000 142,000 21,000 130,000 200,000 68,000 50,000 151,450 15,280 145,000 200,000 (60,000) (40,000) 225,000 (45,000) (35,000) 155,000 $749,730 $676,000 Liabilities and Stockholders Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total $44,730 300,000 200,000 205,000 749,730 $676,000 $ 36,000 300,000 160,000 180,000 Additional information: 1. Operating expenses include depreciation expense of...
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Assets Cash Accounts receivable (net) Inventories Investments Land Equipment Accumulated depreciation-equipment $244,930$229,680 82,490 244,240 94,620 88,730 250,480 128,470 215,930 700)(58,230) $924...
Assets Cash Accounts receivable (net) Inventories Investments Land Equipment Accumulated depreciation-equipment $244,930$229,680 82,490 244,240 94,620 88,730 250,480 128,470 215,930 700)(58,230) $924,260 $808,730 276,350 Total assets Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Dividends payable Common stock, $10 par Paid-in capital: Excess of issue price over par-common stock Retained earnings $167,290 $159,320 21,030 7,280 39,630 109,990 471,480 $924,260 $808,730 16,640 9,240 49,910 187,620 493,560 Total liabilities and stockholders' equity Additional data obtained from an examination of the accounts in...
please help Fh 16-3 Exercises and Problems Cash Flows from Operating Activities-Indirect Method The net income...
please help
Fh 16-3 Exercises and Problems Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $145,400. Depreciation recorded on store equipment for the year amounted to $24,000. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Cash Accounts receivable (net) Merchandise inventory End of Year Beginning of Year $59,180 $54,450 42,430 40,240 57,940 61,260 6,510 5,170 55,450 51,510...
The following comparative balance sheets and other data are for Sellular Telephone Sales, Inc.: 2020 2019 Assets: Cash $279,900 $150,000 Accounts receivable, net $36,000 $40,000 Merchandise inventory $54,000 $60,000 Supplies o
The following comparative balance sheets and other data are for Sellular Telephone Sales, Inc.: 20202019Assets: Cash$279,900$150,000 Accounts receivable, net$36,000$40,000 Merchandise inventory$54,000$60,000 Supplies on hand$1,600$2,600 Prepaid expenses$2,900$2,800 Land$410,000$340,000 Equipment$380,000$440,000 Accumulated depreciation--equipment$(270,000)$(250,000) Total assets$894,400$785,400Liabilities and Stockholders' Equity: Accounts payable$72,000$80,000 Salaries payable$4,600$6,000 Accrued liabilities payable$2,400$2,000 Long-term notes payable$200,000$200,000 Common stock ($5 par)$362,500$300,000 ...
> New Tab Dec 31, 2016 Dec 31, 2045 Assets 3 Cash 5679,240.00 547,320.00 Accounts receivable...
> New Tab Dec 31, 2016 Dec 31, 2045 Assets 3 Cash 5679,240.00 547,320.00 Accounts receivable (net) 982,470.00 5 Inventories Investments 5645,810.00 566,800.00 1,010,630.00 0.00 519,380.00 879,170.00 (245,160.00) 55,374,630.00 7 Land 240,820.00 0.00 680,900.00 (201,330.00) $2,929,420.00 & Equipment Accumulated depreciation 10 Total assets Liabilities and Stockholders' Equity 12 Accounts payable (merchandise creditors) 13 Accrued expenses payable (operating expenses) 14 Dividends payable 15 Common stock, 52 par 16 Paid-in capital: Excess of issue price over par-common stock $771,990.00 64,240.00 $747,520.00 70,210.00...
Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation-equipment Land 2020 $29.700 55,000 64,500 14.900 90,200 (18,040) 69,800 $306,060 2019 $34,800 45,000 45.100 24,900 75,600 (8,000) 40.100 $257.500 Accounts payable Accrued expenses Notes payable--bank, long-term Bonds payable Common stock, $10 par Retained earnings $64,700 14,800 -0- 30,300 189,100 7.160 $306,060 $52.500 17,800 23,200 -0- 159.400 4,600 $257,500 Land was acquired for $29,700 in exchange for common stock, par $29,700, during the year; all equipment purchased was for cash. Equipment...
Please help me out! If you can give answers
as well as the explanation, that would be much appreciated!!
The balance sheet data of Bramble Company at the end of 2020 and 2019 are shown below. 2020 2019 Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation-equipment Land $29,700 55.000 64,500 14,900 90,200 (18,040) 69,800 $306,060 $34,800 45,000 45,100 24,900 75,600 (8,000) 40,100 $257,500 $64,700 14,800 -0- Accounts payable Accrued expenses Notes payable-bank, long-term Bonds payable Common stock, $10...
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'...
Below is the comparative balance sheet for Sarasota Corporation Dec. 31, 2017 Dec. 31, 2016 $16,500 24,800 43,000 $20,800 18,900 45,100 (1,900 ) 2,600 64,800 49,600 73,700 (22,800 ) 46,400 (15,400) 38,700 (20,700) -0 Cash Short-term investments Accounts receivable Allowance for doubtful accounts Prepaid expenses Inventory Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Delivery equipment Accumulated depreciation-delivery equipment Patents (1,800 ) 4,100 81,600 49,600 124,700 (30,300) 52,800 (19,100 ) 38,700 (22,200 ) 15,000 $377,400 $299,800 $16,000 5,900 4,700 53,100 62,400...
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Assets Cash Accounts receivable Inventory Prepaid expenses Plant and equipment, net of depreciation $ 4,600 10,750 14,300 1,100 19,000 12,900 $62,650 Land Total assets Liabilities and Stockholders' Equity Accounts payable Salaries payable Bonds payable (Due in ten years) Common stock, no par Retained earnings Total liabilities and stockholders' equity $ 2,490 8,730 9,500 19,000 22,930 $62,650 What is the company's quick (acid-test) ratio? (Round your answer to 2 decimal places.)
Assets Cash Accounts receivable (net) Inventories Investments Land Equipment Accumulated depreciation-equipment $244,930$229,680 82,490 244,240 94,620 88,730 250,480 128,470 215,930 700)(58,230) $924,260 $808,730 276,350 Total assets Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Dividends payable Common stock, $10 par Paid-in capital: Excess of issue price over par-common stock Retained earnings $167,290 $159,320 21,030 7,280 39,630 109,990 471,480 $924,260 $808,730 16,640 9,240 49,910 187,620 493,560 Total liabilities and stockholders' equity Additional data obtained from an examination of the accounts in...
please help
Fh 16-3 Exercises and Problems Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $145,400. Depreciation recorded on store equipment for the year amounted to $24,000. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Cash Accounts receivable (net) Merchandise inventory End of Year Beginning of Year $59,180 $54,450 42,430 40,240 57,940 61,260 6,510 5,170 55,450 51,510...
> New Tab Dec 31, 2016 Dec 31, 2045 Assets 3 Cash 5679,240.00 547,320.00 Accounts receivable (net) 982,470.00 5 Inventories Investments 5645,810.00 566,800.00 1,010,630.00 0.00 519,380.00 879,170.00 (245,160.00) 55,374,630.00 7 Land 240,820.00 0.00 680,900.00 (201,330.00) $2,929,420.00 & Equipment Accumulated depreciation 10 Total assets Liabilities and Stockholders' Equity 12 Accounts payable (merchandise creditors) 13 Accrued expenses payable (operating expenses) 14 Dividends payable 15 Common stock, 52 par 16 Paid-in capital: Excess of issue price over par-common stock $771,990.00 64,240.00 $747,520.00 70,210.00...
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