Homework Answers
| Calculation of cash flow from operations | ||||
| Net income | $30,000 | |||
| Add: Depreciation expense | $16,000 | |||
| Increase in accounts receivable | -$2,000 | |||
| Decrease in inventory | $3,000 | |||
| Decrease in accounts payable | -$2,200 | |||
| Increase in prepaid insurance | -$2,400 | |||
| Cash flow from operations | $42,400 | |||
| Thus, cash flow from operations is $42,400 | ||||
| Contributed capital is the amount of common shares issued | ||||
| Increase in contributed capital | $37,500 | 1250*30 | ||
| Thus, contributed capital would increase by $37,500 | ||||
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During the year, Glencoe Corporation paid dividends of $20,000 and received a bank loan for $60,000....
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MONTGOMERY INC.
Comparative Balance Sheets
December 31
Current Year
Prior Year
Assets
Cash
$
34,500
$
34,900
Accounts receivable, net
10,000
12,400
Inventory
89,600
71,700
Total current assets
134,100
119,000
Equipment
49,600
42,400
Accum. depreciation—Equipment
(22,400
)
(15,600
)
Total assets
$
161,300
$
145,800
Liabilities and Equity
Accounts payable
$
23,800
$
25,900
Salaries payable
400
500
Total current liabilities
24,200
26,400
Equity
Common stock, no par value
117,100
108,500
Retained earnings
20,000
10,900
Total liabilities and equity
$...
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MONTGOMERY INC.
Comparative Balance Sheets
December 31
Current Year
Prior Year
Assets
Cash
$
34,500
$
34,900
Accounts receivable, net
10,000
12,400
Inventory
89,600
71,700
Total current assets
134,100
119,000
Equipment
49,600
42,400
Accum. depreciation—Equipment
(22,400
)
(15,600
)
Total assets
$
161,300
$
145,800
Liabilities and Equity
Accounts payable
$
23,800
$
25,900
Salaries payable
400
500
Total current liabilities
24,200
26,400
Equity
Common stock, no par value
117,100
108,500
Retained earnings
20,000
10,900
Total liabilities and equity
$...
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