Homework Answers
Answer-
| VELO COMPANY | ||
| STATEMENT OF CASH FLOWS (USING INDIRECT METHOD) | ||
| FOR THE YEAR ENDED DECEMBER 31, 2017 | ||
| Particulars | Amount | |
| $ | ||
| Cash flow from operating activities | ||
| Net Income | 103600 | |
| Adjustments to reconcile net income to net cash provided by operating activities | ||
| Adjustment for non cash effects | ||
| Depreciation expense | 32200 | |
| Change in operating assets & liabilities | ||
| Increase in Accounts receivable | -14600 | |
| Decrease in inventory | 16800 | |
| Decrease in accounts payable | -12500 | |
| Net cash flow from operating activities (a) | 125500 | |
| Cash Flow from Investing activities | ||
| Land sold | 28200 | |
| Equipment purchased | -59800 | |
| Net cash Flow from Investing activities (b) | -31600 | |
| Cash Flow from Financing activities | ||
| Cash dividends paid | -45100 | |
| Common stock issued | 43500 | |
| Bonds payable paid | -52000 | |
| Net cash Flow from Financing activities (c) | -53600 | |
| Net Change in cash c=a+b+c | 40300 | |
| Beginning cash balance | 33100 | |
| Closing cash balance | 73400 | |
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Exercise 17-8 Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets December...
Exercise 17-8 Your answer is partially correct. Try again. Here are comparative balance sheets for Velo...
Exercise 17-8 Your answer is partially correct. Try again. Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets December 31 2016 2017 Assets Cash $73,400 $33,100 Accounts receivable 71,200 85,800 Inventory 170,200 187,000 Land 101,000 72,800 Equipment 260,600 200,800 Accumulated depreciation-equipment (66,100) (33,900) Total $596,700 $559,200 Liabilities and Stockholders' Equity Accounts payable $35,000 $47,500 Bonds payable 151,400 203,400 Common stock ($1 par) 217,600 174,100 Retained earnings 192,700 134,200 Total $596,700 $559,200 Additional information: 1. Net income...
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...
Exercise 13-8 Here are comparative balance sheets for Velo Company, VELO COMPANY Comparative Balance Sheets December...
Exercise 13-8 Here are comparative balance sheets for Velo Company, VELO COMPANY Comparative Balance Sheets December 31 Assets 2015 Cash $62,610 Accounts receivable 85,730 Inventory 170,260 Land 74,630 Equipment 270,680 Accumulated depreciation equipment (65,850) Total $598,060 Liabilities and Stockholders' Equity Accounts payable $39,170 Bonds payable 150,130 Common stock ($1 par) 214,410 Retained earnings 194,350 Total $598,060 2014 $22,430 76,290 188,990 100,690 199,850 (31,830) $556,420 $46,660 203,410 172,180 134,170 $556,420 Additional information: 1. Net income for 2015 was $92,870. 2. Cash...
Exercise 17-09 (Video) Here are comparative balance sheets for Velo Company. Velo Company Comparative Balance Sheets...
Exercise 17-09 (Video) Here are comparative balance sheets for Velo Company. Velo Company Comparative Balance Sheets December 31 Assets 2020 Cash $72,800 Accounts receivable 86,400 Inventory 169,700 Land 73,400 Equipment 260,900 Accumulated depreciation-equipment (66,000) Total $597,200 Liabilities and Stockholders' Equity Accounts payable $35,400 Bonds payable 148,800 Common stock ($1 par) 214,500 Retained earnings 198,500 $597,200 Total 2019 $32,900 70,700 187,400 101,400 199,500 (34,100) $557,800 $47,000 203,700 174,800 132,300 $557,800 Total $597,200 $557,800 Additional information: 1. Net Income for 2020 was...
Velo Company Comparative Balance Sheets December 31 Assets 2020 2019 Cash $72,800 $33,200 Accounts receivable 86,500...
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 of $45,500 were declared and paid.
3.
Bonds...
Velo Company Comparative Balance Sheets December 31 Assets 2020 2019 Cash $72,800 $33,200 Accounts receivable 86,500...
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 of $45,500 were declared and paid.
3.
Bonds...
Exercise 17-7 Rojas Corporation's comparative balance sheets are presented below. ROJAS CORPORATION Comparative Balance Sheets December...
Exercise 17-7 Rojas Corporation's comparative balance sheets are presented below. ROJAS CORPORATION Comparative Balance Sheets December 31 2017 2016 Cash Accounts receivable Land Buildings Accumulated depreciation-buildings $15,000 21,100 19,700 70.000 (15.300) $10,700 23,900 25,900 70,000 (10,700) $119,800 Total $110.500 Accounts payable Common stock Retained earnings $11,900 75.400 23,200 $110.500 $28,600 72,300 18,900 $119,800 Total Additional information: 1. Net income was $22,900. Dividends declared and paid were $18,600. 2. No noncash investing and financing activities occurred during 2017 3. The land...
LUS Wygun RCCOUNY PICipies, 12e Help System Announcements k Exercise 17-8 Here are comparative balance sheets...
LUS Wygun RCCOUNY PICipies, 12e Help System Announcements k Exercise 17-8 Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total $72,700 86,300 169,700 72,200 260,400 (65,700) $595,600 $33,400 71,100 187,500 101,400 199,300 (34,300) $558,400 $35,500 148,300 217,500 194,300 $595,600 $47,500 203,300 172,500 135,100 $558,400 Additional information: 1....
*Exercise 17-9 Rodriquez Corporation's comparative balance sheets are presented below. RODRIQUEZ CORPORATION Comparative Balance Sheets December...
*Exercise 17-9 Rodriquez Corporation's comparative balance sheets are presented below. RODRIQUEZ CORPORATION Comparative Balance Sheets December 31 2017 2016 $16,600 24,900 Cash Accounts receivable Investments Equipment Accumulated depreciation-equipment Total 20,250 59,750 $17,700 22,500 16,150 70,150 (10,100) $116,400 (13,750 ) $107,750 Accounts payable Bonds payable Common stock Retained earnings Total $14,650 10.800 50,500 31,800 $107,750 $11,050 30,100 44,600 30,650 $116,400 Additional information: 1. Net income was $18,650. Dividends declared and paid were $17,500. 2. Equipment which cost $10,400 and had accumulated...
Ivanhoe Company Comparative Balance Sheets December 31 Assets 2017 2016 Cash Accounts receivable Inventory Land Equipment...
Ivanhoe Company Comparative Balance Sheets December 31 Assets 2017 2016 Cash Accounts receivable Inventory Land Equipment Accumulated depreciation equipment Total Liabilities and Stockholders' Equity $ 156,536 202,576 384,434 184,160 598,520 (151,932) $1,374,294 $ 50,644 174,952 435,078 230,200 460,400 (73,664) $1,277,610 Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total $ 89,778 345,300 497,232 441,984 $1,374,294 $ 98,986 460,400 400,548 317,676 $1,277,610 Additional information: 1. Net income for 2017 was $214,086. 2. Depreciation expense was $78,268. 3. Cash dividends...
Exercise 17-8 Your answer is partially correct. Try again. Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets December 31 2016 2017 Assets Cash $73,400 $33,100 Accounts receivable 71,200 85,800 Inventory 170,200 187,000 Land 101,000 72,800 Equipment 260,600 200,800 Accumulated depreciation-equipment (66,100) (33,900) Total $596,700 $559,200 Liabilities and Stockholders' Equity Accounts payable $35,000 $47,500 Bonds payable 151,400 203,400 Common stock ($1 par) 217,600 174,100 Retained earnings 192,700 134,200 Total $596,700 $559,200 Additional information: 1. Net income...
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...
Exercise 13-8 Here are comparative balance sheets for Velo Company, VELO COMPANY Comparative Balance Sheets December 31 Assets 2015 Cash $62,610 Accounts receivable 85,730 Inventory 170,260 Land 74,630 Equipment 270,680 Accumulated depreciation equipment (65,850) Total $598,060 Liabilities and Stockholders' Equity Accounts payable $39,170 Bonds payable 150,130 Common stock ($1 par) 214,410 Retained earnings 194,350 Total $598,060 2014 $22,430 76,290 188,990 100,690 199,850 (31,830) $556,420 $46,660 203,410 172,180 134,170 $556,420 Additional information: 1. Net income for 2015 was $92,870. 2. Cash...
Exercise 17-09 (Video) Here are comparative balance sheets for Velo Company. Velo Company Comparative Balance Sheets December 31 Assets 2020 Cash $72,800 Accounts receivable 86,400 Inventory 169,700 Land 73,400 Equipment 260,900 Accumulated depreciation-equipment (66,000) Total $597,200 Liabilities and Stockholders' Equity Accounts payable $35,400 Bonds payable 148,800 Common stock ($1 par) 214,500 Retained earnings 198,500 $597,200 Total 2019 $32,900 70,700 187,400 101,400 199,500 (34,100) $557,800 $47,000 203,700 174,800 132,300 $557,800 Total $597,200 $557,800 Additional information: 1. Net Income for 2020 was...
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 of $45,500 were declared and paid.
3.
Bonds...
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 of $45,500 were declared and paid.
3.
Bonds...
Exercise 17-7 Rojas Corporation's comparative balance sheets are presented below. ROJAS CORPORATION Comparative Balance Sheets December 31 2017 2016 Cash Accounts receivable Land Buildings Accumulated depreciation-buildings $15,000 21,100 19,700 70.000 (15.300) $10,700 23,900 25,900 70,000 (10,700) $119,800 Total $110.500 Accounts payable Common stock Retained earnings $11,900 75.400 23,200 $110.500 $28,600 72,300 18,900 $119,800 Total Additional information: 1. Net income was $22,900. Dividends declared and paid were $18,600. 2. No noncash investing and financing activities occurred during 2017 3. The land...
LUS Wygun RCCOUNY PICipies, 12e Help System Announcements k Exercise 17-8 Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total $72,700 86,300 169,700 72,200 260,400 (65,700) $595,600 $33,400 71,100 187,500 101,400 199,300 (34,300) $558,400 $35,500 148,300 217,500 194,300 $595,600 $47,500 203,300 172,500 135,100 $558,400 Additional information: 1....
*Exercise 17-9 Rodriquez Corporation's comparative balance sheets are presented below. RODRIQUEZ CORPORATION Comparative Balance Sheets December 31 2017 2016 $16,600 24,900 Cash Accounts receivable Investments Equipment Accumulated depreciation-equipment Total 20,250 59,750 $17,700 22,500 16,150 70,150 (10,100) $116,400 (13,750 ) $107,750 Accounts payable Bonds payable Common stock Retained earnings Total $14,650 10.800 50,500 31,800 $107,750 $11,050 30,100 44,600 30,650 $116,400 Additional information: 1. Net income was $18,650. Dividends declared and paid were $17,500. 2. Equipment which cost $10,400 and had accumulated...
Ivanhoe Company Comparative Balance Sheets December 31 Assets 2017 2016 Cash Accounts receivable Inventory Land Equipment Accumulated depreciation equipment Total Liabilities and Stockholders' Equity $ 156,536 202,576 384,434 184,160 598,520 (151,932) $1,374,294 $ 50,644 174,952 435,078 230,200 460,400 (73,664) $1,277,610 Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total $ 89,778 345,300 497,232 441,984 $1,374,294 $ 98,986 460,400 400,548 317,676 $1,277,610 Additional information: 1. Net income for 2017 was $214,086. 2. Depreciation expense was $78,268. 3. Cash dividends...
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