Problem 1: Selected balances for Tyner Company are as follows: 2017 2016 Equipment Accumulated Dep 100,000...

Question

Question

Problem 1: Selected balances for Tyner Company are as follows: 2017 2016 Equipment Accumulated Dep 100,000 (30,000) (10,000) 40,000 A. Tyner sold equipment that originally cost $50,000 at a gain of $4000 B. Depreciation expense for the year was $60,000 C. Tyner had an equipment purchase for cash during the year. Prepare the Investing section of the cash flow statement for Tyner

to answer QS 12-11 through QS 12-16 as 12-11 The the following balance Comparative Balance Sheets P2 41,000 51,000 B5,800 95800 22,000 175,000 urent acsets. ...109,000 11000 s 15,000 $ 21,000 9,0005,000 14.000 Cost of oods sold Groas profie.... hcome txes payabie..140. 25400 2L00 3000 Nos payable (ong-cam) Income before Income taxes pese 89,100 126,700 47,300 17300 .. gw-rmao .Net home .. .00 ℡wda ใหม่ 1 bites and e to prepare the cash provided or used from operating actlvides section only of the os 12-12 Refe to the data is QS 12-11 โriure oosdeg S55.000 is sold at its book value in 2015. on which so depreciation is necessary becasse in is acquired at year-end. What is the cash to the sale of fornlture? cash tom asset sal P3 of furnitro total $45,000 iow re as 12-13 Reder to the data in QS 12-11. finanding 1. Asone that all comon stock is issued for cash Whet amoont of cash dividends is paid duing 2u P3 2. Assuse that no addisional sotes payable are issoed in 2015. What cash amount is paid to reduce notes payable balasce n 20157

aS 12-11 Indirect: Computing cash from operations P2 Ue the following balance sheets and income statement to answer QS 12-11 through QS 12-16. CRUZ INC Comparative Balance Sheets Deeember 31, 2015 2014 Assets 5400420 repald expenses Total eurrent s227,000175,000 nitro IOS,000 ม,,000 CRUZ, INC lncome Statement Uabilities and Equity Accounts payable For Year Ended December 31,2015 15,000 S 21,000 9,0005,000 25,400 28,400 400 97,00 Common smock s5 par valure...223,000 7,000 488,000 14000 74000 Toral current labilides Gross profe Oher expenser Income belore es.... Inc -. -、 . . 89100 Equlty Ratained earninp . 38490 ...213 80 $285.099 N ncoe equired ne the indirect method to prepare the cash provided or sed from operating acdivities sectioa only of the tatement of cash flows for this company os 12-12 Computing cesh from Refer to the dats in QS 12-11 Parniture costing $55,000 a sold at its book value in 2015. Acquisidons of fuminare total $45,00p 05which no depreciation is necessary because it is acquired at yeaeed what is iba cash into to the sale of farmiture? as 12-13 Refee to the data in QS 12-11 1. Assume that all common stock is issued for cash. What smount of eash dividends is paid during 201 2. Assume that no additional motes payable are issued in 2015. What cash amount ia paid to reduce h Computing finanding cash outfiows P3 notes payable balance in 20157

Exercise 12-11 The fodowing financial statemeats and additional information are reported. Indirect: Preparation of statement of cash flows IKIBAN INC F1 P2 P3 A June 30,2815 and 204 29152014 87500 00 $5,000 L0 63800.0 Prepaid . penes 4499 IKIBAN INC ncome Statement Fer Year Eadid Jine30,2015 124000 11$,0 $678,000 267,000 /Usblitle. and Equity 25,000 30,000 4,000 15,000 Accouna paable Wages payable.. Other experses....0 Total operding eperoes 67.000 4400 48 41,400 Notes peable (long trm)...............-noe _c- Oher pains Dosse Galn on sale of equipmee lncome belora xs ncome taxon opense Total lablides Common stock 55 pur value.... Total labices and equy 2.000Equity 22,000 Additional Information a. A $30,000 mote payable is redired at its $30,000 carying (boolk) value in exchange for cash b. The only changes adlocting retaised earnings are net income and cash dividends paid equipment is aoquired for $57,600 cash eccived cash for the sale of equipment that had cost $48,600, yielding a $2,000 gain. epaid Expenses and Wages Payable relate to Oter Eepenses ca the income statement parchases and sales of inveatory are oa credit a ntaisement of cash Bows for the year ended Jane 30, 2015,sing the indirect mecthod

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Equipment A/c (After Depreciation)
Particulars	Amount	Particulars	Amount
To Balance b/d	$ 30,000.00	By depreciation	$ 60,000.00
		By cash	$ 54,000.00
To profit / loss A/c	$ 4,000.00	(sale of asset)
(Profit on sale of asset		By balance c/d	$ 70,000.00
To purchases (Bal fig.)	$ 150,000.00

	$ 184,000.00		$ 184,000.00


Cash Flow statement :
Investing Activities :

Particulars	Amount	Amount
Purchase of asset	$ (150,000.00)
Sale of asset	$ 54,000.00

Cash flow from Investing activities		$ (96,000.00)


			Only a single question will be answered. as HOMEWORKLIB RULES guidelines.

Add a comment

Answer 2

Similar Homework Help Questions

Problem 1: Selected balances for Tyner Company are as follows: 2017 2016 Equipment Accumulated Dep 100,000...

Problem 1: Selected balances for Tyner Company are as follows: 2017 2016 Equipment Accumulated Dep 100,000 (30,000) (10,000) 40,000 A. Tyner sold equipment that originally cost $50,000 at a gain of $4000 B. Depreciation expense for the year was $60,000. C. Tyner had an equipment purchase for cash during the year. Prepare the Investing section of the cash flow statement for Tyner.
e the following balance sheets and Income statement to answer QS 12-11 through QS 12-16 aS...

e the following balance sheets and Income statement to answer QS 12-11 through QS 12-16 aS 12-11 cash from operations P2 ,2015 elec S H80 24000 tee ann 227000 175,000 Cah.. 1,000 309,000 119,000 oals085,000 15,000 $ 21,000 p,005,000 23,40028,600 ไฟ1bMa .. .. se400 07,400 CRUZ, INC Llabilities and Equity Wigos peyabie Noces payable (Dang-cam)21800 Year Enled 14000 74000 Grosm profte -63 038e Deprecation expense... $37400 09.100 Equity Common stock $5 par value Rataned eanip Other expene Income belore Income...
Use the following balance sheets and income statement to answer QS 12-11 through QS 12-16. aS...

Use the following balance sheets and income statement to answer QS 12-11 through QS 12-16. aS 12-11 CRUZ,ING Comparative Balance Sheets Deeember 31,2015 Indirect: Computing cash from operations P2 2015 2014 Assets sh...$ 94,800 24,000 1,000 51,000 85800 95800 0 200 Total current assets... 227,000 175,000 101,000 119,000 t repaid expenses $319000 5265000 CRUZ, INC Inceme Statement Uabilities and Equity Acconcs Payable Wges payable For Year Ended December 31,2015 15,000 21,000 ,0005,000 488,000 314000 74000 Toral current labiacles... Notes payable...

Please help me answer the 2 questions at the bottom! lse the following balance sheets and...

Please help me answer the 2 questions at the bottom! lse the following balance sheets and Income statement to answer QS 12-11 through QS 12-16 as 12-11 Indirect: Computing cash from operations Balance Sheets ,2015 P2 Assets sum $ 24,000 41,00 $1,000 4200 27000 175,00 ,.. , .. esm n paid expensss Llabilities and Equity ncome Seatement payable -.. 15,000 $21,000 9,0005,000 Wages payabie. 25400 21600 payable (ongcarm)....009 000 94400 97,600 Greis profte Tocal labiticles... Equity Common stock, SS par...
2016 IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 Assets Cash $ 97,900...

2016 IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 Assets Cash $ 97,900 Accounts receivable, net 89,000 Inventory 79, 800 Prepaid expenses 6,000 Total current assets 272,700 Equipment 140,000 Accum. depreciation-Equipment (35,000) Total assets $377,700 Liabilities and Equity Accounts payable $ 41,000 Wages payable 7,600 Income taxes payable 5,000 Total current liabilities 53,600 Notes payable (long term) 46,000 Total liabilities 99,600 Equity Common stock, $5 par value 252,000 Retained earnings 26,100 Total liabilities and equity $377, 700...
IKIBAN INC Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets $ 94,900 96,500...

IKIBAN INC Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets $ 94,900 96,500 84,800 6,500 282,700 Cash $65,000 Accounts receivable, net Inventory Prepaid expenses 72,000 118,000 9,600 264,600 136,000 Total current assets Equipment Accum. depreciation-Equipment 145,000 (37,500) (19,500) $390,200 $381,100 Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable $ 46,000 8,100 61,500 19,200 8,000 88,700 81,000 5,500 Total current liabilities 59,600 Notes payable (long term) 51,000 110,600 Total liabilities 169,700 Equity Common stock,...

The following financial statements and additional information are reported Exerciso 12-11 Indirect: Preparation of statement of...

The following financial statements and additional information are reported Exerciso 12-11 Indirect: Preparation of statement of cash flows IKIBAN INC Comparative Balance Sheets June 30,2015 and 2014 Pl P2 P3 A1 Assets Cash Accounts recelvable, net nventory $87 500 $4000 65,000 51,00 63,800 86,500 expenses 4402-5 IKIBAN INC Income Statement Total current asses220,700186,00 For Year Ended June 30,20IS Equipment 124,000 11$,000 $678.000 Accum depreciation-Equipment..009 .00 267000 bilie and Equity ales Cost of goods sold 7,700 411,000 Operating experses Accounts payabSle.....
IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash $ 97,300...

IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash $ 97,300 $ 61,000 Accounts receivable, net 90,500 68,000 Inventory 80,800 112,000 Prepaid expenses 6,100 8,800 Total current assets 274,700 249,800 Equipment 141,000 132,000 Accum. depreciation—Equipment (35,500 ) (17,500 ) Total assets $ 380,200 $ 364,300 Liabilities and Equity Accounts payable $ 42,000 $ 55,500 Wages payable 7,700 18,400 Income taxes payable 5,100 7,200 Total current liabilities 54,800 81,100 Notes payable (long term) 47,000 77,000 Total...
2016 Part 3 of 3 IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017...

2016 Part 3 of 3 IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 Assets Cash $ 96,100 Accounts receivable, net 93,500 Inventory 82,800 Prepaid expenses 6,300 Total current assets 278, 700 Equipment 143,000 Accum. depreciation-Equipment (36,500) Total assets $385,200 Liabilities and Equity Accounts payable $ 44,000 Wages payable 7,900 Income taxes payable 5,300 Total current liabilities 57,200 Notes payable (long term) 49,000 Total liabilities 106,200 Equity Common stock, $5 par value 258,000 Retained earnings 21,000 Total liabilities...

CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales $488,000 Cost of goods sold...

CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales $488,000 Cost of goods sold 314,000 Gross profit 174,000 Operating expenses Depreciation expense $37,600 Other expenses 89,100 126,700 Income before taxes 47,300 Income taxes expense 17,300 Net income $ 30,000 CRUZ, INC. Comparative Balance Sheets December 31, 2017 | 2017 2016 _ Assets Cash $ 94,800 $ 24,000 Accounts receivable, net 41,000 51,000 Inventory 85,800 95,800 Prepaid expenses 5,400 4,200 Total current assets 227,000 175,000 Furniture 109,000 119,000 Accum....

Problem 1: Selected balances for Tyner Company are as follows: 2017 2016 Equipment Accumulated Dep 100,000...

Homework Answers