Homework Answers
| STATEMENT OF CASH FLOW | ||
| Amount in $ | Amount in $ | |
| Net income | $ 1,41,680 | |
| Cash flows from operating activities | ||
| Adjustments to reconcile net income to Operating Cash Flow | ||
| Depreciation Expenses | $ 14,790 | |
| Loss on the sale of investment | $ 10,200 | |
| (Increase) / Decrease in Account receivables | $ -19,040 | |
| Inventory Decrease / (Increase) | $ -8,670 | |
| Accounts payable Increase / ( Decrese) | $ 11,560 | |
| Accrued expenses increases | $ 3,740 | |
| Increase in dividend payable | $ 5,100 | |
| Interest Payable increases | $ 17,680 | |
| Net cash from operating activities | $ 1,59,360 | |
| Cash flows from investing activities | ||
| Purchase of Land | $ -2,95,800 | |
| Sale of investment | $ 91,800 | |
| Purchase of Equipment | $ -80,580 | |
| Net cash used in investing activities | $ -2,84,580 | |
| Cash flows from Financing activities | ||
| Issue of Common Stock(Including paid in capital in excess of par) | $ 2,50,000 | |
| Dividend Paid | $ -1,02,000 | |
| Net cash used in financing activities | $ 1,48,000 | |
| Net increase in cash and cash equivalents | $ 22,780 | |
| Add :Cash and cash equivalents at beginning of period | $ 47,940 | |
| Cash and cash equivalents at end of period | $ 70,720 | |
Add Answer to:
Obj.2, 3, 4, 5 The comparative balance sheet of Merrick Equipment Co. for December 31, 2049...
I already did the Cash Flow Statement, please help with the DEBIT / CREDIT part Credit...
I already did the Cash Flow Statement, please help with the
DEBIT / CREDIT part
Credit Balance, Dec. 31, 2049 70,720 207,230 298,520 295,800 438,600 (99,110) (205,700) (30,600) (25,500) (202,000) (354,000) (393,960) MERRICK EQUIPMENT CO. Spreadsheet (Work Sheet) for Statement of Cash Flows For the Year Ended December 31, 2049 Balance, Transactions Dec. 31, 2048 Debit Cash 47,940 Accounts receivable (net) 188,190 Inventories 289,850 Investments 102,000 Land Equipment 358,020 Accum. depr. - equipment (84,320) Accounts payable (194, 140) Accrued expenses...
The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 20Y8, is as...
The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 20Y8, is as follows: Dec. 31, 2049 Dec. 31, 2048 Assets Cash $296,440 $274,170 Accounts receivable (net) 107,390 98,470 Inventories 303,140 291,540 Investments 0 112,950 Land 155,490 Equipment 334,470 257,760 Accumulated depreciation equipment (78,300) (69,510) Total assets $1,118,630 $965,380 0 Liabilities and Stockholders' Equity Accounts payable $202,470 $190,180 Accrued expenses payable 20,140 25,100 Dividends payable 11,190 8,690 Common stock, $10 par 60,410 47,300 Paid-in capital: Excess of...
Statement of Cash Flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31,...
Statement of Cash Flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 2049 and 20Y8, is as follows: Dec. 31, 2049 Dec. 31, 2048 Assets Cash $227,500 Accounts receivable (net) $242,880 87,990 248,370 81,710 Inventories 241,900 93,720 Investments Land 127,400 Equipment 274,040 (64,160) 213,880 (57,670) Accumulated depreciation-equipment Total assets $916,520 $801,040 Liabilities and Stockholders' Equity Accounts payable $157,800 $165,890 16,500 20,830 Accrued expenses payable Dividends payable 9,170 7,210 Common stock, $10 par 49,490 39,250 Paid-in capital:...
The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 2088, is as...
The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 2088, is as follows: Dec. 31, Dec. 31, 2019 2018 Assets Cash $317,330 Accounts receivable (net) 114,960 324,520 $293,490 105,410 312,100 120,910 Inventories Investments Land 166,450 0 Equipment Accumulated depreciation-equipment 358,050 (83,820) $1,197,490 275,930 (74,410) $1,033,430 Total assets $203,590 26,870 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 9,300 $216,750 21,550...
The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 20Y8, is as...
The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 20Y8, is as follows: Dec. 31, 2019 Dec. 31, 2018 Assets Cash $275,740 Accounts receivable (net) 99,890 $257,980 92,660 274,330 106,280 Inventories 281,990 Investments Land 144,640 Equipment 311,120 (72,840) 242,540 (65,400) Accumulated depreciation-equipment Total assets $1,040,540 $908,390 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable $188,340 18,730 10,410 56,190 211,230 $178,950 23,620 8,180 Dividends payable Common stock, $10 par 44,510 Paid-in capital: Excess of issue price...
Page 1 of 2 Cash Flows from Operating Activities-Indirect Method The net income reported on the...
Page 1 of 2 Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $185,000 recorded on equipment and a building amounted to $96,000 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: . Depreciation End of Year Beginning of Year Cash Accounts receivable (net) Inventories Prepaid expenses Accounts payable (merchandise creditors) Salaries payable s75,900 84,550 186,200...
The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as...
The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Dec. 31, 20Y9 Dec. 31, 20Y8 Assets Cash $275,320 $256,110 Accounts receivable (net) 99,740 91,980 Inventories 281,550 272,340 Investments 0 105,510 Land 144,410 0 Equipment 310,640 240,780 Accumulated depreciation—equipment (72,730) (64,930) Total assets $1,038,930 $901,790 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $188,050 $177,650 Accrued expenses payable (operating expenses) 18,700 23,450 Dividends payable 10,390 8,120 Common stock, $10 par 56,100 44,190 Paid-in...
The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as...
The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Dec. 31, 20Y9 Dec. 31, 20Y8 Assets Cash $241,300 $224,720 Accounts receivable (net) 87,410 80,710 Inventories 246,760 238,960 Investments 0 92,580 Land 126,570 0 Equipment 272,250 211,270 Accumulated depreciation—equipment (63,740) (56,970) Total assets $910,550 $791,270 Liabilities and Stockholders' Equity Accounts payable $164,810 $155,880 Accrued expenses payable 16,390 20,570 Dividends payable 9,110 7,120 Common stock, $10 par 49,170 38,770 Paid-in capital: Excess of issue...
The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 2048, is as...
The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 2048, is as follows: Dec 31, 2049 Dec. 31. 2018 Assets Cash Accounts receivable (net) Inventories Investments $277,810 99.780 295,400 114,450 #295,910 107.200 302,620 0 155.210 333,880 (78,170) $1,116,650 Land Equipment Accumulated depreciation equipment 261,100 (70.430) 978,190 Total assets Liabilities and Stockholders' Equity Accounts payable Accredenpenses pavable Dividends payable Common stock $10 par Paid in capital cost of issue price over por common stock Retained earnings $202,110...
Statement of Cash Flows—Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31,...
Statement of Cash Flows—Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Dec. 31, 20Y9 Dec. 31, 20Y8 Assets Cash $260,450 $245,350 Accounts receivable (net) 94,350 88,120 Inventories 266,360 260,900 Investments 0 101,080 Land 136,610 0 Equipment 293,870 230,670 Accumulated depreciation—equipment (68,800) (62,200) Total assets $982,840 $863,920 Liabilities and Stockholders' Equity Accounts payable $177,890 $170,190 Accrued expenses payable 17,690 22,460 Dividends payable 9,830 7,780 Common stock, $10 par 53,070 42,330...
I already did the Cash Flow Statement, please help with the
DEBIT / CREDIT part
Credit Balance, Dec. 31, 2049 70,720 207,230 298,520 295,800 438,600 (99,110) (205,700) (30,600) (25,500) (202,000) (354,000) (393,960) MERRICK EQUIPMENT CO. Spreadsheet (Work Sheet) for Statement of Cash Flows For the Year Ended December 31, 2049 Balance, Transactions Dec. 31, 2048 Debit Cash 47,940 Accounts receivable (net) 188,190 Inventories 289,850 Investments 102,000 Land Equipment 358,020 Accum. depr. - equipment (84,320) Accounts payable (194, 140) Accrued expenses...
The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 20Y8, is as follows: Dec. 31, 2049 Dec. 31, 2048 Assets Cash $296,440 $274,170 Accounts receivable (net) 107,390 98,470 Inventories 303,140 291,540 Investments 0 112,950 Land 155,490 Equipment 334,470 257,760 Accumulated depreciation equipment (78,300) (69,510) Total assets $1,118,630 $965,380 0 Liabilities and Stockholders' Equity Accounts payable $202,470 $190,180 Accrued expenses payable 20,140 25,100 Dividends payable 11,190 8,690 Common stock, $10 par 60,410 47,300 Paid-in capital: Excess of...
Statement of Cash Flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 2049 and 20Y8, is as follows: Dec. 31, 2049 Dec. 31, 2048 Assets Cash $227,500 Accounts receivable (net) $242,880 87,990 248,370 81,710 Inventories 241,900 93,720 Investments Land 127,400 Equipment 274,040 (64,160) 213,880 (57,670) Accumulated depreciation-equipment Total assets $916,520 $801,040 Liabilities and Stockholders' Equity Accounts payable $157,800 $165,890 16,500 20,830 Accrued expenses payable Dividends payable 9,170 7,210 Common stock, $10 par 49,490 39,250 Paid-in capital:...
The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 2088, is as follows: Dec. 31, Dec. 31, 2019 2018 Assets Cash $317,330 Accounts receivable (net) 114,960 324,520 $293,490 105,410 312,100 120,910 Inventories Investments Land 166,450 0 Equipment Accumulated depreciation-equipment 358,050 (83,820) $1,197,490 275,930 (74,410) $1,033,430 Total assets $203,590 26,870 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 9,300 $216,750 21,550...
The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 20Y8, is as follows: Dec. 31, 2019 Dec. 31, 2018 Assets Cash $275,740 Accounts receivable (net) 99,890 $257,980 92,660 274,330 106,280 Inventories 281,990 Investments Land 144,640 Equipment 311,120 (72,840) 242,540 (65,400) Accumulated depreciation-equipment Total assets $1,040,540 $908,390 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable $188,340 18,730 10,410 56,190 211,230 $178,950 23,620 8,180 Dividends payable Common stock, $10 par 44,510 Paid-in capital: Excess of issue price...
Page 1 of 2 Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $185,000 recorded on equipment and a building amounted to $96,000 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: . Depreciation End of Year Beginning of Year Cash Accounts receivable (net) Inventories Prepaid expenses Accounts payable (merchandise creditors) Salaries payable s75,900 84,550 186,200...
The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 2048, is as follows: Dec 31, 2049 Dec. 31. 2018 Assets Cash Accounts receivable (net) Inventories Investments $277,810 99.780 295,400 114,450 #295,910 107.200 302,620 0 155.210 333,880 (78,170) $1,116,650 Land Equipment Accumulated depreciation equipment 261,100 (70.430) 978,190 Total assets Liabilities and Stockholders' Equity Accounts payable Accredenpenses pavable Dividends payable Common stock $10 par Paid in capital cost of issue price over por common stock Retained earnings $202,110...
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