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Solution
| HARLEY HOLDINGS LTD. | ||
| Statement of Cash Flows | ||
| For the Year ended December 31 , 2020 | ||
| A. Cash Flows from Operating Activity | ||
| Net Income | $ 79,230.00 | |
| Depreciation expense | $ 30,210.00 | |
| Gain on sale of Equipment | $ (1,140.00) | |
| Increase in Accounts Receivable | $ (36,250.00) | |
| Decrease in Inventory | $ 6,960.00 | |
| Decrease in Accounts Payable | $ (19,270.00) | |
| Net cash flow from Operating activities | $ 59,740.00 | |
| B. Cash flows from Investing Activities | ||
| Sale of land | $ 57,000.00 | |
| Purchase of Equipment | $ (74,100.00) | |
| Sale Of Equipment | $ 15,960.00 | |
| Net Cash Used in Investing activities | $ (1,140.00) | |
| C. Cash Flows from Financing activities | ||
| Issue of common stock | $ 22,800.00 | |
| Repayment of bank loan | $ (45,600.00) | |
| Dividends Paid | $ (20,410.00) | |
| Cash flows from Financing activities | $ (43,210.00) | |
| Net Increase (Decrease) in Cash [A+B+C] | $ 15,390.00 | |
| Cash at the beginning | $ 41,610.00 | |
| Cash at the end | $ 57,000.00 | |
Cash paid for income tax = $16760
.
Working note
| Calculation of dividend paid | |
| Beginning balance of retained earnings | $ 150,480.00 |
| Add: Net income | $ 79,230.00 |
| $ 229,710.00 | |
| Less: Ending balance of Retained earnings | $ 200,180.00 |
| Dividends declared | $ 29,530.00 |
| Dividends declared | $ 29,530.00 |
| Less: Increase in dividends payable | $ (9,120.00) |
| Dividends paid in cash | $ 20,410.00 |
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The following information is for Harley Holdings Ltd. for...
The following information is for Harley Holdings Ltd. for the year ended January 31, 2020. HARLEY...
The following information is for Harley Holdings Ltd. for the year ended January 31, 2020. HARLEY HOLDINGS LTD. Statement of Financial Position As at January 31 2019 2020 Assets Current assets: $45,000 $32,850 49,500 Cash 78,120 Accounts receivable 86,040 91,530 Inventory 209,160 173,880 Total current assets 157,500 130,500 Equipment Accumulated depreciation, equipment (39,150) (35,100) 108,000 153,000 Land $435,510 $422,280 Liabilities and shareholders' equity Current liabilities: Accounts payable Dividends payable $40,770 $55,980 11,700 4,500 52,470 60,480 Total current liabilities 90,000 126,000...
The following information is for Harley Holdings Ltd. for the year ended January 31, 2020. HARLEY...
The following information is for Harley Holdings Ltd. for the year ended January 31, 2020. HARLEY HOLDINGS LTD. Statement of Financial Position As at January 31 2020 2019 Assets Current assets: Cash $40,000 $29,200 Accounts receivable 69,440 44,000 Inventory 76,480 81,360 Total current assets 185,920 154,560 Equipment 140,000 116,000 Accumulated depreciation, equipment (34,800) (31,200) Land 96,000 136,000 $387,120 $375,360 Liabilities and shareholders' equity Current liabilities: Accounts payable $36,240 $49,760 Dividends payable 10,400 4,000 Total current liabilities 46,640 53,760 Bank loan...
Application Problem 5-6A a1 (Indirect Method) The following information is for Harley Holdings Ltd. for the year ended J...
Application Problem 5-6A a1 (Indirect Method) The following information is for Harley Holdings Ltd. for the year ended January 31, 2020. HARLEY HOLDINGS LTD. Statement of Financial Position As at January 31 2020 2019 Assets Current assets: Cash $49,000 $35,770 Accounts receivable 85,060 53,900 Inventory 93,690 99,670 Total current assets 227,750 189,340 Equipment 171,500 142,100 Accumulated depreciation, equipment (42,630 ) (38,220 ) Land 117,600 166,600 $474,220 $459,820 Liabilities and shareholders’ equity Current liabilities: Accounts payable $44,390 $60,960 Dividends payable 12,740...
ANSWER THE TICKED BOX AND CHECK THE OTHER ANSWERS ( LAST ATTEMPT SO CORRECT ANSWER PLEASE)...
ANSWER THE TICKED BOX AND CHECK THE OTHER ANSWERS
( LAST ATTEMPT SO CORRECT ANSWER PLEASE)
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The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. Additional Information...
The income statement, balance sheets, and additional information
for Video Phones, Inc., are provided.
Additional Information for 2018:
1. Purchase investment in bonds for $100,000.
2. Sell land costing $25,000 for only $17,500, resulting in a
$7,500 loss on sale of land.
3. Purchase $55,000 in equipment by issuing a $55,000 long-term
note payable to the seller. No cash is exchanged in the
transaction.
4. Declare and pay a cash dividend of $22,500.
Required:
Prepare the statement of cash...
The following information is for Harley Holdings Ltd. for the year ended January 31, 2020. HARLEY HOLDINGS LTD. Statement of Financial Position As at January 31 2019 2020 Assets Current assets: $45,000 $32,850 49,500 Cash 78,120 Accounts receivable 86,040 91,530 Inventory 209,160 173,880 Total current assets 157,500 130,500 Equipment Accumulated depreciation, equipment (39,150) (35,100) 108,000 153,000 Land $435,510 $422,280 Liabilities and shareholders' equity Current liabilities: Accounts payable Dividends payable $40,770 $55,980 11,700 4,500 52,470 60,480 Total current liabilities 90,000 126,000...
The following information is for Harley Holdings Ltd. for the year ended January 31, 2020. HARLEY HOLDINGS LTD. Statement of Financial Position As at January 31 2020 2019 Assets Current assets: Cash $40,000 $29,200 Accounts receivable 69,440 44,000 Inventory 76,480 81,360 Total current assets 185,920 154,560 Equipment 140,000 116,000 Accumulated depreciation, equipment (34,800) (31,200) Land 96,000 136,000 $387,120 $375,360 Liabilities and shareholders' equity Current liabilities: Accounts payable $36,240 $49,760 Dividends payable 10,400 4,000 Total current liabilities 46,640 53,760 Bank loan...
ANSWER THE TICKED BOX AND CHECK THE OTHER ANSWERS
( LAST ATTEMPT SO CORRECT ANSWER PLEASE)
Application Problem 5-6A a1 (Indirect Method) The following information is for Harley Holdings Ltd. for the year ended January 31, 2020. HARLEY HOLDINGS LTD. Statement of Financial Position As at January 31 2020 2019 Assets Current assets: Cash $47,000 $34,310 Accounts receivable 81,590 51,700 Inventory 89,860 95,600 Total current assets 218,450 181,610 Equipment 164,500 136,300 Accumulated depreciation, equipment (40,890) (36,660) Land 112,800 159,800 $454,860...
Take me to the text Use the following information to prepare the operating activities section of a statement of cash flows for Max's Catering Company for 2020 using the indirect method. Net Income $300,000 Decrease in food and beverage inventory $29,500 Decrease in accounts payable $13,000 Depreciation expense $45,000 Increase in accounts receivable $15,000 Gain on sale of land $26,600 Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash....
help me fill out the charts please
Required information [The following information applies to the questions displayed below.) Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue $139,200 Expenses Cost of goods sold 56,000 Depreciation expense 19,000 Salaries expense 32,000 Rent expense 10,400 Insurance expense 5,200 Interest expense 5,000 Utilities expense 4,200 Net income $ 7,400 LANSING...
Statement of Cash Flows (Indirect Method) Use the following information regarding the Fremantle Corporation to prepare a statement of cash flows using the indirect method Accounts payable increase Accounts receivable increase Accrued liabilities decrease Amortization expense Cash balance, January 1 Cash balance, December 31 Cash paid as dividends Cash paid to purchase land Cash paid to retire bonds payable at par Cash received from issuance of common stock 75,000 Cash received from sale of equipment Depreciation expense Gain on sale...
Take me to the text The balance sheet and income statement for Elizabeth Hotels are presented below. Elizabeth Hotels Balance Sheet As at December 31 2020 2019 Assets Current Assets Cash $125,370 $76,200 Accounts Receivable $44,200 $28,900 Inventory $76,100 $46,400 Total Current Assets $245,670 $ 151,500 Land $101,000 $107,000 Equipment $92,000 $132,000 Accumulated Depreciation $-49,000 $-65,000 Total Assets $389,670 $325,500 Liabilities and Equity Liabilities Current Liabilities Accounts Payable $39,000 $65,900 Taxes Payable $28,700 $28,700 Total Current Liabilities $67,700 $94,600 Notes...
Statement of Cash Flows (Indirect Method) Use the following information regarding the Lund Corporation to (a) prepare a statement of cash flows using the indirect method and (b) compute Lund's operating-cash-flow-to-current-liabilities ratio. Accounts payable increase Accounts receivable increase Accrued liabilities decrease Amortization expense Cash balance, January 1 $11,000 4,000 3,000 7,000 22,000 16,000 1,000 90,000 60,000 35,000 17,000 29,000 5,000 13,000 78,000 3,000 120,000 Cash balance, December 31 Cash paid as dividends Cash paid to purchase land Cash paid to...
The income statement, balance sheets, and additional information
for Video Phones, Inc., are provided.
Additional Information for 2018:
1. Purchase investment in bonds for $100,000.
2. Sell land costing $25,000 for only $17,500, resulting in a
$7,500 loss on sale of land.
3. Purchase $55,000 in equipment by issuing a $55,000 long-term
note payable to the seller. No cash is exchanged in the
transaction.
4. Declare and pay a cash dividend of $22,500.
Required:
Prepare the statement of cash...
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