Question

Please also show the method to calculate each entry

Jessie Company Comparative Balance Sheets December 31, 2018 and 2017 2018 2017 Assets $35,000 $12,000 53,000 Cash and cash eq

The following additional information is available: a. Net income for the year 2018 (as reported on the statement of comprehen

Increase in accounts payable 5,400 Gain on sale of equipment Income tax paid in cash Net cash flows provided by operating act

1 0
Add a comment Improve this question Transcribed image text
Answer #1

51,000.00 For year ended Dec 31 2018 Cashflow from opearting Activity Net Income $ Add/(deduct) items Depreciation $ IncreaseWorking Notes 2600 Equipment Account 32000 By Sales 1500 By Accumulated 33000|Dep To Balb/d To Gain To Purchase (B.F) 5900 by

Add a comment
Know the answer?
Add Answer to:
Please also show the method to calculate each entry Jessie Company Comparative Balance Sheets December 31,...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • 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...

  • 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...

  • Rojas Corporation’s comparative balance sheets are presented below. ROJAS CORPORATION Comparative Balance Sheets December 31 2020...

    Rojas Corporation’s comparative balance sheets are presented below. ROJAS CORPORATION Comparative Balance Sheets December 31 2020 2019 Cash $14,500 $10,700 Accounts receivable 20,800 23,800 Land 19,600 26,300 Buildings 70,100 70,100 Accumulated depreciation—buildings (15,000 ) (10,700 )    Total $110,000 $120,200 Accounts payable $11,800 $28,300 Common stock 75,000 73,400 Retained earnings 23,200 18,500    Total $110,000 $120,200 Additional information: 1. Net income was $22,800. Dividends declared and paid were $18,100. 2. No noncash investing and financing activities occurred during 2020. 3. The land...

  • 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...

  • MICHAELS COMPANY COMPARATIVE BALANCE SHEETS AS OF DECEMBER 31, 2014 AND 2013 2014 2013 Cash $10,860...

    MICHAELS COMPANY COMPARATIVE BALANCE SHEETS AS OF DECEMBER 31, 2014 AND 2013 2014 2013 Cash $10,860 $3,180 13,420 Accounts receivable 21,480 Short-term investments 21,350 31,200 Inventory 41,410 36,550 Prepaid rent Prepaid insurance Supplies 2,640 13,420 2,810 940 1,360 770 Land 124,560 172,800 Buildings Accumulated depreciation-buildings 350,170 350,170 (105,080) (88,410) Equipment 524,950 400,440 Accumulated depreciation-equipment (130,130) (113,160) 51,700 Patents 45,090 Total assets $911,470 $873,020 Accounts payable Income taxes payable Salaries and wages payable Short-term notes payable Long-term notes payable Bonds payable...

  • Preparing a Statement of Cash Flows (Direct Method) Rainbow Company's income statement and comparative balance sheets...

    Preparing a Statement of Cash Flows (Direct Method) Rainbow Company's income statement and comparative balance sheets follow. RAINBOW COMPANY Income Statement For Year Ended December 31, 2018 Sales $750,000 Dividend Income 15,000 Total Revenue 765,000 Cost of Goods Sold $440,000 Wages and Other Operating Expenses 130,000 Depreciation Expense 39,000 Patent Amortization Expense 7,000 Interest Expense 13,000 Income Tax Expense 44,000 Loss on Sale of Equipment 5,000 Gain on Sale of Investments (3,000) 675,000 Net Income $90,000 RAINBOW COMPANY Balance Sheets...

  • Please show method of how to calculate each entry Picnic Corporation computed the amount of cash flows from operations...

    Please show method of how to calculate each entry Picnic Corporation computed the amount of cash flows from operations using both the direct and indirect methods, as follows. $527,000 (169,000) (198,000) $160,000 $98,200 Direct method: Collections from customers Payments to suppliers Payments for operating expenses Cash flows provided by operating activities Indirect method: Net income Depreciation Gain on sale of equipment Decrease in inventory Decrease in accounts receivable (net) Decrease in accounts payable Increase in miscellaneous accrued payable Cash flows...

  • The comparative balance sheets for Spicer Company as of December 31 are presented below. Spicer Company...

    The comparative balance sheets for Spicer Company as of December 31 are presented below. Spicer Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 68,000 $ 45,000 Accounts receivable 50,000 58,000 Inventory 151,450 142,000 Prepaid expenses 15,280 21,000 Land 145,000 130,000 Buildings 200,000 200,000 Accumulated depreciation—buildings (60,000 ) (40,000 ) Equipment 225,000 155,000 Accumulated depreciation—equipment (45,000 ) (35,000 ) Total $749,730 $676,000 Liabilities and Stockholders’ Equity Accounts payable $ 44,730 $ 36,000 Bonds payable 300,000 300,000 Common stock,...

  • FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year $ 49,800 65,810 275,656 1,250...

    FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year $ 49,800 65,810 275,656 1,250 392,516 157,500 (36,625) $513,391 $ 73,500 50,625 251,800 1,875 377,800 108,000 (46,000) $439,800 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term notes payable Total liabilities Equity Common stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings Total liabilities and equity...

  • Cash and cash equivalents balance, December 31, 2016 Cash and cash equivalents balance, December 31, 2017...

    Cash and cash equivalents balance, December 31, 2016 Cash and cash equivalents balance, December 31, 2017 Cash received as interest Cash paid for salaries Bonds payable retired by issuing common stock (no gain or loss on retirement) Cash paid to retire long-term notes payable Cash received from sale of equipment Cash received in exchange for six-month note payable Land purchased by issuing long-term note payable Cash paid for store equipment Cash dividends paid Cash paid for other expenses Cash received...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT