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Homework Answers
| Cash Flow statement | ||||||
| cash flow from operating activities | ||||||
| net income (45340-6830) | 38510 | |||||
| adjustments to reconcile net income | ||||||
| net cash provided by operating activities | ||||||
| add: loss on sale of equipment (12970*60%)-4180 | 3602 | |||||
| add: depreciation expenses 2980+(12970*40%)-5390 | 2778 | |||||
| add: patent amortized (6910-5270) | 1640 | |||||
| add: increase in accounts payable (5270-3940) | 1330 | |||||
| less: gain on sale of investment | -1450 | |||||
| less: increase in accounts receivable | -14590 | |||||
| less: increase in inventory | -10110 | |||||
| less: gain from flood damage | -9530 | |||||
| net cash provided by operating activities | 12180 | |||||
| cash flow from investing activities | ||||||
| sale of investment (3940+1450) | 5390 | |||||
| sale of equipment | 4180 | |||||
| less: purchase of equipment | -24670 | |||||
| proceed from flood damage to building | 33950 | |||||
| net cash provided by investing activities | 18850 | |||||
| cash flow from financing activities | ||||||
| payment of dividend | -4590 | |||||
| payment of short term note payable | -780 | |||||
| net cash used by financing activities | -5370 | |||||
| net increase in cash | 25660 | |||||
| cash january 1 2014 | 14060 | |||||
| cash december 31 2014 | 39720 | |||||
| Working | ||||||
| Gain from flood damage | ||||||
| proceed from insurance | 31680 | |||||
| add: tax | 2270 | |||||
| total proceed | 33950 | |||||
| buidling at the beginning | 30730 | |||||
| less: accumulated depreciation | -6310 | |||||
| book value of building | 24420 | |||||
| Gain from flood damage (33950-24420) | 9530 | |||||
| increase in accounts receivable | ||||||
| balance at the end | 22400 | |||||
| less: allowance for doubtful debt | -3010 | |||||
| net balance of accounts receivable ending | 19390 | |||||
| balance at the beginning | 10060 | |||||
| less: allowance for doubtful debt | -5260 | |||||
| net balance of accounts receivable beginning | 4800 | |||||
| increase in accounts receivable | 14590 | |||||
| purchase of equipment | ||||||
| beginning balance of equipment | 20030 | |||||
| less: cost of equipment sold | -12970 | |||||
| balance | 7060 | |||||
| add: purchase of equipment with note | 15800 | |||||
| balance | 22860 | |||||
| less: equipment balance at the end | -47530 | |||||
| purchase of equipment | -24670 | |||||
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ent Your answer is partially correct. Try again. The comparative balance sheets...
The comparative balance sheets for Hinckley Corporation show the following Infordul. December 31 2014 2013 $39,720...
The comparative balance sheets for Hinckley Corporation show the following Infordul. December 31 2014 2013 $39,720 $14,060 22,400 10,060 19,910 9,800 -0- 3,940 -0- 30,730 47,530 20,030 5,270 6,910 $134,830 $95,530 Cash Accounts receivable Inventory Investments Buildings Equipment Patents art 5,270 Study Allowance for doubtful accounts Accumulated depreciation-eqqipment Accumulated depreciation-building Accounts payable Dividends payable Notes payable, short-term (nontrade) Long-term notes payable Common stock Retained earnings $3,010 2,980 -0- 5,270 -0- 2,860 32,230 43,140 45,340 $134,830 $5,260 5,390 6,310 3,940 4,590...
The comparative balance sheets for Hinckley Corporation show the following information. Cash Accounts receivable Inventory Investments...
The comparative balance sheets for Hinckley Corporation show the following information. Cash Accounts receivable Inventory Investments Buildings Equipment Patents December 31 2014 2013 $39,610 $14,200 18,460 11,900 17,110 9,750 -0 3,760 -O- 30,380 51,050 22,500 5,440 $131,670 $99,160 6,670 Allowance for doubtful accounts Accumulated depreciation equipment Accumulated depreciation-building Accounts payable Dividends payable Notes payable, short-term (nontrade) Long-term notes payable Common stock Retained earnings $3,170 2,410 -0- 5,440 -0- 2,940 32,860 43,230 41,620 $131,670 $5,290 5,220 6,480 3,760 4,030 3,950 25,850...
Problem 23-9 Your answer is partially correct. Try again Wildhorse Corporation has contracted with you to prepare a sta...
Problem 23-9 Your answer is partially correct. Try again Wildhorse Corporation has contracted with you to prepare a statement of cash flows. The controller has provided the following information December 31 2017 2016 Cash $38,400 $12,800 Accounts receivable 12,300 10,000 12,100 Inventory 10,000 3,000 Equity investments 0 Buildings 29,600 0 39,700 20,100 Equipment 5,000 Copyrights 5,200 107,500 $90,700 Totals Allowance for doubtful accounts $2,900 $4,400 Accumulated depreciation-equipment 2,100 4,500 Accumulated depreciation-buildings 0 6,000 Accounts payable 5,000 4,000 Dividends payable 0...
Problem 23-2 The comparative balance sheets for Concord Corporation show the following information. Cash Accounts receivable...
Problem 23-2 The comparative balance sheets for Concord Corporation show the following information. Cash Accounts receivable Inventory Available-for-sale debt investments Buildings Equipment Patents December 31 2017 2016 $33,400 $13,100 12,300 10,000 12,200 9,100 -0 2,900 -0 29,500 45,400 20,200 5,000 6,200 $108,300 $91,000 Allowance for doubtful accounts Accumulated depreciation equipment Accumulated depreciation-building Accounts payable Dividends payable Notes payable, short-term (nontrade) Long-term notes payable Common stock Retained earnings $3,000 2,000 -0- 5,000 -0- 3,000 31,000 43,000 21,300 $108,300 $4,500 4,600 6,100...
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...
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...
Exercise 12-5 Your answer is partially correct. Try again. The following information is available for Bridgeport...
Exercise 12-5 Your answer is partially correct. Try again. The following information is available for Bridgeport Corp. for the year ended December 31, 2017. Beginning cash balance Accounts payable decrease Depreciation expense Accounts receivable increase Inventory increase Net income Cash received for sale of land at book value Cash dividends paid Income taxes payable increase Cash used to purchase building Cash used to purchase treasury stock Cash received from issuing bonds $ 48,690 4,003 175,284 8,872 11,902 307,396 37,870 12,984...
Your answer is partially correct. Try again. The current sections of Monty Corp.'s balance sheets at...
Your answer is partially correct. Try again. The current sections of Monty Corp.'s balance sheets at December 31, 2021 and 2022, are presented here. Monty Corp.'s net income for 2022 was $406,400. Depreciation expense was $67,200. 2022 2021 $99,200 136,000 124,800 27,200 Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities $ 142,400 110,400 99,200 30,400 $382,400 $387,200 $ 9,600 140,800 $150,400 $ 25,600 115,200 $ 140,800 Prepare...
Problem 12-9A Your answer is partially correct. Try again. Condensed financial data of Vaughn Manufacturing follow...
Problem 12-9A Your answer is partially correct. Try again. Condensed financial data of Vaughn Manufacturing follow Vaughn Manufacturing Comparative Balance Sheets December 31 Assets 2017 2016 $109,080 $65,340 Cash Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets Accumulated depreciation Total 51,300 138,848 35,100 147,150 118,530 151,875 38,340 186,300 384,750327,375 (67,500)(70,200) $921,375 $694,913 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock $ 137,700 22,275 148,500 297,000 315,900 $921,375 $90,855 28,350 197,100 236,250 142,358 $694,913 Retained...
Preparing a Statement of Cash Flows Erie Company reported the following comparative balance sheets: 2019 2018...
Preparing a Statement of Cash Flows Erie Company reported the following comparative balance sheets: 2019 2018 Assets: Cash $33,200 $12,750 Accounts receivable 53,000 44,800 Inventory 29,500 27,500 Prepaid rent 2,200 6,200 Investments (long-term) 17,600 31,800 Property, plant, and equipment 162,000 149,450 Accumulated depreciation (61,600) (56,200) Total assets $235,900 $216,300 Liabilities and Equity: Accounts payable $16,900 $19,500 Interest payable 3,500 4,800 Wages payable 9,600 7,100 Income taxes payable 5,500 3,600 Notes payable 30,400 53,000 Common stock 100,000 68,500 Retained earnings 70,000...
The comparative balance sheets for Hinckley Corporation show the following Infordul. December 31 2014 2013 $39,720 $14,060 22,400 10,060 19,910 9,800 -0- 3,940 -0- 30,730 47,530 20,030 5,270 6,910 $134,830 $95,530 Cash Accounts receivable Inventory Investments Buildings Equipment Patents art 5,270 Study Allowance for doubtful accounts Accumulated depreciation-eqqipment Accumulated depreciation-building Accounts payable Dividends payable Notes payable, short-term (nontrade) Long-term notes payable Common stock Retained earnings $3,010 2,980 -0- 5,270 -0- 2,860 32,230 43,140 45,340 $134,830 $5,260 5,390 6,310 3,940 4,590...
The comparative balance sheets for Hinckley Corporation show the following information. Cash Accounts receivable Inventory Investments Buildings Equipment Patents December 31 2014 2013 $39,610 $14,200 18,460 11,900 17,110 9,750 -0 3,760 -O- 30,380 51,050 22,500 5,440 $131,670 $99,160 6,670 Allowance for doubtful accounts Accumulated depreciation equipment Accumulated depreciation-building Accounts payable Dividends payable Notes payable, short-term (nontrade) Long-term notes payable Common stock Retained earnings $3,170 2,410 -0- 5,440 -0- 2,940 32,860 43,230 41,620 $131,670 $5,290 5,220 6,480 3,760 4,030 3,950 25,850...
Problem 23-9 Your answer is partially correct. Try again Wildhorse Corporation has contracted with you to prepare a statement of cash flows. The controller has provided the following information December 31 2017 2016 Cash $38,400 $12,800 Accounts receivable 12,300 10,000 12,100 Inventory 10,000 3,000 Equity investments 0 Buildings 29,600 0 39,700 20,100 Equipment 5,000 Copyrights 5,200 107,500 $90,700 Totals Allowance for doubtful accounts $2,900 $4,400 Accumulated depreciation-equipment 2,100 4,500 Accumulated depreciation-buildings 0 6,000 Accounts payable 5,000 4,000 Dividends payable 0...
Problem 23-2 The comparative balance sheets for Concord Corporation show the following information. Cash Accounts receivable Inventory Available-for-sale debt investments Buildings Equipment Patents December 31 2017 2016 $33,400 $13,100 12,300 10,000 12,200 9,100 -0 2,900 -0 29,500 45,400 20,200 5,000 6,200 $108,300 $91,000 Allowance for doubtful accounts Accumulated depreciation equipment Accumulated depreciation-building Accounts payable Dividends payable Notes payable, short-term (nontrade) Long-term notes payable Common stock Retained earnings $3,000 2,000 -0- 5,000 -0- 3,000 31,000 43,000 21,300 $108,300 $4,500 4,600 6,100...
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...
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...
Exercise 12-5 Your answer is partially correct. Try again. The following information is available for Bridgeport Corp. for the year ended December 31, 2017. Beginning cash balance Accounts payable decrease Depreciation expense Accounts receivable increase Inventory increase Net income Cash received for sale of land at book value Cash dividends paid Income taxes payable increase Cash used to purchase building Cash used to purchase treasury stock Cash received from issuing bonds $ 48,690 4,003 175,284 8,872 11,902 307,396 37,870 12,984...
Your answer is partially correct. Try again. The current sections of Monty Corp.'s balance sheets at December 31, 2021 and 2022, are presented here. Monty Corp.'s net income for 2022 was $406,400. Depreciation expense was $67,200. 2022 2021 $99,200 136,000 124,800 27,200 Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities $ 142,400 110,400 99,200 30,400 $382,400 $387,200 $ 9,600 140,800 $150,400 $ 25,600 115,200 $ 140,800 Prepare...
Problem 12-9A Your answer is partially correct. Try again. Condensed financial data of Vaughn Manufacturing follow Vaughn Manufacturing Comparative Balance Sheets December 31 Assets 2017 2016 $109,080 $65,340 Cash Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets Accumulated depreciation Total 51,300 138,848 35,100 147,150 118,530 151,875 38,340 186,300 384,750327,375 (67,500)(70,200) $921,375 $694,913 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock $ 137,700 22,275 148,500 297,000 315,900 $921,375 $90,855 28,350 197,100 236,250 142,358 $694,913 Retained...
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