Homework Answers
| Statement of Cash Flows of Dwyer Company | ||
| © www.excel-skills.com | 2019 | |
| Cash flows from operating activities | ||
| Profit / (Loss) before taxation | 90,000.00 | See Note Below |
| Adjustments for: | ||
| Change in Accumulated Depreciation | 12,700.00 | |
| Profit / (Loss) on the sale of property, plant & equipment | (18,000.00) | |
| Working capital changes: | ||
| (Increase) / Decrease in trade and other receivables | (28,000.00) | |
| (Increase) / (Decrease) in inventories | 7,000.00 | |
| Increase / (Decrease) Account Payable and Accrued Liabilities | (5,500.00) | |
| Cash generated from operations | 58,200.00 | |
| Dividends paid | (39,000.00) | |
| Net cash from operating activities | 19,200.00 | |
| Cash flows from investing activities | ||
| Proceeds from sale of Long Term Investements | 33,000.00 | |
| Purchase of property, plant and equipment | (86,500.00) | |
| Net cash used in investing activities | (53,500.00) | |
| Cash flows from financing activities | ||
| Proceeds from issue of Common Stock | 40,000.00 | |
| Proceeds from long-term Note Payable | 60,000.00 | |
| Payment of long-term Long Term Note Payable | (40,000.00) | |
| Net cash used in financing activities | 60,000.00 | |
| Net increase in cash and cash equivalents | 25,700.00 | |
| Cash and cash equivalents at beginning of period | 10,200.00 | |
| Cash and cash equivalents at end of period | 35,900.00 | |
Journal
Entries:
1. Cash A/c___Dr.33000
To Profit on Sale of Investments 18000
To Long Term Investments 15000
2. Dividend Paid___Dr. 39000
To Cash 39000
3. PPE A/c___Dr 86500
To Long Term Notes Payable 60000
To Cash 26500
4. Cash A/c___Dr. 40000
To Common Stock 40000
5. Long Term Notes Payable___Dr. 40000
To Cash 40000
Note-
Calculation of Net Income-
Closing Retained Earnings - Opening Retained Earnings + Dividend
Paid
80000 - 29000 + 39000 = 90000
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The statements of financial position for Mero Company showed the following information. Additional information concerning transactions...
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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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The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. 2.5 points...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. 2.5 points eBook Ask VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales $3,636,000 Expenses: Cost of goods sold $2,450,000 Operating expenses 958,000 Depreciation expense 37,000 Loss on sale of land 9,000 Interest expense 20,000 Income tax expense 58,000 Total expenses 3,532,000 Net income $ 104,000 References VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 Assets Current assets: Cash $...
Problem 11-4B Prepare a statement of cash flows-indirect method. The income statement, blanace sheets, and additional...
Problem 11-4B Prepare a statement of cash flows-indirect method.
The income statement, blanace sheets, and additional
indormation dor Virtual Gaming Systems are provided.
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The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. $ 2,936,000...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. $ 2,936,000 VIDEO PHONES, INC Income Statement For the Year Ended December 31, 2018 Net sales Expenses: Cost of goods sold $ 1,850,000 Operating expenses 838,000 Depreciation expense 25,000 Loss on sale of land 7,800 Interest expense 14,000 Income tax expense 46,000 Total expenses 2,780,800 Net income $ 155,200 VIDEO PHONES, INC. Balance Sheets December 31 2018 2017 127,840 Assets Current assets: Cash Accounts receivable Inventory...
The Income statement, balance sheets, and additional Information for Video Phones, Inc., are provided. $2,576, VIDEO...
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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 balance sheets for a company, along with additional information, are provided below: Balance Sheets December 31, Year 2 and Year 1. Year 2 Year 1 $ $ 156,250 74,000 85,000 2,000 171,500 87,000 71,000 1,000 430,000 720,000 (400, 000) $1,067, 250 430,000 620,000 (248,000) $1, 132, 500 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities:...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. 2.5 points eBook Ask VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales $3,636,000 Expenses: Cost of goods sold $2,450,000 Operating expenses 958,000 Depreciation expense 37,000 Loss on sale of land 9,000 Interest expense 20,000 Income tax expense 58,000 Total expenses 3,532,000 Net income $ 104,000 References VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 Assets Current assets: Cash $...
Problem 11-4B Prepare a statement of cash flows-indirect method.
The income statement, blanace sheets, and additional
indormation dor Virtual Gaming Systems are provided.
Problem 11-4B Prepare a statement of cash flows-indirect method (LO11-2, 11-3, 11-4, 11-5) The income statement, balance sheets, and additional information for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 $2,450,000 7,500 2,457,500 Net sales Gain on sale of land Total revenues Expenses: Cost of goods sold Operating...
value 28.00 points The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. VIDEO PHONES, INC Income Statement For the Year Ended December 31, 2018 S 3,086,000 Net sales Expenses: $ 2,000,000 868,000 28,000 8,100 15,500 49,000 Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses 2,968,600 Net income 117,400 VIDEO PHONES, INC Balance Sheet December 31 2018 2017 Assets Current assets $ 182,860 $...
The balance sheets for Plasma Screens Corporation, along with additional information, are provided below: 2020 $ 159,000 89,500 75,500 1,500 PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 Assets Current assets: Cash $ 146,750 Accounts receivable 76,000 Inventory 90,000 Prepaid rent 3,000 Long-term assets: Land 455,000 Equipment 750,000 Accumulated depreciation (415, 000) Total assets $1,105,750 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 94,000 Interest payable 6,750 Income tax payable 7,000 Long-term liabilities: Notes payable 112,500...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. $ 2,936,000 VIDEO PHONES, INC Income Statement For the Year Ended December 31, 2018 Net sales Expenses: Cost of goods sold $ 1,850,000 Operating expenses 838,000 Depreciation expense 25,000 Loss on sale of land 7,800 Interest expense 14,000 Income tax expense 46,000 Total expenses 2,780,800 Net income $ 155,200 VIDEO PHONES, INC. Balance Sheets December 31 2018 2017 127,840 Assets Current assets: Cash Accounts receivable Inventory...
The Income statement, balance sheets, and additional Information for Video Phones, Inc., are provided. $2,576, VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales Expenses: Cost of goods sold $1,550,000 Operating expenses 778.888 Depreciation expense 19.000 Loss on sale of land 7,200 Interest expense 11,000 Income tax expense 40.000 Total expenses Net income 2,485,280 $ 178,888 VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 $ 152,320 72,200 105,88 8,888 $ 77,568 52.600 127,000 4,440...
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