Homework Answers
| You have prepared Balance sheet correctly. Thus helping you with cash flows only | ||
| Statement showing Computations | ||
| Statement of Cash Flow | ||
| Particulars | Amount | Total Amount |
| Cash flow from operating activities | ||
| Cash inflows from customers | 100,000.00 | |
| Payment of employee salaries | (42,000.00) | |
| Payment of supplies | (24,000.00) | |
| Cash flow from operating activities | 34,000.00 | |
| Cash flow from Investing activities | ||
| Sale of investment | 38,000.00 | |
| Purchase of Building | (102,000.00) | |
| Cash flow from Investing activities | (64,000.00) | |
| Cash flow from Financing activities | ||
| Dividends Paid | (16,500.00) | |
| Borrow from the bank | 40,000.00 | |
| Cash flow from Financing activities | 23,500.00 | |
| net change in cash and cash equivalents | (6,500.00) | |
| Opening cash and cash equivalents Bal fig 9700 +6500 | 16,200.00 | |
| Closing cash and cash equivalents | 9,700.00 |
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2. Prepare a statement of cash flows (Cash outflows and decreases in cash should be indicated...
Squirrel Tree Services reports the following amounts on December 31. Assets Cash Supplies Prepaid insurance Building...
Squirrel Tree Services reports the following amounts on December 31. Assets Cash Supplies Prepaid insurance Building Liabilities and Stockholders' Equity $ 9,400 Accounts payable $ 14,800 3,500 Salaries payable 5,200 5,200 Notes payable 37,000 89,000 Common stock 40,000 Retained earnings 10,100 In addition, the company reported the following cash flows. Cash Inflows Customers Borrow from the bank (note) Sale of investments Cash Outflows $94.000 Employee salaries 37,000 Supplies 35,400 Dividends Purchase building $39,000 21,000 15,000 96,000 Required: 1. Prepare a...
Squirrel Tree Services reports the following amounts on December 31. Assets Cash Supplies Prepaid insurance Liabilities...
Squirrel Tree Services reports the following amounts on December 31. Assets Cash Supplies Prepaid insurance Liabilities and Stockholders' Equity $ 9,200 Accounts payable $ 14,200 3,300 Salaries payable 5,000 35,000 5,000 Notes payable 40,000 87,000 Common stock Retained earnings 10,300 Building In addition, the company reported the following cash flows. Cash Inflows Customers Borrow from the bank (note) Sale of investments Cash Outflows $90,000 Employee salaries 35,000 Supplies 32,500 Dividends Purchase building $ 37,000 19,000 14,000 92,000 Required: 1. Prepare...
Please fill in 'Cash at the Beginning of the Year' Squirrel Tree Services reports the following...
Please fill in 'Cash at the Beginning of the Year'
Squirrel Tree Services reports the following amounts on December 31, 2021. Assets Cash Supplies Prepaid insurance Building $ 9,100 3,200 4,900 Liabilities and Stockholders' Equity Accounts payable Salaries payable Notes payable Common stock Retained earnings $13,900 4,900 34,000 40,000 10,400 In addition, the company reported the following cash flows. Cash Inflows Customers Borrow from the bank (note) Sale of investments $88,000 34,000 31,000 Cash Outflows Employee salaries Supplies Dividends Purchase...
Prepare the statement of cash flows using the indirect method. (List cash outflows and any decrease...
Prepare the statement of cash flows using the indirect method.
(List cash outflows and any decrease in cash as negative
amounts.)
The balance sheet for Plasma Screens Corporation, along with
additional information, are provided below:
Additional Information for 2018:
1. Net income is $65,000.
2. The company purchases $106,000 in equipment.
3. Depreciation expense is $158,000.
4. The company repays $112,500 in notes payable.
5 .The company declares and pays a cash dividend of $23,000.
Prepare the statement of cash...
REQUIRED: Homework Chapter 26 Help Sal Squirrel Tree Services reports the following amounts on December 31...
REQUIRED: Homework Chapter 26 Help Sal Squirrel Tree Services reports the following amounts on December 31 Assets Cash Supplies Prepaid insurance Building Liabilities and Stockholders' Equity $ 8,200 Accounts payable $ 11,200 2,300 Salaries payable 4,000 4,000 Notes payable 25.000 77,000 Common stock 40,000 Retained earnings 11.300 points Skloped References In addition, the company reported the following cash flows. Cash Inflows Customers Borrow from the bank (note) Sale of investments Cash Outflows $70,000 Employee salaries 25,000 Supplies 17500 Dividends Purchase...
mba 5180 Preparing a Classified Balance Sheet From the following accounts, listed in alphabetical order, prepare...
mba
5180
Preparing a Classified Balance Sheet From the following accounts, listed in alphabetical order, prepare a classified balance sheet for Berkly Wholesalers as of December 31. $117,000 45,000 78,000 2,000 2 7,000 Accounts payable $43,000 Inventory Accounts receivable 40,000 Land Building 67,000 Mortgage payable (long term) Cash 26,000 Office supplies Common stock 111,000 Retained earnings Salaries payable Berkly Wholesalers Balance Sheet December 31, 2018 Assets Current Assets Cash 26,000 Accounts receivable 40,000 Inventory 117.000 Office supplies 2,000 Total Current...
T-Accounts? Trial Balance? Income statement? Statement of changes? Balance sheet? Statement of cash flows? The following...
T-Accounts? Trial Balance? Income statement? Statement of
changes? Balance sheet? Statement of cash flows?
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from...
Problem 14-7 Prepare a Statement of Cash Flows (LO14-1, LO14-2] [The following information applies to the...
Problem 14-7 Prepare a Statement of Cash Flows (LO14-1, LO14-2] [The following information applies to the questions displayed below.) Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year $ 2 308 157 $ 13 230 195 475 S04 443 426 (70) 356 419 28 35 $ 922 $834 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment...
Problem 11-4A Prepare a statement of cash flows-indirect method (L011-2, 11-3, 11-4, 11- The income statement,...
Problem 11-4A Prepare a statement of cash flows-indirect method (L011-2, 11-3, 11-4, 11- The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. $3,386,000 VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales Expenses : Cost of goods sold $2,200,000 Operating expenses 998,000 Depreciation expense 32,000 Loss on sale of land 8,500 Interest expense 17,500 Income tax expense 53,000 Total expenses Net income ces 3,219,080 $ 167,000 VIDEO PHONES, INC. Balance...
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.
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...
Squirrel Tree Services reports the following amounts on December 31. Assets Cash Supplies Prepaid insurance Building Liabilities and Stockholders' Equity $ 9,400 Accounts payable $ 14,800 3,500 Salaries payable 5,200 5,200 Notes payable 37,000 89,000 Common stock 40,000 Retained earnings 10,100 In addition, the company reported the following cash flows. Cash Inflows Customers Borrow from the bank (note) Sale of investments Cash Outflows $94.000 Employee salaries 37,000 Supplies 35,400 Dividends Purchase building $39,000 21,000 15,000 96,000 Required: 1. Prepare a...
Squirrel Tree Services reports the following amounts on December 31. Assets Cash Supplies Prepaid insurance Liabilities and Stockholders' Equity $ 9,200 Accounts payable $ 14,200 3,300 Salaries payable 5,000 35,000 5,000 Notes payable 40,000 87,000 Common stock Retained earnings 10,300 Building In addition, the company reported the following cash flows. Cash Inflows Customers Borrow from the bank (note) Sale of investments Cash Outflows $90,000 Employee salaries 35,000 Supplies 32,500 Dividends Purchase building $ 37,000 19,000 14,000 92,000 Required: 1. Prepare...
Please fill in 'Cash at the Beginning of the Year'
Squirrel Tree Services reports the following amounts on December 31, 2021. Assets Cash Supplies Prepaid insurance Building $ 9,100 3,200 4,900 Liabilities and Stockholders' Equity Accounts payable Salaries payable Notes payable Common stock Retained earnings $13,900 4,900 34,000 40,000 10,400 In addition, the company reported the following cash flows. Cash Inflows Customers Borrow from the bank (note) Sale of investments $88,000 34,000 31,000 Cash Outflows Employee salaries Supplies Dividends Purchase...
Prepare the statement of cash flows using the indirect method.
(List cash outflows and any decrease in cash as negative
amounts.)
The balance sheet for Plasma Screens Corporation, along with
additional information, are provided below:
Additional Information for 2018:
1. Net income is $65,000.
2. The company purchases $106,000 in equipment.
3. Depreciation expense is $158,000.
4. The company repays $112,500 in notes payable.
5 .The company declares and pays a cash dividend of $23,000.
Prepare the statement of cash...
REQUIRED: Homework Chapter 26 Help Sal Squirrel Tree Services reports the following amounts on December 31 Assets Cash Supplies Prepaid insurance Building Liabilities and Stockholders' Equity $ 8,200 Accounts payable $ 11,200 2,300 Salaries payable 4,000 4,000 Notes payable 25.000 77,000 Common stock 40,000 Retained earnings 11.300 points Skloped References In addition, the company reported the following cash flows. Cash Inflows Customers Borrow from the bank (note) Sale of investments Cash Outflows $70,000 Employee salaries 25,000 Supplies 17500 Dividends Purchase...
mba
5180
Preparing a Classified Balance Sheet From the following accounts, listed in alphabetical order, prepare a classified balance sheet for Berkly Wholesalers as of December 31. $117,000 45,000 78,000 2,000 2 7,000 Accounts payable $43,000 Inventory Accounts receivable 40,000 Land Building 67,000 Mortgage payable (long term) Cash 26,000 Office supplies Common stock 111,000 Retained earnings Salaries payable Berkly Wholesalers Balance Sheet December 31, 2018 Assets Current Assets Cash 26,000 Accounts receivable 40,000 Inventory 117.000 Office supplies 2,000 Total Current...
T-Accounts? Trial Balance? Income statement? Statement of
changes? Balance sheet? Statement of cash flows?
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from...
Problem 14-7 Prepare a Statement of Cash Flows (LO14-1, LO14-2] [The following information applies to the questions displayed below.) Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year $ 2 308 157 $ 13 230 195 475 S04 443 426 (70) 356 419 28 35 $ 922 $834 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment...
Problem 11-4A Prepare a statement of cash flows-indirect method (L011-2, 11-3, 11-4, 11- The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. $3,386,000 VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales Expenses : Cost of goods sold $2,200,000 Operating expenses 998,000 Depreciation expense 32,000 Loss on sale of land 8,500 Interest expense 17,500 Income tax expense 53,000 Total expenses Net income ces 3,219,080 $ 167,000 VIDEO PHONES, INC. Balance...
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...
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