Homework Answers
| Statement of Cash Flows | ||
| For the Year Ended December 31, 2020 | ||
| Cash Flows from Operating Activities: | ||
| Net income | 102300 | |
| Adjustments to reconcile net income to | ||
| Net cash provided by operating activities | ||
| Depreciation expense | 32100 | |
| Increase in Accounts Receivable | -15600 | |
| Decrease in inventory | 16400 | |
| Decrease in accounts payable | -11800 | |
| 21100 | ||
| Net cash provided by operating activities | 123400 | |
| Cash Flows from Investing Activities: | ||
| Sale of Land | 26400 | |
| Purchase of Equipment | -60000 | |
| Net Cash used by Investing Activities | -33600 | |
| Cash Flows from Financing Activities | ||
| Payment of Cash Dividends | -34500 | |
| Redemption of Bonds Payable | -53700 | |
| Issuance of Common Stock | 39300 | |
| Net Cash Used by Financing Activities | -48900 | |
| Net Increase in Cash | 40900 | |
| Cash at Beginning of Period | 32600 | |
| Cash at End of Period | 73500 |
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Here are comparative balance sheets for Concord Corporation. Concord Corporation Comparative Balance Sheets December 31 Assets...
Here are comparative balance sheets for Swifty Corporation Swifty Corporation Comparative Balance Sheets December 31 Assets...
Here are comparative balance sheets for Swifty Corporation Swifty Corporation Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory 2020 $ 73,500 85,800 169.700 73,300 259.000 (65.800) $595,500 2019 $33,500 70,600 186,700 101,800 199,400 (33,800) $558,200 Land Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total $ 35,500 151.400 217.000 191.600 $595,500 $ 46,500 203,800 172,700 135.200 $558,200 Additional information 1 Net income for 2020 was $103.400. 2 Cash...
Exercise 12-9 Here are comparative balance sheets for Blossom Company. Blossom Company Comparative Balance Sheets December...
Exercise 12-9 Here are comparative balance sheets for Blossom Company. Blossom Company Comparative Balance Sheets December 31 Assets 2019 2018 Cash $ 73,500 $ 32,900 Accounts receivable 86,200 70,600 Inventory 169,600 187,200 Land 73,300 101,200 Equipment 259,600 200,700 Accumulated depreciation—equipment (66,400 ) (33,900 ) Total $595,800 $558,700 Liabilities and Stockholders’ Equity Accounts payable $ 35,300 $ 46,600 Bonds payable 151,500 203,000 Common stock ($1 par) 217,200 174,700 Retained earnings 191,800 134,400 Total $595,800 $558,700 Additional information: 1. Net income for...
Problem 12-11A The comparative balance sheets for Concord Corporation as of December 31 are presented below....
Problem 12-11A The comparative balance sheets for Concord Corporation as of December 31 are presented below. Concord Corporation Comparative Balance Sheets December 31 Assets 2019 2018 Cash $57,600 $47,800 Accounts receivable 43,600 64,100 Inventory 151,600 145,800 Prepaid expenses 14,300 21,200 Land 96,300 130,400 Buildings 197,000 197,000 Accumulated depreciation-buildings (55,900) (30,900) Equipment 229,900 156,600 Accumulated depreciation-equipment (43,600) (35,800) Total $690,800 $696,200 Liabilities and Stockholders' Equity Accounts payable $46,100 $39,800 Bonds payable 260,000 290,900 Common stock, $1 par 189,800 158,900 Retained earnings...
Exercise 12-8 (Part Level Submission) Concord Corporation’s comparative balance sheets are presented below. Concord Corporation Comparative...
Exercise 12-8 (Part Level Submission) Concord Corporation’s comparative balance sheets are presented below. Concord Corporation Comparative Balance Sheets December 31 2019 2018 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...
Exercise 17-09 (Video) Here are comparative balance sheets for Velo Company. Velo Company Comparative Balance Sheets...
Exercise 17-09 (Video) Here are comparative balance sheets for Velo Company. Velo Company Comparative Balance Sheets December 31 Assets 2020 Cash $72,800 Accounts receivable 86,400 Inventory 169,700 Land 73,400 Equipment 260,900 Accumulated depreciation-equipment (66,000) Total $597,200 Liabilities and Stockholders' Equity Accounts payable $35,400 Bonds payable 148,800 Common stock ($1 par) 214,500 Retained earnings 198,500 $597,200 Total 2019 $32,900 70,700 187,400 101,400 199,500 (34,100) $557,800 $47,000 203,700 174,800 132,300 $557,800 Total $597,200 $557,800 Additional information: 1. Net Income for 2020 was...
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...
Rojas Corporation's comparative balance sheets are presented below. ROJAS CORPORATION Comparative Balance Sheets December 31 2019...
Rojas Corporation's comparative balance sheets are presented below. ROJAS CORPORATION Comparative Balance Sheets December 31 2019 2020 Cash $14,600 $10,300 23,900 Accounts receivable 21,600 Land 20,500 25,900 Buildings 70,200 70,200 Accumulated depreciation-buildings (14,500) (10,800) $112,400 $119,500 Total Accounts payable $12,000 $28,200 74,000 73,300 Common stock Retained earnings 18,000 26,400 $112,400 $119,500 Total Additional information : 1. Net income was $22,900. Dividends declared and paid were $14,500. 2. No noncash investing and financing activities occurred during 2020 3. The land was...
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 Land 20,800 19,600 70,100 23,800 26,300 70,100 Buildings Accumulated depreciation-buildings (15,000) $110,000 (10,700) $120,200 Total 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 was sold...
Rojas Corporation's comparative balance sheets are presented below. ROJAS CORPORATION Comparative Balanoe Sheets December 31 2020...
Rojas Corporation's comparative balance sheets are presented below. ROJAS CORPORATION Comparative Balanoe Sheets December 31 2020 2019 Cash $14,500 $10,700 Accounts receivable 20,800 23,800 Land 19,600 26,300 Buildings Accumulated deprediation-buildings 70,100 70,100 (15,000) $110,000 (10,700) $120,200 Total Accounts payable $11,800 $28,300 Common stock Retained eamings 75,000 73,400 23,200 18,500 Total $110,000 $120,200 Additional information: 1. Net income was $22,800. Dividends dedared and paid were $18,100, 2. No noncash investing and finandng activities occurred during 2020. 3. The land was sold...
Exercise 12-09 Here are comparative balance sheets for Larkspur, Inc.. Larkspur, Inc. Comparative Balance Sheets December...
Exercise 12-09 Here are comparative balance sheets for Larkspur, Inc.. Larkspur, Inc. Comparative Balance Sheets December 31 Assets 2020 2019 Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total $ 72,800 86,400 170,200 72,800 260,000 (66,500) $595,700 $ 33,300 71,300 186,700 101,600 200,000 (33,800) $559,100 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total $ 35,000 150,800 215,200 194,700 $595,700 $ 47,200 203,600 173,000 135,300 $559,100 Additional information: 1. Net income for 2020 was...
Here are comparative balance sheets for Swifty Corporation Swifty Corporation Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory 2020 $ 73,500 85,800 169.700 73,300 259.000 (65.800) $595,500 2019 $33,500 70,600 186,700 101,800 199,400 (33,800) $558,200 Land Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total $ 35,500 151.400 217.000 191.600 $595,500 $ 46,500 203,800 172,700 135.200 $558,200 Additional information 1 Net income for 2020 was $103.400. 2 Cash...
Problem 12-11A The comparative balance sheets for Concord Corporation as of December 31 are presented below. Concord Corporation Comparative Balance Sheets December 31 Assets 2019 2018 Cash $57,600 $47,800 Accounts receivable 43,600 64,100 Inventory 151,600 145,800 Prepaid expenses 14,300 21,200 Land 96,300 130,400 Buildings 197,000 197,000 Accumulated depreciation-buildings (55,900) (30,900) Equipment 229,900 156,600 Accumulated depreciation-equipment (43,600) (35,800) Total $690,800 $696,200 Liabilities and Stockholders' Equity Accounts payable $46,100 $39,800 Bonds payable 260,000 290,900 Common stock, $1 par 189,800 158,900 Retained earnings...
Exercise 17-09 (Video) Here are comparative balance sheets for Velo Company. Velo Company Comparative Balance Sheets December 31 Assets 2020 Cash $72,800 Accounts receivable 86,400 Inventory 169,700 Land 73,400 Equipment 260,900 Accumulated depreciation-equipment (66,000) Total $597,200 Liabilities and Stockholders' Equity Accounts payable $35,400 Bonds payable 148,800 Common stock ($1 par) 214,500 Retained earnings 198,500 $597,200 Total 2019 $32,900 70,700 187,400 101,400 199,500 (34,100) $557,800 $47,000 203,700 174,800 132,300 $557,800 Total $597,200 $557,800 Additional information: 1. Net Income for 2020 was...
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...
Rojas Corporation's comparative balance sheets are presented below. ROJAS CORPORATION Comparative Balance Sheets December 31 2019 2020 Cash $14,600 $10,300 23,900 Accounts receivable 21,600 Land 20,500 25,900 Buildings 70,200 70,200 Accumulated depreciation-buildings (14,500) (10,800) $112,400 $119,500 Total Accounts payable $12,000 $28,200 74,000 73,300 Common stock Retained earnings 18,000 26,400 $112,400 $119,500 Total Additional information : 1. Net income was $22,900. Dividends declared and paid were $14,500. 2. No noncash investing and financing activities occurred during 2020 3. The land was...
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 Land 20,800 19,600 70,100 23,800 26,300 70,100 Buildings Accumulated depreciation-buildings (15,000) $110,000 (10,700) $120,200 Total 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 was sold...
Rojas Corporation's comparative balance sheets are presented below. ROJAS CORPORATION Comparative Balanoe Sheets December 31 2020 2019 Cash $14,500 $10,700 Accounts receivable 20,800 23,800 Land 19,600 26,300 Buildings Accumulated deprediation-buildings 70,100 70,100 (15,000) $110,000 (10,700) $120,200 Total Accounts payable $11,800 $28,300 Common stock Retained eamings 75,000 73,400 23,200 18,500 Total $110,000 $120,200 Additional information: 1. Net income was $22,800. Dividends dedared and paid were $18,100, 2. No noncash investing and finandng activities occurred during 2020. 3. The land was sold...
Exercise 12-09 Here are comparative balance sheets for Larkspur, Inc.. Larkspur, Inc. Comparative Balance Sheets December 31 Assets 2020 2019 Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total $ 72,800 86,400 170,200 72,800 260,000 (66,500) $595,700 $ 33,300 71,300 186,700 101,600 200,000 (33,800) $559,100 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total $ 35,000 150,800 215,200 194,700 $595,700 $ 47,200 203,600 173,000 135,300 $559,100 Additional information: 1. Net income for 2020 was...
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