Homework Answers
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| As nothing is mentioned so I am assuming that Indirect method to be used. | |||
| Cashflow statement- Current Year | Amount $ | Amount $ | |
| Particulars | |||
| Earnings after tax | 99,510.00 | ||
| Adjustment to reconcile Net Income to Net Cash | |||
| Add: | |||
| Depreciation & Amortization Expense | 58,600.00 | ||
| Less: | |||
| Gain on sale of equipment | 2,000.00 | ||
| Cash flow from Operations | 156,110.00 | ||
| Changes in Current Assets/Current Liabilities | |||
| Increase in Accounts Receivable | (14,000.00) | ||
| Decrease in Inventory | 22,700.00 | ||
| Decrease in Prepaid Assets | 1,000.00 | ||
| Decrease in Accounts Payable | (5,000.00) | ||
| Decrease in Wages Payable | (9,000.00) | ||
| Decrease in Taxes Payable | (400.00) | (4,700.00) | |
| Net cash provided by operating activities | 151,410.00 | ||
| Cash flow from investing activities | |||
| Equipment purchased | (57,600.00) | ||
| Equipment sold | 10,000.00 | ||
| Net cash used for investing activities | (47,600.00) | ||
| Cash flow from financing activities | |||
| Notes Payable paid | (30,000.00) | ||
| Common stock issued during the year | 60,000.00 | ||
| Dividends paid | (90,310.00) | ||
| Net cash provided by (Used for) financing activities | (60,310.00) | ||
| Net Increase/(Decrease) in cash | 43,500.00 | ||
| Cash Balance, beginning | 44,000.00 | ||
| Cash Balance, ending | 87,500.00 |
| Workings | Amount $ |
| Increase in Accounts Receivable | |
| Closing Balance | 65,000.00 |
| Less: Opening Balance | 51,000.00 |
| Increase in Accounts Receivable | 14,000.00 |
| Decrease in Inventory | |
| Closing Balance | 63,800.00 |
| Less: Opening Balance | 86,500.00 |
| Decrease in Inventory | (22,700.00) |
| Decrease in Prepaid Assets | |
| Closing Balance | 4,400.00 |
| Less: Opening Balance | 5,400.00 |
| Decrease in Prepaid Assets | (1,000.00) |
| Decrease in Accounts Payable | |
| Closing Balance | 25,000.00 |
| Less: Opening Balance | 30,000.00 |
| Decrease in Accounts Payable | (5,000.00) |
| Decrease in Wages Payable | |
| Closing Balance | 6,000.00 |
| Less: Opening Balance | 15,000.00 |
| Decrease in Wages Payable | (9,000.00) |
| Decrease in Taxes Payable | |
| Closing Balance | 3,400.00 |
| Less: Opening Balance | 3,800.00 |
| Decrease in Taxes Payable | (400.00) |
| Sale value of equipment | |
| Opening net book value (115000-9000) | 106,000.00 |
| Add: equipment purchased | 57,600.00 |
| Less: Deprecation for the year | 58,600.00 |
| Less: Closing net book value (124000-27000) | 97,000.00 |
| Net book value of equipment sold | 8,000.00 |
| Add: Gain on sale | 2,000.00 |
| Sale value of equipment | 10,000.00 |
| Common stock issued during the year | |
| Closing Balance | 220,000.00 |
| Less: Opening Balance | 160,000.00 |
| Common stock issued during the year | 60,000.00 |
| Dividend paid during the year | |
| Retained Earnings- Opening | 24,100.00 |
| Add: Net Income | 99,510.00 |
| Less: Retained Earnings- Closing | 33,300.00 |
| Dividend paid during the year | 90,310.00 |
| Answer 2 | ||
| Balance Sheet | ||
| As at 31st December, 2018 | ||
| Assets | Amount $ | Amount $ |
| Current Assets | ||
| Cash | 30,000.00 | |
| Accounts Receivable | 60,000.00 | |
| Inventory | 100,000.00 | |
| Supplies | 40,000.00 | |
| Current Assets | 230,000.00 | |
| Plant, Property & Equipment | ||
| Equipment | 200,000.00 | |
| Accumulated depreciation | (50,000.00) | |
| Plant, Property & Equipment | 150,000.00 | |
| Total Assets | 380,000.00 | |
| Liabilities | ||
| Current Liabilities | ||
| Accounts Payable | 20,000.00 | |
| Notes Payable | 10,000.00 | |
| Current Liabilities | 30,000.00 | |
| Non Current Liabilities | ||
| Bonds Payable | 120,000.00 | |
| Non Current Liabilities | 120,000.00 | |
| Total Liabilities | 150,000.00 | |
| Stockholder's Equity | ||
| Common Stock | 60,000.00 | |
| Retained Earnings | 170,000.00 | |
| Total Stockholder's Equity | 230,000.00 | |
| Total Liabilities & Stockholder's Equity | 380,000.00 |
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4. Use the following financial statements for the Death Valley Nursing Home, Inc. and additional Information...
please help The following financial statements and additional information are reported. 2018 IKIBAN INC. Comparative Balance...
please help
The following financial statements and additional information are reported. 2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 87,500 Accounts receivable, net 65,000 Inventory 63,800 Prepaid expenses 4,400 Total current assets 220,700 Equipment 124,000 Accum. depreciation-Equipment (27,000) Total assets $317,700 Liabilities and Equity Accounts payable $ 25,000 Wages payable 6,000 Income taxes payable 3,400 Total current liabilities 34,400 Notes payable (long term) 30,000 Total liabilities 64,400 Equity Common stock, $5 par value...
The following financial statements and additional information are reported. 6 IKIBAN INC. Comparative Balance Sheets June...
The following financial statements and additional information are reported. 6 IKIBAN INC. Comparative Balance Sheets June 30, 20 18 and 2017 2018 2017 Assets $ 44,000 51,000 86,500 5,400 186,900 115,000 (9,000) 87,500 65,000 63,800 4,400 220,700 124,000 (27,000) Cash Accounts receivable, net Inventory Prepaid expenses Total current assets 16.7 points Equipment Accum. depreciation-Equipment еВook Print $317,700 $292,900 Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities References...
The following financial statements and additional information are reported. 2017 IKIBAN INC. Comparative Balance Sheets June...
The following financial statements and additional information are reported. 2017 IKIBAN INC. Comparative Balance Sheets June 30, 2018 and 2017 2018 Assets Cash $ 87,500 Accounts receivable, net 65,000 Inventory 63,800 Prepaid expenses 4,400 Total current assets 220,700 Equipment 124,000 Accum. depreciation-Equipment (27,000) Total assets $317,700 Liabilities and Equity Accounts payable $ 25,000 Wages payable 6,000 Income taxes payable 3,400 Total current liabilities 34,400 Notes payable (long term) 30,000 Total liabilities 64,400 Equity Common stock, $5 par value 220,000 Retained...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30,...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities F- Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity $ 87,500 65,000 63.800 4,400 220,700 124,000 (27,000) $ 44,000 51,000...
Use the following information for the Exercises below [The following information applies to the questions displayed...
Use the following information for the Exercises below [The following information applies to the questions displayed below.] The following financial statements and additional information are reported IKIBAN INC Comparative Balance Sheets June 30, 2018 and 2017 2018 2017 Assets $ 87,500 44,000 51,000 86,500 5,400 186,900 115,000 as Accounts receivable, net Inventory 65,000 63,800 4,400 220,700 124,000 (27,000) Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets (9,000) $317,700 292,900 Liabilities and Equity Accounts payable $ 25,000 6,000 3,400...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30,...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 Assets Cash $ 102,100 $ 53,000 Accounts receivable, net 78,500 60,000 Inventory 72,800 100,000 Prepaid expenses 5,300 7,200 Total current assets 258,700 220,200 Equipment 133,000 124,000 Accum. depreciation—Equipment (31,500 ) (13,500 ) Total assets $ 360,200 $ 330,700 Liabilities and Equity Accounts payable $ 34,000 $ 43,500 Wages payable 6,900 16,800 Income taxes payable 4,300 5,600 Total current liabilities...
The following financial statements and additional information are reported. 2018 IKIBAN INC. Comparative Balance Sheets June...
The following financial statements and additional information are reported. 2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 77,900 Accounts receivable, net 89,000 Inventory 79,800 Prepaid expenses 6,000 Total current assets 252,700 Equipment 140,000 Accum. depreciation-Equipment (35,000) Total assets $357,700 Liabilities and Equity Accounts payable $ 41,000 Wages payable 7,600 Income taxes payable 5,000 Total current liabilities 53,600 Notes payable (long term) 33,200 Total liabilities 86,800 Equity Common stock, $5 par value 252,000 Retained...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30,...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash $ 106,900 $ 45,000 Accounts receivable, net 66,500 52,000 Inventory 64,800 88,000 Prepaid expenses 4,500 5,600 Total current assets 242,700 190,600 Equipment 125,000 116,000 Accum. depreciation—Equipment (27,500 ) (9,500 ) Total assets $ 340,200 $ 297,100 Liabilities and Equity Accounts payable $ 26,000 $ 31,500 Wages payable 6,100 15,200 Income taxes payable 3,500 4,000 Total current liabilities...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets Ju...
The following financial statements and additional information
are reported.
IKIBAN INC.
Comparative Balance Sheets
June 30, 2019 and 2018
2019
2018
Assets
Cash
$
77,900
$
60,000
Accounts receivable, net
89,000
67,000
Inventory
79,800
110,500
Prepaid expenses
6,000
8,600
Total current assets
252,700
246,100
Equipment
140,000
131,000
Accum. depreciation—Equipment
(35,000
)
(17,000
)
Total assets
$
357,700
$
360,100
Liabilities and Equity
Accounts payable
$
41,000
$
54,000
Wages payable
7,600
18,200
Income taxes payable
5,000
7,000
Total current liabilities...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30,...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 $106,300 68,000 65,800 4,600 244,700 126,000 (28,000) $342,700 $ 46,000 53,000 89,500 5,800 194,300 117,000 (10,000) $301,300 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained...
please help
The following financial statements and additional information are reported. 2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 87,500 Accounts receivable, net 65,000 Inventory 63,800 Prepaid expenses 4,400 Total current assets 220,700 Equipment 124,000 Accum. depreciation-Equipment (27,000) Total assets $317,700 Liabilities and Equity Accounts payable $ 25,000 Wages payable 6,000 Income taxes payable 3,400 Total current liabilities 34,400 Notes payable (long term) 30,000 Total liabilities 64,400 Equity Common stock, $5 par value...
The following financial statements and additional information are reported. 6 IKIBAN INC. Comparative Balance Sheets June 30, 20 18 and 2017 2018 2017 Assets $ 44,000 51,000 86,500 5,400 186,900 115,000 (9,000) 87,500 65,000 63,800 4,400 220,700 124,000 (27,000) Cash Accounts receivable, net Inventory Prepaid expenses Total current assets 16.7 points Equipment Accum. depreciation-Equipment еВook Print $317,700 $292,900 Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities References...
The following financial statements and additional information are reported. 2017 IKIBAN INC. Comparative Balance Sheets June 30, 2018 and 2017 2018 Assets Cash $ 87,500 Accounts receivable, net 65,000 Inventory 63,800 Prepaid expenses 4,400 Total current assets 220,700 Equipment 124,000 Accum. depreciation-Equipment (27,000) Total assets $317,700 Liabilities and Equity Accounts payable $ 25,000 Wages payable 6,000 Income taxes payable 3,400 Total current liabilities 34,400 Notes payable (long term) 30,000 Total liabilities 64,400 Equity Common stock, $5 par value 220,000 Retained...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities F- Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity $ 87,500 65,000 63.800 4,400 220,700 124,000 (27,000) $ 44,000 51,000...
Use the following information for the Exercises below [The following information applies to the questions displayed below.] The following financial statements and additional information are reported IKIBAN INC Comparative Balance Sheets June 30, 2018 and 2017 2018 2017 Assets $ 87,500 44,000 51,000 86,500 5,400 186,900 115,000 as Accounts receivable, net Inventory 65,000 63,800 4,400 220,700 124,000 (27,000) Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets (9,000) $317,700 292,900 Liabilities and Equity Accounts payable $ 25,000 6,000 3,400...
The following financial statements and additional information are reported. 2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 77,900 Accounts receivable, net 89,000 Inventory 79,800 Prepaid expenses 6,000 Total current assets 252,700 Equipment 140,000 Accum. depreciation-Equipment (35,000) Total assets $357,700 Liabilities and Equity Accounts payable $ 41,000 Wages payable 7,600 Income taxes payable 5,000 Total current liabilities 53,600 Notes payable (long term) 33,200 Total liabilities 86,800 Equity Common stock, $5 par value 252,000 Retained...
The following financial statements and additional information
are reported.
IKIBAN INC.
Comparative Balance Sheets
June 30, 2019 and 2018
2019
2018
Assets
Cash
$
77,900
$
60,000
Accounts receivable, net
89,000
67,000
Inventory
79,800
110,500
Prepaid expenses
6,000
8,600
Total current assets
252,700
246,100
Equipment
140,000
131,000
Accum. depreciation—Equipment
(35,000
)
(17,000
)
Total assets
$
357,700
$
360,100
Liabilities and Equity
Accounts payable
$
41,000
$
54,000
Wages payable
7,600
18,200
Income taxes payable
5,000
7,000
Total current liabilities...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 $106,300 68,000 65,800 4,600 244,700 126,000 (28,000) $342,700 $ 46,000 53,000 89,500 5,800 194,300 117,000 (10,000) $301,300 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained...
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