Homework Answers
| Statement of cash flows | ||
| Cash flow from Operating Activities | ||
| Net Income | 12200 | |
| Adjustments to reconcile net income to net cash provided by operating activities | ||
| Depreciation expense | 5000 | |
| Increase in accounts receivable | -7000 | |
| Increase in inventory | -3000 | |
| Decrease in salaries and wages payable | -200 | |
| Increase in accounts payable | 9000 | 3800 |
| Cash inflow from operating activities | 16000 | |
| Cash flow from investing activities | ||
| Purchase of equipment | -21000 | |
| Cash outflow from investing activities | -21000 | |
| Cash flow from financing activities | ||
| Paid notes payable | -6000 | |
| Common stock issued | 16000 | |
| Cash inflow from financing activities | 10000 | |
| Net cash inflows/ outflows | 5000 | |
| Add: Cash at the beginning of the year | 29000 | |
| Cash at the end of the year | 34000 | |
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XS Supply Company is developing its annual financial statements at December 31. The statements are complete...
XS Supply Company is developing its annual financial statements at December 31. The statements are complete...
XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Current Year Previous Year Balance sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings Total Liabilities and stockholders' Equity Income Statement Sales Revenue Cost of Goods Sold other Expenses Net...
XS Supply Company is developing its annual financial statements at December 31. The statements are complete...
XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Current Year Previous Year Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Equipment Total Assets Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement Sales Revenue Cost of Goods Sold Other Expenses...
XS Supply Company is developing its annual financial statements at December 31. The statements are complete...
XS Supply Company is developing its annual financial statements
at December 31. The statements are complete except for the
statement of cash flows. The completed comparative balance sheets
and income statement are summarized:
XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Previous Year Current Year Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment...
XS Supply Company is developing its annual financial statements at December 31. The statements are complete...
XS Supply Company is developing its annual financial statements
at December 31. The statements are complete except for the
statement of cash flows. The completed comparative balance sheets
and income statement are summarized:
Current Year
Previous Year
Balance Sheet at
December 31
Cash
$
31,850
$
26,750
Accounts
Receivable
33,000
27,000
Inventory
39,000
37,000
Equipment
106,000
90,000
Accumulated
Depreciation—Equipment
(28,000
)
(24,000
)
Total
Assets
$
181,850
$
156,750
Accounts
Payable
$
34,000
$
26,000
Salaries and
Wages Payable
1,050...
XS Supply Company is developing its annual financial statements at December 31. The statements are complete...
XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Current Year Previous Year Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Equipment Total Assets Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement Sales Revenue Cost of Goods Sold Other Expenses...
XS Supply Company is developing its annual financial statements at December 31, 2017. The statements are...
XS Supply Company is developing its annual financial statements
at December 31, 2017. The statements are complete except for the
statement of cash flows. The completed comparative balance sheets
and income statement are summarized:
2017
2016
Balance Sheet at December 31
Cash
$
39,065
$
34,600
Accounts Receivable
46,200
36,200
Merchandise Inventory
49,700
45,100
Property and Equipment
169,750
130,000
Less: Accumulated
Depreciation
(40,200
)
(32,500
)
$
264,515
$
213,400
Accounts Payable
$
47,950
$
34,300
Wages Payable
2,435
2,700...
XS Supply Company is developing its annual fina XS Supply Company is developing its annual financial...
XS Supply Company is developing its annual fina
XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Current Year Previous Year Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Equipment $ 32.090 33,200 39.200 107.500 (28,200) S 183,790 $ 27,000 27,100 37.100 91.000 (24, 100) $ 158, 100 Accounts Payable Salaries and...
XS Supply Company is developing its annual financial statements at December 31. The statements are complete...
XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Current Year Previous Year Balance Sheet at December 31 Cash $ 34,960 $ 30,000 Accounts Receivable 35,800 28,400 Inventory 41,800 38,400 Equipment 127,000 104,000 Accumulated Depreciation—Equipment (30,800 ) (25,400 ) Total Assets $ 208,760 $ 175,400 Accounts Payable $ 36,800 $ 27,400 Salaries and Wages Payable 1,360...
XS Supply Company is developing its annual financial statements at December 31. The statements are complete...
XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Current Year Previous Year Balance Sheet at December 31 Cash $ 35,090 $ 30,150 Accounts Receivable 36,200 28,600 Inventory 42,200 38,600 Equipment 130,000 106,000 Accumulated Depreciation—Equipment (31,200 ) (25,600 ) Total Assets $ 212,290 $ 177,750 Accounts Payable $ 37,200 $ 27,600 Salaries and Wages Payable 1,090...
Hunter Company is developing its annual financial statements at December 31. The statements are complete except...
Hunter Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Current Year Prior Year Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement (current year) Sales Revenue Cost of Goods Sold Other Expenses...
XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Current Year Previous Year Balance sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings Total Liabilities and stockholders' Equity Income Statement Sales Revenue Cost of Goods Sold other Expenses Net...
XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Current Year Previous Year Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Equipment Total Assets Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement Sales Revenue Cost of Goods Sold Other Expenses...
XS Supply Company is developing its annual financial statements
at December 31. The statements are complete except for the
statement of cash flows. The completed comparative balance sheets
and income statement are summarized:
XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Previous Year Current Year Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment...
XS Supply Company is developing its annual financial statements
at December 31. The statements are complete except for the
statement of cash flows. The completed comparative balance sheets
and income statement are summarized:
Current Year
Previous Year
Balance Sheet at
December 31
Cash
$
31,850
$
26,750
Accounts
Receivable
33,000
27,000
Inventory
39,000
37,000
Equipment
106,000
90,000
Accumulated
Depreciation—Equipment
(28,000
)
(24,000
)
Total
Assets
$
181,850
$
156,750
Accounts
Payable
$
34,000
$
26,000
Salaries and
Wages Payable
1,050...
XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Current Year Previous Year Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Equipment Total Assets Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement Sales Revenue Cost of Goods Sold Other Expenses...
XS Supply Company is developing its annual financial statements
at December 31, 2017. The statements are complete except for the
statement of cash flows. The completed comparative balance sheets
and income statement are summarized:
2017
2016
Balance Sheet at December 31
Cash
$
39,065
$
34,600
Accounts Receivable
46,200
36,200
Merchandise Inventory
49,700
45,100
Property and Equipment
169,750
130,000
Less: Accumulated
Depreciation
(40,200
)
(32,500
)
$
264,515
$
213,400
Accounts Payable
$
47,950
$
34,300
Wages Payable
2,435
2,700...
XS Supply Company is developing its annual fina
XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Current Year Previous Year Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Equipment $ 32.090 33,200 39.200 107.500 (28,200) S 183,790 $ 27,000 27,100 37.100 91.000 (24, 100) $ 158, 100 Accounts Payable Salaries and...
Hunter Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Current Year Prior Year Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement (current year) Sales Revenue Cost of Goods Sold Other Expenses...
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