Homework Answers
Answer:
| Cash flow statement | ||
| For the Year Ended December 31,2017 | ||
| Cash flows from operating activities: | ||
| Net income | $106,800 | |
| Adjustments to reconcile net income to | ||
| net cash provided by operating activities | ||
| Depreciation | $4,500 | |
| Decrease in accounts receivable | $3,400 | |
| Decrease in inventories | $3,200 | |
| Increase in prepaid expenses | ($400) | |
| Increase in accounts payable | $2,100 | |
| Decrease in salary payable | ($4,100) | |
| Decrease in other accrued liabilities | ($1,500) | $7,200 |
| Net cash provided by operating activities (i) | $114,000 | |
| Cash flows from investing activities: | ||
| Purchase of land | ($28,700) | |
| Purchase of equipment* | ($7,700) | |
| Net cash used for investing activities (ii) | ($36,400) | |
| Cash flows from financing activities: | ||
| Payment of dividends | ($53,800) | |
| Payment of note payable | ($36,000) | |
| Issuance of common shares | $23,600 | |
| Net cash used for financing activities (iii) | ($66,200) | |
| Net increase in cash (i+ii+iii) | $11,400 | |
| Cash balance, December 31,2016 | $5,600 | |
| Cash balance, December 31,2017 | $17,000 | |
*Purchase of equipment = Ending equipment, net + Depreciation expense - Beginning equipment, net
=$53,100+$4,500 - $49,900
=$7,700
Add Answer to:
sting and financing transactions during 2017. During the year, there were nos 0 Comparative balance sheet...
The 2017 comparative balance sheet and income statement of Summer Time Hardware Corp. follow. Summer Time...
The
2017 comparative balance sheet and income statement of Summer Time
Hardware Corp. follow. Summer Time had no non-cash investing and
financing transactions during 2017. During the year, there were no
sales of land or equipment, no issuance of notes payable, and no
repurchase of shares transactions.
The 2017 comparative balance sheet and income statement of Summer Time Hardware Corp. follow. Summer Time had no non-cash investing and financing transactions during 2017. During the year, there were no sales of...
The 2017 comparative balance sheet and income statement of Summer Time Hardware Corp. follow. Summer Time...
The 2017 comparative balance sheet and income statement of Summer Time Hardware Corp. follow. Summer Time had no non-cash investing and financing transactions during 2017. During the year, there were no sales of land or equipment, no issuance of notes payable, and no repurchase of shares transactions. E (Click the icon to view the comparative balance sheet.) | (Click the icon to view the income statement.) Requirements 1. Prepare the 2017 statement of cash flows, formatting operating activities by using...
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...
Velo Company Comparative Balance Sheets December 31 Assets 2020 2019 Cash $72,800 $33,200 Accounts receivable 86,500...
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 of $45,500 were declared and paid.
3.
Bonds...
Velo Company Comparative Balance Sheets December 31 Assets 2020 2019 Cash $72,800 $33,200 Accounts receivable 86,500...
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 of $45,500 were declared and paid.
3.
Bonds...
Exercise 17-8 Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets December...
Exercise 17-8 Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 Cash $73,400 $33,100 Accounts receivable 85,800 71,200 Inventory 170,200 187,000 Land 72,800 101,000 Equipment 260,600 200,800 Accumulated depreciation -equipment (66,100) (33,900) Total $596,700 $559,200 Liabilities and Stockholders' Equity Accounts payable $35,000 $47,500 Bonds payable 151,400 203,400 Common stock ($1 par) 217,600 174,100 Retained earnings 192,700 134,200 Total $596,700 $559,200 Additional information: 1. Net income for 2017 was $103,600. 2. Cash...
Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given...
Comparative balance sheets for 2018 and 2017 and a statement of
income for 2018 are given below for Metagrobolize Industries.
Additional information from the accounting records of Metagrobolize
also is provided.
METAGROBOLIZE INDUSTRIES
Comparative Balance Sheets
December 31, 2018 and 2017
($ in 000s)
2018
2017
Assets
Cash
$
560
$
370
Accounts receivable
710
370
Inventory
860
440
Land
700
670
Building
900
900
Less: Accumulated depreciation
(200
)
(160
)
Equipment
3,400
3,230
Less: Accumulated depreciation
(343
)...
0 Comparative Balance Sheet Waterman Pet Supply, Inc. Comparative Balance Sheet December 31, 2018 and 2017...
0 Comparative Balance Sheet Waterman Pet Supply, Inc. Comparative Balance Sheet December 31, 2018 and 2017 Increase (Decrease) 2018 2017 Current Assets Cash and cash equivalents Accounts receivable Inventory Fixed Assets 6,300 $ 25,100 91,500 7,000 $ 26,400 89,500 (700) (1,300) 2,000 Print Done 0 Comparative Balance Sheet 91,500 89,500 2,000 Inventory Fixed Assets: Land Equipment, net 89,100 60,900 53,500 49,500 265,500 $ 233,300 $ 28,200 4,000 32,200 $ $ Total Assets Current Liabilities: Accounts payable Accrued liabilities Long-Term Liabilities:...
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
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 and financing activities occurred during
2020.
3.
The land...
i Data Table 2018 2017 Current Assets: Cash $ 86,800 $ 64,200 87,000 17,000 69,000 82,000...
i Data Table 2018 2017 Current Assets: Cash $ 86,800 $ 64,200 87,000 17,000 69,000 82,000 Accounts Receivable Merchandise Inventory Current Liabilities: Accounts Payable Income Tax Payable 58,000 14,700 55,600 16,500 i Data Table Transaction Data for 2018: Issuance of common stock for cash Depreciation expense Purchase of equipment with cash Acquisition of land by issuing long-term notes payable Book value of building sold $ 46,000 Payment of notes payable 17,000 Payment of cash dividends 69,000 Issuance of notes payable...
The
2017 comparative balance sheet and income statement of Summer Time
Hardware Corp. follow. Summer Time had no non-cash investing and
financing transactions during 2017. During the year, there were no
sales of land or equipment, no issuance of notes payable, and no
repurchase of shares transactions.
The 2017 comparative balance sheet and income statement of Summer Time Hardware Corp. follow. Summer Time had no non-cash investing and financing transactions during 2017. During the year, there were no sales of...
The 2017 comparative balance sheet and income statement of Summer Time Hardware Corp. follow. Summer Time had no non-cash investing and financing transactions during 2017. During the year, there were no sales of land or equipment, no issuance of notes payable, and no repurchase of shares transactions. E (Click the icon to view the comparative balance sheet.) | (Click the icon to view the income statement.) Requirements 1. Prepare the 2017 statement of cash flows, formatting operating activities by using...
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...
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 of $45,500 were declared and paid.
3.
Bonds...
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 of $45,500 were declared and paid.
3.
Bonds...
Exercise 17-8 Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 Cash $73,400 $33,100 Accounts receivable 85,800 71,200 Inventory 170,200 187,000 Land 72,800 101,000 Equipment 260,600 200,800 Accumulated depreciation -equipment (66,100) (33,900) Total $596,700 $559,200 Liabilities and Stockholders' Equity Accounts payable $35,000 $47,500 Bonds payable 151,400 203,400 Common stock ($1 par) 217,600 174,100 Retained earnings 192,700 134,200 Total $596,700 $559,200 Additional information: 1. Net income for 2017 was $103,600. 2. Cash...
Comparative balance sheets for 2018 and 2017 and a statement of
income for 2018 are given below for Metagrobolize Industries.
Additional information from the accounting records of Metagrobolize
also is provided.
METAGROBOLIZE INDUSTRIES
Comparative Balance Sheets
December 31, 2018 and 2017
($ in 000s)
2018
2017
Assets
Cash
$
560
$
370
Accounts receivable
710
370
Inventory
860
440
Land
700
670
Building
900
900
Less: Accumulated depreciation
(200
)
(160
)
Equipment
3,400
3,230
Less: Accumulated depreciation
(343
)...
0 Comparative Balance Sheet Waterman Pet Supply, Inc. Comparative Balance Sheet December 31, 2018 and 2017 Increase (Decrease) 2018 2017 Current Assets Cash and cash equivalents Accounts receivable Inventory Fixed Assets 6,300 $ 25,100 91,500 7,000 $ 26,400 89,500 (700) (1,300) 2,000 Print Done 0 Comparative Balance Sheet 91,500 89,500 2,000 Inventory Fixed Assets: Land Equipment, net 89,100 60,900 53,500 49,500 265,500 $ 233,300 $ 28,200 4,000 32,200 $ $ Total Assets Current Liabilities: Accounts payable Accrued liabilities Long-Term Liabilities:...
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
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 and financing activities occurred during
2020.
3.
The land...
i Data Table 2018 2017 Current Assets: Cash $ 86,800 $ 64,200 87,000 17,000 69,000 82,000 Accounts Receivable Merchandise Inventory Current Liabilities: Accounts Payable Income Tax Payable 58,000 14,700 55,600 16,500 i Data Table Transaction Data for 2018: Issuance of common stock for cash Depreciation expense Purchase of equipment with cash Acquisition of land by issuing long-term notes payable Book value of building sold $ 46,000 Payment of notes payable 17,000 Payment of cash dividends 69,000 Issuance of notes payable...
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