ANSWER THE TICKED BOX AND CHECK THE OTHER ANSWERS
( LAST ATTEMPT SO CORRECT ANSWER PLEASE)
Homework Answers
Solution
| HARLEY HOLDINGS LTD. | ||
| Statement of Cash Flows | ||
| For the Year ended December 31 , 2020 | ||
| A. Cash Flows from Operating Activity | ||
| Net Income | $ 65,330.00 | |
| Depreciation expense | $ 24,910.00 | |
| Gain on sale of Equipment | $ (940.00) | |
| Increase in Accounts Receivable | $ (29,890.00) | |
| Decrease in Inventory | $ 5,740.00 | |
| Decrease in Accounts Payable | $ (15,890.00) | |
| Net cash provided by Operating activities | $ 49,260.00 | |
| B. Cash flows from Investing Activities | ||
| Sale of land | $ 47,000.00 | |
| Purchase of Equipment | $ (61,100.00) | |
| Sale Of Equipment | $ 13,160.00 | |
| Net Cash Used in Investing activities | $ (940.00) | |
| C. Cash Flows from Financing activities | ||
| Issue of common stock | $ 18,800.00 | |
| Repayment of bank loan | $ (37,600.00) | |
| Dividends Paid | $ (16,830.00) | |
| Cash flows used by Financing activities | $ (35,630.00) | |
| Net change in cash | $ 12,690.00 | |
| Opening cash | $ 34,310.00 | |
| Ending Cash | $ 47,000.00 | |
.Working
| Calculation of dividend paid | |
| Beginning balance of retained earnings | $ 124,080.00 |
| Add: Net income | $ 65,330.00 |
| $ 189,410.00 | |
| Less: Ending balance of Retained earnings | $ 165,060.00 |
| Dividends declared | $ 24,350.00 |
| Dividends declared | $ 24,350.00 |
| Less: Increase in dividends payable | $ (7,520.00) |
| Dividends paid in cash | $ 16,830.00 |
Add Answer to:
ANSWER THE TICKED BOX AND CHECK THE OTHER ANSWERS
( LAST ATTEMPT SO CORRECT ANSWER PLEASE)...
help me finish off this question please The following information is for Harley Holdings Ltd. for...
help me finish off this question please
The following information is for Harley Holdings Ltd. for the year ended January 31, 2020. HARLEY HOLDINGS LTD. Statement of Financial Position As at January 31 2020 2019 Assets Current assets: Cash $57,000 $41,610 Accounts receivable 98,950 62,700 Inventory 108,980 115,940 Total current assets 264,930 220,250 Equipment 199,500 165,300 Accumulated depreciation, equipment (49,590) (44,460) Land 136,800 193,800 $551,640 $534,890 Liabilities and shareholders' equity Current liabilities: Accounts payable $51,640 $70,910 Dividends payable 14,820 5,700...
The following information is for Harley Holdings Ltd. for the year ended January 31, 2020. HARLEY...
The following information is for Harley Holdings Ltd. for the year ended January 31, 2020. HARLEY HOLDINGS LTD. Statement of Financial Position As at January 31 2019 2020 Assets Current assets: $45,000 $32,850 49,500 Cash 78,120 Accounts receivable 86,040 91,530 Inventory 209,160 173,880 Total current assets 157,500 130,500 Equipment Accumulated depreciation, equipment (39,150) (35,100) 108,000 153,000 Land $435,510 $422,280 Liabilities and shareholders' equity Current liabilities: Accounts payable Dividends payable $40,770 $55,980 11,700 4,500 52,470 60,480 Total current liabilities 90,000 126,000...
The following information is for Harley Holdings Ltd. for the year ended January 31, 2020. HARLEY...
The following information is for Harley Holdings Ltd. for the year ended January 31, 2020. HARLEY HOLDINGS LTD. Statement of Financial Position As at January 31 2020 2019 Assets Current assets: Cash $40,000 $29,200 Accounts receivable 69,440 44,000 Inventory 76,480 81,360 Total current assets 185,920 154,560 Equipment 140,000 116,000 Accumulated depreciation, equipment (34,800) (31,200) Land 96,000 136,000 $387,120 $375,360 Liabilities and shareholders' equity Current liabilities: Accounts payable $36,240 $49,760 Dividends payable 10,400 4,000 Total current liabilities 46,640 53,760 Bank loan...
Application Problem 5-6A a1 (Indirect Method) The following information is for Harley Holdings Ltd. for the year ended J...
Application Problem 5-6A a1 (Indirect Method) The following information is for Harley Holdings Ltd. for the year ended January 31, 2020. HARLEY HOLDINGS LTD. Statement of Financial Position As at January 31 2020 2019 Assets Current assets: Cash $49,000 $35,770 Accounts receivable 85,060 53,900 Inventory 93,690 99,670 Total current assets 227,750 189,340 Equipment 171,500 142,100 Accumulated depreciation, equipment (42,630 ) (38,220 ) Land 117,600 166,600 $474,220 $459,820 Liabilities and shareholders’ equity Current liabilities: Accounts payable $44,390 $60,960 Dividends payable 12,740...
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...
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...
The comparative, unclassified statement of financial position for Ivanhoe Ltd. shows the following balances at December...
The comparative, unclassified statement of financial position
for Ivanhoe Ltd. shows the following balances at December
31:
Ivanhoe
Ltd.
Statement of Financial Position
December 31
Assets
2018
2017
Cash
$ 18,000
$ 39,000
Term deposits (maturing in 60
days)
0
41,000
Accounts receivable
78,000
41,000
Inventory
104,000
73,000
Land
185,000
230,000
Buildings
902,000
525,000
Accumulated
depreciation—buildings
(137,000
)
(191,000
)
Equipment
104,000
74,000
Accumulated
depreciation—equipment
(38,000
)
(19,000
)
Total assets
$1,216,000
$813,000
Liabilities and
Shareholders’ Equity
Accounts payable
$...
Indirect Method - Preparing a statement of Cash Flows Kidman Corp. reported the following financial statements...
Indirect Method - Preparing a statement of Cash Flows Kidman Corp. reported the following financial statements for the year ended December 31, 2020. Balance Sheet, December 31 2019 2020 Difference Cash and cash out $72,000 $185,000 $114,000 Accounts receivable 57,000 45,000 (12,000) Merchandisinventory 93,000 177,000 B4,000 Land 60,000 12,000 (48,000) Equipment 144,000 216,000 72,000 Accumulated depreciation (36,000) 772,0001 (36,000) Total acts $390,000 $564,000 $174,000 Accounts payable $ 48,000 $54,000 $ 6,000 Notes payable, long-term 21,000 6,000 (15,000) Bonds payable 90,000...
Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation-Equipment Total Liabilities and Stockholders' Equity Accounts payable...
Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation-Equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total December 31 2020 2019 $ 72,730 $ 22,000 84,480 68,750 182,480 191,750 73,480 112,750 262,480 202,750 (71,480) (44,750) $604,170 $553,250 $36,480 150,000 214,000 203,690 $604,170 $ 49,750 200,000 164,000 139,500 $553,250 Additional information: 1. Net income for 2020 was $129,960. No gains or losses were recorded in 2020. Cash dividends of $65,770 were declared and...
help me finish off this question please
The following information is for Harley Holdings Ltd. for the year ended January 31, 2020. HARLEY HOLDINGS LTD. Statement of Financial Position As at January 31 2020 2019 Assets Current assets: Cash $57,000 $41,610 Accounts receivable 98,950 62,700 Inventory 108,980 115,940 Total current assets 264,930 220,250 Equipment 199,500 165,300 Accumulated depreciation, equipment (49,590) (44,460) Land 136,800 193,800 $551,640 $534,890 Liabilities and shareholders' equity Current liabilities: Accounts payable $51,640 $70,910 Dividends payable 14,820 5,700...
The following information is for Harley Holdings Ltd. for the year ended January 31, 2020. HARLEY HOLDINGS LTD. Statement of Financial Position As at January 31 2019 2020 Assets Current assets: $45,000 $32,850 49,500 Cash 78,120 Accounts receivable 86,040 91,530 Inventory 209,160 173,880 Total current assets 157,500 130,500 Equipment Accumulated depreciation, equipment (39,150) (35,100) 108,000 153,000 Land $435,510 $422,280 Liabilities and shareholders' equity Current liabilities: Accounts payable Dividends payable $40,770 $55,980 11,700 4,500 52,470 60,480 Total current liabilities 90,000 126,000...
The following information is for Harley Holdings Ltd. for the year ended January 31, 2020. HARLEY HOLDINGS LTD. Statement of Financial Position As at January 31 2020 2019 Assets Current assets: Cash $40,000 $29,200 Accounts receivable 69,440 44,000 Inventory 76,480 81,360 Total current assets 185,920 154,560 Equipment 140,000 116,000 Accumulated depreciation, equipment (34,800) (31,200) Land 96,000 136,000 $387,120 $375,360 Liabilities and shareholders' equity Current liabilities: Accounts payable $36,240 $49,760 Dividends payable 10,400 4,000 Total current liabilities 46,640 53,760 Bank loan...
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...
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...
The comparative, unclassified statement of financial position
for Ivanhoe Ltd. shows the following balances at December
31:
Ivanhoe
Ltd.
Statement of Financial Position
December 31
Assets
2018
2017
Cash
$ 18,000
$ 39,000
Term deposits (maturing in 60
days)
0
41,000
Accounts receivable
78,000
41,000
Inventory
104,000
73,000
Land
185,000
230,000
Buildings
902,000
525,000
Accumulated
depreciation—buildings
(137,000
)
(191,000
)
Equipment
104,000
74,000
Accumulated
depreciation—equipment
(38,000
)
(19,000
)
Total assets
$1,216,000
$813,000
Liabilities and
Shareholders’ Equity
Accounts payable
$...
Indirect Method - Preparing a statement of Cash Flows Kidman Corp. reported the following financial statements for the year ended December 31, 2020. Balance Sheet, December 31 2019 2020 Difference Cash and cash out $72,000 $185,000 $114,000 Accounts receivable 57,000 45,000 (12,000) Merchandisinventory 93,000 177,000 B4,000 Land 60,000 12,000 (48,000) Equipment 144,000 216,000 72,000 Accumulated depreciation (36,000) 772,0001 (36,000) Total acts $390,000 $564,000 $174,000 Accounts payable $ 48,000 $54,000 $ 6,000 Notes payable, long-term 21,000 6,000 (15,000) Bonds payable 90,000...
Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation-Equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total December 31 2020 2019 $ 72,730 $ 22,000 84,480 68,750 182,480 191,750 73,480 112,750 262,480 202,750 (71,480) (44,750) $604,170 $553,250 $36,480 150,000 214,000 203,690 $604,170 $ 49,750 200,000 164,000 139,500 $553,250 Additional information: 1. Net income for 2020 was $129,960. No gains or losses were recorded in 2020. Cash dividends of $65,770 were declared and...
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