Homework Answers
| Statement of Cash Flows | ||
| For the Year Ended December 31, 2017 | ||
| Cash Flows from Operating Activities: | ||
| Net income | 129440 | |
| Adjustments to reconcile net income to | ||
| Net cash provided by operating activities | ||
| Depreciation expense | 26830 | |
| Increase in Accounts Receivable | -15830 | |
| Decrease in inventory | 9170 | |
| Decrease in accounts payable | -13170 | |
| 7000 | ||
| Net cash provided by operating activities | 136440 | |
| Cash Flows from Investing Activities: | ||
| Purchase of Equipment | -59830 | |
| Sale of Land | 39170 | |
| Net Cash used by Investing Activities | -20660 | |
| Cash Flows from Financing Activities | ||
| Payment of Cash Dividends | -64950 | |
| Net Increase in Cash | 50830 | |
| Cash at Beginning of Period | 22000 | |
| Cash at End of Period | 72830 | |
| Issued Common Stock to retire $50000 of Bonds outstanding | ||
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Exercise 5-16 (Part Level Submission) A comparative balance sheet for Oriole Corporation is presented below. December...
Exercise 5-16 (Part Level Submission) A comparative balance sheet for Wildhorse Corporation is presented as follows....
Exercise 5-16 (Part Level Submission)
A comparative balance sheet for Wildhorse Corporation is presented
as follows.
December 31
Assets
2020
2019
Cash
$ 72,700
$ 22,000
Accounts receivable
83,780
68,080
Inventory
181,780
191,080
Land
72,780
112,080
Equipment
261,780
202,080
Accumulated Depreciation-Equipment
(70,780
)
(44,080
)
Total
$602,040
$551,240
Liabilities and Stockholders' Equity
Accounts payable
$ 35,780
$ 49,080
Bonds payable
150,000
200,000
Common stock ($1 par)
214,000
164,000
Retained earnings
202,260
138,160
Total
$602,040
$551,240
Additional information:
1.
Net income...
A comparative balance sheet for Flounder Corporation is presented as follows. Assets Cash Accounts receivable Inventory...
A comparative balance sheet for Flounder Corporation is presented as follows. 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 $ 72,690 $ 22,000 83,430 67,740 181,430 190,740 72,430 111,740 261,430 201,740 (70,430) (43,740) $600,980 $550,220 $35,430 150,000 214,000 201,550 $600,980 $ 48,740 200,000 164,000 137,480 $550,220 Additional information: 1. 2. Net income for 2020 was $127,860. No gains...
A comparative balance sheet for Pharoah Corporation is presented as follows. Assets Cash Accounts receivable Inventory...
A comparative balance sheet for Pharoah Corporation is presented as follows. 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...
A comparative balance sheet for Flint Corporation is presented as follows. Assets Cash Accounts receivable Inventory...
A comparative balance sheet for Flint Corporation is presented as follows. 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 $ 72,810 $ 22,000 83,460 67,650 181,460 190,650 72,460 111,650 261,460 201,650 (70,460) (43,650) $601,190 $549,950 $ 35,460 150,000 214,000 201,730 $601,190 $ 48,650 200,000 164,000 137,300 $549,950 Additional information: 1. Net income for 2020 was $127,920. No gains...
A comparative balance sheet for Martinez Corporation is presented as follows. Assets Cash Accounts receivable Inventory...
A comparative balance sheet for Martinez Corporation is presented as follows. 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 $ 72,900 $ 22,000 84,190 68,290 182,190 191,290 73,190 112,290 262,190 202,290 (71,190) (44,290) $603,470 $551,870 $ 36,190 $ 49,290 150,000 200,000 214,000 164,000 203,280 138,580 $603,470 $551,870 Additional information: 1. Net income for 2020 was $129,380. No gains or...
A comparative balance sheet for Teal Corporation is presented as follows. December 31 Assets 2020 2019...
A comparative balance sheet for Teal Corporation is presented as follows. December 31 Assets 2020 2019 Cash $ 72,810 $ 22,000 Accounts receivable 83,460 67,650 Inventory 181,460 190,650 Land 72,460 111,650 Equipment 261,460 201,650 Accumulated Depreciation-Equipment (70,460 ) (43,650 ) Total $601,190 $549,950 Liabilities and Stockholders' Equity Accounts payable $ 35,460 $ 48,650 Bonds payable 150,000 200,000 Common stock ($1 par) 214,000 164,000 Retained earnings 201,730 137,300 Total $601,190 $549,950 Additional information: 1. Net income for 2020 was $127,920. No...
A comparative balance sheet for Monty Corporation is presented as follows. Assets Cash Accounts receivable Inventory...
A comparative balance sheet for Monty Corporation is presented as follows. 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 $ 72,700 $ 22,000 83,780 68,080 181,780 191,080 72,780 112,080 261,780 202,080 (70,780) (44,080) $602,040 $551,240 $ 35,780 $ 49,080 150,000 200,000 214,000 164,000 202,260 138,160 $602,040 $551,240 Additional information: 1. Net income for 2020 was $128,560. No gains or...
A comparative balance sheet for Sandhill Corporation is presented as follows. Assets Cash Accounts receivable Inventory...
A comparative balance sheet for Sandhill Corporation is presented as follows. 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 $ 72,890 $ 22,000 83.820 67,930 181,820 190,930 72,820 111,930 261,820 201,930 (70,820) (43,930) $602,350 $550,790 $ 35,820 150,000 214,000 202,530 $602,350 $ 48,930 200,000 164,000 137.860 $550,790 Additional information: 1. 2. 3. Net income for 2020 was $128,640. No...
Exercise 13-7 (Part Level Submission) Rojas Corporation's comparative balance sheets are presented belovw ROJAS CORPORATION Comparative...
Exercise 13-7 (Part Level Submission) Rojas Corporation's comparative balance sheets are presented belovw ROJAS CORPORATION Comparative Balance Sheets December 31 2017 2016 Cash Accounts receivable Land Buildings Accumulated depreciation-buildings $14,200 $10,500 21,700 20,200 69,800 (15,200) 23,500 26,500 69,800 (11,000) Total $110,700 $119,300 Accounts payable Common stock Retained earnings $11,800 75,200 23,700 $110,700 $28,600 71,200 19,500 $119,300 Total Additional information 1. Net income was $22,200. Dividends declared and paid were $18,000 2. No noncash investing and financing activities occurred during 2017...
Exercise 12-7 Shown below are comparative balance sheets for Pharoah Company. Pharoah Company Comparative Balance Sheet...
Exercise 12-7 Shown below are comparative balance sheets for Pharoah Company. Pharoah Company Comparative Balance Sheets December 31 Assets 2017 2016 Cash Accounts receivable Inventory Land $ 126,820 164,120 311,455 149,200 484,900 (123,090 ) $1,113,405 $ 41,030 141,740 352,485 186,500 373,000 (59,680 ) $1,035,075 Equipment Accumulated depreciation equipment Total $ 72,735 279,750 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total 402,840 $ 80,195 373,000 324,510 257,370 $1,035,075 358,080 $1,113,405 Additional information: 1. Net...
Exercise 5-16 (Part Level Submission)
A comparative balance sheet for Wildhorse Corporation is presented
as follows.
December 31
Assets
2020
2019
Cash
$ 72,700
$ 22,000
Accounts receivable
83,780
68,080
Inventory
181,780
191,080
Land
72,780
112,080
Equipment
261,780
202,080
Accumulated Depreciation-Equipment
(70,780
)
(44,080
)
Total
$602,040
$551,240
Liabilities and Stockholders' Equity
Accounts payable
$ 35,780
$ 49,080
Bonds payable
150,000
200,000
Common stock ($1 par)
214,000
164,000
Retained earnings
202,260
138,160
Total
$602,040
$551,240
Additional information:
1.
Net income...
A comparative balance sheet for Flounder Corporation is presented as follows. 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 $ 72,690 $ 22,000 83,430 67,740 181,430 190,740 72,430 111,740 261,430 201,740 (70,430) (43,740) $600,980 $550,220 $35,430 150,000 214,000 201,550 $600,980 $ 48,740 200,000 164,000 137,480 $550,220 Additional information: 1. 2. Net income for 2020 was $127,860. No gains...
A comparative balance sheet for Pharoah Corporation is presented as follows. 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...
A comparative balance sheet for Flint Corporation is presented as follows. 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 $ 72,810 $ 22,000 83,460 67,650 181,460 190,650 72,460 111,650 261,460 201,650 (70,460) (43,650) $601,190 $549,950 $ 35,460 150,000 214,000 201,730 $601,190 $ 48,650 200,000 164,000 137,300 $549,950 Additional information: 1. Net income for 2020 was $127,920. No gains...
A comparative balance sheet for Martinez Corporation is presented as follows. 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 $ 72,900 $ 22,000 84,190 68,290 182,190 191,290 73,190 112,290 262,190 202,290 (71,190) (44,290) $603,470 $551,870 $ 36,190 $ 49,290 150,000 200,000 214,000 164,000 203,280 138,580 $603,470 $551,870 Additional information: 1. Net income for 2020 was $129,380. No gains or...
A comparative balance sheet for Monty Corporation is presented as follows. 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 $ 72,700 $ 22,000 83,780 68,080 181,780 191,080 72,780 112,080 261,780 202,080 (70,780) (44,080) $602,040 $551,240 $ 35,780 $ 49,080 150,000 200,000 214,000 164,000 202,260 138,160 $602,040 $551,240 Additional information: 1. Net income for 2020 was $128,560. No gains or...
A comparative balance sheet for Sandhill Corporation is presented as follows. 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 $ 72,890 $ 22,000 83.820 67,930 181,820 190,930 72,820 111,930 261,820 201,930 (70,820) (43,930) $602,350 $550,790 $ 35,820 150,000 214,000 202,530 $602,350 $ 48,930 200,000 164,000 137.860 $550,790 Additional information: 1. 2. 3. Net income for 2020 was $128,640. No...
Exercise 13-7 (Part Level Submission) Rojas Corporation's comparative balance sheets are presented belovw ROJAS CORPORATION Comparative Balance Sheets December 31 2017 2016 Cash Accounts receivable Land Buildings Accumulated depreciation-buildings $14,200 $10,500 21,700 20,200 69,800 (15,200) 23,500 26,500 69,800 (11,000) Total $110,700 $119,300 Accounts payable Common stock Retained earnings $11,800 75,200 23,700 $110,700 $28,600 71,200 19,500 $119,300 Total Additional information 1. Net income was $22,200. Dividends declared and paid were $18,000 2. No noncash investing and financing activities occurred during 2017...
Exercise 12-7 Shown below are comparative balance sheets for Pharoah Company. Pharoah Company Comparative Balance Sheets December 31 Assets 2017 2016 Cash Accounts receivable Inventory Land $ 126,820 164,120 311,455 149,200 484,900 (123,090 ) $1,113,405 $ 41,030 141,740 352,485 186,500 373,000 (59,680 ) $1,035,075 Equipment Accumulated depreciation equipment Total $ 72,735 279,750 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total 402,840 $ 80,195 373,000 324,510 257,370 $1,035,075 358,080 $1,113,405 Additional information: 1. Net...
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