Homework Answers
Solution
| MONTGOMERY INC. | ||
| Cash Flow Statement | ||
| For year ended 31st December | ||
| A. Cash Flows from Operating Activity | ||
| Net Income | $ 10,800.00 | |
| Adjustments to reconcile net income to net cash flow from operating activities: | ||
| Depreciation expense | $ 7,100.00 | |
| Changes in current operating assets and liabilities: | ||
| Decrease in Accounts receivables | $ 2,300.00 | |
| Increase in Inventory | $ (19,600.00) | |
| Decrease in salaries payable | $ (100.00) | |
| Decrease in Accounts payable | $ (2,000.00) | |
| $ (12,300.00) | ||
| Net cash flow from Operating activities | $ (1,500.00) | |
| B. Cash flows from Investing Activities | ||
| Purchase of Equipment | $ (8,100.00)* | |
| Net cash flow used for investing activities | $ (8,100.00) | |
| C. Cash Flows from Financing activities | ||
| Issue of Common stock | $ 9,400.00 | |
| Cash flows from Financing activities | $ 9,400.00 | |
| Net Increase (Decrease) in Cash [A+B+C] | $ (200.00) | |
| Cash at the beginning | $ 31,200.00 | |
| Cash at the end | $ 31,000.00 | |
*Equipment purchased is the difference between equipment value from current to previous year.
Add Answer to:
Prior Year MONTGOMERY INC. Comparative Balance Sheets December 31 Current Year Assets Cash $ 31,000 Accounts...
Prior Year MONTGOMERY INC. Comparative Balance Sheets December 31 Current Year Assets Cash $ 32,300 Accounts...
Prior Year MONTGOMERY INC. Comparative Balance Sheets December 31 Current Year Assets Cash $ 32,300 Accounts receivable, net 10,600 Inventory 95, 100 Total current assets 138,000 Equipment 52,700 Accum. depreciation-Equipment (23,880) Total assets $166,990 Liabilities and Equity Accounts payable $ 25,300 Salaries payable 500 Total current liabilities 25,800 Equity Common stock, no par value 117,300 Retained earnings 23,800 Total liabilities and equity $166,960 $ 32,400 13,000 75,1ee 120,500 44,500 16,580) $ 148,500 $ 27,400 600 28,000 107,400 13,160 $148,500 MONTGOMERY...
MONTGOMERY INC. Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 34,500 $...
MONTGOMERY INC.
Comparative Balance Sheets
December 31
Current Year
Prior Year
Assets
Cash
$
34,500
$
34,900
Accounts receivable, net
10,000
12,400
Inventory
89,600
71,700
Total current assets
134,100
119,000
Equipment
49,600
42,400
Accum. depreciation—Equipment
(22,400
)
(15,600
)
Total assets
$
161,300
$
145,800
Liabilities and Equity
Accounts payable
$
23,800
$
25,900
Salaries payable
400
500
Total current liabilities
24,200
26,400
Equity
Common stock, no par value
117,100
108,500
Retained earnings
20,000
10,900
Total liabilities and equity
$...
MONTGOMERY INC. Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 30,400 $...
MONTGOMERY INC. Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 30,400 $ 30,550 Accounts receivable, net 10,050 12,150 Inventory 90,100 70,150 Total current assets 130,550 112,850 Equipment 49,900 41,500 Accum. depreciation—Equipment (22,500 ) (15,300 ) Total assets $ 157,950 $ 139,050 Liabilities and Equity Accounts payable $ 23,900 $ 25,400 Salaries payable 500 600 Total current liabilities 24,400 26,000 Equity Common stock, no par value 110,000 100,000 Retained earnings 23,550 13,050 Total liabilities and equity $...
Please give correct answers Prior Year Comparative Balance Sheets December 31 Current Year Assets Cash $...
Please give correct answers
Prior Year Comparative Balance Sheets December 31 Current Year Assets Cash $ 60,1ee Accounts receivable, net 19, see Inventory 177,500 Total current assets 257, 4ee Equipment 98, 3ee Accum. depreciation-Equipment (44,380) Total assets $311,480 Liabilities and Equity Accounts payable $ 47,100 Salaries payable 1.ee Total current liabilities 48, 100 Equity Common stock, no par value 216, 120 Retained earnings 47. 209 Total liabilities and equity $311, 4ee $ 60, eee 23,9ee 138, eee 221,9e 81,6ee (30,...
Show calculations if applicable: 11 ΜΟΝTGOME RY INC. Comparative Balance Sheets December 31 0.83 Prior Year...
Show calculations if applicable:
11 ΜΟΝTGOME RY INC. Comparative Balance Sheets December 31 0.83 Prior Year Current Year points Assets $ 58,200 18,300 Cash $58,100 22,300 128,800 209,200 76,200 Accounts receivable, net 164,100 240,600 90,900 Inventory еВook Total current assets Equipment Accum. depreciation- Equipment |(41,000) |(28,100) Print $257,300 $290,500 Total assets Liabilities and Equity Accounts payable Salaries payable References $ 43,600 $46,600 900 1,100 47,700 44,500 Total current liabilities Equity Common stock, no par 202,500 185,700 value Retained earnings 43,500...
Exercise 12-12 Indirect: Preparing statement of cash flows LO P2, P3 Prior Year MONTGOMERY INC. Comparative...
Exercise 12-12 Indirect: Preparing statement of cash flows LO P2, P3 Prior Year MONTGOMERY INC. Comparative Balance Sheets December 31 Current Year Assets Cash $ 60,100 Accounts receivable, net 19,800 Inventory 177,500 Total current assets 257,400 Equipment 98,300 Accum. depreciation-Equipment (44,300) Total assets $311,400 Liabilities and Equity Accounts payable $ 47,100 Salaries payable 1,000 Total current liabilities 48,100 Equity Common stock, no par value 216,100 Retained earnings 47,200 Total liabilities and equity $311,480 $ 60,000 23,900 138,000 221,900 81,600 (30,...
GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 167,000 $...
GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 167,000 $ 110,300 Accounts receivable 87,500 74,000 Inventory 605,500 529,000 Total current assets 860,000 713,300 Equipment 343,000 302,000 Accum. depreciation—Equipment (159,500 ) (105,500 ) Total assets $ 1,043,500 $ 909,800 Liabilities and Equity Accounts payable $ 93,000 $ 74,000 Income taxes payable 31,000 26,600 Total current liabilities 124,000 100,600 Equity Common stock, $2 par value 595,600 571,000 Paid-in capital in excess of par value, common stock...
MONTGOMERY, INC Statement of Cash Flows (Indirect Method) For Year Ended December 31, 2018 Cash flows...
MONTGOMERY, INC Statement of Cash Flows (Indirect Method) For Year Ended December 31, 2018 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operations: Changes in current operating assets and liabilities Depreciation expense Decrease in accounts receivable Decrease in accounts payable Decrease in salaries payable Increase in inventory Net cash used in operating activities Cash flows from investing activities 0) Cash flows from financing activities 0 0 Cash balance at beginning of...
FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 72,400 $...
FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 72,400 $ 88,500 Accounts receivable 88,420 65,625 Inventory 298,156 266,800 Prepaid expenses 1,360 2,195 Total current assets 460,336 423,120 Equipment 142,500 123,000 Accum. depreciation—Equipment (44,125 ) (53,500 ) Total assets $ 558,711 $ 492,620 Liabilities and Equity Accounts payable $ 68,141 $ 137,175 Short-term notes payable 14,500 9,000 Total current liabilities 82,641 146,175 Long-term notes payable 57,500 63,750 Total liabilities 140,141 209,925 Equity Common stock, $5...
2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 62,800 Accounts receivable,...
2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 62,800 Accounts receivable, net 27.000 Inventory 56,600 Prepaid expenses 3,500 Total current assets 149,900 Furniture 70,500 Accum. depreciation-Furniture (10,900) Total assets $209,500 Liabilities and Equity Accounts payable $ 9,900 Wages payable 5,900 Income taxes payable 1.000 Total current liabilities 16,800 Notes payable (long-term) 20,700 Total liabilities 37,500 Equity Common stock, $5 par value 150,000 Retained earnings 22.000 Total liabilities and equity $209,500 $ 15,700 33.300 62,500 2,900...
Prior Year MONTGOMERY INC. Comparative Balance Sheets December 31 Current Year Assets Cash $ 32,300 Accounts receivable, net 10,600 Inventory 95, 100 Total current assets 138,000 Equipment 52,700 Accum. depreciation-Equipment (23,880) Total assets $166,990 Liabilities and Equity Accounts payable $ 25,300 Salaries payable 500 Total current liabilities 25,800 Equity Common stock, no par value 117,300 Retained earnings 23,800 Total liabilities and equity $166,960 $ 32,400 13,000 75,1ee 120,500 44,500 16,580) $ 148,500 $ 27,400 600 28,000 107,400 13,160 $148,500 MONTGOMERY...
MONTGOMERY INC.
Comparative Balance Sheets
December 31
Current Year
Prior Year
Assets
Cash
$
34,500
$
34,900
Accounts receivable, net
10,000
12,400
Inventory
89,600
71,700
Total current assets
134,100
119,000
Equipment
49,600
42,400
Accum. depreciation—Equipment
(22,400
)
(15,600
)
Total assets
$
161,300
$
145,800
Liabilities and Equity
Accounts payable
$
23,800
$
25,900
Salaries payable
400
500
Total current liabilities
24,200
26,400
Equity
Common stock, no par value
117,100
108,500
Retained earnings
20,000
10,900
Total liabilities and equity
$...
Please give correct answers
Prior Year Comparative Balance Sheets December 31 Current Year Assets Cash $ 60,1ee Accounts receivable, net 19, see Inventory 177,500 Total current assets 257, 4ee Equipment 98, 3ee Accum. depreciation-Equipment (44,380) Total assets $311,480 Liabilities and Equity Accounts payable $ 47,100 Salaries payable 1.ee Total current liabilities 48, 100 Equity Common stock, no par value 216, 120 Retained earnings 47. 209 Total liabilities and equity $311, 4ee $ 60, eee 23,9ee 138, eee 221,9e 81,6ee (30,...
Show calculations if applicable:
11 ΜΟΝTGOME RY INC. Comparative Balance Sheets December 31 0.83 Prior Year Current Year points Assets $ 58,200 18,300 Cash $58,100 22,300 128,800 209,200 76,200 Accounts receivable, net 164,100 240,600 90,900 Inventory еВook Total current assets Equipment Accum. depreciation- Equipment |(41,000) |(28,100) Print $257,300 $290,500 Total assets Liabilities and Equity Accounts payable Salaries payable References $ 43,600 $46,600 900 1,100 47,700 44,500 Total current liabilities Equity Common stock, no par 202,500 185,700 value Retained earnings 43,500...
Exercise 12-12 Indirect: Preparing statement of cash flows LO P2, P3 Prior Year MONTGOMERY INC. Comparative Balance Sheets December 31 Current Year Assets Cash $ 60,100 Accounts receivable, net 19,800 Inventory 177,500 Total current assets 257,400 Equipment 98,300 Accum. depreciation-Equipment (44,300) Total assets $311,400 Liabilities and Equity Accounts payable $ 47,100 Salaries payable 1,000 Total current liabilities 48,100 Equity Common stock, no par value 216,100 Retained earnings 47,200 Total liabilities and equity $311,480 $ 60,000 23,900 138,000 221,900 81,600 (30,...
MONTGOMERY, INC Statement of Cash Flows (Indirect Method) For Year Ended December 31, 2018 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operations: Changes in current operating assets and liabilities Depreciation expense Decrease in accounts receivable Decrease in accounts payable Decrease in salaries payable Increase in inventory Net cash used in operating activities Cash flows from investing activities 0) Cash flows from financing activities 0 0 Cash balance at beginning of...
2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 62,800 Accounts receivable, net 27.000 Inventory 56,600 Prepaid expenses 3,500 Total current assets 149,900 Furniture 70,500 Accum. depreciation-Furniture (10,900) Total assets $209,500 Liabilities and Equity Accounts payable $ 9,900 Wages payable 5,900 Income taxes payable 1.000 Total current liabilities 16,800 Notes payable (long-term) 20,700 Total liabilities 37,500 Equity Common stock, $5 par value 150,000 Retained earnings 22.000 Total liabilities and equity $209,500 $ 15,700 33.300 62,500 2,900...
Most questions answered within 3 hours.
-
The average length of time between arrivals at a turnpike
toll-booth is 26 seconds. What is...
asked 59 minutes ago -
(a) A piston at 6.1 atm contains a gas that occupies a volume of
3.5 L....
asked 2 hours ago -
Please answer true or false. Words
cannot be changed or added in to make it true...
asked 2 hours ago -
An empty test tube weighs 15.923 grams. Then,
MgCl2•6H2O is added into the test tube. After...
asked 2 hours ago -
Assume memory access is 10 units of time and disk access is
10000 units of time....
asked 2 hours ago -
1. Are all good samples random?
2. Magazines often report surveys giving statistics such as “63%...
asked 2 hours ago -
Under all the various types of market structures, firms
must eventually earn some economic profits for...
asked 2 hours ago -
Consider the following fitness regime for a single locus trait
with two co-dominant alleles: w11 =...
asked 2 hours ago -
A large cable company reports the following.
80% of its customers subscribe to its cable TV...
asked 2 hours ago -
Please answer the question in brief.
Discuss the role of ERP in organizations. Are ERP tools...
asked 2 hours ago -
Discuss the pros and cons of collaborative software such
as SameTime. Does it increase productivity? What...
asked 2 hours ago -
Buying your in-laws a gift because it’s expected is
due to the ____________ motive of gift-giving....
asked 2 hours ago