Homework Answers
| Statement of cash flow | |||
| Particulars | Amount | Amount | |
| Cash collected from customers | $ 5,954,740 | ||
| Cash paid to suppliers | $ (2,455,680) | ||
| Cash paid for operating expenses | $ (3,105,760) | ||
| Taxes paid | $ (102,510) | ||
| Net cash from/(used in) operating activities | $ 290,790 | $ 290,790 | |
| Cash flow from investing activities: | |||
| Cash from sale of investments | $ 175,890 | ||
| Cash paid for land | $ (519,380) | ||
| Cash
paid for equipment $680,900-$879,170 |
$ (198,270) | ||
| Net cash from/(used in) investing activities | $ (541,760) | $ (541,760) | |
| Cash flow from financing activities: | |||
| Cash paid for dividends | $ (24,460) | ||
| Cash received from sale of common stock | $ 240,000 | ||
| Net cash from/(used in) financing activities | $ 215,540 | $ 215,540 | |
| Net change in cash | $ (35,430) | ||
| Add: Opening cash balance | $ 679,240 | ||
| Closing cash balance | $ 643,810 |
Below are workings:
| Cash collection from customers: | |
| Beginning accounts receivable | $ 547,320 |
| Add: sales for the period | $ 5,974,220 |
| Less: ending accounts receivable | $ (566,800) |
| Cash collection from customers | $ 5,954,740 |
| Cash paid to suppliers: | |
| Beginning accounts payable | $ 747,520 |
| Add: purchases for the period | $ 2,480,150 |
| Less: ending accounts payable | $ (771,990) |
| Cash paid to suppliers | $ 2,455,680 |
| Purchases for the period: | |
| Ending inventory | $ 1,010,630 |
| Add: cost of goods sold | $ 2,451,990 |
| Less: beginning inventory | $ (982,470) |
| Purchases for the period | $ 2,480,150 |
| Cash paid for expenses: | |
| Beginning expenses payable | $ 70,210 |
| Add: expenses for the period | $ 3,099,790 |
| Less: ending expenses payable | $ (64,240) |
| Cash paid to suppliers | $ 3,105,760 |
| Cash paid for taxes: | |
| Beginning taxes payable | $ - |
| Add: expenses for the period | $ 102,510 |
| Less: ending taxes payable | $ - |
| Cash paid for taxes | $ 102,510 |
| Dividends payable | |||
| Opening balance | 6,500 | ||
| Add: declared during year | 27,680 | ||
| Less: closing balance | 9,720 | ||
| Dividends paid | 24,460 | ||
| Stock issue: | |||
| Common stock | Paid in capital | Total | |
| Closing balance | 56,000 | 408,000 | 464,000 |
| Less: opening balance | 32,000 | 192,000 | 224,000 |
| Stock issue | 24,000 | 216,000 | 240,000 |
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> New Tab Dec 31, 2016 Dec 31, 2045 Assets 3 Cash 5679,240.00 547,320.00 Accounts receivable...
The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is as follows: 1 Dec. 31, 20Y6 Dec. 31, 20Y5 2 Assets 3 Cash $643,740.00 $678,670.00 4 Accounts receivable (net) 5...
The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is as follows: 1 Dec. 31, 20Y6 Dec. 31, 20Y5 2 Assets 3 Cash $643,740.00 $678,670.00 4 Accounts receivable (net) 567,590.00 546,500.00 5 Inventories 1,010,270.00 983,300.00 6 Investments 0.00 239,830.00 7 Land 520,160.00 0.00 8 Equipment 879,990.00 680,730.00 9 Accumulated depreciation (244,840.00) (200,100.00) 10 Total assets $3,376,910.00 $2,928,930.00 11 Liabilities and Stockholders’ Equity 12 Accounts payable (merchandise creditors) $771,010.00 $748,100.00 13 Accrued expenses payable (operating expenses)...
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Dec. 31, 20Y2 Dec. 31, 20Y1 Assets $ 874,310 $ 943,770 Cash 795,620 725,680 Accounts receivable (net) 1,110,370 1,206,550 Inventories 33,220 27,980 Prepaid expenses 300,760 454,640 Land 1,390,150 856,820 Buildings Accumulated depreciation-buildings (367,210) (393,440) 432,780 489,610 Equipment (134,640) (151,260) Accumulated depreciation-equipment $4,556,900 $4,038,810 Total assets Liabilities and Stockholders' Equity $ 913,650 $ 865,810 Accounts payable (merchandise creditors) 255,190 Bonds payable 299,000 111,000 Common stock, $20 par Paid-in capital: Excess of Issue price over par-common stock 720,000 532,000 2,482,160 2,416,900 Retained...
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Dec. 31, 20Y3 Dc. 31, 20Y2 Assets 3Cash 4 Accounts receivable (net) 5 Inventories 6 Investments 7 Land 8Equipment 9Accumulated depreciation-equipment 0Total assets 625,680.00 $586,230.00 208,850.00 617,650.00 240,620.00 0.00 553,320.00 166310.00(147840.00) $2,361,010.00 $2,058,830.00 228,100.00 640,910.00 0.00 328,090.00 704,540.00 Liabilities and Stockholders' Equity 12 Accounts payable (merchandise creditors) 13 Accrued expenses payable (operating expenses) 14 Dividends payable 15 Common stock, $4 par 16 Paid-in capital: Excess of issue price over par-common stock 17 Retained earnings 18 otal Liabilities and stockholders' equity...
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Comparative Balance Sheet Shiner Corporation Assets Dec 31, 1996 Dec 31, 1995 Cash $37,000 $49,000 Accounts Receivable $26,000 $36,000 Prepaid Expenses $6,000 Land $70,000 Building $200,000 Accumulated $11,000 $189,000 Depreciation Equipment $68,000 Accumulated $10,000 $58,000 Depreciation Total Assets $386,000 $85,000 Liabilities and Stockholder Equity Accounts Payable $40,000 $5,000 Bonds Payable $150,000 Common Stock $60,000 Retained Earnings $136,000 $20,000 Total Liabilities and Stockholder Equity $386,000 $85,000 $0 Income Statement Shiner Corporation $492,000 00 Revenue Operating $269,0 Expenses $21,00 Depreciation Income before...
Dec. 31, 20Y2 Dec. 31, 20Y1 Assets $ 874,310 $ 943,770 Cash 795,620 725,680 Accounts receivable (net) 1,110,370 1,206,550 Inventories 33,220 27,980 Prepaid expenses 300,760 454,640 Land 1,390,150 856,820 Buildings Accumulated depreciation-buildings (367,210) (393,440) 432,780 489,610 Equipment (134,640) (151,260) Accumulated depreciation-equipment $4,556,900 $4,038,810 Total assets Liabilities and Stockholders' Equity $ 913,650 $ 865,810 Accounts payable (merchandise creditors) 255,190 Bonds payable 299,000 111,000 Common stock, $20 par Paid-in capital: Excess of Issue price over par-common stock 720,000 532,000 2,482,160 2,416,900 Retained...
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Statement of Cash Flows-Direct Method The comparative balance sheet of Canace Products Inc. for December 31, 2016 and 20Y5, is as follows: Dec. 31, 20Y6 Dec. 31, 2045 Assets Cash $290,320 $270,690 Accounts receivable (net) 105,170 97,220 Inventories 296,910 287,850 Investments 111,520 Land 152,280 0 Equipment 327,570 254,490 Accumulated depreciation-equipment (76,690) (68,630) Total assets $1,095,560 $953,140 0 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Dividends payable Common stock, $10 par Paid-in capital: Excess of issue price over par-common...
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