Homework Answers
| North Company | ||
| Cash Flow Statement | ||
| For the year ended 31 March,2019 | ||
| Particulars | Amount $ | Amount $ |
| I] Cash Flow from Operating Activities: | ||
| Net Loss | -25000 | |
| Add/(less) : items to convert net income to cash basis | ||
| Depriciation | 24000 | |
| Transfer to Retained earnings | -25000 | |
| Gain on Sale of land | -25000 | |
| operating income before Working capital changes | -51000 | |
| Add : Decrease in Accounts Receivable | 7000 | |
| Add : Decrease in Inventory | 8000 | |
| Add : Decrease in Prepaid Advt Expe | 4000 | |
| Less: Decrese in Accounts Payable | -6000 | |
| Add: Increase in Interest Payable | 6000 | |
| Cash outflow from Operating Activities | -32000 | |
| II] Cash Flow from Investing Activities: | ||
| Proceeds from Sale of Land | 70000 | |
| Less: Purchase of Plant Assets | -150000 | |
| Cash outflow in Investing Activities | -80000 | |
| III] Cash Flow from Financing Activities: | ||
| Issuance of Bonds Payble | 210000 | |
| Interest paid | -20000 | |
| Purchase of Treasury Stock | -30000 | |
| Cash inflow from Financing activities | 160000 | |
| Net Increse/(Decrease ) in cash flow | 48000 | |
| Opening Cash & Cash Equivalants | 32000 | |
| Closing Cash & Cash Equivalants | 80000 | |
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NORTH COMPANY Income Statement For the Year Ended December 31, 2019 $770,000 Sales Revenue Cost of...
Statement of Cash Flows (Indirect Method) North Company's income statement and comparative balance sheets as of...
Statement of Cash Flows (Indirect Method) North Company's income statement and comparative balance sheets as of December 31 of 2019 and 2018 follow: NORTH COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $770.000 Cost of Goods Sold $550,000 Wages Expense 195,0DD Advertising Expense 31,000 Depreciation Expense 24,000 Interest Expense 20,000 Gain on Sale of Land (25,000) 795,000 Net Loss 125,000) NORTH COMPANY Balance Sheets Dec. 31, 2019 Dec 31, 2018 Assets Cash $80,000 $32,000 Accounts Receivable...
Business Course PRUITT COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $770,000...
Business Course PRUITT COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $770,000 Cost of Goods Sold $450,000 Wages and Other Operating Expenses 195,000 Depreciation Expense 22,000 Goodwill Amortization Expense 7,000 Interest Expense 5,000 Income Tax Expense 36,000 Loss on Bond Retirement 5,000 720,000 Net Income $50,000 Support We were unable to transcribe this imageBusiness Course $480,000 $489,000 Total Assets Liabilities and Stockholders' Equity Accounts Payable Interest Payable Income Tax Payable Bonds Payable Common Stock Retained Earnings...
ARTIC COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $645,000 Cost of...
ARTIC COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $645,000 Cost of Goods Sold $430,000 Wages Expense 91,000 Insurance Expense 12,000 Depreciation Expense 13,000 Interest Expense 15,000 Income Tax Expense 29,000 590,000 Net Income $55,000 ARTIC COMPANY Balance Sheets Dec. 31, 2019 Dec. 31, 2018 $8,000 32,000 65,000 $41,000 41,000 90,000 5,000 219,000 (68,000) $328,000 7,000 Assets Cash Accounts Receivable Inventory Prepaid Insurance Plant Assets Accumulated Depreciation Total Assets Liabilities and Stockholders' Equity Accounts Payable Wages...
ARCTIC COMPAY Income Statement For the Tear tnded December 31, 2013 Sales evenue S0000 Cest of...
ARCTIC COMPAY Income Statement For the Tear tnded December 31, 2013 Sales evenue S0000 Cest of Goods Sold 587400 Wges Expense 209.000 Advertiong xperoe 34100 Deprecation Expere ntwpense 24200 1900 Gain on Sale ef Land 27500 47000 t O0 ARCTIC COMPANY Balance Sheets Dec 31, 2013 Dec. 31, 2012 Assets Cash $30800 55000 Accourts Receable 4200 inentory Prepd Advetsn 134 300 112300 plant Ats 244200 Accumulted Deoreoaon Totl Aets $53000 $40700 Liabilties and Sockhelders touty Accounts Payale s4100 intert Payable...
Bandit Corporation Income Statement For the Year Ended December 31, 2019 Revenues - Part 5 Operating...
Bandit Corporation Income Statement For the Year Ended December 31, 2019 Revenues - Part 5 Operating Expenses Depreciation Expense 6.580,000 5.391.225 Loss on Sale of Machinery 315,000 Total Expenses 40.000 Income before Taxes 5.751.225 Income Tax Expense 621,775 Net Income 310,000 Bandit Corporation Partial Balance Sheet 12/ 31/2018 12/31/2019 Cash Increase (Decreas) 672,000 980.775 308.775 Accounts Receivable 775,000 615,000 (160,000) Inventory 834,000 913,000 79.000 Machinery 1,750,000 2,067,000 317,000 Land 175,000 175,000 Accounts Payable 521,000 579,000 58,000 Bonds Payable 150,000 60,000...
Supplements Plus, Inc. Income Statement Year Ended September 30, 2018 Net Sales Revenue $ 230,000 Cost...
Supplements Plus, Inc. Income Statement Year Ended September 30, 2018 Net Sales Revenue $ 230,000 Cost of Goods Sold 93,000 Gross Profit 137,000 Operating Expenses: Salaries Expense $ 57,000 Depreciation Expense Plant Assets 28,000 Total Operating Expenses 85,000 Net Income Before Income Taxes 52,000 Income Tax Expense 8,000 $ Net Income 44,000 c. a. Acquisition of plant assets is $118,000. Of this amount, $105,000 is paid in cash and $13,000 by signing a note payable. b. Cash receipt from sale...
Income Statement For the Year Ended December 31, 2021 $2,576,000 Net sales Expenses: Cost of goods...
Income Statement For the Year Ended December 31, 2021 $2,576,000 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses $1,550,000 778,000 19,000 7,200 11,000 40,e00 2,405,200 $ 170,800 Net income VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 Assets Current assets: $ 77,560 52,000 127,000 4,440 $152,320 72,200 105,000 8,880 Cash Accounts receivable Inventory Prepaid rent Long-term assets : Investments 97,000 202,000 254,000 (59,400) $832,000...
9. Polar Company's income statement and comparative balance sheets follow. POLAR COMPANY Income Statement For Year...
9. Polar Company's income statement and comparative balance sheets follow. POLAR COMPANY Income Statement For Year Ended December 31, 2017 Sales $1,456,000 Cost of goods sold $1,068,000 Wages expense Advertising expense Depreciation expense 380,000 62,000 44,000 Interest expense 36,000 (50,000) Gain on sale of land 1,540,000 .. $ (84,000) Net loss POLAR COMPANY Balance Sheets Dec. 31, 2017 Dec. 31, 2016 Assets Cash $98,000 $56,000 Accounts receivable 84,000 100,000 Inventory Prepaid advertising 214,000 226,000 20,000 26,000 720,000 Plant assets 444,000...
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...
Statement of Cash Flows (Indirect Method) North Company's income statement and comparative balance sheets as of December 31 of 2019 and 2018 follow: NORTH COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $770.000 Cost of Goods Sold $550,000 Wages Expense 195,0DD Advertising Expense 31,000 Depreciation Expense 24,000 Interest Expense 20,000 Gain on Sale of Land (25,000) 795,000 Net Loss 125,000) NORTH COMPANY Balance Sheets Dec. 31, 2019 Dec 31, 2018 Assets Cash $80,000 $32,000 Accounts Receivable...
Business Course PRUITT COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $770,000 Cost of Goods Sold $450,000 Wages and Other Operating Expenses 195,000 Depreciation Expense 22,000 Goodwill Amortization Expense 7,000 Interest Expense 5,000 Income Tax Expense 36,000 Loss on Bond Retirement 5,000 720,000 Net Income $50,000 Support We were unable to transcribe this imageBusiness Course $480,000 $489,000 Total Assets Liabilities and Stockholders' Equity Accounts Payable Interest Payable Income Tax Payable Bonds Payable Common Stock Retained Earnings...
ARTIC COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $645,000 Cost of Goods Sold $430,000 Wages Expense 91,000 Insurance Expense 12,000 Depreciation Expense 13,000 Interest Expense 15,000 Income Tax Expense 29,000 590,000 Net Income $55,000 ARTIC COMPANY Balance Sheets Dec. 31, 2019 Dec. 31, 2018 $8,000 32,000 65,000 $41,000 41,000 90,000 5,000 219,000 (68,000) $328,000 7,000 Assets Cash Accounts Receivable Inventory Prepaid Insurance Plant Assets Accumulated Depreciation Total Assets Liabilities and Stockholders' Equity Accounts Payable Wages...
ARCTIC COMPAY Income Statement For the Tear tnded December 31, 2013 Sales evenue S0000 Cest of Goods Sold 587400 Wges Expense 209.000 Advertiong xperoe 34100 Deprecation Expere ntwpense 24200 1900 Gain on Sale ef Land 27500 47000 t O0 ARCTIC COMPANY Balance Sheets Dec 31, 2013 Dec. 31, 2012 Assets Cash $30800 55000 Accourts Receable 4200 inentory Prepd Advetsn 134 300 112300 plant Ats 244200 Accumulted Deoreoaon Totl Aets $53000 $40700 Liabilties and Sockhelders touty Accounts Payale s4100 intert Payable...
Bandit Corporation Income Statement For the Year Ended December 31, 2019 Revenues - Part 5 Operating Expenses Depreciation Expense 6.580,000 5.391.225 Loss on Sale of Machinery 315,000 Total Expenses 40.000 Income before Taxes 5.751.225 Income Tax Expense 621,775 Net Income 310,000 Bandit Corporation Partial Balance Sheet 12/ 31/2018 12/31/2019 Cash Increase (Decreas) 672,000 980.775 308.775 Accounts Receivable 775,000 615,000 (160,000) Inventory 834,000 913,000 79.000 Machinery 1,750,000 2,067,000 317,000 Land 175,000 175,000 Accounts Payable 521,000 579,000 58,000 Bonds Payable 150,000 60,000...
Supplements Plus, Inc. Income Statement Year Ended September 30, 2018 Net Sales Revenue $ 230,000 Cost of Goods Sold 93,000 Gross Profit 137,000 Operating Expenses: Salaries Expense $ 57,000 Depreciation Expense Plant Assets 28,000 Total Operating Expenses 85,000 Net Income Before Income Taxes 52,000 Income Tax Expense 8,000 $ Net Income 44,000 c. a. Acquisition of plant assets is $118,000. Of this amount, $105,000 is paid in cash and $13,000 by signing a note payable. b. Cash receipt from sale...
Income Statement For the Year Ended December 31, 2021 $2,576,000 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses $1,550,000 778,000 19,000 7,200 11,000 40,e00 2,405,200 $ 170,800 Net income VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 Assets Current assets: $ 77,560 52,000 127,000 4,440 $152,320 72,200 105,000 8,880 Cash Accounts receivable Inventory Prepaid rent Long-term assets : Investments 97,000 202,000 254,000 (59,400) $832,000...
9. Polar Company's income statement and comparative balance sheets follow. POLAR COMPANY Income Statement For Year Ended December 31, 2017 Sales $1,456,000 Cost of goods sold $1,068,000 Wages expense Advertising expense Depreciation expense 380,000 62,000 44,000 Interest expense 36,000 (50,000) Gain on sale of land 1,540,000 .. $ (84,000) Net loss POLAR COMPANY Balance Sheets Dec. 31, 2017 Dec. 31, 2016 Assets Cash $98,000 $56,000 Accounts receivable 84,000 100,000 Inventory Prepaid advertising 214,000 226,000 20,000 26,000 720,000 Plant assets 444,000...
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...
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