Homework Answers
We will take each item of Balance sheet of year 2018 and adjust with details given in cash flow of year 2019 to form balance sheet as on 31 Dec 2019.
Items of Assets:
Cash = Balance on 31 Dec 2018 +/- Adjustment in cash flow = 143000 - 100 (Decrease) = 142900
Accounts receivable = Balance on 31 Dec 2018 +/- Adjustment in cash flow = 41000 - 200 (Decrease) = 40800
Inventory = Balance on 31 Dec 2018 +/- Adjustment in cash flow = 58000 + 700 (Increase) = 58700
Property Plant and equipment Gross = Balance on 31 Dec 2018 +/- Adjustment in cash flow = 210000 + 8500 (new purchases) = 218500
Accumulated Depreciation = Balance on 31 Dec 2018 +/- Adjustment in cash flow = 62000 + 1300 (current year depreciation) = 63300
Other Assets = Balance on 31 Dec 2018 +/- Adjustment in cash flow = 7000 + 0 (no change) = 7000
Liabilities and Equity items
Accounts Payable = Balance on 31 Dec 2018 +/- Adjustment in cash flow =19000 + 500 (increase) = 19500
Debt = Balance on 31 Dec 2018 +/- Adjustment in cash flow = 32000 + 900 (increase) = 32900
Other Liabilities = Balance on 31 Dec 2018 +/- Adjustment in cash flow = 40000 + 0 (no change) = 40000
Paid in capital = Balance on 31 Dec 2018 +/- Adjustment in cash flow = 77000 + 0 (no change) = 77000
Retained earning = Balance on 31 Dec 2018 +/- Adjustment in cash flow = 229000 - 600 (dividend paid) + 6800 (net profit for the year) = 235200
Now Balance sheet as on 31 December 2019:
|
Gulf Shipping Company Balance sheet As of December 31, 2019 (amounts in thousands) |
|||
| Cash | 142900 | Accounts Payable | 19500 |
| Accounts Receivables | 40800 | Debt | 32900 |
| Inventory | 58700 | Other Liabilities | 40000 |
| Property Plant & Equipment, Gross | 218500 | Total Liabilities | 92400 |
| Accumulated Depreciation | 63300 | Paid in Capital | 77000 |
| Property Plant & Equipment, Net | 155200 | Retained Earning | 235200 |
| Other Assets | 7000 | Total Equity | 312200 |
| Total Assets | 404600 | Total Liabilities and Equity | 404600 |
So total Assets = 404600
Total Liabilities = 92400
Total Equity = 312200
Total Liabilities and equity = 404600
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