Homework Answers
| Blue Spruce Corp. | ||
| Cash flow statement | ||
| December 31 | ||
| Cash flow from Operating Activities | ||
| Net Income | $ 355,534 | |
| Loss on disposal of assets | $ 17,250 | |
| Depreciation expense | $ 106,950 | |
| Increase in Accounts receivable | $ -114,540 | |
| Increase in Inventory | $ -22,195 | |
| Increase in prepaid | $ -5,520 | |
| Increase in accounts payable | $ 79,810 | |
| Increase in accrued expenses | $ -10,350 | |
| Cash flow from Operating Activities | $ 406,939 | |
| Cash flow from Investing Activities | ||
| Purchase of plant | $ -230,000 | |
| Sale of plant | $ 3,450 | |
| Purchase of Investments | $ -66,700 | |
| Cash used in investing activities | $ -293,250 | |
| Cash flow from Financing Activities | ||
| Issue of common stock | $ 103,500 | |
| Dividend paid | $ -59,869 | |
| Bonds paid | $ -82,800 | |
| Net cash used in financing activities | $ -39,169 | |
| Cash flow during the year | $ 74,520 | |
| Cash balance in the beginning | $ 111,320 | |
| Cash balance in the ending | $ 185,840 |
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Problem 12-09A Condensed financial data of Blue Spruce Corp. follow. Blue Spruce Corp. Comparative Balance Sheets...
Exercise 12-8 Blue Spruce Corp.'s comparative balance sheets are presented below. Blue Spruce Corp. Comparative Balance...
Exercise 12-8 Blue Spruce Corp.'s comparative balance sheets are presented below. Blue Spruce Corp. Comparative Balance Sheets December 31 2019 2018 15,200 $10,600 Cash 20,700 23,500 Accounts receivable 20,300 26,300 Land 69,900 69,900 Buildings (14,800) (10,500) Accumulated depreciation-buildings $111,300 $119,800 Total Accounts payable $11,800 $28,300 75,900 71,600 Common stock Retained earnings 23,600 19,900 $111,300 $119,800 Total Additional information: 1. Net income was $23,100. Dividends declared and paid were $19,400. 2. No noncash investing and financing activities occurred during 2019. 3....
Problem 17-09A Condensed financial data of Cheng Inc. follow. CHENG INC. Comparative Balance Sheets December 31...
Problem 17-09A Condensed financial data of Cheng Inc. follow. CHENG INC. Comparative Balance Sheets December 31 Assets 2020 Cash $118,000 Accounts receivable 91,600 Inventory 113,000 Prepaid expenses 29,400 Investments 141,000 Equipment 265,700 Accumulated depreciation equipment (46,000) Total $712,700 2019 $47,800 32,200 102,900 26,000 113,500 241,600 (51,400) $512,600 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $111,300 16,100 110,700 219,500 255,100 $712,700 $67,900 17,000 149,500 174,200 104,000 $512,600 $391,900 CHENG INC. Income Statement...
Problem 17-09A Condensed financial data of Cheng Inc. follow. CHENG INC. Comparative Balance Sheets December 31...
Problem 17-09A Condensed financial data of Cheng Inc. follow. CHENG INC. Comparative Balance Sheets December 31 Assets 2020 2019 Cash $101,200 $48,300 Accounts receivable 92,700 32,200 Inventory 111,400 102,100 Prepaid expenses 29,600 25,900 Investments 140,800 113,400 Equipment 264,300 243,000 Accumulated depreciation-equipment (47,200 ) (51,800 ) Total $692,800 $513,100 Liabilities and Stockholders’ Equity Accounts payable $111,400 $68,000 Accrued expenses payable 16,100 17,400 Bonds payable 110,500 149,400 Common stock 219,400 174,200 Retained earnings 235,400 104,100 Total $692,800 $513,100 CHENG INC. Income Statement...
Problem 17-09A Condensed financial data of Cheng Inc. follow. CHENG INC. Comparative Balance Sheets December 31...
Problem 17-09A Condensed financial data of Cheng Inc. follow. CHENG INC. Comparative Balance Sheets December 31 Assets 2020 2019 Cash $105,900 $47,000 Accounts receivable 92,700 33,100 Inventory 112,800 101,000 Prepaid expenses 29,200 25,500 Investments 139,400 114,200 Equipment 264,500241,400 Accumulated depreciation-equipment (46,800) (52,400) Total $697,700 $509,800 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $111,900 16,000 117,200 219,100 233,500 $697,700 $67,800 17,300 149,500 175,300 99,900 $509,800 $392,600 CHENG INC. Income Statement For the...
Condensed financial data of Bramble Corp. follow. Bramble Corp. Comparative Balance Sheets December 31 Assets 2020...
Condensed financial data of Bramble Corp. follow. Bramble Corp. Comparative Balance Sheets December 31 Assets 2020 Cash $114,700 Accounts receivable 92,400 Inventory 111,400 Prepaid expenses 29,400 Investments 140,900 Equipment 265,600 Accumulated depreciation-equipment (46,300) Total $708,100 2019 $48,900 33,100 101,200 25,500 114,000 241,300 (52,600) $511,400 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $111,500 16,500 114,000 219,000 247.100 $708,100 $67,200 17,200 149.000 175,500 102,500 $511,400 $392,300 Bramble Corp. Income Statement For the Year...
The trial balance for Blue Spruce Corp. appears as follows: Blue Spruce Corp. Trial Balance December...
The trial balance for Blue Spruce Corp. appears as follows: Blue Spruce Corp. Trial Balance December 31, 2022 $260 459 72 158 3520 Cash Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation, Equipment Accounts Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Rent Expense $530 338 1060 1230 2631 880 440 $5789 $5789 If service for $154 had been performed but not billed, the adjusting entry to record this would include a: O debit to Service Revenue...
These items are taken from the financial statements of Blue Spruce Corp. for 2017. Retained earnings...
These items are taken from the financial statements of Blue Spruce Corp. for 2017. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation-equipment $32,020 2,140 67,020 21,740 11,330 5,120 12,000 12,000 69,350 5,620 1,660 3,180 15,140 2,620 38,350 18,830 Prepare an income statement for the year ended December 31, 2017. Blue...
These items are taken from the financial statements of Blue Spruce Corp. for 2017. Retained earnings...
These items are taken from the financial statements of Blue Spruce Corp. for 2017. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation-equipment $32,020 2,140 67,020 21,740 11,330 5,120 12,000 12,000 69,350 5,620 1,660 3,180 15,140 2,620 38,350 18,830 Prepare an income statement for the year ended December 31, 2017 Blue...
Current Attempt in Progress Condensed financial data of Indigo Corporation follow Indigo Corporation Comparative Balance Sheets...
Current Attempt in Progress Condensed financial data of Indigo Corporation follow Indigo Corporation Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets Accumulated depreciation 2022 2021 $ 113,120 $67760 122,920 53.200 157.500 143.990 39,760 36,400 193,200 152600 399,000 339.500 170,000) (72800) $955,500 5720.650 Total Liabilities and Stockholders'Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total 5142,800 594220 23.100 29.400 154,000 204.400 308,000 245.000 327,600 147630 5955,500 5720.650 5543,844 Indigo...
Current Attempt in Progress Condensed financial data of Indigo Corporation follow Indigo Corporation Comparative Balance Sheets...
Current Attempt in Progress Condensed financial data of Indigo Corporation follow Indigo Corporation Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets Accumulated depreciation 2022 2021 $ 113,120 $67760 122,920 53.200 157.500 143.990 39,760 36,400 193,200 152600 399,000 339.500 170,000) (72800) $955,500 5720.650 Total Liabilities and Stockholders'Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total 5142,800 594220 23.100 29.400 154,000 204.400 308,000 245.000 327,600 147630 5955,500 5720.650 5543,844 Indigo...
Exercise 12-8 Blue Spruce Corp.'s comparative balance sheets are presented below. Blue Spruce Corp. Comparative Balance Sheets December 31 2019 2018 15,200 $10,600 Cash 20,700 23,500 Accounts receivable 20,300 26,300 Land 69,900 69,900 Buildings (14,800) (10,500) Accumulated depreciation-buildings $111,300 $119,800 Total Accounts payable $11,800 $28,300 75,900 71,600 Common stock Retained earnings 23,600 19,900 $111,300 $119,800 Total Additional information: 1. Net income was $23,100. Dividends declared and paid were $19,400. 2. No noncash investing and financing activities occurred during 2019. 3....
Problem 17-09A Condensed financial data of Cheng Inc. follow. CHENG INC. Comparative Balance Sheets December 31 Assets 2020 Cash $118,000 Accounts receivable 91,600 Inventory 113,000 Prepaid expenses 29,400 Investments 141,000 Equipment 265,700 Accumulated depreciation equipment (46,000) Total $712,700 2019 $47,800 32,200 102,900 26,000 113,500 241,600 (51,400) $512,600 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $111,300 16,100 110,700 219,500 255,100 $712,700 $67,900 17,000 149,500 174,200 104,000 $512,600 $391,900 CHENG INC. Income Statement...
Problem 17-09A Condensed financial data of Cheng Inc. follow. CHENG INC. Comparative Balance Sheets December 31 Assets 2020 2019 Cash $105,900 $47,000 Accounts receivable 92,700 33,100 Inventory 112,800 101,000 Prepaid expenses 29,200 25,500 Investments 139,400 114,200 Equipment 264,500241,400 Accumulated depreciation-equipment (46,800) (52,400) Total $697,700 $509,800 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $111,900 16,000 117,200 219,100 233,500 $697,700 $67,800 17,300 149,500 175,300 99,900 $509,800 $392,600 CHENG INC. Income Statement For the...
Condensed financial data of Bramble Corp. follow. Bramble Corp. Comparative Balance Sheets December 31 Assets 2020 Cash $114,700 Accounts receivable 92,400 Inventory 111,400 Prepaid expenses 29,400 Investments 140,900 Equipment 265,600 Accumulated depreciation-equipment (46,300) Total $708,100 2019 $48,900 33,100 101,200 25,500 114,000 241,300 (52,600) $511,400 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $111,500 16,500 114,000 219,000 247.100 $708,100 $67,200 17,200 149.000 175,500 102,500 $511,400 $392,300 Bramble Corp. Income Statement For the Year...
The trial balance for Blue Spruce Corp. appears as follows: Blue Spruce Corp. Trial Balance December 31, 2022 $260 459 72 158 3520 Cash Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation, Equipment Accounts Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Rent Expense $530 338 1060 1230 2631 880 440 $5789 $5789 If service for $154 had been performed but not billed, the adjusting entry to record this would include a: O debit to Service Revenue...
These items are taken from the financial statements of Blue Spruce Corp. for 2017. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation-equipment $32,020 2,140 67,020 21,740 11,330 5,120 12,000 12,000 69,350 5,620 1,660 3,180 15,140 2,620 38,350 18,830 Prepare an income statement for the year ended December 31, 2017. Blue...
These items are taken from the financial statements of Blue Spruce Corp. for 2017. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation-equipment $32,020 2,140 67,020 21,740 11,330 5,120 12,000 12,000 69,350 5,620 1,660 3,180 15,140 2,620 38,350 18,830 Prepare an income statement for the year ended December 31, 2017 Blue...
Current Attempt in Progress Condensed financial data of Indigo Corporation follow Indigo Corporation Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets Accumulated depreciation 2022 2021 $ 113,120 $67760 122,920 53.200 157.500 143.990 39,760 36,400 193,200 152600 399,000 339.500 170,000) (72800) $955,500 5720.650 Total Liabilities and Stockholders'Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total 5142,800 594220 23.100 29.400 154,000 204.400 308,000 245.000 327,600 147630 5955,500 5720.650 5543,844 Indigo...
Current Attempt in Progress Condensed financial data of Indigo Corporation follow Indigo Corporation Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets Accumulated depreciation 2022 2021 $ 113,120 $67760 122,920 53.200 157.500 143.990 39,760 36,400 193,200 152600 399,000 339.500 170,000) (72800) $955,500 5720.650 Total Liabilities and Stockholders'Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total 5142,800 594220 23.100 29.400 154,000 204.400 308,000 245.000 327,600 147630 5955,500 5720.650 5543,844 Indigo...
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