Homework Answers
Answer-
| CHAPMAN COMPANY | ||
| STATEMENT OF CASH FLOWS (USING INDIRECT METHOD) | ||
| FOR THE YEAR ENDED MAY 31,2020 | ||
| Particulars | Amount | |
| $ | ||
| Cash flow from operating activities | ||
| Net Income | 130000 | |
| Adjustments to reconcile net income to net cash provided by operating activities | ||
| Adjustment for non cash effects | ||
| Depreciation | 25000 | |
| Change in operating assets & liabilities | ||
| Increase in accounts receivable | -17000 | |
| Decrease in inventory | 30000 | |
| Increase in prepaid expenses | -2000 | |
| Increase in accounts payable | 8000 | |
| Decrease in salaries & wages payable | -24750 | |
| Increase in interest payable | 2000 | |
| Net cash flow from operating activities (a) | 151250 | |
| Cash Flow from Investing activities | ||
| New equipment purchased | -28000 | |
| Net cash Flow from Investing activities (b) | -28000 | |
| Cash Flow from Financing activities | ||
| Cash dividends paid | -105000 | |
| Bonds payable paid | -30000 | |
| Common stock issued | 20000 | |
| Net cash Flow from Financing activities (c) | -115000 | |
| Net Change in cash c=a+b+c | 8250 | |
| Beginning cash balance | 20000 | |
| Closing cash balance | 28250 | |
| Schedule of non cash investing & financing activities | ||
| Issuance of common stock for equipment | 70000 |
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Teal Company, a major retailer of bicycles and accessories,
operates several stores and is a publicly traded company. The
comparative balance sheet and income statement for Teal as of May
31, 2020, are as follows. The company is preparing its statement of
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TEAL COMPANY
COMPARATIVE BALANCE SHEET
AS OF MAY 31
2020
2019
Current assets
Cash
$28,100
$20,000
Accounts
receivable
75,000
58,300
Inventory
220,600
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Prepaid
expenses
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Total current assets
332,800
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Plant assets
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operates several stores and is a publicly traded company. The
comparative balance sheet and income statement for Teal as of May
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TEAL COMPANY
COMPARATIVE BALANCE SHEET
AS OF MAY 31
2020
2019
Current assets
Cash
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$20,000
Accounts
receivable
75,000
58,300
Inventory
220,600
247,900
Prepaid
expenses
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Total current assets
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Plant assets
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assets...
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