Homework Answers
| Statement of Cash Flows | ||
| Year Ended December 31,2018 | ||
| Cash Flows from Operating Activities: | ||
| Net Income | 143000 | |
| Adjustments to Reconcile Net Income to Net Cash | ||
| Provided by (Used for ) Operating Activities: | ||
| Depreciation expense: | ||
| Equipment 40,000 | ||
| Building 20,000 | 60000 | |
| Decrease in Accounts Payable | 59000 | |
| Decrease in Inventory | 30000 | |
| Increase in prepaid expenses | -2000 | |
| Decrease in accounts payable | -7000 | |
| Increase in accrued liabilities | 1000 | |
| Decrease in income tax payable | -12000 | 129000 |
| Net Cash Provided by (Used for ) Operating Activities | 272000 | |
| Cash Flows from Investing Activities: | ||
| Purchase of equipment | -90000 | |
| Purchase of land | -50000 | |
| Net Cash Provided by (Used for ) Investing Activities | -140000 | |
| Cash Flows from Financing Activities: | ||
| Proceeds from issue of common stock | 200000 | |
| Cash dividend | -75000 | |
| Proceeds from issuance of Bonds payable | -290000 | |
| Net Cash Provided by (Used for ) Financing activities: | -165000 | |
| Net Increase (Decrease) in Cash | -33000 | |
| Cash Balance, December 31,2017 | 54000 | |
| Cash Balance, December 31,2018 | 21000 | |
| Non-cash investing and Financing Activities: | ||
| Acquisition of Computer equipment by issuing long-term notes payable | 130000 | |
| Total Non-cash investing and financing Activities | 130000 | |
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Aprl,219 2018 2017 Assets (nety 310,000 15,000 80,000 350,000 quipment (net) (net) าข00,000 (20,000 Liabilities S...
The following information relates to Walker Corporation for 19x7 and 1918. 1927 $ 54,060 480,000 340,000...
The following information relates to Walker Corporation for 19x7 and 1918. 1927 $ 54,060 480,000 340,000 15,000 80,000 300,000 700,000 340,000 $2.309.000 Change ($ 33,000) (59,000) (30,000) 2,620 50,000 (20,000) 180,000 $ 90.000 Walker Corporation Comparative Balance Sheets December 31, 19x8 and 19x7 Assets 1928 Cash $ 21,000 Accounts Receivable (net) 421,000 Inventory 310,000 Prepaid Expenses 17,000 Investments 80,000 Land 350,000 Building (net) 680,000 Equipment (net) 520,000 Total Assets $2,399.000 Liabilities Accounts Payable $ 328,000 Accrued Liabilities 171,000 Income Taxes...
PROBLEM VI The following information relates to Aires Corporation for 20x2 and 20x1 Aires Corporation Comparative Balance Sheets December 31, 20x2 and 20x1 s 21,00054, 000 ( 33,000) 421,000 480,00...
PROBLEM VI The following information relates to Aires Corporation for 20x2 and 20x1 Aires Corporation Comparative Balance Sheets December 31, 20x2 and 20x1 s 21,00054, 000 ( 33,000) 421,000 480,000 (59,000) 310,000 340,000 (30,000) 17,000 15, 000 2,000 Assets Cash Accounts receivable (net) Inventory Prepaid expenses Investments Land Building (net) Equipment (net) Total assets 80,000 80,000 350,000 300,000 50,000 680,000 700,000 (20, 000) 520.000 340,000 180,000 $2,399,000 3,09,090,000 Liabilities $ 328,000 $ 335, 000 ( 7,000) Accounts payable Accrued liabilities...
Jamison Corp.'s balance sheet accounts as of December 31, 2018 and 2017 and information relating to...
Jamison Corp.'s balance sheet accounts as of December 31, 2018 and 2017 and information relating to 2018 activities are presented below. December 31, 2018 2017 Assets Cash $ 440,000 $ 200,000 Short-term investments 600,000 — Accounts receivable (net) 1,020,000 1,020,000 Inventory 1,380,000 1,200,000 Long-term investments 400,000 600,000 Plant assets 3,400,000 2,000,000 Accumulated depreciation (900,000) (900,000) Patent 180,000 200,000 Total assets $6,520,000 $4,320,000 Liabilities and Stockholders' Equity Accounts payable and accrued liabilities $1,660,000 $1,440,000 Notes payable (nontrade) 580,000 — Common stock,...
Preston Media Corporation Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets $ Current...
Preston Media Corporation Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets $ Current Assets: Cash Accounts Receivable Long-term Assets: Plants Assets 5,000 $ 9,600 3,900 5,100 Accumulated Depreciation—Plant Assets 105,350 84,350 (29,350) (18,350) 90,600 $ 75,000 $ Total Assets Liabilities Current Liabilities: Accounts Payable $ 8,000 $ 4,500 Long-term Liabilities: 9,000 12,000 17,000 16,500 Notes Payable Total Liabilities Stockholders' Equity Common Stock, no par Retained Earnings 27,000 46,600 73,600 90,600 $ 23,000 35,500 58,500 75,000 Total Stockholders'...
Landsbury Inc. Balance Sheet December 31, 2016 Assets Liabilities and Stockholders’ Equity Cash $20,000 Accounts payable...
Landsbury Inc. Balance Sheet December 31, 2016 Assets Liabilities and Stockholders’ Equity Cash $20,000 Accounts payable $30,000 Accounts receivable 21,200 Notes payable (long-term) 41,000 Investments 32,000 Common stock 100,000 Plant assets (net) 81,000 Retained earnings 23,200 Land 40,000 $194,200 $194,200 Lansbury Inc. sold part of its debt investment portfolio for $15,000. This transaction resulted in a gain of $3,400 for the firm. The company classifies its investments as available-for-sale. 2. A tract of land was purchased for $18,000 cash. 3....
Following are selected balance sheet accounts of Despacito Corp. at December 31, 2018 and 2017, and...
Following are selected balance sheet accounts of Despacito Corp. at December 31, 2018 and 2017, and the increases or decreases in each account from 2017 to 2018. Also presented is selected income statement information for the year ended December 31, 2018, and additional information. Increase Selected balance sheet accounts 2018 2017 (Decrease) Assets: Accounts receivable $100,000 $ 94,000 6,000 Inventory 55,000 70,000 (15,000) Prepaid Expenses 30,000 25,000 5,000 Property, plant, and equipment 400,000 200,000 200,000 Accumulated depreciation (200,000) (180,000) 20,000 Deferred tax asset 30,000 40,000 (10,000) Liabilities and stockholders’ equity: Accounts payable 400,000 420,000 (20,000) Interest payable 8,000 6,000 2,000 Accrued expenses payable 10,000 7,000 3,000...
Following are selected balance sheet accounts of Despacito Corp. at December 31, 2018 and 2017, and...
Following are selected balance sheet accounts of Despacito Corp. at December 31, 2018 and 2017, and the increases or decreases in each account from 2017 to 2018. Also presented is selected income statement information for the year ended December 31, 2018, and additional information. Selected balance sheet accounts 2018 2017 (Decrease) Assets: Accounts receivable $100,000 $ 94,000 6,000 Inventory 55,000 70,000 (15,000) Prepaid Expenses 30,000 25,000 5,000 Property, plant, and equipment 400,000 200,000 200,000...
2018 2017 Assets Cash and equivalents Accounts receivable Inventories Total current assets 999 991 Net plant...
2018 2017 Assets Cash and equivalents Accounts receivable Inventories Total current assets 999 991 Net plant and equipment Total assets Liabilities and Equity 8 Accounts payable $ 11,000 8 Accruals 7,600 Notes payable 6,000 Total current liabilities Long-term bonds Total liabilities 99% 318 88 44,500 40,000 49,955 Common stock (4,000 shares) Retained earnings 40,000 49,955 35,100 Common equity $ 89,955 $75.100 Total liabilities and equity $134,555 $115,000 Income Statement for Year Ending December 31, 2018 Sales $225,000 Operating costs excluding...
DUX CONPANY Comparative Balance Sheets December 31, 2018 and 2017 (S in 000s) 2018 2017 Assets...
DUX CONPANY Comparative Balance Sheets December 31, 2018 and 2017 (S in 000s) 2018 2017 Assets Cash Accounts receivable s 61 56 60 51 Less: Allowance for uncollectible accounts Dividends receivable Inventory Long-term investment Land Buildings and equipment 45 30 35 275 310 (51)(90) 492 450 50 32 70 Less: Accumulated depreciation Liabilities Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable s 59 73 16 35 95 70 Less: Discount on bonds Shareholders Equity Common...
0 September 30, 2018 financial position Assets = + Liabilities Accounts Payable 8,100 Accounts + Receivable...
0 September 30, 2018 financial position Assets = + Liabilities Accounts Payable 8,100 Accounts + Receivable + 3,500 Stockholders' Equity Common Retained Stock + Earnings 6,500 3,450 Supplies = Cash 2,250 + + Equipment 12,300 Bal Print Done i Transactions a. The company received cash of $3,800 and issued common stock b. Performed services for a customer and received cash of $6,000 c. Paid $4,400 on accounts payable d. Purchased supplies on account, $1,100. e. Collected cash from a customer...
The following information relates to Walker Corporation for 19x7 and 1918. 1927 $ 54,060 480,000 340,000 15,000 80,000 300,000 700,000 340,000 $2.309.000 Change ($ 33,000) (59,000) (30,000) 2,620 50,000 (20,000) 180,000 $ 90.000 Walker Corporation Comparative Balance Sheets December 31, 19x8 and 19x7 Assets 1928 Cash $ 21,000 Accounts Receivable (net) 421,000 Inventory 310,000 Prepaid Expenses 17,000 Investments 80,000 Land 350,000 Building (net) 680,000 Equipment (net) 520,000 Total Assets $2,399.000 Liabilities Accounts Payable $ 328,000 Accrued Liabilities 171,000 Income Taxes...
PROBLEM VI The following information relates to Aires Corporation for 20x2 and 20x1 Aires Corporation Comparative Balance Sheets December 31, 20x2 and 20x1 s 21,00054, 000 ( 33,000) 421,000 480,000 (59,000) 310,000 340,000 (30,000) 17,000 15, 000 2,000 Assets Cash Accounts receivable (net) Inventory Prepaid expenses Investments Land Building (net) Equipment (net) Total assets 80,000 80,000 350,000 300,000 50,000 680,000 700,000 (20, 000) 520.000 340,000 180,000 $2,399,000 3,09,090,000 Liabilities $ 328,000 $ 335, 000 ( 7,000) Accounts payable Accrued liabilities...
Preston Media Corporation Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets $ Current Assets: Cash Accounts Receivable Long-term Assets: Plants Assets 5,000 $ 9,600 3,900 5,100 Accumulated Depreciation—Plant Assets 105,350 84,350 (29,350) (18,350) 90,600 $ 75,000 $ Total Assets Liabilities Current Liabilities: Accounts Payable $ 8,000 $ 4,500 Long-term Liabilities: 9,000 12,000 17,000 16,500 Notes Payable Total Liabilities Stockholders' Equity Common Stock, no par Retained Earnings 27,000 46,600 73,600 90,600 $ 23,000 35,500 58,500 75,000 Total Stockholders'...
2018 2017 Assets Cash and equivalents Accounts receivable Inventories Total current assets 999 991 Net plant and equipment Total assets Liabilities and Equity 8 Accounts payable $ 11,000 8 Accruals 7,600 Notes payable 6,000 Total current liabilities Long-term bonds Total liabilities 99% 318 88 44,500 40,000 49,955 Common stock (4,000 shares) Retained earnings 40,000 49,955 35,100 Common equity $ 89,955 $75.100 Total liabilities and equity $134,555 $115,000 Income Statement for Year Ending December 31, 2018 Sales $225,000 Operating costs excluding...
DUX CONPANY Comparative Balance Sheets December 31, 2018 and 2017 (S in 000s) 2018 2017 Assets Cash Accounts receivable s 61 56 60 51 Less: Allowance for uncollectible accounts Dividends receivable Inventory Long-term investment Land Buildings and equipment 45 30 35 275 310 (51)(90) 492 450 50 32 70 Less: Accumulated depreciation Liabilities Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable s 59 73 16 35 95 70 Less: Discount on bonds Shareholders Equity Common...
0 September 30, 2018 financial position Assets = + Liabilities Accounts Payable 8,100 Accounts + Receivable + 3,500 Stockholders' Equity Common Retained Stock + Earnings 6,500 3,450 Supplies = Cash 2,250 + + Equipment 12,300 Bal Print Done i Transactions a. The company received cash of $3,800 and issued common stock b. Performed services for a customer and received cash of $6,000 c. Paid $4,400 on accounts payable d. Purchased supplies on account, $1,100. e. Collected cash from a customer...
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