Homework Answers
Solution:
| BMCC Inc. | ||
| Statement of Cash Flows | ||
| For the year ended Sep 30 | ||
| Particulars | Details | Amount |
| Cash Flow from Operating Activities: | ||
| Net Income | $68,500.00 | |
| Adjustments to reconcile net income to net cash provided by operations: | ||
| Depreciation Expense | $24,000.00 | |
| Gain on sale of building | -$4,500.00 | |
| Decrease in accounts receivables ($69,700 - $64,100) | $5,600.00 | |
| Increase in inventory ($83,000 - $75,000) | -$8,000.00 | |
| Increase in accounts payable ($57,600 - $55,200) | $2,400.00 | |
| Decrease in income taxes payable ($16,800 - $14,800) | -$2,000.00 | |
| Net Cash provided by operating activities | $86,000.00 | |
| Cash Flow from Investing Activities: | ||
| Purchase of equipment | -$74,000.00 | |
| Sale of Building | $58,500.00 | |
| Net Cash Provided by Investing activities | -$15,500.00 | |
| Cash Flow from Financing Activities: | ||
| Repayment of notes payable | -$46,100.00 | |
| Proceed from issue of common stock | $38,000.00 | |
| Payment of cash dividend | -$50,000.00 | |
| Issuance of notes payable to borrow cash | $62,000.00 | |
| Net Cash used in financing activities | $3,900.00 | |
| Net Increase / (Decrease) in Cash | $74,400.00 | |
| Cash balance at beginning of year | $25,000.00 | |
| Cash balance at end of year | $99,400.00 | |
| Non Cash investing and financing activities: | ||
| Land purchase by issue of LT Note payable | $119,000.00 | |
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MANGO INC.
CONSOLIDATED BALANCE SHEET
September 30, 2017
(dollars in millions)
ASSETS
Current assets:
Cash
$
14,054
Short-term investments
11,401
Accounts receivable
17,718
Inventories
2,138
Other current assets
24,186
Total current assets
69,497
Long-term investments
131,998
Property, plant, and equipment, net
20,915
Other noncurrent assets
12,702
Total assets
$
235,112
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable
$
30,625
Accrued expenses
18,717
Unearned revenue
8,617
Short-term notes payable
6,398
Total current liabilities
64,357
Long-term debt
29,404
Other noncurrent liabilities...
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MANGO INC.
CONSOLIDATED BALANCE SHEET
September 30, 2017
(dollars in millions)
ASSETS
Current assets:
Cash
$
14,054
Short-term investments
11,401
Accounts receivable
17,718
Inventories
2,138
Other current assets
24,186
Total current assets
69,497
Long-term investments
131,998
Property, plant, and equipment, net
20,915
Other noncurrent assets
12,702
Total assets
$
235,112
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable
$
30,625
Accrued expenses
18,717
Unearned revenue
8,617
Short-term notes payable
6,398
Total current liabilities
64,357
Long-term debt
29,404
Other noncurrent liabilities...
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