Homework Answers
| Statement of Cash Flows | |||
| Cash Flows from Operating Activities: | |||
| Net income | 24600 | ||
| Adjustments to reconcile net income to | |||
| Net cash provided by operating activities | |||
| Depreciation expense | 23460 | =34800-(25200-19800*70%) | |
| Gain on Sale of Equipment | -2000 | ||
| Decrease in inventories | 19900 | ||
| Increase in prepaid rent | -900 | ||
| Decrease in income taxes payable | -2000 | ||
| Increase in Accounts receivable | -9900 | ||
| Increase in accounts payable | 5800 | ||
| Increase in salaries and wages payable | 3900 | ||
| Amortization of Copyright | 4100 | ||
| 42360 | |||
| Net cash provided by operating activities | 66960 | ||
| Cash Flows from Investing Activities: | |||
| Purchase of Equipment | -41600 | =(130600-19800)-152400 | |
| Sale of Equipment | 7940 | =(19800*30%)+2000 | |
| Purchase of Investments | -16600 | ||
| Net Cash used by Investing Activities | -50260 | ||
| Cash Flows from Financing Activities | |||
| Dividend payments | -6000 | ||
| Principal payment on Long-term loan | -9900 | ||
| Principal payment on Short-term loan | -1900 | ||
| Net Cash Used by Financing Activities | -17800 | ||
| Net Decrease in Cash | -1100 | ||
| Cash at Beginning of Period | 7100 | ||
| Cash at End of Period | 6000 |
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Belo Inc, greeing card company had the following statements prepared as of December 31, 2020 BUFFALO...
Stellar Inc., a greeting card company, had the following statements prepared as of December 31, 2020....
Stellar Inc., a greeting card company, had the following statements prepared as of December 31, 2020. STELLAR INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $7,100 51,000 Accounts receivable $6,100 61,500 34,800 39,800 Short-term debt investments (available-for-sale) 17,900 Inventory 59,900 Prepaid rent 5,000 4,000 Equipment 155,200 129,900 Accumulated depreciation-e (35,200) (24,800) Copyrights 45,800 49,800 Total assets $313,000 $294,800 Accounts payable $45,800 $39,800 Income taxes payable 4,100 6,000 Salaries and wages payable 7,900 3,900 Short-term...
Sarasota Inc., a greeting card company that follows ASPE, had the following statements prepared as at December 31, 2020:...
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Nash Inc., a greeting card company, had the following statements prepared as of December 31, 2017....
Nash Inc., a greeting card company, had the following statements prepared as of December 31, 2017. NASH INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 12/31/16 Cash $6,000 $7,000 Accounts receivable 62,600 50,600 Short-term debt investments (available-for-sale) 35,200 18,100 Inventory 39,600 59,700 Prepaid rent 5,000 4,000 Equipment 152,800 128,900 Accumulated depreciation—equipment (34,900 ) (24,800 ) Copyrights 45,900 49,800 Total assets $312,200 $293,300 Accounts payable $45,900 $39,900 Income taxes payable 4,000 6,000 Salaries and wages payable 8,100...
Metlock Inc., a greeting card company, had the following statements prepared as of December 31, 2...
Metlock Inc., a greeting card company, had the following statements prepared as of December 31, 2017. METLOCK INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 12/31/16 Cash $5,900 $7,100 Accounts receivable 62,000 51,000 Short-term debt investments (available-for-sale) 35,000 18,100 Inventory 40,400 59,900 Prepaid rent 5,000 4,000 Equipment 153,300 129,100 Accumulated depreciation—equipment (35,000 ) (24,800 ) Copyrights 46,300 50,300 Total assets $312,900 $294,700 Accounts payable $46,500 $40,200 Income taxes payable 4,100 6,100 Salaries and wages payable 8,100...
Sweet Inc., a greeting card company, had the following statements prepared as of December 31, 2017....
Sweet Inc., a greeting card company, had the following statements prepared as of December 31, 2017. SWEET INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 12/31/16 $6,900 $6,000 Cash Accounts receivable 62,500 50,900 Short-term debt investments (available-for-sale) 35,200 17,900 40,300 59,500 Inventory Prepaid rent 4,900 4,100 Equipment 153,100 129,600 Accumulated depreciation-equipment (35,200) (24,700) 50,500 Copyrights 45,600 Total assets $312,400 $294,700 Accounts payable $45,500 $40,000 Income taxes payable 4,000 6,100 Salaries and wages payable 8,000 3,900 Short-term...
Flint Inc., a greeting card company, had the following statements prepared as of December 31, 2017....
Flint Inc., a greeting card company, had the following statements prepared as of December 31, 2017. FLINT INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 12/31/16 Cash $6,100 $6,900 Accounts receivable 61,900 50,500 Short-term debt investments (available-for-sale) 34,800 18,200 Inventory 39,900 59,800 Prepaid rent 4,900 4,000 Equipment 155,500 131,200 Accumulated depreciation equipment (34,800) (25,300 ) Copyrights 45,700 50,200 Total assets $314,000 $295,500 Accounts payable Income taxes payable Salaries and wages payable Short-term loans payable Long-term loans...
Marin Inc., a greeting card company, had the following statements prepared as of December 31, 2017...
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Brecker Inc., a greeting card company, had the following statements prepared as of December 31, 2017....
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Martinez Inc., a greeting card company that follows ASPE, had the following statements prepared as at...
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Exercise 23-13 Indigo Inc., a greeting card company, had the following statements prepared as of Dec...
Exercise 23-13
Indigo Inc., a greeting card company, had the following statements
prepared as of December 31, 2017.
INDIGO INC.
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2017 AND 2016
12/31/17
12/31/16
Cash
$6,100
$7,100
Accounts receivable
62,400
51,000
Short-term debt investments (available-for-sale)
34,700
18,100
Inventory
40,400
60,300
Prepaid rent
4,900
4,000
Equipment
154,100
130,600
Accumulated depreciation—equipment
(34,900
)
(24,800
)
Copyrights
46,400
49,800
Total assets
$314,100
$296,100
Accounts payable
$46,500
$40,200
Income taxes payable
4,000
6,000
Salaries and wages...
Stellar Inc., a greeting card company, had the following statements prepared as of December 31, 2020. STELLAR INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $7,100 51,000 Accounts receivable $6,100 61,500 34,800 39,800 Short-term debt investments (available-for-sale) 17,900 Inventory 59,900 Prepaid rent 5,000 4,000 Equipment 155,200 129,900 Accumulated depreciation-e (35,200) (24,800) Copyrights 45,800 49,800 Total assets $313,000 $294,800 Accounts payable $45,800 $39,800 Income taxes payable 4,100 6,000 Salaries and wages payable 7,900 3,900 Short-term...
Sweet Inc., a greeting card company, had the following statements prepared as of December 31, 2017. SWEET INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 12/31/16 $6,900 $6,000 Cash Accounts receivable 62,500 50,900 Short-term debt investments (available-for-sale) 35,200 17,900 40,300 59,500 Inventory Prepaid rent 4,900 4,100 Equipment 153,100 129,600 Accumulated depreciation-equipment (35,200) (24,700) 50,500 Copyrights 45,600 Total assets $312,400 $294,700 Accounts payable $45,500 $40,000 Income taxes payable 4,000 6,100 Salaries and wages payable 8,000 3,900 Short-term...
Flint Inc., a greeting card company, had the following statements prepared as of December 31, 2017. FLINT INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 12/31/16 Cash $6,100 $6,900 Accounts receivable 61,900 50,500 Short-term debt investments (available-for-sale) 34,800 18,200 Inventory 39,900 59,800 Prepaid rent 4,900 4,000 Equipment 155,500 131,200 Accumulated depreciation equipment (34,800) (25,300 ) Copyrights 45,700 50,200 Total assets $314,000 $295,500 Accounts payable Income taxes payable Salaries and wages payable Short-term loans payable Long-term loans...
Marin Inc., a greeting card company, had the following statements prepared as of December 31, 2017 MARIN INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 12/31/16 Cash $5,900 $7,000 Accounts receivable 61,500 51,400 Short-term debt investments (available-for-sale) 35,400 17,800 Inventory 39,900 60,400 Prepaid rent 4,900 3,900 Equipment 155,300 131,000 Accumulated depreciation-equipment (34,700 ) (25,200) Copyrights 45,900 49,900 Total assets $314,100 $296,200 Accounts payable Income taxes payable Salaries and wages payable Short-term loans payable Long-term loans payable...
Exercise 23-13
Indigo Inc., a greeting card company, had the following statements
prepared as of December 31, 2017.
INDIGO INC.
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2017 AND 2016
12/31/17
12/31/16
Cash
$6,100
$7,100
Accounts receivable
62,400
51,000
Short-term debt investments (available-for-sale)
34,700
18,100
Inventory
40,400
60,300
Prepaid rent
4,900
4,000
Equipment
154,100
130,600
Accumulated depreciation—equipment
(34,900
)
(24,800
)
Copyrights
46,400
49,800
Total assets
$314,100
$296,100
Accounts payable
$46,500
$40,200
Income taxes payable
4,000
6,000
Salaries and wages...
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