Homework Answers
| Particulars | Amount in $ | Working |
| Cash flows from operating activities | ||
| Profit | 103,600 | Given |
| Adjustments to arrive cash flow from operating activities: | ||
| Depreciation expense | 70,380 | Given |
| Gain on sale of Equipment | -3,600 | Given |
| Increase in accounts receivables | -26,400 | (75,600 - 102,000) |
| Decrease in Inventory | 36,000 | (116,220 - 80,220 ) |
| Increase in Prepaid Expenses | -240 | (6,300 - 6,540 ) |
| Decrease in accounts payable | -7,200 | (32,400 - 39,600 ) |
| Decrease in Wages payable | -10,800 | (9,600 - 20,400 ) |
| Decrease in Income taxes payable | -1,440 | (2,940 - 4,380 ) |
| Net Cash inflow from operating activities | 160,300 | |
| Cash flows from investing activities | ||
| cash received from Sale of old Equipment | 12,000 | (61,980 - 53,580* + 3,600 ) |
| cash paid for new Equipment | -73,980 | Given |
| Net Cash outflow from Investing activities | -61,980 | |
| Cash flows from financing activities | ||
| Cash received from Issue of Common Shares | 60,000 | (282,000 - 222,000 ) |
| cash paid to Retire Notes Payable ( long term ) | -36,000 | (54,000 - 90,000 ) |
| Cash paid for Dividend | -77,160 | (27,180 - 103,600 - 740 ) |
| Net Cash outflows from financing activities | -53,160 | |
| Net increase(decrease) in cash and cash equivalents (A) | 45,160 | |
| Cash balance at beginning of the year (B) | 47,000 | |
| Cash balance at end of the year =A+B | 92,160 |
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Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation Accounts payable Wages payable Income taxes...
Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation-equipment Land 2020 $29.700 55,000 64,500 14.900...
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Cash 5,712 Accounts Receivable 2,180 658 Prepaid Expenses Equipment 15,080 Accumulated Depreciation 2,866 Accounts Payable 1,433...
Cash 5,712 Accounts Receivable 2,180 658 Prepaid Expenses Equipment 15,080 Accumulated Depreciation 2,866 Accounts Payable 1,433 5,340 Notes Payable Common Stock 1,000 Retained Earnings 11,364 Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense ON HO IN LON - Totals 28,342 INT 28,342 Determine the net income Class) for the period nh 12:40 AM
Income taxes payable $19,960 24,290 Interest payable Accounts payable Accounts receivable Accumulated depreciation - automobiles Accumulated...
Income taxes payable $19,960 24,290 Interest payable Accounts payable Accounts receivable Accumulated depreciation - automobiles Accumulated depreciation - buildings $6,530 1,455 48,740 24,320 Inventory Land 240,000 Automobiles 81,525 11,000 38,190 121,600 161,000 190,950 158,000 13,000 Bonds payable, due December 31, 2021 Buildings Capital stock, $10 par value Cash Long-term investments Notes payable, due June 30, 2018 Office supplies Paid-in capital in excess of par value 2,280 47,000 Patents 43,000 Prepaid rent 1,460 Retained earnings 295,445 Salaries and wages payable 3,945...
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Income taxes payable $19,960 24,290 Interest payable Accounts payable Accounts receivable Accumulated depreciation - automobiles Accumulated depreciation - buildings $6,530 1,455 48,740 24,320 Inventory Land 240,000 Automobiles 81,525 11,000 38,190 121,600 161,000 190,950 158,000 13,000 Bonds payable, due December 31, 2021 Buildings Capital stock, $10 par value Cash Long-term investments Notes payable, due June 30, 2018 Office supplies Paid-in capital in excess of par value 2,280 47,000 Patents 43,000 Prepaid rent 1,460 Retained earnings 295,445 Salaries and wages payable 3,945...
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Cash 5,712 Accounts Receivable 2,180 658 Prepaid Expenses Equipment 15,080 Accumulated Depreciation 2,866 Accounts Payable 1,433 5,340 Notes Payable Common Stock 1,000 Retained Earnings 11,364 Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense ON HO IN LON - Totals 28,342 INT 28,342 Determine the net income Class) for the period nh 12:40 AM
Income taxes payable $19,960 24,290 Interest payable Accounts payable Accounts receivable Accumulated depreciation - automobiles Accumulated depreciation - buildings $6,530 1,455 48,740 24,320 Inventory Land 240,000 Automobiles 81,525 11,000 38,190 121,600 161,000 190,950 158,000 13,000 Bonds payable, due December 31, 2021 Buildings Capital stock, $10 par value Cash Long-term investments Notes payable, due June 30, 2018 Office supplies Paid-in capital in excess of par value 2,280 47,000 Patents 43,000 Prepaid rent 1,460 Retained earnings 295,445 Salaries and wages payable 3,945...
Cash 5,161 Accounts Receivable 2,312 Prepaid Expenses 722 Equipment Accumulated Depreciation 13,561 8,903 Accounts Payable ! 1,678 Notes Payable 4,368 1,000 Common Stock Retained Earnings Dividends 1,505 1,000 Fees Earned 7,824 Wages Expense 2,019 Rent Expense 700 Utilities Expense 488 Depreciation Expense 257 Miscellaneous Expense Totals 26,278 26,278 Determine the total liabilities for the period. 11
Assets Cash Accounts receivable Inventory Prepaid expenses Investments Plant assets Accumulated depreciation Total 2012 S 90.800 92.800 112.500 28.400 138.000 270,000 (50.000) 5682.500 2011 S +8.400 33. 00 102.850 26. 01 114.00) 242.500 (52.000) 5514.750 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds pavable Common stock Retained earnings Total S112.00 16.500 110.000 -20.000 224.000 S682.500 S 67.300 17.00) 150.000 175. 105.150 55147511 5392.780 SINJH INC. Income Statement For the Year Ended December 31, 2012 Sales Less: Cost of...
6,000 2,100 1,000 500 150,000 Cash Accounts Receivable Prepaid Expenses Supplies Equipment Accumulated Depreciation Accounts Payable Unearned Fees Notes Payable Bob Steely, Capital Bob Steely. Withdrawals Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense 15,000 6,200 4,000 14,000 19,000 8.000 154,900 25,000 12,000 3,400 5,000 100 Totals 213,100 213,100 In the space below, calculate: a) net income b) total assets c) total liabilities d) total current assets e) beginning balance of Owner's Equity for next year.
December 31 Assets Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total 2022 $ 38,500 22,000 30,800 66,000 (35,200 ) $122,100 2021 $ 22,000 15,400 22,000 85,800 (26,400) $118,800 $ 16,500 8.800 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $ 20,900 7,700 18.700 19.800 36,300 15,400 S5,000 $122.100 $118,30 $266,200 192.500 73,700 Marigold Conany Income Statement For the Year Ended December 31, 2022 Sales revenue Cost of goods sold Gross...
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