Homework Answers
THE FOUR BASIC FINANCIAL STATEMENTS ARE
1-INCOME STATEMENT
2-BALANCE SHEET
3-STATEMENT OF SHAREHOLDER'S EQUITY
4-CASH FLOW STATEMENT
INCOME STATEMENT
| DETAILS | AMOUNT |
| REVENUE | 10700 |
| EXPENSE | (9300) |
| NET INCOME | 1400 |
BALANCE SHEET
| DETAILS | AMOUNT |
| ASSET | |
| ASSET | 18900 |
| TOTAL ASSET | 18900 |
| LIABILITY AND ONWER'S EQUITY | |
| LIABILITY | 14050 |
| EQUITY | 4850 |
| TOTAL LIABILITY AND EQUITY | 18900 |
STATEMENT OF SHAREHOLDER'S EQUITY
| DETAILS | AMOUNT |
| BEG. BALANCE | 3840 |
| NET INCOME | 1400 |
| DIVIDEND | (540) |
| CLOSING BALANCE | 4700 |
CASH FLOW STATEMENT
| DETAILS | AMOUNT |
| CASH FLOW FROM OPERATING ACTIVITIES | 1720 |
| CASH FLOW FROM INVESTING ACTIVITIES | (1060) |
| CASH FLOW FROM FINANCING ACTIVITIES | (980) |
| BEG. CASH | 1160 |
| ENDING CASH | 840 |
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1 - Using the following table and the equations underlying each of the four basic financial...
Using the following table and the equations underlying each of the four basic financial statements, show...
Using the following table and the equations underlying each of the four basic financial statements, show (a) that the balance sheet is in balance, (b) that net income is properly calculated. (what caused changes in the retained earnings account, and (d) what caused changes in the cash account. (Cash outflows should be indicated with a minus sign.) Assets Liabilities Stockholders' Equity Revenue Expenses Net Income Dividends Beginning Retained Earnings Ending Retained Earnings Cash Flows from Operating Activities Cash Flows from...
Using the following table and the equations underlying each of the four basic financial statements, show...
Using the following table and the equations underlying each of the four basic financial statements, show (a) that the balance sheet is in balance, (b) that net income is properly calculated, what caused changes in the retained earnings account, and (d) what caused changes in the cash account (Cash outflows should be indicated with a minus sign.) Assets Liabilities Stockholders' Equity Revenue Expenses Net Income Dividends Beginning Retained Earnings Ending Retained Earnings Cash Flows from Operating Activities Cash Flows from...
Using the following table and the equations underlying each of the four basic financial statements, show...
Using the following table and the equations underlying each of the four basic financial statements, show (a) that the balance sheet is in balance, (b) that net income is properly calculated, what caused changes in the retained earnings account, and (d) what caused changes in the cash account. (Cash outflows should be indicated with a minus sign.) Assets Liabilities Stockholders' Equity Revenue Expenses Net Income Dividends Beginning Retained Earnings Ending Retained Earnings Cash Flows from Operating Activities Cash Flows from...
how do i prepare my cash flow Using the following table and the equations underlying each...
how do i prepare my cash flow Using the following table and the equations underlying each of the four basic financial statements, show (a) that the balance sheet is in balance, (b) that net income is properly calculated, (c) what caused changes in the retained earnings account, and (d) what caused changes in the cash account. (Cash outflows should be indicated with a minus sign.) Assets $ 19,300 Liabilities 14,300 Stockholders’ Equity 5,000 Revenue 11,600 Expenses 9,750 Net Income 1,850...
Question: 1 E1-1 Reporting Amounts on the Four Basic Financial Statements Using the following table and...
Question: 1
E1-1 Reporting Amounts on the Four Basic Financial Statements Using the following table and the equations underlying each of the four basic financial statements Assets Liabilities Shareholders' Equity Revenue Expenses Net income Dividends Beginning Retained Earnings Ending Retained Earnings Cash Flows from Operating Activities Cash Flows from Investing Activities Cash Flows from Financing Activities Beginning Cash Ending Cash $19,680 14,350 5,250 10,900 9,400 1,500 580 4,182 5, 120 1,840 (1.120) (1,060) 1,320 980 Required: a. Show that the...
Question 15 2 pts The following table shows the financial information of Wal-mart Stores. Period 1/31/2017...
Question 15 2 pts The following table shows the financial information of Wal-mart Stores. Period 1/31/2017 1/31/2016 1/31/2015 Ending Net 13,643,000 14,694,000 16,363,000 Income Total Cash Flow From 31,530,000 27,389,000 28,564,000 Operating Activities Total Cash Flows -13,987,000 -10,675,000 -11,125,000 From Investing Activities Total Cash Flows -18,929,000 -16,122,000 -15,071,000 From Financing Activities Please calculate the total amount of accruals for 2017 and indicate if it is a positive (increases earnings) or negative (decreases earnings) one. 17887000 positive 17887000 negative 17543000 positive...
Help Se At the beginning of Year 2, the Redd Company had the following balances in...
Help Se At the beginning of Year 2, the Redd Company had the following balances in its accounts: Cash Inventory Common stock Retained earnings $8,400 2,000 8,000 2.400 During Year 2, the company experienced the following events: 1. Purchased inventory that cost $5,600 on account from Ross Company under terms 2/10, 1/30. The merchandise was delivered FOB shipping point. Freight costs of $500 were paid in cash. 2. Returned $400 of the inventory that it had purchased because the inventory...
Dakota Company experienced the following events during Year 2 20 points 1. Acquired $15,000 cash from...
Dakota Company experienced the following events during Year 2 20 points 1. Acquired $15,000 cash from the issue of common stock. 2. Paid $25,000 cash to purchase land. 3. Borrowed $5,000 cash. 4. Provided services for $50,000 cash. 5. Paid $2,000 cash for utilities expense. 6. Paid $37,500 cash for other operating expenses. 7. Paid a $2,500 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $29,000. Skipped eBook...
Problem 13-7 Prepare a Statement of Cash Flows [LO13-1, LO13-2] [The following information applies to the...
Problem 13-7 Prepare a Statement of Cash Flows [LO13-1,
LO13-2]
[The following information applies to the questions
displayed below.]
Comparative financial statements for Weaver Company follow:
Weaver Company
Comparative Balance Sheet
at December 31
This Year
Last Year
Assets
Cash and cash equivalents
$
9
$
15
Accounts receivable
340
240
Inventory
125
175
Prepaid expenses
10
6
Total current assets
484
436
Property, plant, and equipment
610
470
Less accumulated depreciation
93
85
Net property, plant, and equipment
517...
Dakota Company experienced the following events during Year 2. 1. Acquired $30,000 cash from the issue...
Dakota Company experienced the following events during Year 2. 1. Acquired $30,000 cash from the issue of common stock. 2. Paid $10,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $50,000 cash. 5. Paid $1.500 cash for utilities expense. 6. Paid $35,000 cash for other operating expenses. 7. Paid a $10,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $12,500. Required a. The January...
Using the following table and the equations underlying each of the four basic financial statements, show (a) that the balance sheet is in balance, (b) that net income is properly calculated. (what caused changes in the retained earnings account, and (d) what caused changes in the cash account. (Cash outflows should be indicated with a minus sign.) Assets Liabilities Stockholders' Equity Revenue Expenses Net Income Dividends Beginning Retained Earnings Ending Retained Earnings Cash Flows from Operating Activities Cash Flows from...
Using the following table and the equations underlying each of the four basic financial statements, show (a) that the balance sheet is in balance, (b) that net income is properly calculated, what caused changes in the retained earnings account, and (d) what caused changes in the cash account (Cash outflows should be indicated with a minus sign.) Assets Liabilities Stockholders' Equity Revenue Expenses Net Income Dividends Beginning Retained Earnings Ending Retained Earnings Cash Flows from Operating Activities Cash Flows from...
Using the following table and the equations underlying each of the four basic financial statements, show (a) that the balance sheet is in balance, (b) that net income is properly calculated, what caused changes in the retained earnings account, and (d) what caused changes in the cash account. (Cash outflows should be indicated with a minus sign.) Assets Liabilities Stockholders' Equity Revenue Expenses Net Income Dividends Beginning Retained Earnings Ending Retained Earnings Cash Flows from Operating Activities Cash Flows from...
Question: 1
E1-1 Reporting Amounts on the Four Basic Financial Statements Using the following table and the equations underlying each of the four basic financial statements Assets Liabilities Shareholders' Equity Revenue Expenses Net income Dividends Beginning Retained Earnings Ending Retained Earnings Cash Flows from Operating Activities Cash Flows from Investing Activities Cash Flows from Financing Activities Beginning Cash Ending Cash $19,680 14,350 5,250 10,900 9,400 1,500 580 4,182 5, 120 1,840 (1.120) (1,060) 1,320 980 Required: a. Show that the...
Question 15 2 pts The following table shows the financial information of Wal-mart Stores. Period 1/31/2017 1/31/2016 1/31/2015 Ending Net 13,643,000 14,694,000 16,363,000 Income Total Cash Flow From 31,530,000 27,389,000 28,564,000 Operating Activities Total Cash Flows -13,987,000 -10,675,000 -11,125,000 From Investing Activities Total Cash Flows -18,929,000 -16,122,000 -15,071,000 From Financing Activities Please calculate the total amount of accruals for 2017 and indicate if it is a positive (increases earnings) or negative (decreases earnings) one. 17887000 positive 17887000 negative 17543000 positive...
Help Se At the beginning of Year 2, the Redd Company had the following balances in its accounts: Cash Inventory Common stock Retained earnings $8,400 2,000 8,000 2.400 During Year 2, the company experienced the following events: 1. Purchased inventory that cost $5,600 on account from Ross Company under terms 2/10, 1/30. The merchandise was delivered FOB shipping point. Freight costs of $500 were paid in cash. 2. Returned $400 of the inventory that it had purchased because the inventory...
Dakota Company experienced the following events during Year 2 20 points 1. Acquired $15,000 cash from the issue of common stock. 2. Paid $25,000 cash to purchase land. 3. Borrowed $5,000 cash. 4. Provided services for $50,000 cash. 5. Paid $2,000 cash for utilities expense. 6. Paid $37,500 cash for other operating expenses. 7. Paid a $2,500 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $29,000. Skipped eBook...
Problem 13-7 Prepare a Statement of Cash Flows [LO13-1,
LO13-2]
[The following information applies to the questions
displayed below.]
Comparative financial statements for Weaver Company follow:
Weaver Company
Comparative Balance Sheet
at December 31
This Year
Last Year
Assets
Cash and cash equivalents
$
9
$
15
Accounts receivable
340
240
Inventory
125
175
Prepaid expenses
10
6
Total current assets
484
436
Property, plant, and equipment
610
470
Less accumulated depreciation
93
85
Net property, plant, and equipment
517...
Dakota Company experienced the following events during Year 2. 1. Acquired $30,000 cash from the issue of common stock. 2. Paid $10,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $50,000 cash. 5. Paid $1.500 cash for utilities expense. 6. Paid $35,000 cash for other operating expenses. 7. Paid a $10,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $12,500. Required a. The January...
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