Diane | ||
Statement of Cash Flows | ||
For the Year Ended December 31, 2019 | ||
Cash Flow from Operating Activities | ||
Net income | 180,000 | |
Adjustments to reconcile net income to net cash | ||
flows from operating activities: | ||
Depreciation expenses | 74,000 | |
Gain on sale of machine | (5,000) | |
Decrease in accounts receivable | 62,000 | |
Decrease in prepaid expenses | 23,000 | |
Decrease in accrued expenses payable | (20,000) | |
Decrease in unearned revenues | (35,000) | |
Increase in dividends payable | 15,000 | |
Net cash flows from operations | 294,000 | |
Cash Flow from Investing Activities | ||
Purchase of PP&E | (313,000) | |
Cash from the selling of PP&E | 40,000 | |
Net cash flows from investing activities | (273,000) | |
Cash Flow from Financing Activities | ||
Long-Term Debt payment | (125,000) | |
Long-Term Debt borrowed | 75,000 | |
Proceeds from issuance of common stock | 140,000 | |
Payment of cash dividends | (55,000) | |
Net cash flows from financing activities | 35,000 | |
Net increase (decrease) in cash | 56,000 | |
Cash balance at the beginning of period | 190,000 | |
Cash balance at the end of period | 246,000 | |
HOMEWORK - FALL 2020 - ACT 3391 In completing this traditional homework item, follow the same...
Diane’s balance sheets as of December 31, 2018 and 2019 are presented below: 2018 2019 Cash $190,000 $246,000 Accounts receivable 125,000 63,000 Prepaid expenses 50,000 27,000 Property, plant, and equipment – at cost 450,000 698,000 Accumulated depreciation (110,000) (154,000) TOTAL ASSETS $705,000 $880,000 Accrued expenses payable $120,000 $100,000 Unearned revenues 45,000 10,000 Dividends payable 0 15,000 Long-term debt 200,000 150,000 Common stock 50,000 60,000 Additional paid-in-capital 250,000 380,000 Retained...
Diane's balance sheets as of December 31, 2016 and 2017 are presented below: 2016 $ 310,000 300,000 Cash Accounts receivable, net Long-term notes receivable Discount on long-term notes receivable Property, plant, and equipment - at cost Accumulated depreciation TOTAL ASSETS 2017 $ 443,456 430,000 100,000 ( 17,356) 950,000 (318,100) $1.588.000 750,000 (325,000) $1.035.000 Accrued liabilities Unearned revenues Short-term debt Common stock, $1 par value Additional paid-in-capital Retained earnings TOTAL LIABILITIES & SE $ 230,000 220,000 25,000 60,000 200,000 300,000 S1.035.000...
9 HOMEWORK - FALL 2020 - ACT 3391 3.5 points) Changes in all of E's balance sheet accounts during the current year, EXCEPT the change in E's retained earnings account, follow. Compute E's net income (or net loss) for the year assuming the only two entries E made to her retained carnings account during the year were for a cash dividend declared and paid of $30,000 and for her net income (or net loss) for the year. This is NOT...
Problem 2 (7 points) For each item listed below, indicate which section activity) of the cash flow statement the item should be reported on as well as the amount. Section Amount 1. Declared cash dividends totaling $180,000 during the current year. The comparative balance sheet indicates dividends payable of $30,000 at the beginning of the year and $10,000 at the end of year. 2. Factory Equipment was sold for $240,000 during the year. 3. Issued 100,000 shares of $10 par...
Exercise 13-01 How would each of the following items be reported on the balance sheet? Item Reported on (a) Accrued vacation pay. (b) Estimated taxes payable. (c) Service warranties on appliance sales. (d) Bank overdraft. (e) Employee payroll deductions unremitted. (f) Unpaid bonus to officers. (g) Deposit received from customer to guarantee performance of a contract. (h) Sales taxes payable. Current Assets Current Liability Current Liability or Long-term Liability Footnote Disclosure Long-term Investments Property, Plant and Equipment Stockholders' Equity Gift...
The balance sheet data of Naley Company at the end of 2019 and 2018 follow: 2019 2018 Cash $ 50,000 $ 70,000 Accounts receivable (net) 120,000 90,000 Merchandise inventory 140,000 90,000 Prepaid expenses 20,000 50,000 Buildings and equipment 180,000 150,000 Accumulated depreciation—buildings and equipment (36,000) (16,000) Land 180,000 80,000 Totals $654,000 $514,000 Accounts payable $136,000 $110,000 Accrued expenses 24,000 36,000 Notes payable—bank, long-term 80,000 Mortgage payable 60,000 Common stock, $10 par 418,000 318,000 Retained earnings (deficit) 16,000 (30,000) $654,000 $514,000...
3.75points eBook Print References Check my workCheck My Work button is now enabled Item 2 Item 2 3.75 points Victoria, Inc., is one of the world’s leading manufacturers of athletic shoes and sports apparel. The following activities occurred during a recent year. The amounts are rounded to millions, except for par value. Purchased additional buildings for $182 and equipment for $280; paid $404 in cash and signed a long-term note for the rest. Issued 110 shares of $2 par value...
The Balance Sheets for Bad News show the following information. Additional information concerning transactions and events during 2019 are presented below. Dwyer Company Balance Sheet Cash Accounts receivable (net) Inventory Long-term investments Property, plant & equipment (PP&E) ·Accumulated depreciation December 31 2019 2018 $35,900 $10,200 48,300 20,300 35,000 42,000 15,000 236,500 150,000 37,700> $25,000> $318.000 $212,500 Difference $25,700 28,000 7,000> <15,000> 86,500 12,700 Accounts payable Accrued liabilities (e.g. salaries payable) Long-term notes payable Common stock Retained earnings $19,000 19,000 70,000...
need help with this retained earnings for kingbird corporation 1,134,200 Brief Exercise 4-10 Statement of retained earnings with PPA Kingbird Corporation has retained earnings of $706,100 at January 1, 2020. Net Income during 2020 was $1,638,400, and cash dividends declared and paid during 2020 totaled $83,100. In 2020, an error pertaining to 2019 was discovered: land costing $89,000 was charged to maintenance and repairs expense. The applicable tax rate for 2019 was 20%. Instructions: Prepare a statement of retained earnings....
Gomez Corp. reported the following items for the year ended December 31, 2020. Item Dec 31, 2020 Purchased an investment in debt securities (long-term) for cash $ 30,000 Sold equipment for cash, previously used in operations 25,000 Paid cash for dividends 10,000 Issued common stock for cash 100,000 Retired a 10-year bond payable by repaying the face value at maturity 80,000 Sold investment in equity securities (held for one-year) 11,000 Borrowed cash by signing a nine-month note payable 15,000 Extended...