Homework Answers
| Answer | ||
| Statement of Cash Flows-Indirect Method | ||
| For the Year Ended December 31, Year 2 | ||
| Cash flows from operating activities: | ||
| Net income | $ 19,303 | |
| Adjustments to reconcile net income to | ||
| net cash provided by operating activities: | ||
| Depreciation expense | $ 3,872 | |
| Gain on sale of Equipment | -$ 500 | |
| Loss on disposal of land | $ 70 | |
| Increase in Accounts receivable | -$ 845 | |
| Increase in inventory | -$ 405 | |
| Decrease in accounts payable | -$ 1,577 | |
| $ 615 | ||
| Net cash from Operating Activities | $ 19,918 | |
| Cash flows from investing activities: | ||
| Cash received for sale of Equipment | $ 18,321 | |
| Cash used on purchase of Equipment | -$ 6,920 | |
| Cash received for sale of Land | $ 3,100 | |
| Net cash from Investing Activities | $ 14,501 | |
| Cash flows from financing activities: | ||
| Dividends paid | -$ 9,652 | |
| Repayment of long term debts | -$ 3,632 | |
| Net cash from Financing Activities | -$ 13,284 | |
| Net change in cash during the year | $ 21,135 | |
| Add: Beginning cash balance | $ 2,635 | |
| Ending cash balance | $ 23,770 | |
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The comparative balance sheets and income statements for Jordan Company follow: Balance Sheets As of December...
The comparative balance sheets and income statement for Franklin Corporation follow: Balance Sheets As of December...
The comparative balance sheets and income statement for Franklin Corporation follow: Balance Sheets As of December 31 2017 2016 Assets Cash $ 67,778 $ 41,150 Accounts receivable 29,073 21,320 Merchandise inventory 156,338 171,970 Prepaid rent 2,295 4,590 Equipment 252,050 285,350 Accumulated depreciation (147,740 ) (239,060 ) Land 190,190 78,290 Total assets $ 549,984 $ 363,610 Liabilities Accounts payable (inventory) $ 69,662 79,020 Salaries payable 30,357 26,020 Stockholders’ equity Common stock, $50 par value 250,500 201,500 Retained earnings 199,465 57,070 Total...
Year 1 The comparative balance sheets and income statements for Gypsy Company follow: Balance Sheets As...
Year 1 The comparative balance sheets and income statements for Gypsy Company follow: Balance Sheets As of December 31 Year 2 Assets Cash $ 32,500 Accounts receivable 4,750 Inventory 11,200 Equipment 45,000 Accumulated depreciation equipment (17,800) Land 28,000 Total assets $103,650 Liabilities and equity Accounts payable (inventory) $ 3,750 Long-term debt 5,800 Common stock 47,000 Retained earnings 47,100 Total liabilities and equity $103,650 $ 16,300 2,800 9,800 52,000 (21,800) 12,000 $ 71,100 $ 4,900 7,800 25,000 33,400 $ 71,100 Income...
The comparative balance sheets for Spicer Company as of December 31 are presented below. Spicer Company...
The comparative balance sheets for Spicer Company as of December
31 are presented below. Spicer Company Comparative Balance Sheets
December 31 Assets 2022 2021 Cash $ 68,000 $ 45,000 Accounts
receivable 50,000 58,000 Inventory 151,450 142,000 Prepaid expenses
15,280 21,000 Land 145,000 130,000 Buildings 200,000 200,000
Accumulated depreciation—buildings (60,000 ) (40,000 ) Equipment
225,000 155,000 Accumulated depreciation—equipment (45,000 )
(35,000 ) Total $749,730 $676,000 Liabilities and Stockholders’
Equity Accounts payable $ 44,730 $ 36,000 Bonds payable 300,000
300,000 Common stock,...
Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given...
Comparative balance sheets for 2018 and 2017 and a statement of
income for 2018 are given below for Metagrobolize Industries.
Additional information from the accounting records of Metagrobolize
also is provided.
METAGROBOLIZE INDUSTRIES
Comparative Balance Sheets
December 31, 2018 and 2017
($ in 000s)
2018
2017
Assets
Cash
$
560
$
370
Accounts receivable
710
370
Inventory
860
440
Land
700
670
Building
900
900
Less: Accumulated depreciation
(200
)
(160
)
Equipment
3,400
3,230
Less: Accumulated depreciation
(343
)...
Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This...
Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year $ 28 294 152 8 482 509 (83) 426 26 $ 934 $ 13 231 196 5 445 431 (70) 361 32 $838 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total...
Here are comparative balance sheets for Velo Company. Velo Company Comparative Balance Sheets December 31 Assets...
Here are comparative balance sheets for Velo Company.
Velo Company
Comparative Balance Sheets
December 31
Assets
2020
2019
Cash
$72,800
$33,200
Accounts receivable
86,500
70,700
Inventory
170,200
187,000
Land
72,700
100,700
Equipment
260,700
200,600
Accumulated depreciation—equipment
(65,700
)
(33,500
)
Total
$597,200
$558,700
Liabilities and Stockholders’ Equity
Accounts payable
$35,400
$46,500
Bonds payable
149,800
203,300
Common stock ($1 par)
218,000
173,000
Retained earnings
194,000
135,900
Total
$597,200
$558,700
Additional information:
1.
Net income for 2020 was $103,600.
2.
Cash dividends...
Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This...
Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year Assets Cash $ 7 $ 11 Accounts receivable 309 229 Inventory 158 196 Prepaid expenses 9 5 Total current assets 483 441 Property, plant, and equipment 509 430 Less accumulated depreciation (86 ) (71 ) Net property, plant, and equipment 423 359 Long-term investments 27 33 Total assets $ 933 $ 833 Liabilities and Stockholders' Equity Accounts payable $ 304 $...
Exercise 17-8 Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets December...
Exercise 17-8 Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 Cash $73,400 $33,100 Accounts receivable 85,800 71,200 Inventory 170,200 187,000 Land 72,800 101,000 Equipment 260,600 200,800 Accumulated depreciation -equipment (66,100) (33,900) Total $596,700 $559,200 Liabilities and Stockholders' Equity Accounts payable $35,000 $47,500 Bonds payable 151,400 203,400 Common stock ($1 par) 217,600 174,100 Retained earnings 192,700 134,200 Total $596,700 $559,200 Additional information: 1. Net income for 2017 was $103,600. 2. Cash...
Statement of Cash Flows (Direct Method) Dair Company's income statement and comparative balance sheets follow. $...
Statement of Cash Flows (Direct Method) Dair Company's income statement and comparative balance sheets follow. $ 700,000 DAIR COMPANY Income Statement For Year Ended December 31,2017 Sales Cost of goods sold $ 440,000 Wages and other operating expenses 95,000 Depreciation expense 22,000 Amortization expense 7,000 Interest expense 10,000 Income tax expense 36,000 Loss on bond retirement 5,000 Net income 615,000 85.000 DAIR COMPANY Balance Sheets Dec. 31, 2017 Dec. 31, 2016 Assets Cash $ 27,000 $ 18,000 Accounts receivable 53,000...
Statement of Cash Flows (Indirect Method) Dair Company's income statement and comparative balance sheets follow. DAIR...
Statement of Cash Flows (Indirect Method) Dair Company's income statement and comparative balance sheets follow. DAIR COMPANY Income Statement For Year Ended December 31,2011 Sales $ 700,000 Cost of goods sold $ 440,000 Wages and other operating expenses 95,000 Depreciation expense 21,000 Amortization expense 6,000 Interest expense 10,000 Income tax expense 36,000 Loss on bond retirement 5,000 613,000 Net income $87,000 DAIR COMPANY Balance Sheets Dec. 31, 2011 Dec. 31, 2010 Assets Cash $ 22,000 $ 18,000 Accounts receivable 54,000...
Year 1 The comparative balance sheets and income statements for Gypsy Company follow: Balance Sheets As of December 31 Year 2 Assets Cash $ 32,500 Accounts receivable 4,750 Inventory 11,200 Equipment 45,000 Accumulated depreciation equipment (17,800) Land 28,000 Total assets $103,650 Liabilities and equity Accounts payable (inventory) $ 3,750 Long-term debt 5,800 Common stock 47,000 Retained earnings 47,100 Total liabilities and equity $103,650 $ 16,300 2,800 9,800 52,000 (21,800) 12,000 $ 71,100 $ 4,900 7,800 25,000 33,400 $ 71,100 Income...
The comparative balance sheets for Spicer Company as of December
31 are presented below. Spicer Company Comparative Balance Sheets
December 31 Assets 2022 2021 Cash $ 68,000 $ 45,000 Accounts
receivable 50,000 58,000 Inventory 151,450 142,000 Prepaid expenses
15,280 21,000 Land 145,000 130,000 Buildings 200,000 200,000
Accumulated depreciation—buildings (60,000 ) (40,000 ) Equipment
225,000 155,000 Accumulated depreciation—equipment (45,000 )
(35,000 ) Total $749,730 $676,000 Liabilities and Stockholders’
Equity Accounts payable $ 44,730 $ 36,000 Bonds payable 300,000
300,000 Common stock,...
Comparative balance sheets for 2018 and 2017 and a statement of
income for 2018 are given below for Metagrobolize Industries.
Additional information from the accounting records of Metagrobolize
also is provided.
METAGROBOLIZE INDUSTRIES
Comparative Balance Sheets
December 31, 2018 and 2017
($ in 000s)
2018
2017
Assets
Cash
$
560
$
370
Accounts receivable
710
370
Inventory
860
440
Land
700
670
Building
900
900
Less: Accumulated depreciation
(200
)
(160
)
Equipment
3,400
3,230
Less: Accumulated depreciation
(343
)...
Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year $ 28 294 152 8 482 509 (83) 426 26 $ 934 $ 13 231 196 5 445 431 (70) 361 32 $838 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total...
Here are comparative balance sheets for Velo Company.
Velo Company
Comparative Balance Sheets
December 31
Assets
2020
2019
Cash
$72,800
$33,200
Accounts receivable
86,500
70,700
Inventory
170,200
187,000
Land
72,700
100,700
Equipment
260,700
200,600
Accumulated depreciation—equipment
(65,700
)
(33,500
)
Total
$597,200
$558,700
Liabilities and Stockholders’ Equity
Accounts payable
$35,400
$46,500
Bonds payable
149,800
203,300
Common stock ($1 par)
218,000
173,000
Retained earnings
194,000
135,900
Total
$597,200
$558,700
Additional information:
1.
Net income for 2020 was $103,600.
2.
Cash dividends...
Exercise 17-8 Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 Cash $73,400 $33,100 Accounts receivable 85,800 71,200 Inventory 170,200 187,000 Land 72,800 101,000 Equipment 260,600 200,800 Accumulated depreciation -equipment (66,100) (33,900) Total $596,700 $559,200 Liabilities and Stockholders' Equity Accounts payable $35,000 $47,500 Bonds payable 151,400 203,400 Common stock ($1 par) 217,600 174,100 Retained earnings 192,700 134,200 Total $596,700 $559,200 Additional information: 1. Net income for 2017 was $103,600. 2. Cash...
Statement of Cash Flows (Direct Method) Dair Company's income statement and comparative balance sheets follow. $ 700,000 DAIR COMPANY Income Statement For Year Ended December 31,2017 Sales Cost of goods sold $ 440,000 Wages and other operating expenses 95,000 Depreciation expense 22,000 Amortization expense 7,000 Interest expense 10,000 Income tax expense 36,000 Loss on bond retirement 5,000 Net income 615,000 85.000 DAIR COMPANY Balance Sheets Dec. 31, 2017 Dec. 31, 2016 Assets Cash $ 27,000 $ 18,000 Accounts receivable 53,000...
Statement of Cash Flows (Indirect Method) Dair Company's income statement and comparative balance sheets follow. DAIR COMPANY Income Statement For Year Ended December 31,2011 Sales $ 700,000 Cost of goods sold $ 440,000 Wages and other operating expenses 95,000 Depreciation expense 21,000 Amortization expense 6,000 Interest expense 10,000 Income tax expense 36,000 Loss on bond retirement 5,000 613,000 Net income $87,000 DAIR COMPANY Balance Sheets Dec. 31, 2011 Dec. 31, 2010 Assets Cash $ 22,000 $ 18,000 Accounts receivable 54,000...
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