Homework Answers
Solution:
| Whispering Company | ||
| Statement of Cash Flows | ||
| For year ended 2020 | ||
| Particulars | Details | Amount |
| Cash Flow from Operating Activities: | ||
| Net Income ($8,180 + $10,000 - $3,800) | $14,380.00 | |
| Adjustments to reconcile net income to net cash provided by operations: | ||
| Depreciation Expense ($17,920 -$8,000 + $7,200) | $17,120.00 | |
| Loss on sale of equipment | $3,000.00 | |
| Increase in accounts receivables ($55,400 - $45,100) | -$10,300.00 | |
| Increase in inventory ($64,800 - $44,700) | -$20,100.00 | |
| Decrease in prepaid expenses ($24,700 - $15,100) | $9,600.00 | |
| Increase in accounts payable ($64,400 - $52,400) | $12,000.00 | |
| Decrease in acccured expenses ($18,100 - $15,200) | -$2,900.00 | |
| Net Cash provided (Used) by operating activities | $22,800.00 | |
| Cash Flow from Investing Activities: | ||
| Purchase of equipment ($89,600 - $74,700 + $13,200) | -$28,100.00 | |
| Sale of equipment | $3,000.00 | |
| Net Cash Provided (Used) by Investing activities | -$25,100.00 | |
| Cash Flow from Financing Activities: | ||
| Dividend Paid | -$10,000.00 | |
| Repayment of Note payable | -$22,800.00 | |
| Proceed from issue of bond | $29,900.00 | |
| Net Cash Provided (used) by financing activities | -$2,900.00 | |
| Net Increase / (Decrease) in Cash | -$5,200.00 | |
| Cash balance at beginning of year | $35,100.00 | |
| Cash balance at end of year | $29,900.00 | |
| Non Cash investing and financing activities: | ||
| Land purchase by issue of common stock | $29,700.00 |
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-/8 Question 6 of 9 View Policies Current Attempt in Progress The balance sheet data of...
Question 6 of 9 > - / 8 View Policies Current Attempt in Progress The balance...
Question 6 of 9 > - / 8 View Policies Current Attempt in Progress The balance sheet data of Whispering Company at the end of 2020 and 2019 are shown below. Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation-equipment Land 2020 $29.900 55,400 64,800 15,100 89,600 (17,920) 70,100 $306,980 2019 $35.100 45,100 44,700 24.700 74.700 (8,000) 40.400 $256,700 Accounts payable Accrued expenses Notes payable-bank, long-term Bonds payable Common stock, $10 par Retained earnings $64,400 15,200 -0- 29,900 189,300...
he balance sheet data of Culver Company at the end of 2020 and 2019 are shown...
he balance sheet data of Culver Company at the end of 2020 and 2019 are shown below. 2020 2019 Cash $30,100 $35,100 Accounts receivable (net) 55,000 44,900 Inventory 64,600 45,100 Prepaid expenses 15,000 24,700 Equipment 90,200 74,500 Accumulated depreciation—equipment (18,040 ) (8,000 ) Land 70,200 39,800 $307,060 $256,100 Accounts payable $64,600 $52,500 Accrued expenses 14,800 17,900 Notes payable—bank, long-term –0– 22,900 Bonds payable 30,300 –0– Common stock, $10 par 190,400 160,000 Retained earnings 6,960 2,800 $307,060 $256,100 Land was acquired...
Please help me out! If you can give answers as well as the explanation, that would...
Please help me out! If you can give answers
as well as the explanation, that would be much appreciated!!
The balance sheet data of Bramble Company at the end of 2020 and 2019 are shown below. 2020 2019 Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation-equipment Land $29,700 55.000 64,500 14,900 90,200 (18,040) 69,800 $306,060 $34,800 45,000 45,100 24,900 75,600 (8,000) 40,100 $257,500 $64,700 14,800 -0- Accounts payable Accrued expenses Notes payable-bank, long-term Bonds payable Common stock, $10...
The balance sheet data of Pronghorn Company at the end of 2020 and 2019 are shown...
The balance sheet data of Pronghorn Company at the end of 2020 and 2019 are shown below. 2020 2019 Cash $29,800 $35,200 Accounts receivable (net) 55,300 45,200 Inventory 65,200 45,500 Prepaid expenses 15,000 25,200 Equipment 89,900 74,600 Accumulated depreciation—equipment (17,980 ) (7,900 ) Land 70,600 40,300 $307,820 $258,100 Accounts payable $65,500 $52,100 Accrued expenses 15,000 17,900 Notes payable—bank, long-term –0– 23,100 Bonds payable 30,300 –0– Common stock, $10 par 188,000 157,700 Retained earnings 9,020 7,300 $307,820 $258,100 Land was acquired...
View Policies Current Attempt in Progress Lendell Company has these comparative balance sheet data: Lendell Company...
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--/4 Question 3 View Policies Current Attempt in Progress The current sections of Buffalo Corp's balance...
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Question 1 View Policies Current Attempt in Progress Shown below are comparative balance sheets for Buffalo...
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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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Question 3 View Policies Current Attempt in Progress The following information is available for Shamrock, Inc....
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-/8 Question 18 of 50 View Policies Current Attempt in Progress Pancho Company reported net income...
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Question 6 of 9 > - / 8 View Policies Current Attempt in Progress The balance sheet data of Whispering Company at the end of 2020 and 2019 are shown below. Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation-equipment Land 2020 $29.900 55,400 64,800 15,100 89,600 (17,920) 70,100 $306,980 2019 $35.100 45,100 44,700 24.700 74.700 (8,000) 40.400 $256,700 Accounts payable Accrued expenses Notes payable-bank, long-term Bonds payable Common stock, $10 par Retained earnings $64,400 15,200 -0- 29,900 189,300...
Please help me out! If you can give answers
as well as the explanation, that would be much appreciated!!
The balance sheet data of Bramble Company at the end of 2020 and 2019 are shown below. 2020 2019 Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation-equipment Land $29,700 55.000 64,500 14,900 90,200 (18,040) 69,800 $306,060 $34,800 45,000 45,100 24,900 75,600 (8,000) 40,100 $257,500 $64,700 14,800 -0- Accounts payable Accrued expenses Notes payable-bank, long-term Bonds payable Common stock, $10...
View Policies Current Attempt in Progress Lendell Company has these comparative balance sheet data: Lendell Company Balance Sheets December 31 2020 Cash $15.000 Accounts receivable (net) 70,000 Inventory 61,000 Plant assets (net) 195,000 $341,000 Accounts payable $50,000 Mortgage payable (15%) 101,500 Common stock, $10 par 144,000 Retained earnings 45.500 5341,000 2019 $ 30,000 59.000 49.000 179.000 $317.000 $60.900 101.500 118.500 36.100 $317.000 Additional information for 2020: 1 2 3. - 5. Net income was $25.800. Sales on account were $407,700....
--/4 Question 3 View Policies Current Attempt in Progress The current sections of Buffalo Corp's balance sheets at December 31, 2021 and 2022, are presented here. Buffalo Corp's net income for 2022 was $114,750. Depreciation expense was $20,250. ort 2022 2021 I Current assets Cash $78,750 $74,250 60,000 66,750 126,000 129,000 20,250 16,500 Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable $285,000 $286,500 $ 11.250 $3,750 63.750 69.000 Total current liabilities $75,000 $72.750...
Question 1 View Policies Current Attempt in Progress Shown below are comparative balance sheets for Buffalo Industries. Buffalo Industries Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 183,600 Accounts receivable 237,600 Inventory 450,900 $59.400 205,200 510,300 270,000 540,000 (86,400) Land Equipment 216,000 702,000 (178,200) Accumulated depreciation-equipment Total $1,611,900 $1.498,500 Liabilities and Stockholders' Equity Accounts payable $ 105,300 $ 116,100 405,000 540,000 583,200 469,800 Bonds payable Common stock ($1 par) Retained earnings Total 518,400 $1,611,900 372,600 $1498.500 Additional Information...
Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation-equipment Land 2020 $29.700 55,000 64,500 14.900 90,200 (18,040) 69,800 $306,060 2019 $34,800 45,000 45.100 24,900 75,600 (8,000) 40.100 $257.500 Accounts payable Accrued expenses Notes payable--bank, long-term Bonds payable Common stock, $10 par Retained earnings $64,700 14,800 -0- 30,300 189,100 7.160 $306,060 $52.500 17,800 23,200 -0- 159.400 4,600 $257,500 Land was acquired for $29,700 in exchange for common stock, par $29,700, during the year; all equipment purchased was for cash. Equipment...
Question 3 View Policies Current Attempt in Progress The following information is available for Shamrock, Inc. for the year ended December 31, 2022. Beginning cash balance Accounts payable increase Depreciation expense Accounts receivable decrease Inventory decrease Net income Cash received for sale of land at book value Cash dividends paid Income taxes payable decrease Cash used to purchase land Cash used to redeem bonds Cash received from issuing stock $ 43,200 10,260 73.800 8,640 5,580 102,960 187,200 68,400 7,020 145,800...
-/8 Question 18 of 50 View Policies Current Attempt in Progress Pancho Company reported net income of $240,000 for 2020. Pancho sold equipment that cost $108,000 and had a book value of $64,800 for $54,800. The comparative balance sheet shows a decrease in accounts receivable of $21,000 for the year, a $14,000 increase in accounts payable, a $3,000 increase in prepaid expenses, and a $19,000 increase in accumulated depreciation. Prepare the operating activities section of the statement of cash flows...
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