Homework Answers
Ans 3
Net income - 80000
Less - gain on sale - 4000
Less depreciation - 9000
Income after non cash item = 67000
Add - decrease in current asset - 13000
Less - decrease in current liabilities -2000
Net cash flow from operating activities =78000
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03. a) Sleep Country began 2019 with accounts receivable, inventory, and prepaid expenses totalling $65,000. At...
a) Sleep Country began 2019 with accounts receivable, inventory, and prepaid expenses totalling $65,000. At the...
a) Sleep Country began 2019 with accounts receivable, inventory, and prepaid expenses totalling $65,000. At the end of the year, Sleep Country had a total of $78,000 for these current assets. At the beginning of 2019, Sleep Country owed current liabilities of $42,000, and at year-end, current liabilities totalled $40,000. Net income for the year was $80,000. Included in net income were a $4,000 gain on the sale of land and depreciation expense of $9,000. Show how Sleep Country should...
Q3. a) Sleep Country began 2019 with accounts receivable, inventory, and prepaid expenses totalling $65,000. At...
Q3. a) Sleep Country began 2019 with accounts receivable, inventory, and prepaid expenses totalling $65,000. At the end of the year, Sleep Country had a total of $78,000 for these current assets. At the beginning of 2019, Sleep Country owed current liabilities of S42,000, and at year-end, current liabilities totalled $40,000. Net income for the year was $80,000. Included in net income were a $4,000 gain on the sale of land and depreciation expense of $9,000. Show how Sleep Country...
Q3. a) Sleep Country began 2019 with accounts receivable, inventory, and prepaid expenses totalling $65,000. At...
Q3. a) Sleep Country began 2019 with accounts receivable, inventory, and prepaid expenses totalling $65,000. At the end of the year, Sleep Country had a total of $78,000 for these current assets. At the beginning of 2019, Sleep Country owed current liabilities of $42,000, and at year-end, current liabilities totalled $40,000. Net income for the year was $80,000. Included in net income were a $4,000 gain on the sale of land and depreciation expense of $9,000. Show how Sleep Country...
A. Ev styles e Find 03. a) Sleep Country began 2019 with accounts receivable, inventory, and...
A. Ev styles e Find 03. a) Sleep Country began 2019 with accounts receivable, inventory, and prepaid expenses totalling $65,000. At the end of the year, Sleep Country had a total of $78,000 for these current assets. At the beginning of 2019, Sleep Country owed current liabilities of $12,000, and at year end, current liabilities totalled $40,000. Net income for the year was $80,000. Included in net income were a $4,000 gain on the sale of land and depreciation expense...
A A B А 03 ) Sleep Country beam 2019 with credible entry and totalling 365.000,...
A A B А 03 ) Sleep Country beam 2019 with credible entry and totalling 365.000, At the end of the year, Sleep Chad of 37. fe these cuentants. At the beginning of 2019, Sleep Country webes of $42,000, and at year-end, reisilities totalled 140,000 Net income for the year was 580.000. Included in net income were 14.000 the sale of land and depreciation expense of 59.000 Show how Sleep Country should report cash flows from operating activities for 2014...
December 31, 2019 2019 2018 Assets Cash Accounts receivable, net Inventory Prepaid expenses $ 94,800 41,000...
December 31, 2019 2019 2018 Assets Cash Accounts receivable, net Inventory Prepaid expenses $ 94,800 41,000 85,800 5,400 227,000 109,e00 (17,000) $319,000 $ 24,000 51,000 95,800 4,200 175,000 119,000 (9,000) $285,000 Total current assets Furniture Accum. depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings $ 15,000 9,000 1,400 25,400 29,000 54,400 $ 21,000 5,000 2,600 28,600 69,000 97,600 229,000...
E9-30A (Learning Objectives 2, 3, 4: Measuring the effects of share issuance, dividends, and treasury shares...
E9-30A (Learning Objectives 2, 3, 4: Measuring the effects of share issuance, dividends, and treasury shares transactions) Identify the effects-both the direction and the dollar amount- of these assumed transactions on the total shareholders' equity of Athol Corporation. Each trans- action is independent. a. Declaration of cash dividends of $78 million. b. Payment of the cash dividend in a. A 25% shares dividend. Before the dividend, 70 million shares of S2.00 par ordinary share were outstanding; the market value was...
Spectacular Industries began 2018 with accounts receivable, inventory, and prepaid expenses totaling $ 52 comma 000...
Spectacular Industries began 2018 with accounts receivable, inventory, and prepaid expenses totaling $ 52 comma 000 and its total current liabilities totaling $ 33 comma 000. At the end of the year, these same current assets totaled $ 50 comma 000, while its total current liabilities totaled $ 27 comma 000. Net income for the year was $ 10 comma 000. Included in net income were a $ 2 comma 000 loss on the sale of land and depreciation expense...
Question: Please help! The balance sheet of Consolidated Paper, Inc., included the following shareholders' equity accounts...
Question:
Please help!
The balance sheet of Consolidated Paper, Inc., included the
following shareholders' equity accounts at December 31, 2020:
Paid-in capital: Preferred stock,
8.8%, 90,000 shares at $1 par$90,000 Common stock, 364,000 shares
at $1 par 364,000 Paid-in capital—excess of par, preferred
1,437,000 Paid-in capital—excess of par, common 2,574,000 Retained
earnings 9,735,000 Treasury stock, at cost; 4,000 common shares
(44,000)Total shareholders' equity$14,156,000
During 2021, several events and transactions affected the
retained earnings of Consolidated Paper.
Required:
1. Prepare the appropriate...
A firm has the following balance sheet: Assets Liabilities and Equity Cash 20,000 Accounts payable 20,000...
A firm has the following balance sheet: Assets Liabilities and Equity Cash 20,000 Accounts payable 20,000 Accounts receivable 163,000 Long-term debt 117,000 Inventory 75,000 Common stock ($10 par 30,000 3,000 shares outstanding) Plant and equipment 210,000 Additional paid-in capital 158,000 Retained earnings 143,000 $468,000 $468,000 a. Construct a new balance sheet showing the impact of a three-for-one split. If the current market price of the stock is $53, what is the price after the split Round the par value and...
a) Sleep Country began 2019 with accounts receivable, inventory, and prepaid expenses totalling $65,000. At the end of the year, Sleep Country had a total of $78,000 for these current assets. At the beginning of 2019, Sleep Country owed current liabilities of $42,000, and at year-end, current liabilities totalled $40,000. Net income for the year was $80,000. Included in net income were a $4,000 gain on the sale of land and depreciation expense of $9,000. Show how Sleep Country should...
Q3. a) Sleep Country began 2019 with accounts receivable, inventory, and prepaid expenses totalling $65,000. At the end of the year, Sleep Country had a total of $78,000 for these current assets. At the beginning of 2019, Sleep Country owed current liabilities of S42,000, and at year-end, current liabilities totalled $40,000. Net income for the year was $80,000. Included in net income were a $4,000 gain on the sale of land and depreciation expense of $9,000. Show how Sleep Country...
A. Ev styles e Find 03. a) Sleep Country began 2019 with accounts receivable, inventory, and prepaid expenses totalling $65,000. At the end of the year, Sleep Country had a total of $78,000 for these current assets. At the beginning of 2019, Sleep Country owed current liabilities of $12,000, and at year end, current liabilities totalled $40,000. Net income for the year was $80,000. Included in net income were a $4,000 gain on the sale of land and depreciation expense...
A A B А 03 ) Sleep Country beam 2019 with credible entry and totalling 365.000, At the end of the year, Sleep Chad of 37. fe these cuentants. At the beginning of 2019, Sleep Country webes of $42,000, and at year-end, reisilities totalled 140,000 Net income for the year was 580.000. Included in net income were 14.000 the sale of land and depreciation expense of 59.000 Show how Sleep Country should report cash flows from operating activities for 2014...
December 31, 2019 2019 2018 Assets Cash Accounts receivable, net Inventory Prepaid expenses $ 94,800 41,000 85,800 5,400 227,000 109,e00 (17,000) $319,000 $ 24,000 51,000 95,800 4,200 175,000 119,000 (9,000) $285,000 Total current assets Furniture Accum. depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings $ 15,000 9,000 1,400 25,400 29,000 54,400 $ 21,000 5,000 2,600 28,600 69,000 97,600 229,000...
E9-30A (Learning Objectives 2, 3, 4: Measuring the effects of share issuance, dividends, and treasury shares transactions) Identify the effects-both the direction and the dollar amount- of these assumed transactions on the total shareholders' equity of Athol Corporation. Each trans- action is independent. a. Declaration of cash dividends of $78 million. b. Payment of the cash dividend in a. A 25% shares dividend. Before the dividend, 70 million shares of S2.00 par ordinary share were outstanding; the market value was...
Question:
Please help!
The balance sheet of Consolidated Paper, Inc., included the
following shareholders' equity accounts at December 31, 2020:
Paid-in capital: Preferred stock,
8.8%, 90,000 shares at $1 par$90,000 Common stock, 364,000 shares
at $1 par 364,000 Paid-in capital—excess of par, preferred
1,437,000 Paid-in capital—excess of par, common 2,574,000 Retained
earnings 9,735,000 Treasury stock, at cost; 4,000 common shares
(44,000)Total shareholders' equity$14,156,000
During 2021, several events and transactions affected the
retained earnings of Consolidated Paper.
Required:
1. Prepare the appropriate...
A firm has the following balance sheet: Assets Liabilities and Equity Cash 20,000 Accounts payable 20,000 Accounts receivable 163,000 Long-term debt 117,000 Inventory 75,000 Common stock ($10 par 30,000 3,000 shares outstanding) Plant and equipment 210,000 Additional paid-in capital 158,000 Retained earnings 143,000 $468,000 $468,000 a. Construct a new balance sheet showing the impact of a three-for-one split. If the current market price of the stock is $53, what is the price after the split Round the par value and...
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