Posner Company | ||||||||
Statement of cash flow | ||||||||
Cash flows from operating activities: | ||||||||
Net income for the year | 129,000 | |||||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||
Depreciaton expense | 26,000 | |||||||
Gain in sale of investment | -4,000 | |||||||
Change in current assets | ||||||||
Decrease in accounts receivable | 11000 | |||||||
increase in inventories | -8500 | |||||||
increase in accounts payable | 18700 | |||||||
Net cash flow from operating activities | 172,200 | |||||||
Cash flows from investing activities | ||||||||
purchase of new equipment | -183,200 | |||||||
cash from sale of investment | 74,000 | |||||||
net cash flow used for investing activities | -109,200 | |||||||
Cash flows from financing activities | ||||||||
Redemption of bonds | -100,000 | |||||||
Cash from common stock issue | 65000 | |||||||
Cash dividend paid | -25,000 | |||||||
net cash flow used for financing activities | -60,000 | |||||||
net increase in cash | 3,000 | |||||||
Cash at the beginning of the year | 50,000 | |||||||
Cash at the end of the year | 53,000 | |||||||
Calculator The comparative balance sheets of Posner Company, for Years 1 and 2 ended December 31,...
Question 22 The comparative balance sheets of Posner Company, for Years 1 and 2 ended December 31, 2018 appear below in condensed form. Year 2 Year 1 Cash $ 53,000 $ 50,000 37,000 48,000 Accounts Receivable (net) Inventories 108,500 100,000 Investments 70,000 Equipment 573,200 450,000 Accumulated Depreciation-Equipment (142.000) (176.000) $629,700 $542.000 $ 62,500 Accounts Payable Bonds Payable, Due Year 2 Common Stock, $10 par Paid-In Capital in Excess of Par-Common Stock Retained Earnings 325,000 80,000 162.200 $629,700 $ 43,800 100,000...
**Prepare a statement of cash flow, using the direct method and separately, the indirect method of reporting cash flows from operating activities: The comparative balance sheets of Posner Company, for Years 1 and 2 ended December 31, appear below in condensed form: Cash Year 2 $ 53,000 Year 1 $ 50,000 Accounts receivable (net) 37,000 48,000 Inventories 108,500 100,000 Investments — 70,000 Equipment 573,200 450,000 Accumulated depreciation—equipment (142,000) (176,000) $629,700 $542,000 Accounts payable $ 62,500 $ 43,800 Bonds payable, due...
38. The comparative balance sheet of ConnieJo Company, for December 31, Years I and 2 ended December 31 appears below in condensed form: Year 2 Year 45,000 $53,500 Cash 51,300 Accounts receivable (net) Inventories Investments Equipment Accumulated depreciation-equipment 147,200 135.000 60,000 493,000 375,000 113.700) (128,000) $622800 $553.500 $61,500 $42,600 Accounts payable Bonds payable, due Year 4 Common stock, $10 par Paid-in capital in excess of par-common stock Retained earnings 100,000 250,000 200,000 50,000 236.300 160.900 $622,800 $553,500 The income statement...
The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 20Y8, is as follows: Dec. 31, 2049 Dec. 31, 2048 Assets Cash $296,440 $274,170 Accounts receivable (net) 107,390 98,470 Inventories 303,140 291,540 Investments 0 112,950 Land 155,490 Equipment 334,470 257,760 Accumulated depreciation equipment (78,300) (69,510) Total assets $1,118,630 $965,380 0 Liabilities and Stockholders' Equity Accounts payable $202,470 $190,180 Accrued expenses payable 20,140 25,100 Dividends payable 11,190 8,690 Common stock, $10 par 60,410 47,300 Paid-in capital: Excess of...
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...
The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Dec. 31, 20Y9 Dec. 31, 20Y8 Assets Cash $241,300 $224,720 Accounts receivable (net) 87,410 80,710 Inventories 246,760 238,960 Investments 0 92,580 Land 126,570 0 Equipment 272,250 211,270 Accumulated depreciation—equipment (63,740) (56,970) Total assets $910,550 $791,270 Liabilities and Stockholders' Equity Accounts payable $164,810 $155,880 Accrued expenses payable 16,390 20,570 Dividends payable 9,110 7,120 Common stock, $10 par 49,170 38,770 Paid-in capital: Excess of issue...
The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Dec. 31, 20Y9 Dec. 31, 20Y8 Assets Cash $275,320 $256,110 Accounts receivable (net) 99,740 91,980 Inventories 281,550 272,340 Investments 0 105,510 Land 144,410 0 Equipment 310,640 240,780 Accumulated depreciation—equipment (72,730) (64,930) Total assets $1,038,930 $901,790 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $188,050 $177,650 Accrued expenses payable (operating expenses) 18,700 23,450 Dividends payable 10,390 8,120 Common stock, $10 par 56,100 44,190 Paid-in...
Statement of Cash Flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 20Y8, is as follows: Dec. 31, 2019 Dec. 31, 2018 ssets Cash Accounts receivable (net) Inventories Investments Land $251,460 91,090 257,150 $233,110 83,720 247,890 96,030 131,900 283,720 Equipment Accumulated deſreciation equipment Total assets (66,420) $948,900 219,150 (59,100) $820,800 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $171,750 $161,700 Accrued expenses payable (operating expenses) 17,080 21,340 Dividends payable 9,490 7,390 Common stock, $10...
statement of Cash Flows-Indirect Method The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 2012 and 2041, is as follows: Dec. 31, Dec. 31, 2011 Assets 2012 Cash $145 Accounts receivable (net) Inventories Land Equipment Accumulated depreciation equipment (18) Total Assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable Common stock, $1 par Paid in capital: Excess of issue price over par- common stock Retained earnings Total liabilities and stockholders equity Total liabilities and stockholders' equity...
Statement of Cash Flows-Indirect Method The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 2041, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $128 Accounts receivable (net) Inventories Land Equipment Accumulated depreciation-equipment (16) Total Assets $395 $269 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable Common stock, $1 par Paid-in capital: Excess of issue price over par- common stock Retained earnings 244 Total liabilities and stockholders' equity $395 The following additional...