Homework Answers
| Cash Flow statement for year ended December 31, 2020 | ||
| Amount in $ | ||
| Cash flows from operating activities | ||
| Net Income | 224,000 | |
| Adjustments to reconcile Net Income | ||
| Depreciation expense ( 148,400 - 124,600 ) | 23,800 | |
| Decrease in accounts receivables | 7,000 | |
| Decrease in Current liabilities | -23,800 | |
| Loss on sale of investments | 14,000 | |
| 21,000 | ||
| Net cash provided by operating activities | 245,000 | |
| Cash flows from investing activities | ||
| Sale of Investment { (103,600 - 72,800 ) - 14,000 } | 16,800 | |
| Purchase of Equipment | -81,200 | |
| Net Cash used by Investing activities | -64,400 | |
| Cash flows from financing activities | ||
| Payment of cash dividends | -42,000 | |
| Net Cash used by Financing activities | -42,000 | |
| Net increase in Cash | 138,600 | |
| Cash at beginning of year | 109,200 | |
| Cash at End of year | 247,800 | |
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The following is a condensed version of the comparative balance sheets for Cheyenne Corporation for the...
Presented below is a condensed version of the comparative balance sheets for Bramble Corporation for the...
Presented below is a condensed version of the comparative balance sheets for Bramble Corporation for the last two years at December 31. 2017 2016 Cash $178,500 $49,000 Accounts receivable 115,900 76,800 Investments 68,900 98,300 Equipment Accumulated depreciation equipment Current liabilities 350,900 177,300 (95,100) (65,700) 135,300 91,900 142,500 62,500 333,700 173,700 Common stock Retained earnings Additional information: Investments were sold at a gain of $10,300; no investments were purchased; no equipment was sold; cash dividends paid were $43,500; and net income...
The following is a condensed version of the comparative balance sheets for Buffalo Corporation for the...
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Exercise 5-15 Presented below is a condensed version of the comparative balance sheets for Splish Corporation...
Exercise 5-15 Presented below is a condensed version of the comparative balance sheets for Splish Corporation for the last two years at December 31. 2017 2016 Cash Accounts receivable Investments Equipment Accumulated Depreciation-Equipment $ 265,500 270,000 78,000 447,000 (159,000 ) 201,000 240,000 460,500 $ 117,000 277,500 111,000 360,000 (133,500 ) 226,500 240,000 265,500 Current liabilities Common stock Retained earnings Additional information: Investments were sold at a loss of $15,000; no equipment was sold; cash dividends paid were $45,000; and net...
Exercise 5-15 The following is a condensed version of the comparative balance sheets for Wildhorse Corporation...
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The following is a condensed version of the comparative balance sheets for Nash Corporation for the...
The following is a condensed version of the comparative balance sheets for Nash Corporation for the last two years at December 31. 2020 2019 Cash $ 283,200 $ 124,800 Accounts receivable 288,000 296,000 Investments 83,200 118,400 Equipment 476,800 384,000 Accumulated Depreciation Equipment (169,600) (142,400) Current liabilities Common stock 214,400 256,000 491,200 241,600 256,000 283,200 Retained earnings Additional information: Investments were sold at a loss of $16,000; no equipment was sold; cash dividends paid were $48,000; and net income was $256,000....
The following is a condensed version of the comparative balance sheets for Coronado Corporation for the...
The following is a condensed version of the comparative balance sheets for Coronado Corporation for the last two years at December 31. 2020 $389,400 2019 $171,600 Cash Accounts receivable 396,000 407,000 Investments 114,400 162,800 655,600 528,000 Equipment Accumulated Depreciation Equipment Current liabilities (233,200) (195,800) 294,800 332,200 352,000 352,000 675,400 389,400 Common stock Retained earnings Additional information: Investments were sold at a loss of $ 22,000; no equipment was sold; cash dividends paid were $66,000, and net income was $352,000. Prepare...
Rojas Corporation’s comparative balance sheets are presented below. ROJAS CORPORATION Comparative Balance Sheets December 31 2020...
Rojas Corporation’s comparative balance sheets are presented
below.
ROJAS CORPORATION
Comparative Balance Sheets
December 31
2020
2019
Cash
$14,500
$10,700
Accounts receivable
20,800
23,800
Land
19,600
26,300
Buildings
70,100
70,100
Accumulated depreciation—buildings
(15,000
)
(10,700
)
Total
$110,000
$120,200
Accounts payable
$11,800
$28,300
Common stock
75,000
73,400
Retained earnings
23,200
18,500
Total
$110,000
$120,200
Additional information:
1.
Net income was $22,800. Dividends declared and paid were
$18,100.
2.
No noncash investing and financing activities occurred during
2020.
3.
The land...
Question 4 ew Policies urrent Attempt in Progress The following is a condensed version of the comparative balance...
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Rodriquez Corporation's comparative balance sheets are presented below: RODRIQUEZ CORPORATION Comparative Balance Sheets December 31 2020...
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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...
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Exercise 5-15 The following is a condensed version of the comparative balance sheets for Wildhorse Corporation for the last two years at December 31. Cash Accounts receivable Investments Equipment Accumulated Depreciation Equipment Current liabilities Common stock Retained earnings 2020 $ 318,600 324,000 93,600 536,400 (190,800 ) 241,200 288,000 552,600 2019 $ 140,400 333,000 133,200 432,000 (160,200) 271,800 288,000 318,600 Additional information: Investments were sold at a loss of $18,000; no equipment was sold; cash dividends paid were $54,000; and net...
The following is a condensed version of the comparative balance sheets for Nash Corporation for the last two years at December 31. 2020 2019 Cash $ 283,200 $ 124,800 Accounts receivable 288,000 296,000 Investments 83,200 118,400 Equipment 476,800 384,000 Accumulated Depreciation Equipment (169,600) (142,400) Current liabilities Common stock 214,400 256,000 491,200 241,600 256,000 283,200 Retained earnings Additional information: Investments were sold at a loss of $16,000; no equipment was sold; cash dividends paid were $48,000; and net income was $256,000....
The following is a condensed version of the comparative balance sheets for Coronado Corporation for the last two years at December 31. 2020 $389,400 2019 $171,600 Cash Accounts receivable 396,000 407,000 Investments 114,400 162,800 655,600 528,000 Equipment Accumulated Depreciation Equipment Current liabilities (233,200) (195,800) 294,800 332,200 352,000 352,000 675,400 389,400 Common stock Retained earnings Additional information: Investments were sold at a loss of $ 22,000; no equipment was sold; cash dividends paid were $66,000, and net income was $352,000. Prepare...
Rojas Corporation’s comparative balance sheets are presented
below.
ROJAS CORPORATION
Comparative Balance Sheets
December 31
2020
2019
Cash
$14,500
$10,700
Accounts receivable
20,800
23,800
Land
19,600
26,300
Buildings
70,100
70,100
Accumulated depreciation—buildings
(15,000
)
(10,700
)
Total
$110,000
$120,200
Accounts payable
$11,800
$28,300
Common stock
75,000
73,400
Retained earnings
23,200
18,500
Total
$110,000
$120,200
Additional information:
1.
Net income was $22,800. Dividends declared and paid were
$18,100.
2.
No noncash investing and financing activities occurred during
2020.
3.
The land...
Question 4 ew Policies urrent Attempt in Progress The following is a condensed version of the comparative balance sheets for Sage Corporation for ts last two years at December 31. Cash Accounts receivable Investments Equipment 2020 2019 $ 230,100 $ 101,400 234,000 240,500 67,600 96,200 387,400 312,000 (137,800) (115,700 174.200 196,300 208,000 208,000 399,100 230,100 Current liabilities Common stock Retained earnings Additional information: Investments were sold at a loss of $13.000; no equipment was sold; cash dividends paid were $39.000;...
Rodriquez Corporation's comparative balance sheets are presented below: RODRIQUEZ CORPORATION Comparative Balance Sheets December 31 2020 Cash $16,800 Accounts receivable 25,000 Investments 19,850 Equipment 60,050 Accumulated depreciation-equipment (14,150) Total $107,550 2019 $17,500 22,300 15,850 70,050 (10,500) $115,200 Accounts payable Bonds payable Common stock Retained earnings Total $14,550 10,500 49,800 32,700 $107,550 $11,150 30,100 45,400 28,550 $115,200 Additional information: 1. Net income was $18,550. Dividends declared and paid were $14,400. 2. Equipment which cost $10,000 and had accumulated depreciation of $2,000...
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...
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