Homework Answers
Case A.
Net income=Total revenue- Total expense
=136,000-95,000= 45 000
Stock holders equity= Total assets- Total liabilities
176,000-83,000=93 000
Case B
Total revenue =Net incone+ Total expense
18,500+93,000=111,500
Total liabilities = equity share holders funds+Total assets
83,000+138,000=221,000
Case C
Net income =93,000 - 105,500=(12,500)
Stock holders equity =130,000-39,000 = 91,000
Case D
Total expense = Net income + Total revenue
26,500+63,000=89,500
Total assets = stock holders equity +Total liabilities
90,000+35,000= 125,000
Case E
Total revenue = Net income + Total expenditures
(7500)+94,000= 86,500
Total assets = stock holders equity + Total liabilities
41,000+86,000= 127,000
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Required:
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The comparative balance sheet for Mosaic Travel Services, Inc., for December 31, 2017 and 2016, is as follows: E(Click the icon to view the comparative balance sheet.) The following information is taken from the records of Mosaic Travel Services, Inc. (Click the icon to view the transaction data.) Prepare the statement of cash flows (indirect method) for Mosaic Travel Services, Inc., for 2017 Prepare the statement one section at a time. (Use parentheses or a minus sign for numbers to...
The income statement, balance sheets, and additional information
for Video Phones, Inc., are provided.
Additional Information for 2018:
1. Purchase investment in bonds for $100,000.
2. Sell land costing $25,000 for only $17,500, resulting in a
$7,500 loss on sale of land.
3. Purchase $55,000 in equipment by issuing a $55,000 long-term
note payable to the seller. No cash is exchanged in the
transaction.
4. Declare and pay a cash dividend of $22,500.
Required:
Prepare the statement of cash...
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