Homework Answers
| Brookstone Company | ||
| Income Statement | ||
| For Year Ended December 31, 20X2 | ||
| Cash Flow from Operating Activities | ||
| Net Income | $ 52,380 | |
| Non cash, non operating | ||
| Add : Depreciation expense | $ 35,280 | |
| Add: Income tax expense | $ 33,180 | |
| Add : Loss on sale of Equipment | $ 10,080 | |
| Cash flow before working capital changes | $ 130,920 | |
| Less: Increase in accounts receivable | $ (3,336) | |
| Less: Increase in inventory | $(13,698) | |
| Add: Increase in accounts payable | $ 29,544 | |
| Less: Taxes Paid | $(32,550) | |
| Cash flow from Operating Activities | $ 110,880 | |
| Cash flow from Investing Activities | ||
| Sale of Investments | $ 600 | |
| Sale of Machinery | $ 2,520 | |
| Purchase of Machinery | $ (81,060) | |
| Cash used in Investing Activities | $ (77,940) | |
| Cash flow from Financing Activities | ||
| Cash dividend paid | $ (40,320) | |
| Issue of shares | $ 30,000 | |
| Retirement of Bonds | $ (20,700) | |
| Net cash used in Financing Activities | $ (31,020) | |
| Net cash generated during the year | $ 1,920 | |
| Opening Cash Balance | $ 27,648 | |
| Closing Cash Balance | $ 29,568 | |
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3. The following information is available for the Brookstone Company: BrookstoneCompany Balance Sheets At December 31...
The balance sheets for a company, along with additional information, are provided below: Balance Sheets December...
The balance sheets for a company, along with additional information, are provided below: Balance Sheets December 31, Year 2 and Year 1. Year 2 Year 1 $ $ 156,250 74,000 85,000 2,000 171,500 87,000 71,000 1,000 430,000 720,000 (400, 000) $1,067, 250 430,000 620,000 (248,000) $1, 132, 500 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities:...
Comparative balance sheets for Byron Manufacturing as of December 31, 20Y8 and 20Y7 are shown. Complete...
Comparative balance sheets for Byron Manufacturing as of
December 31, 20Y8 and 20Y7 are shown. Complete the Changes column
to determine net cash flows during the year.
Additional information needed to prepare the statement of cash
flows using the indirect method:
Net income was $2,790
Byron paid $20,850 in cash dividends
Byron issued $54,610 in bonds payable for cash
Byron retired $99,610 in bonds with cash
No fixed assets were sold or disposed of during the period
Now prepare the...
PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 $ $ 115,000 79,600...
PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 $ $ 115,000 79,600 99,000 4,800 131,200 94,000 83,600 2,400 500,000 806,000 (432,000) $1,172,400 500,000 690,000 (276,000) $1,225,200 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity $ $ 103,000 6,600 8,800...
Blossom Company reported the following information for 2022. Blossom Company Comparative Balance Sheets December 31 Change...
Blossom Company reported the following information for 2022. Blossom Company Comparative Balance Sheets December 31 Change Increase/Decrease Assets 2022 2021 Cash $165,200 173,600 123,200 $100,800 61,600 $64,400 Increase 112,000 Increase Accounts receivable Inventory -0- 123,200 Increase Prepaid expenses 16,800 11,200 5,600 Increase Land 154,000 196,000 42,000 Decrease Buildings 560,000 560,000 -0- Accumulated depreciation-buildings (58,800) (39,200) 19,600 Increase Equipment 512,400 (78,400) 190,400 (28,000) 322,000 Increase 50,400 Increase Accumulated depreciation-equipment Totals $1,568,000 $1,052,800 Liabilities and Stockholders' Equity Accounts payable $120,400 $112,000 $8,400...
Pharoah Company reported the following information for 2022. Pharoah Company Comparative Balance Sheets December 31 Assets...
Pharoah Company reported the following information for 2022. Pharoah Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $41,300 $25,200 43,400 15,400 Accounts receivable Inventory Prepaid expenses Change Increase/Decrease $16,100 Increase 28,000 Increase 30,800 Increase 1,400 Increase 10,500 Decrease 30,800 -0- 4,200 2,800 Land 38,500 49,000 140,000 140,000 -0- (14,700) (9,800) Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment 128,100 47,600 4,900 Increase 80,500 Increase 12,600 Increase (19,600) (7.000) $392,000 $263,200 Totals $30,100 $28,000 0 7,000 Liabilities and Stockholders' Equity Accounts...
CRUZ, INC Comparative Balance Sheets December 31, 2019 2019 2018 Assets Cash 72,900 18,100 31,300 65,600...
CRUZ, INC Comparative Balance Sheets December 31, 2019 2019 2018 Assets Cash 72,900 18,100 31,300 65,600 4000 Accounts receivable, net Inventory Prepaid expenses 38,400 72,100 3,300 Total current asseta 173,800 131,900 93,500 Furniture 80,600 (12,500) Accum. depreciation-Purniture (7,100) $218,300 $241,900 Total assets Liabilitios and Equity Aееounta payable Wages payable Ineone taxes payable Total current 1iabilities $11,400 6,800 1,200 19,400 24,800 44.200 16,100 3,800 2,100 22,000 55,800 77.800 Notes payable (long-tern) Total liabilities Equity Common stock, $5 par value Retained earnings...
Calculator The comparative balance sheets of Posner Company, for Years 1 and 2 ended December 31,...
Calculator The comparative balance sheets of Posner Company, for Years 1 and 2 ended December 31, appear below in condensed form: Year 2 Year 1 Assets Cash $50,000 $53,000 37,000 108,500 48,000 Accounts receivable (net) Inventories Investments Equipment Accumulated depreciation-equipment Total assets 573,200 (142,000) $629,700 100,000 70,000 450,000 (176,000) $542,000 $ 62,500 Liabilities and Stockholders' Equity Accounts payable Bonds payable, due Year 2 Common stock, $10 par Paid-in capital in excess of par-common stock Retained earnings Total liabilities and stockholders'...
Income Statement and Balance Sheet The following information for Rogers Enterprises is available at December 31,...
Income Statement and Balance Sheet The following information for Rogers Enterprises is available at December 31, 2019, and includes all of Rogers' financial statement amounts except retained earnings: Accounts receivable $72,920 Cash 13,240 Common stock (10,000 shares) 65,000 Income taxes expense 13,000 Income taxes payable 4,150 Interest expense 16,500 Notes payable (due in 10 years) 25,000 Prepaid rent (building) 31,500 Property, plant, and equipment 90,000 Rent expense 135,000 Retained earnings ? Salaries expense 235,200 Salaries payable 15,710 Service revenue 464,000...
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...
2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 62,800 Accounts receivable,...
2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 62,800 Accounts receivable, net 27.000 Inventory 56,600 Prepaid expenses 3,500 Total current assets 149,900 Furniture 70,500 Accum. depreciation-Furniture (10,900) Total assets $209,500 Liabilities and Equity Accounts payable $ 9,900 Wages payable 5,900 Income taxes payable 1.000 Total current liabilities 16,800 Notes payable (long-term) 20,700 Total liabilities 37,500 Equity Common stock, $5 par value 150,000 Retained earnings 22.000 Total liabilities and equity $209,500 $ 15,700 33.300 62,500 2,900...
The balance sheets for a company, along with additional information, are provided below: Balance Sheets December 31, Year 2 and Year 1. Year 2 Year 1 $ $ 156,250 74,000 85,000 2,000 171,500 87,000 71,000 1,000 430,000 720,000 (400, 000) $1,067, 250 430,000 620,000 (248,000) $1, 132, 500 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities:...
Comparative balance sheets for Byron Manufacturing as of
December 31, 20Y8 and 20Y7 are shown. Complete the Changes column
to determine net cash flows during the year.
Additional information needed to prepare the statement of cash
flows using the indirect method:
Net income was $2,790
Byron paid $20,850 in cash dividends
Byron issued $54,610 in bonds payable for cash
Byron retired $99,610 in bonds with cash
No fixed assets were sold or disposed of during the period
Now prepare the...
PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 $ $ 115,000 79,600 99,000 4,800 131,200 94,000 83,600 2,400 500,000 806,000 (432,000) $1,172,400 500,000 690,000 (276,000) $1,225,200 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity $ $ 103,000 6,600 8,800...
Blossom Company reported the following information for 2022. Blossom Company Comparative Balance Sheets December 31 Change Increase/Decrease Assets 2022 2021 Cash $165,200 173,600 123,200 $100,800 61,600 $64,400 Increase 112,000 Increase Accounts receivable Inventory -0- 123,200 Increase Prepaid expenses 16,800 11,200 5,600 Increase Land 154,000 196,000 42,000 Decrease Buildings 560,000 560,000 -0- Accumulated depreciation-buildings (58,800) (39,200) 19,600 Increase Equipment 512,400 (78,400) 190,400 (28,000) 322,000 Increase 50,400 Increase Accumulated depreciation-equipment Totals $1,568,000 $1,052,800 Liabilities and Stockholders' Equity Accounts payable $120,400 $112,000 $8,400...
Pharoah Company reported the following information for 2022. Pharoah Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $41,300 $25,200 43,400 15,400 Accounts receivable Inventory Prepaid expenses Change Increase/Decrease $16,100 Increase 28,000 Increase 30,800 Increase 1,400 Increase 10,500 Decrease 30,800 -0- 4,200 2,800 Land 38,500 49,000 140,000 140,000 -0- (14,700) (9,800) Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment 128,100 47,600 4,900 Increase 80,500 Increase 12,600 Increase (19,600) (7.000) $392,000 $263,200 Totals $30,100 $28,000 0 7,000 Liabilities and Stockholders' Equity Accounts...
CRUZ, INC Comparative Balance Sheets December 31, 2019 2019 2018 Assets Cash 72,900 18,100 31,300 65,600 4000 Accounts receivable, net Inventory Prepaid expenses 38,400 72,100 3,300 Total current asseta 173,800 131,900 93,500 Furniture 80,600 (12,500) Accum. depreciation-Purniture (7,100) $218,300 $241,900 Total assets Liabilitios and Equity Aееounta payable Wages payable Ineone taxes payable Total current 1iabilities $11,400 6,800 1,200 19,400 24,800 44.200 16,100 3,800 2,100 22,000 55,800 77.800 Notes payable (long-tern) Total liabilities Equity Common stock, $5 par value Retained earnings...
Calculator The comparative balance sheets of Posner Company, for Years 1 and 2 ended December 31, appear below in condensed form: Year 2 Year 1 Assets Cash $50,000 $53,000 37,000 108,500 48,000 Accounts receivable (net) Inventories Investments Equipment Accumulated depreciation-equipment Total assets 573,200 (142,000) $629,700 100,000 70,000 450,000 (176,000) $542,000 $ 62,500 Liabilities and Stockholders' Equity Accounts payable Bonds payable, due Year 2 Common stock, $10 par Paid-in capital in excess of par-common stock Retained earnings Total liabilities and stockholders'...
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...
2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 62,800 Accounts receivable, net 27.000 Inventory 56,600 Prepaid expenses 3,500 Total current assets 149,900 Furniture 70,500 Accum. depreciation-Furniture (10,900) Total assets $209,500 Liabilities and Equity Accounts payable $ 9,900 Wages payable 5,900 Income taxes payable 1.000 Total current liabilities 16,800 Notes payable (long-term) 20,700 Total liabilities 37,500 Equity Common stock, $5 par value 150,000 Retained earnings 22.000 Total liabilities and equity $209,500 $ 15,700 33.300 62,500 2,900...
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