Dec. 31, 2015 Dec. 2016
ASSETS
Cash P360,920 P443,240
Account receivable (net) 592,200 665,280
Inventories 1,022,560 887,880
Prepaid expenses 25,200 31,640
Land 302,400 302,400
Buildings 1,134,000 1,713,600
Accumulated Depreciation – buildings (414,540) (466,200)
Machinery and equipment 781,200 781,200
Acc. Dep - machinery and equipment (191,520) (214,200)
Patents 112,000 106,960
Total Assets P3,724,420 P4,251,800
LIABILITIES AND STOCKHOLDER’S EQUITY
Accounts payable (merchandise creditors) P927,080 P837,480
Dividends payable 25,200 32,760
Salaries payable 87,080 78,960
Mortgage note payable 0 224,000
Bonds payable 390,000 0
Common stock, P 1 par value 50,400 200,400
Paid in capital in excess of par 126,000 366,000
Retained earnings 2,118,660 2,512,200
Total Liabilities and Stockholder’s Equity P3,724,420 P4,251,800
Additional data obtained from an examination of the accounts in the ledger for 2016 are as follows:
a. Net income, P 524,580.
b. Depreciation expense reported on the income statement: buildings, P 51,660; machinery and equipment, P 22,680.
c. Patent amortization reported on the income statement, P 5,040.
d. A building was constructed for P 579,600.
e. A mortgage note of P 224,000 was issued for cash.
f. 30,000 shares of common stock were issued at P 13 in exchange for bonds payable.
g. Cash dividends declared, P 131,040.
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Statement of Cash Flows Indirect Method The comparative balance sheet of Luciano Company for the year ended December 31, 2016 and 2015, is as follows
The comparative balance sheet of Harris Industries Inc. at December
31, 20Y4 and 20Y3, is as follows:
An examination of the income
statement and the accounting records revealed the following
additional information applicable to 20Y4:
Net income, $524,580.
Depreciation expense reported on
the income statement: buildings, $51,660; machinery and equipment,
$22,680.
Patent amortization reported on the
income statement, $5,040.
A building was constructed for
$579,600.
A mortgage note for $224,000 was
issued for cash.
30,000 shares of common stock were...
PR 13-2B Statement of cash flows-indirect method Obj. 2, 3, 4,5 The comparative balance sheet of Harris Industries Inc. at December 31, 20Y4 and 20Y3,is as follows: Dec. 31, 20Y4 Dec. 31, 20Y3 Cash Accounts receivable (net) 443,240 360.920 92,200 1,022,560 25,200 302,400 1,134,000 (414,540) 781,200 (191,520) 112.000 $3,724420 887,880 Prepaid expenses Land Buildings 31,640 1,713,600 781,200 Machinery and equipment Accumulated depreciation-machinery and equipment.. (214,200) Liabilities and Stockholders'Equity Accounts payable (merchandise creditors). 837,480 $927,080 25,200 87,080 Salaries payable 78,960 224,000...
etod of presenting cash llows Irom PR 13-2B Statement of cash flows-indirect method ash flow ing activities, as follows: Obj. 2, 3, 4,5 from The comparative balance sheet of Harris Industries Inc, at December 31, 20Y4 and 20Y5, 1 cash flow $561,400 Assets Dec. 31, 20Y4 Dec. 31, 20Y3 Cash TEMPLATE Accounts receivable (net) $443,240 $360,920 592,200 1,022,560 Inventories 665,280 Prepaid expenses Land 887,880 25,200 302,400 1,134,000 (414,540) 781,200 31,640 302,400 Buildings 1,713,600 466,200) 781,200 (214,200) Accumulated depreciation-machinery and equipment.......
Statement of Cash Flows-Indirect Method The comparative balance sheet of Harris Industries Inc. at December 31, 2014 and 2043, is as follows: Dec. 31, Dec. 31, 2014 2013 Assets Cash Accounts receivable (net) Inventories Prepaid expenses $443,240 665,280 887,880 $360,920 592,200 1,022,560 31,640 25,200 Land 302,400 302,400 Buildings 1,713,600 (466,200) 1,134,000 (414,540) Accumulated depreciation-buildings Machinery and equipment Accumulated depreciation-machinery and equipment 781,200 (214,200) 106,960 $4,251,800 781,200 (191,520) 112,000 $3,724,420 Patents Total assets $837,480 32,760 Liabilities and Stockholders' Equity Accounts payable...
Statement of Cash Flows—Indirect Method The comparative balance sheet of Coulson, Inc. at December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $300,600 $337,800 Accounts receivable (net) 704,400 609,600 Inventories 918,600 865,800 Prepaid expenses 18,600 26,400 Land 990,000 1,386,000 Buildings 1,980,000 990,000 Accumulated depreciation—buildings (397,200) (366,000) Equipment 660,600 529,800 Accumulated depreciation—equipment (133,200) (162,000) Total assets $5,042,400 $4,217,400 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $594,000 $631,200 Income taxes payable 26,400 21,600 Bonds...
Statement of Cash Flows—Indirect Method
The comparative balance sheet of Whitman Co. at December 31,
20Y2 and 20Y1, is as follows:
Dec. 31,
20Y2
Dec. 31,
20Y1
Assets
Cash
$ 606,710
$ 655,870
Accounts receivable (net)
552,110
503,570
Inventories
837,260
770,520
Prepaid expenses
19,410
23,050
Land
208,710
315,490
Buildings
964,670
594,580
Accumulated depreciation-buildings
(273,020)
(254,820)
Equipment
339,760
300,320
Accumulated depreciation-equipment
(93,430)
(104,960)
Total assets
$3,162,180
$2,803,620
Liabilities and Stockholders'
Equity
Accounts payable (merchandise creditors)
$ 600,810
$ 634,010
Bonds payable...
Statement of Cash Flows—Indirect Method The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $ 575,690 $ 620,980 Accounts receivable (net) 523,880 477,820 Inventories 794,450 731,130 Prepaid expenses 18,420 21,880 Land 198,040 299,360 Buildings 915,350 564,180 Accumulated depreciation-buildings (259,060) (241,790) Equipment 322,390 284,970 Accumulated depreciation-equipment (88,660) (99,590) Total assets $3,000,500 $2,658,940 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $ 570,100 $ 601,600 Bonds payable...
Statement of Cash Flows—Indirect Method The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $ 792,160 $ 851,660 Accounts receivable (net) 720,870 657,490 Inventories 1,093,180 1,006,040 Prepaid expenses 25,350 30,100 Land 272,500 411,920 Buildings 1,259,530 776,320 Accumulated depreciation-buildings (356,470) (332,710) Equipment 443,610 392,120 Accumulated depreciation-equipment (121,990) (137,040) Total assets $4,128,740 $3,655,900 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $ 784,460 $ 827,810 Bonds payable...
Statement of Cash Flows—Indirect Method
The comparative balance sheet of Whitman Co. at December 31,
20Y2 and 20Y1, is as follows:
Dec. 31,
20Y2
Dec. 31,
20Y1
Assets
Cash
$ 749,880
$ 807,890
Accounts receivable (net)
682,390
622,400
Inventories
1,034,830
952,350
Prepaid expenses
24,000
28,500
Land
257,960
389,940
Buildings
1,192,310
734,880
Accumulated depreciation-buildings
(337,450)
(314,950)
Equipment
419,930
371,190
Accumulated depreciation-equipment
(115,480)
(129,730)
Total assets
$3,908,370
$3,462,470
Liabilities and Stockholders'
Equity
Accounts payable (merchandise creditors)
$ 742,590
$ 783,620
Bonds payable...
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