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At December 31 Common stock, $10 par value Paid-in capital in excess of par Retained earnings Current Prior Year Year $ 133,0Additional short-term borrowings Purchase of short-term stock investments Cash dividends paid Interest paid $ 54,000 13,700 $Case X: $760,000 59,000 81,420 Case Y: Compute cash received from customers: Sales Accounts receivable, Beginning balance Acc

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Answer #1

Requirement 1:

1.

Debit Credit
Common Stock, $10 Par
Beg. Bal. $124,000
Cash $9,000
End. Bal. $133,000
Paid-in Capital in Excess of Par
Beg. Bal. $354,000
Cash $237,000
End. Bal. $591,000
Cash received [9,000+237,000] $246,000

2.

Retained Earnings Debit Credit
Beg. Bal. $311,500
Income summary (net income) $60,000
Dividends $34,000
End. Bal. $337,500

Requirement 2:

Financing Activities
Additional short-term borrowings $54,000
Cash dividends paid ($44,000)
Interest paid ($22,000)
Total ($12,000)

Purchase of short-term stock investments is an "Operating activity".

Requirement 3:

Case X Cash received from customers $737,580
Case Y Cash paid for rent $145,926
Case Z Cash paid for inventory $622,633

Calculations:

Case X Accounts receivable, Beginning balance $59,000
Sales $760,000
Accounts receivable, Ending balance ($81,420)
Cash received from customers $737,580
Case Y Rent payable, Beginning balance $11,050
Rent expense $144,600
Rent payable, Ending ($9,724)
Cash paid for rent $145,926
Case Z Inventory, Ending balance $173,364
Cost of goods sold $682,000
Inventory, Beginning balance ($211,420)
Purchases $643,944
Add: Accounts payable, beginning balance $88,796
(Less): Accounts payable, ending balance ($110,107)
Cash paid for inventory $622,633
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