Illies Corporation's comparative balance sheet appears below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Current...
Illies Corporation's comparative balance sheet appears below:
| Comparative Balance Sheet | ||||||
| Ending Balance | Beginning Balance | |||||
| Assets: | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 55,000 | $ | 48,000 | ||
| Accounts receivable | 34,000 | 37,500 | ||||
| Inventory | 82,000 | 85,500 | ||||
| Total current assets | 171,000 | 171,000 | ||||
| Property, plant, and equipment | 403,000 | 369,000 | ||||
| Less accumulated depreciation | 186,000 | 147,000 | ||||
| Net property, plant, and equipment | 217,000 | 222,000 | ||||
| Total assets | $ | 388,000 | $ | 393,000 | ||
| Liabilities and stockholders' equity: | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 33,000 | $ | 35,500 | ||
| Accrued liabilities | 69,000 | 75,500 | ||||
| Income taxes payable | 66,000 | 57,000 | ||||
| Total current liabilities | 168,000 | 168,000 | ||||
| Bonds payable | 97,000 | 108,500 | ||||
| Total liabilities | 265,000 | 276,500 | ||||
| Stockholders’ equity: | ||||||
| Common stock | 45,500 | 37,000 | ||||
| Retained earnings | 77,500 | 79,500 | ||||
| Total stockholders’ equity | 123,000 | 116,500 | ||||
| Total liabilities and stockholders' equity | $ | 388,000 | $ | 393,000 | ||
The company did not dispose of any property, plant, and equipment during the year. Its net income for the year was $3,000 and its cash dividends were $5,000. The company did not issue any bonds payable or purchase any of its own common stock during the year. Its net cash provided by (used in) operating activities and net cash provided by (used in) financing activities are:
A) net cash provided by (used in) operating activities, $49,000; net cash provided by (used in) financing activities, $(8,000)
B) net cash provided by (used in) operating activities, $52,500; net cash provided by (used in) financing activities, $(8,000)
C) net cash provided by (used in) operating activities, $49,000; net cash provided by (used in) financing activities, $(8,500)
D) net cash provided by (used in) operating activities, $52,500; net cash provided by (used in) financing activities, $(8,500)
Homework Answers
Answer:-
| As we know that the net cash provided by operating activities, $49,000; net cash used for the financing activities, $(8,000) | ||
| So that the Statement of Cash Flow | ||
| Particulars | Amount | Total Amount |
| Income | 3,000.00 | |
| Depreciation | 39,000.00 | |
| Decrease in AR | 3,500.00 | |
| Decrease in inventory | 3,500.00 | |
| Decrease in AP | (2,500.00) | |
| Increment in pay impose payable | 9,000.00 | |
| Decline in collected liabilities | (6,500.00) | |
| Cash flow from operating activities | 49,000.00 | |
| Cash flow from Investing activities | ||
| Purchase of PPE | (34,000.00) | |
| Cash flow from Investing activities | (34,000.00) | |
| Income from Financing exercises | ||
| Issue of Stock | 8,500.00 | |
| Redemption of bonds | (11,500.00) | |
| Dividends Paid | (5,000.00) | |
| Income from Financing exercises | (8,000.00) | |
| Opening cash and cash equivalents | 48,000.00 | |
| Shutting money and money counterparts | 55,000.00 |
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Illies Corporation's comparative balance sheet appears
below:
Comparative Balance Sheet
Ending Balance
Beginning Balance
Assets:
Current...
Illies Corporation's comparative balance sheet appears below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Current...
Illies Corporation's comparative balance sheet appears below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Current assets: Cash and cash equivalents $ 58,000 $ 51,000 Accounts receivable 37,000 40,800 Inventory 85,000 88,800 Total current assets 180,000 180,600 Property, plant, and equipment 412,000 375,000 Less accumulated depreciation 192,000 150,000 Net property, plant, and equipment 220,000 225,000 Total assets $ 400,000 $ 405,600 Liabilities and stockholders' equity: Current liabilities: Accounts payable $ 36,000 $ 38,800 Accrued liabilities 72,000 78,800 Income taxes payable...
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2.
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