The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is shown as follows:
1 |
Dec. 31, 20Y6 |
Dec. 31, 20Y5 |
|
2 |
Assets |
||
3 |
Cash |
$643,290.00 |
$679,820.00 |
4 |
Accounts receivable (net) |
567,130.00 |
546,470.00 |
5 |
Inventories |
1,010,720.00 |
982,810.00 |
6 |
Investments |
0.00 |
240,290.00 |
7 |
Land |
520,170.00 |
0.00 |
8 |
Equipment |
880,950.00 |
679,180.00 |
9 |
Accumulated depreciation-equipment |
(243,580.00) |
(199,410.00) |
10 |
Total assets |
$3,378,680.00 |
$2,929,160.00 |
11 |
Liabilities and Stockholders’ Equity |
||
12 |
Accounts payable |
$771,620.00 |
$748,300.00 |
13 |
Accrued expenses payable |
63,010.00 |
71,040.00 |
14 |
Dividends payable |
8,000.00 |
7,080.00 |
15 |
Common stock, $2 par |
56,000.00 |
32,000.00 |
16 |
Paid-in capital: Excess of issue price over par—common stock |
408,000.00 |
192,000.00 |
17 |
Retained earnings |
2,072,050.00 |
1,878,740.00 |
18 |
Total liabilities and stockholders’ equity |
$3,378,680.00 |
$2,929,160.00 |
The income statement for the year ended December 31, 20Y6, is as follows:
1 |
Sales |
$5,985,750.00 |
|
2 |
Cost of merchandise sold |
2,452,320.00 |
|
3 |
Gross profit |
$3,533,430.00 |
|
4 |
Operating expenses: |
||
5 |
Depreciation expense |
$44,170.00 |
|
6 |
Other operating expenses |
3,100,990.00 |
|
7 |
Total operating expenses |
3,145,160.00 |
|
8 |
Operating income |
$388,270.00 |
|
9 |
Other expense: |
||
10 |
Loss on sale of investments |
(63,610.00) |
|
11 |
Income before income tax |
$324,660.00 |
|
12 |
Income tax expense |
103,090.00 |
|
13 |
Net income |
$221,570.00 |
Additional data obtained from an examination of the accounts in the ledger for 20Y6 are as follows:
A. | Equipment and land were acquired for cash. |
B. | There were no disposals of equipment during the year. |
C. | The investments were sold for $176,680 cash |
D. | The common stock was issued for cash. |
E. | There was a $28,260 debit to Retained Earnings for cash dividends declared. |
Prepare a statement of cash flows, using the direct method of presenting cash flows from operating activities. Be sure to complete the heading of the statement. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use a minus sign to indicate a decrease in cash.
The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is shown...
The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is as follows: 1 Dec. 31, 20Y6 Dec. 31, 20Y5 2 Assets 3 Cash $643,740.00 $678,670.00 4 Accounts receivable (net) 567,590.00 546,500.00 5 Inventories 1,010,270.00 983,300.00 6 Investments 0.00 239,830.00 7 Land 520,160.00 0.00 8 Equipment 879,990.00 680,730.00 9 Accumulated depreciation (244,840.00) (200,100.00) 10 Total assets $3,376,910.00 $2,928,930.00 11 Liabilities and Stockholders’ Equity 12 Accounts payable (merchandise creditors) $771,010.00 $748,100.00 13 Accrued expenses payable (operating expenses)...
The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is as follows: 1 Dec. 31, 20Y6 Dec. 31, 20Y5 2 Assets 3 Cash $644,280.00 $679,240.00 4 Accounts receivable (net) 565,860.00 546,830.00 5 Inventories 1,010,590.00 981,810.00 6 Investments 0.00 239,300.00 7 Land 520,730.00 0.00 8 Equipment 880,820.00 680,410.00 9 Accumulated depreciation (244,970.00) (200,400.00) 10 Total assets $3,377,310.00 $2,927,190.00 11 Liabilities and Stockholders’ Equity 12 Accounts payable (merchandise creditors) $772,460.00 $747,980.00 13 Accrued expenses payable (operating expenses)...
The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is as follows: Dec. 31, 20Y6 Dec. 31, 20Y5 Assets Cash $227,220 $211,610 Accounts receivable (net) 82,310 76,000 Inventories 232,380 225,030 Investments 0 87,180 Land 119,180 0 Equipment 256,370 198,950 Accumulated depreciation-equipment (60,020) (53,650) Total assets $857,440 $745,120 Liabilities and Stockholders' Equity Accounts payable $155,200 $146,790 Accrued expenses payable 15,430 19,370 Dividends payable 8,570 6,710 Common stock, $10 par 46,300 36,510 Paid-in capital: Excess of issue...
The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is as follows: SHOW ME HO EXCEL TEMPLE GENERAL LED Dec. 31, 2016 Dec. 31, 2045 + Assets Cash Accounts receivable (net). Inventories Investments Land Equipment... Accumulated depreciation. Total assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Accrued expenses payable (operating expenses) Dividends payable. $ 643,400 566,800 1,011,000 0 520,000 880,000 (244,400) $3,376,800 $ 679,400 547,400 982,800 240,000 0 680,000 (200,400) $2,929,200 $ 771,800 63,400...
Please Help! The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is as follows: SHOW ME HOW EXCEL TEMPLATE GENERAL LEDGER Dec 31, 2016 Dec 31, 2015 + Assets Cash Accounts receivable (net) Inventories Investments ... Land Equipment. Accumulated depreciation. Total assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Accrued expenses payable (operating expenses) Dividends payable $ 643,400 566,800 1,011,000 0 520,000 880,000 (244,400) $3,376,800 $ 679,400 547,400 982,800 240,000 0 680,000 (200,400) $2,929,200...
Statement of Cash Flows-Direct Method The comparative balance sheet of Canace Products Inc. for December 31, 2016 and 20Y5, is as follows: Dec. 31, 20Y6 Dec. 31, 2045 Assets Cash $290,320 $270,690 Accounts receivable (net) 105,170 97,220 Inventories 296,910 287,850 Investments 111,520 Land 152,280 0 Equipment 327,570 254,490 Accumulated depreciation-equipment (76,690) (68,630) Total assets $1,095,560 $953,140 0 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Dividends payable Common stock, $10 par Paid-in capital: Excess of issue price over par-common...
Statement of Cash Flows-Direct Method The comparative balance sheet of Canace Products Inc. for December 31, 2016 and 2015, is as follows: Dec 31, 2016 Dec. 31, 2015 $272.890 98,860 279,060 Assets Cash Accounts receivable (net) Inventories Investments Land Equipment Accumulated depreciation equipment Total assets 5252,390 90,650 268.380 103,980 143,140 307,900 (72,080) $1,029,770 237,280 (63,990) SBBB.690 $175,070 23,110 8,000 43,550 120,860 518,100 $888,690 Liabilities and Stockholders' Equity Accounts payable $186,390 Accrued expenses payable 18,540 Dividends payable 10,300 Common stock, $10...
Statement of Cash Flows-Direct Method The comparative balance sheet of Canace Products Inc. for December 31, 2016 and 2015, is as follows: Dec. 31, 20Y6 Dec. 31, 2015 Assets Cash Accounts receivable (net) $277,920 100,680 284,210 Inventories $258,230 92,750 274,600 106,380 Investments Land Equipment Accumulated depreciation equipment 145,780 313,580 (73,410) $1,048,760 242,780 (65,470) $909,270 Total assets $189,830 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Dividends payable $179,130 18,880 Common stock, $10 par 10,490 56,630 212,900 560,030 23,640 8,180...
The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is as follows: 1 Dec. 31, 20Y3 Dec. 31, 20Y2 2 Assets 3 Cash $625,650.00 $586,340.00 4 Accounts receivable (net) 228,170.00 208,030.00 5 Inventories 641,480.00 617,130.00 6 Investments 0.00 240,290.00 7 Land 328,170.00 0.00 8 Equipment 706,070.00 552,300.00 9 Accumulated depreciation-equipment (165,580.00) (147,010.00) 10 Total assets $2,363,960.00 $2,057,080.00 11 Liabilities and Stockholders’ Equity 12 Accounts payable (merchandise creditors) $424,300.00 $404,860.00 13 Accrued expenses payable (operating expenses) 41,850.00...
> New Tab Dec 31, 2016 Dec 31, 2045 Assets 3 Cash 5679,240.00 547,320.00 Accounts receivable (net) 982,470.00 5 Inventories Investments 5645,810.00 566,800.00 1,010,630.00 0.00 519,380.00 879,170.00 (245,160.00) 55,374,630.00 7 Land 240,820.00 0.00 680,900.00 (201,330.00) $2,929,420.00 & Equipment Accumulated depreciation 10 Total assets Liabilities and Stockholders' Equity 12 Accounts payable (merchandise creditors) 13 Accrued expenses payable (operating expenses) 14 Dividends payable 15 Common stock, 52 par 16 Paid-in capital: Excess of issue price over par-common stock $771,990.00 64,240.00 $747,520.00 70,210.00...