Comparative balance sheets for 2018 and 2017 and a statement of
income for 2018 are given below for Metagrobolize Industries.
Additional information from the accounting records of Metagrobolize
also is provided.
METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) |
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2018 | 2017 | |||||||
Assets | ||||||||
Cash | $ | 400 | $ | 170 | ||||
Accounts receivable | 430 | 230 | ||||||
Inventory | 580 | 370 | ||||||
Land | 550 | 545 | ||||||
Building | 900 | 900 | ||||||
Less: Accumulated depreciation | (250 | ) | (210 | ) | ||||
Equipment | 2,700 | 2,390 | ||||||
Less: Accumulated depreciation | (409 | ) | (380 | ) | ||||
Patent | 1,400 | 1,500 | ||||||
$ | 6,301 | $ | 5,515 | |||||
Liabilities | ||||||||
Accounts payable | $ | 680 | $ | 480 | ||||
Accrued expenses payable | 190 | 115 | ||||||
Lease liability—land | 130 | 0 | ||||||
Shareholders' Equity | ||||||||
Common stock | 3,160 | 3,000 | ||||||
Paid-in capital—excess of par | 500 | 490 | ||||||
Retained earnings | 1,641 | 1,430 | ||||||
$ | 6,301 | $ | 5,515 | |||||
METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2018 ($ in 000s) |
||||||
Revenues | ||||||
Sales revenue | $ | 2,608 | ||||
Gain on sale of land | 50 | $ | 2,658 | |||
Expenses | ||||||
Cost of goods sold | $ | 880 | ||||
Depreciation expense—building | 40 | |||||
Depreciation expense—equipment | 272 | |||||
Loss on sale of equipment | 10 | |||||
Amortization of patent | 100 | |||||
Operating expenses | $ | 550 | 1,852 | |||
Net income | $ | 806 | ||||
Additional information from the accounting records:
Required:
Prepare the statement of cash flows for Metagrobolize Industries
using the indirect method. (Enter your answers in
thousands. (i.e., 10,000 should be entered as 10).) Amounts to be
deducted should be indicated with a minus sign.)
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Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given...
Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) 2018 2017 Assets Cash $ 540 $ 285 Accounts receivable 670 350 Inventory 820 430 Land 600 570 Building 900 900 Less: Accumulated depreciation (250 ) (220) Equipment 3,300 3,110 Less: Accumulated depreciation (481 ) (440...
Please fill out the chart :) Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries Additional information from the accounting records of Metagrobolize also is provided METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 (s in 000s) 2018 2017 Assets Cash Accounts receivable Inventory Land Building $ 580 375 450 525 600 900 600 900 675 900 (300) Less: Accumulated depreciation (270) Equipment 2,850 2,250 Less: Accumulated...
Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) 2018 2017 Assets Cash $ 400 $ 205 Accounts receivable 390 210 Inventory 540 360 Land 550 515 Building 900 900 Less: Accumulated depreciation (300 ) (270) Equipment 2,600 2,270 Less: Accumulated depreciation (367 ) (340...
Please fill in the chart :) Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries Additional information from the accounting records of Metagrobolize also is provided METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 (s in 000s) 2018 2017 Assets Cash Accounts receivable Inventory Land Building $ 580 375 450 525 600 900 600 900 675 900 (300) Less: Accumulated depreciation (270) Equipment 2,850 2,250 Less: Accumulated...
Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) 2018 2017 Assets Cash $ 560 $ 370 Accounts receivable 710 370 Inventory 860 440 Land 700 670 Building 900 900 Less: Accumulated depreciation (200 ) (160 ) Equipment 3,400 3,230 Less: Accumulated depreciation (343 )...
| 11 Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. points METACROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) Skipped 2018 2017 eBook Print Assets Cash Accounts receivable Inventory Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Patent $ 400 390 540 550 900 (300) 2,600 (367) 1,200 $ 5,913 $...
Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. 6.66 points 2017 Ask METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000 s) 2018 Assets Cash $ 510 Accounts receivable 610 Inventory 760 Land 600 Building 700 Less: Accumulated depreciation (250) Equipment 3,150 Less: Accumulated depreciation (418) Patent 1,300 $ 6,962 Print $ 265...
3. Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) 2018 2017 Assets Cash $ 470 $ 220 Accounts receivable 530 280 Inventory 680 395 Land 700 620 Building 800 800 Less: Accumulated depreciation (200 ) (170) Equipment 2,950 2,690 Less: Accumulated depreciation (334 )...
Comparative balance sheets for 2021 and 2020 and a statement of income for 2021 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) 2021 2020 Assets Cash $ 390 $ 190 Accounts receivable 450 240 Inventory 600 375 Land 600 560 Building 900 900 Less: Accumulated depreciation (300 ) (285 ) Equipment 2,750 2,450 Less: Accumulated depreciation (430 )...
Problem 21-5 Statement of cash flows; direct method [LO21-3, 21-8] Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) 2018 2017 Assets Cash $ 560 $ 370 Accounts receivable 710 370 Inventory 860 440 Land 700 670 Building 900 900 Less: Accumulated depreciation (200 )...