The company provided the following information. (a) Cash sales for the year were $50,000; sales on...
The company provided the following information.
(a) Cash sales for the year were $50,000; sales on
account totaled $60,000. (b) Cost of goods sold was $55,000.
(c) All inventory is purchased on account. (d)
Depreciation on building was $31,000 for the year.
(e) Depreciation on equipment was $2,000.
(f) Cash collections of accounts receivable were
$38,000.
(g) Cash payments on accounts payable for inventory equaled
$39,000.
(h) Rent expense paid in cash was $11,000.
(i) 20,000 shares of common stock were issued for
$240,000 in cash.
(j) Land valued at $106,000 was acquired in exchange
for signing a mortgage note payable.
(k) Equipment was purchased for cash at a cost of
$84,000.
(l) Dividends of $46,000 were declared but not yet
paid.
(m) $15,000 of dividends that had been declared the previous year
were paid in cash.
(n) Interest totaling $16,000 was paid in cash during
the year.
(o) A machine used on the assembly line was sold for
$12,000 in cash. The machine had a book value of $7,000.
(p) On January 1, the company entered into an operating lease to
secure the use of a building having a cash price of $200,000. The
first lease payment of $19,000 in cash was made on January 1.
1. Compute cash from operating activities.
2. Compute cash from investing activities.
3. Compute cash from financing activities
Homework Answers
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The company provided the following information.
(a) Cash sales for the year were $50,000; sales on...
Additional Information for 2018 The parent issued bonds during the year for cash. Amortization of...
We were unable to transcribe this imageAdditional Information for 2018 The parent issued bonds during the year for cash. Amortization of databases amounts to $26,000 per year. The parent sold a building with a cost of $102,000 but a $51,000 book value for cash on May 11 . The subsidiary purchased equipment on July 23 for $249,000 in cash .Late in November, the parent issued stock for cash During the year, the subsidiary paid dividends of $52,000. Both parent and...
Problem 23-2 The comparative balance sheets for Concord Corporation show the following information. Cash Accounts receivable...
Problem 23-2 The comparative balance sheets for Concord Corporation show the following information. Cash Accounts receivable Inventory Available-for-sale debt investments Buildings Equipment Patents December 31 2017 2016 $33,400 $13,100 12,300 10,000 12,200 9,100 -0 2,900 -0 29,500 45,400 20,200 5,000 6,200 $108,300 $91,000 Allowance for doubtful accounts Accumulated depreciation equipment Accumulated depreciation-building Accounts payable Dividends payable Notes payable, short-term (nontrade) Long-term notes payable Common stock Retained earnings $3,000 2,000 -0- 5,000 -0- 3,000 31,000 43,000 21,300 $108,300 $4,500 4,600 6,100...
The comparative balance sheets for Hinckley Corporation show the following information. Cash Accounts receivable Inventory Investments...
The comparative balance sheets for Hinckley Corporation show the following information. Cash Accounts receivable Inventory Investments Buildings Equipment Patents December 31 2014 2013 $39,610 $14,200 18,460 11,900 17,110 9,750 -0 3,760 -O- 30,380 51,050 22,500 5,440 $131,670 $99,160 6,670 Allowance for doubtful accounts Accumulated depreciation equipment Accumulated depreciation-building Accounts payable Dividends payable Notes payable, short-term (nontrade) Long-term notes payable Common stock Retained earnings $3,170 2,410 -0- 5,440 -0- 2,940 32,860 43,230 41,620 $131,670 $5,290 5,220 6,480 3,760 4,030 3,950 25,850...
Bobcat Coffee had sales of goods totaling $200,000, receiving $150,000 in cash and $50,000 on account....
Bobcat Coffee had sales of goods totaling $200,000, receiving $150,000 in cash and $50,000 on account. The cost of the goods sold were $60,000. Bobcat Coffee purchased $80,000 of inventory. All purchases were on account. Bobcat Coffee paid salaries of $50,000. This was payment for salaries of $35,000 and $15,000 that was payable from last year. Bobcat Coffee purchased $7,000 of supplies. All of these purchases were on account. Bobcat Coffee received $40,000 cash from customers who had been granted...
Managerial Accounting. Please complete the Statement of Cash Flows The following information was collected from Sierra...
Managerial Accounting. Please complete the Statement of Cash
Flows
The following information was collected from Sierra Manufacturing's Income Statement and comparative Balance Sheet: Increase in cash $28,000 Decrease in accounts payable $25,000 Increase in account receivable $ 8,000 Increase in salaries payable $ 2,000 Decrease in inventory $16,000 Decrease in deferred income tax $ 4,000 Decrease in prepaid rent $ 3,000 Increase in notes payable $12,000 Increase in equipment $60,000 Decrease in common stock $25,000 Increase in accumulated depreciation $18,000...
Problem 5 Cash flow from operations activities-indirect method An analysis of the 2010 financial statements of Portside...
Problem 5 Cash flow from operations activities-indirect method An analysis of the 2010 financial statements of Portside Provisions reveals the following: (a) Accounts payable to suppliers of merchandise decreased by $65,000 during 2010 (b) Dividends of $135,000 were declared in November 2010, to be paid in January 2011 (c) Dividends of $120,000, declared in November 2009, were paid in January 2010 (d) Inventory levels increased by $91,000 during 2010. (e) Depreciation expense for 2010 amounted to $53,000 (f) Land, which...
The following additional data were provided: 1. Dividends declared and paid were $35,000. 2. During the...
The following additional data were provided:
1.
Dividends declared and paid
were $35,000.
2.
During the year equipment was
sold for $17,000 cash. This equipment cost $28,000 originally and
had a book value of $17,000 at the time of sale.
3.
All depreciation expense is
in the operating expenses.
4.
All sales and purchases are
on account.
5.
Accounts payable pertain to
merchandise suppliers.
6.
All operating expenses except
for depreciation were paid in cash.
Prepare a statement of cash...
Exercise 11-45 (Algorithmic) Partial Statement of Cash Flows Service Company had net income during the current...
Exercise 11-45 (Algorithmic) Partial Statement of Cash Flows Service Company had net income during the current year of $114,000. The following information was obtained from the balance sheet of Service Company: Accounts receivable $21,300 increase Inventory Accounts payable Interest payable 28,700 increase 14,240 decrease 3,180 increase 12,340 increase 27,800 increase Accumulated depreciation, building Accumulated depreciation, equipment Additional Information: 1. Equipment with accumulated depreciation of $15,000 was sold during the year. 2. Cash dividends of $36,000 were paid during the year....
Business Course PRUITT COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $770,000...
Business Course PRUITT COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $770,000 Cost of Goods Sold $450,000 Wages and Other Operating Expenses 195,000 Depreciation Expense 22,000 Goodwill Amortization Expense 7,000 Interest Expense 5,000 Income Tax Expense 36,000 Loss on Bond Retirement 5,000 720,000 Net Income $50,000 Support We were unable to transcribe this imageBusiness Course $480,000 $489,000 Total Assets Liabilities and Stockholders' Equity Accounts Payable Interest Payable Income Tax Payable Bonds Payable Common Stock Retained Earnings...
NOSKER COMPANY Comparative Balance Sheet December 31 2017 2016 Assets Cash $38,000 $20,000 Accounts Receivable 30,000...
NOSKER COMPANY Comparative Balance Sheet December 31 2017 2016 Assets Cash $38,000 $20,000 Accounts Receivable 30,000 14,000 Inventory 27,000 20,000 78,000 Equipment Accumulated depreciation-equipment 60,000 (29,000) $126,000 (24,000) $108,000 Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable $24,000 $15,000 7,000 8,000 27,000 33,000 Common stock 18,000 14,000 38,000 $108,000 Retained earnings 50,000 Total $126,000 NOSKER COMPANY Income Statement For the Year ended December 31, 2017 Sales revenue $242,000 Cost of goods sold Gross profit 175,000 67,000...
We were unable to transcribe this imageAdditional Information for 2018 The parent issued bonds during the year for cash. Amortization of databases amounts to $26,000 per year. The parent sold a building with a cost of $102,000 but a $51,000 book value for cash on May 11 . The subsidiary purchased equipment on July 23 for $249,000 in cash .Late in November, the parent issued stock for cash During the year, the subsidiary paid dividends of $52,000. Both parent and...
Problem 23-2 The comparative balance sheets for Concord Corporation show the following information. Cash Accounts receivable Inventory Available-for-sale debt investments Buildings Equipment Patents December 31 2017 2016 $33,400 $13,100 12,300 10,000 12,200 9,100 -0 2,900 -0 29,500 45,400 20,200 5,000 6,200 $108,300 $91,000 Allowance for doubtful accounts Accumulated depreciation equipment Accumulated depreciation-building Accounts payable Dividends payable Notes payable, short-term (nontrade) Long-term notes payable Common stock Retained earnings $3,000 2,000 -0- 5,000 -0- 3,000 31,000 43,000 21,300 $108,300 $4,500 4,600 6,100...
The comparative balance sheets for Hinckley Corporation show the following information. Cash Accounts receivable Inventory Investments Buildings Equipment Patents December 31 2014 2013 $39,610 $14,200 18,460 11,900 17,110 9,750 -0 3,760 -O- 30,380 51,050 22,500 5,440 $131,670 $99,160 6,670 Allowance for doubtful accounts Accumulated depreciation equipment Accumulated depreciation-building Accounts payable Dividends payable Notes payable, short-term (nontrade) Long-term notes payable Common stock Retained earnings $3,170 2,410 -0- 5,440 -0- 2,940 32,860 43,230 41,620 $131,670 $5,290 5,220 6,480 3,760 4,030 3,950 25,850...
Managerial Accounting. Please complete the Statement of Cash
Flows
The following information was collected from Sierra Manufacturing's Income Statement and comparative Balance Sheet: Increase in cash $28,000 Decrease in accounts payable $25,000 Increase in account receivable $ 8,000 Increase in salaries payable $ 2,000 Decrease in inventory $16,000 Decrease in deferred income tax $ 4,000 Decrease in prepaid rent $ 3,000 Increase in notes payable $12,000 Increase in equipment $60,000 Decrease in common stock $25,000 Increase in accumulated depreciation $18,000...
Problem 5 Cash flow from operations activities-indirect method An analysis of the 2010 financial statements of Portside Provisions reveals the following: (a) Accounts payable to suppliers of merchandise decreased by $65,000 during 2010 (b) Dividends of $135,000 were declared in November 2010, to be paid in January 2011 (c) Dividends of $120,000, declared in November 2009, were paid in January 2010 (d) Inventory levels increased by $91,000 during 2010. (e) Depreciation expense for 2010 amounted to $53,000 (f) Land, which...
The following additional data were provided:
1.
Dividends declared and paid
were $35,000.
2.
During the year equipment was
sold for $17,000 cash. This equipment cost $28,000 originally and
had a book value of $17,000 at the time of sale.
3.
All depreciation expense is
in the operating expenses.
4.
All sales and purchases are
on account.
5.
Accounts payable pertain to
merchandise suppliers.
6.
All operating expenses except
for depreciation were paid in cash.
Prepare a statement of cash...
Exercise 11-45 (Algorithmic) Partial Statement of Cash Flows Service Company had net income during the current year of $114,000. The following information was obtained from the balance sheet of Service Company: Accounts receivable $21,300 increase Inventory Accounts payable Interest payable 28,700 increase 14,240 decrease 3,180 increase 12,340 increase 27,800 increase Accumulated depreciation, building Accumulated depreciation, equipment Additional Information: 1. Equipment with accumulated depreciation of $15,000 was sold during the year. 2. Cash dividends of $36,000 were paid during the year....
Business Course PRUITT COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $770,000 Cost of Goods Sold $450,000 Wages and Other Operating Expenses 195,000 Depreciation Expense 22,000 Goodwill Amortization Expense 7,000 Interest Expense 5,000 Income Tax Expense 36,000 Loss on Bond Retirement 5,000 720,000 Net Income $50,000 Support We were unable to transcribe this imageBusiness Course $480,000 $489,000 Total Assets Liabilities and Stockholders' Equity Accounts Payable Interest Payable Income Tax Payable Bonds Payable Common Stock Retained Earnings...
NOSKER COMPANY Comparative Balance Sheet December 31 2017 2016 Assets Cash $38,000 $20,000 Accounts Receivable 30,000 14,000 Inventory 27,000 20,000 78,000 Equipment Accumulated depreciation-equipment 60,000 (29,000) $126,000 (24,000) $108,000 Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable $24,000 $15,000 7,000 8,000 27,000 33,000 Common stock 18,000 14,000 38,000 $108,000 Retained earnings 50,000 Total $126,000 NOSKER COMPANY Income Statement For the Year ended December 31, 2017 Sales revenue $242,000 Cost of goods sold Gross profit 175,000 67,000...
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