5. Geiger Company's cash balance at December 31, 2009, was $136,000. Calculate the company's cash balance...
5. Geiger Company's cash balance at December 31, 2009, was $136,000. Calculate the company's cash balance at December 31, 2010, given the following information for the year ended December 31, 2010. Show your work.
Net Income $370,000
Depreciation and Amortization Expense 98,000
Increase in Accounts Receivable (net) 14,000
Decrease in Inventory 25,000
Increase in Accounts Payable 20,000
Net Cash Flows from Investing Activities 133,000
Net Cash Flows from Financing Activities (600,000).
Homework Answers
Answer-The company's cash balance at December 31, 2010 = $168000.
Explanation-
| GEIGER COMPANY | ||
| STATEMENT OF CASH FLOWS (USING INDIRECT METHOD) | ||
| FOR THE YEAR ENDED 31 DECEMBER,2010 | ||
| Particulars | Amount | |
| $ | ||
| Cash flow from operating activities | ||
| Net Income | 370000 | |
| Adjustments to reconcile net income to net cash provided by operating activities | ||
| Adjustment for non cash effects | ||
| Depreciation & Amortization Expense | 98000 | |
| Change in operating assets & liabilities | ||
| Increase in accounts receivable | -14000 | |
| Decrease in inventory | 25000 | |
| Increase in accounts payable | 20000 | |
| Net cash flow from operating activities (a) | 499000 | |
| Cash Flow from Investing activities | ||
| Net cash Flow from Investing activities (b) | 133000 | |
| Cash Flow from Financing activities | ||
| Net cash Flow from Financing activities (c) | -600000 | |
| Net Change in cash c=a+b+c | 32000 | |
| Beginning cash balance | 136000 | |
| Closing cash balance | 168000 |
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5. Geiger Company's cash balance at December 31, 2009, was
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Velo Company
Comparative Balance Sheets
December 31
Assets
2020
2019
Cash
$72,800
$33,200
Accounts receivable
86,500
70,700
Inventory
170,200
187,000
Land
72,700
100,700
Equipment
260,700
200,600
Accumulated depreciation—equipment
(65,700
)
(33,500
)
Total
$597,200
$558,700
Liabilities and Stockholders’ Equity
Accounts payable
$35,400
$46,500
Bonds payable
149,800
203,300
Common stock ($1 par)
218,000
173,000
Retained earnings
194,000
135,900
Total
$597,200
$558,700
Additional information:
1.
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2.
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3.
Bonds...
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Balance sheet at December 31 2011 2010 Cash Accounts receivable Merchandise inventory Property and equipment $84,000 $69,000 68,000 21,000 121,000 100,000 55,000 31,000 Less: Accumulated depreciation (60,000) (45,000) $231,000 $213,000 $15,000 $37,000 11,000 95,000 45,000 25,000 Accounts payable Wages payable Note payable, long-term Contributed capital Retained earnings 1,000 100,000 50,000 65,000 FROM FI $231,000 $213,000 There were no sales of equipment during 2011. Net income for 2011 was $55,000. There were dividends declared and paid during the year. There were...
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Kay Wing, Inc., prepared the following balance sheet at December 31, 2016. Balance Sheet as of December 31, 2016 Cash Accounts receivable Inventory Long-term investments Land Plant and equipment (net) Total assets Accounts payable Taxes payable Bonds payable Capital stock Retained earnings Total liabilities and stockholders' equity $ 65,000 37,000 70,000 20,000 39,000 109,000 $340,000 $ 33,000 4,000 80,000 90,000 133,000 $340,000 The following occurred during 2017 1. $15,000 in cash and a $35,000 note payable were exchanged for land...
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Velo Company
Comparative Balance Sheets
December 31
Assets
2020
2019
Cash
$72,800
$33,200
Accounts receivable
86,500
70,700
Inventory
170,200
187,000
Land
72,700
100,700
Equipment
260,700
200,600
Accumulated depreciation—equipment
(65,700
)
(33,500
)
Total
$597,200
$558,700
Liabilities and Stockholders’ Equity
Accounts payable
$35,400
$46,500
Bonds payable
149,800
203,300
Common stock ($1 par)
218,000
173,000
Retained earnings
194,000
135,900
Total
$597,200
$558,700
Additional information:
1.
Net income for 2020 was $103,600.
2.
Cash dividends of $45,500 were declared and paid.
3.
Bonds...
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