Condensed financial data of Wildhorse Company for 2017 and 2016
are presented below.
WILDHORSE COMPANY |
||||||
2017 |
2016 |
|||||
Cash |
$1,840 |
$1,170 |
||||
Receivables |
1,730 |
1,310 |
||||
Inventory |
1,580 |
1,880 |
||||
Plant assets |
1,910 |
1,700 |
||||
Accumulated depreciation |
(1,210 |
) |
(1,170 |
) |
||
Long-term investments (held-to-maturity) |
1,310 |
1,420 |
||||
$7,160 |
$6,310 |
|||||
Accounts payable |
$1,190 |
$900 |
||||
Accrued liabilities |
210 |
260 |
||||
Bonds payable |
1,400 |
1,580 |
||||
Common stock |
1,880 |
1,720 |
||||
Retained earnings |
2,480 |
1,850 |
||||
$7,160 |
$6,310 |
WILDHORSE COMPANY |
||
Sales revenue |
$7,000 |
|
Cost of goods sold |
4,710 |
|
Gross margin |
2,290 |
|
Selling and administrative expenses |
940 |
|
Income from operations |
1,350 |
|
Other revenues and gains | ||
Gain on sale of investments |
80 |
|
Income before tax |
1,430 |
|
Income tax expense |
540 |
|
Net income | 890 | |
Cash dividends |
260 |
|
Income retained in business |
$630 |
Additional information:
During the year, $70 of common stock was issued in exchange for
plant assets. No plant assets were sold in 2017.
Prepare a statement of cash flows using the direct method.
Cashflows Statement: | ||||||
Cashflows from Operating activities: | ||||||
Cash received from Customer (7000+1310-1730) | 6580 | |||||
Cash paiid for suppliers (4710+1580-1880+900-1190-40) | -4080 | |||||
Cash paid for selling admin expense (940+260-210) | -990 | |||||
Income tax Paid | -540 | |||||
Net cash provided from Operating activities | 970 | |||||
Cashflows from Investing activities | ||||||
Purchase of plant | -140 | |||||
Sale of investment (1420-1310+80) | 190 | |||||
Net cash provided from Investing activities | 50 | |||||
Cashflows from Financing activities | ||||||
Repayment of Bonds payable | -180 | |||||
Issue of Common Stock | 90 | |||||
Dividend paid | -260 | |||||
Net Cash used in Financing activities | -350 | |||||
Net Increase in ccash | 670 | |||||
Beginning balance of cash | 1170 | |||||
Ending balance of cash | 1840 | |||||
Condensed financial data of Wildhorse Company for 2017 and 2016 are presented below. WILDHORSE COMPANY COMPARATIVE...
Condensed financial data of Kingbird Company for 2017 and 2016 are presented below KINGBIRD COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 Cash Receivables Inventory Plant assets Accumulated depreciation Long-term investments (held-to-maturity) 2017 2016 $1,840 $1,170 1,730 1,310 1,580 1,880 1,910 1,700 (1,210) (1,170) 1,310 1,420 $7,160 $6,310 Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings $1,190 $900 260 1,400 1,580 1,880 1,720 2,480 1,850 $7,160 $6,310 210 KINGBIRD COMPANY INCOME STATEMENT FOR THE YEAR...
Condensed financial data of Swifty Company for 2017 and 2016 are presented below. SWIFTY COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31,2017 AND 2016 2017 2016 1.840 $1,170 Cash 1,730 1,310 Receivables 1,580 1,880 Inventory ,910 1,700 Plant assets 1.210) (1,170) Accumulated depreciation Long-term investments (held-to-maturity) 1.310 1420 $7,160 $6,310 Accounts payable $1.190 $900 210 Accrued liabilities 260 Bonds payable 1400 1,580 Common stock 1,880 1,720 2,480 1,850 Retained earnings $7,160 $6,310 SWIFTY COMPANY INCOME STATEMENT FOR THE YEAR ENDED...
Condensed financial data of Monty Company for 2017 and 2016 are presented below. MONTY COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 2017 2016 Cash $1,810 $1,160 Receivables 1,740 1,310 Inventory 1,630 1,890 Plant assets 1,910 1,720 Accumulated depreciation (1,220 ) (1,180 ) Long-term investments (held-to-maturity) 1,280 1,420 $7,150 $6,320 Accounts payable $1,220 $920 Accrued liabilities 190 240 Bonds payable 1,420 1,580 Common stock 1,940 1,730 Retained earnings 2,380 1,850 $7,150 $6,320 MONTY COMPANY INCOME STATEMENT FOR...
Condensed financial data of Stellar Company for 2017 and 2016 are presented below. STELLAR COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 2017 2016 Cash $1,780 $1,140 Receivables 1,760 1,310 Inventory 1,570 1,900 Plant assets 1,890 1,720 Accumulated depreciation (1,190 ) (1,150 ) Long-term investments (held-to-maturity) 1,280 1,410 $7,090 $6,330 Accounts payable $1,220 $890 Accrued liabilities 210 250 Bonds payable 1,430 1,540 Common stock 1,940 1,730 Retained earnings 2,290 1,920 $7,090 $6,330 STELLAR COMPANY INCOME STATEMENT FOR...
Condensed financial data of Flint Company for 2017 and 2016 are presented below. FLINT COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 2017 2016 Cash $1,790 $1,170 Receivables 1,780 1,310 Inventory 1,580 1,900 Plant assets 1,900 1,720 Accumulated depreciation (1,180 ) (1,140 ) Long-term investments (held-to-maturity) 1,310 1,420 $7,180 $6,380 Accounts payable $1,220 $880 Accrued liabilities 210 240 Bonds payable 1,380 1,550 Common stock 1,930 1,660 Retained earnings 2,440 2,050 $7,180 $6,380 FLINT COMPANY INCOME STATEMENT FOR...
Exercise 23-11 Condensed financial data of Crane Company for 2017 and 2016 are presented below. CRANE COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 2017 2016 Cash $1,760 $1,180 Receivables 1,780 1,280 Inventory 1,610 1,920 Plant assets 1,880 1,660 Accumulated depreciation (1,220 ) (1,190 ) Long-term investments (held-to-maturity) 1,310 1,400 $7,120 $6,250 Accounts payable $1,170 $880 Accrued liabilities 190 240 Bonds payable 1,390 1,540 Common stock 1,910 1,730 Retained earnings 2,460 1,860 $7,120 $6,250 CRANE COMPANY INCOME...
Condensed financial data of Vaughn Company for 2017 and 2016 are presented below VAUGHN COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 Cash Receivables Inventory Plant assets Accumulated depreciation Long-term investments (held-to-maturity) 2017 $1,800 1,750 1,630 1,910 2016 $1,130 1,320 1,890 1,720 (1,190) (1,170) 1,280 $7,180 1,410 $6,300 Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings $1,230 190 1,400 1,930 2,430 $7,180 $910 240 1,540 1,680 1,930 $6,300
Question 3 Condensed financial data of Windsor Company for 2017 and 2016 are presented below WINDSOR COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 2017 Cash Receivables Inventory 2016 $1,790 $1,170 1,780 1,310 1,580 1,900 1,9001,720 Plant assets Accumulated depreciation Long-term investments (held-to-maturity) (1,180) (1,140) 1,420 $7,180 $6,380 1,310 Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings $1,220 210 $880 240 1,380 1,5s 1,930 1,660 2,440 2,050 $7,180 $6,380
Condensed financial data of Blue Company for 2017 and 2016 are presented below. Additional information: During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2017. Prepare a statement of cash flows using the indirect method. BLUE COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 2017 2016 Cash $1,780 $1,170 Receivables 1,760 1,280 Inventory 1,620 1,880 Plant assets 1,910 1,670 Accumulated depreciation (1,210) (1,160 ) Long-term investments...
Condensed tinancial data of Coronado Company for 2017 and 2016 are presented below. 2016 $1,160 CORONADO COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 2017 Cash $1,770 Receivables 1,740 Inventory 1,620 Plant assets 1,930 Accumulated depreciation (1,250 ) Long-term investments (held-to-maturity) 1,290 $7,100 1,280 1,880 1,670 (1,190) 1,420 $6,220 Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings $1,220 190 1,370 1,930 2,390 $7,100 $920 240 1,570 1,730 1.760 $6,220 CORONADO COMPANY INCOME STATEMENT FOR THE...