Question

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Following are comparative ba ice sheets for Millco Inc. at January 31 and February 28, 2020: MILLCO INC. Balance Sheets February 28 and January 31, 2020 February 28 January 31 $ 37,800 57,600 72,900 $168,300 $ 33,300 47,700 84,600 $165,600 149,400 (21,600) $ 296,100 136,800 (18,980) $283,500 Assets Cash Accoun receivable Merchandise inventory Total current assets Plant and equipment: Production equipment Less: Accumulated depreciation Total assets Liabilities Accounts payable ! Short-term debt Other accrued liabilit Total current liabil: Long-term debt Total liabilities Stockholders' Equity Common stock, no par valu 25,200 shares issued, re Retained earnings: Beginning balance Net income for mont Dividends abilities $ 33,300 39,600 18,900 $ 91,800 29,700 $121,500 $ 36,900 39,600 2 1,600 $ 98,100 41,400 $139,500 and $ 93,600 $ 86,400 $ 57,600 32,400 (9,000). $ 38,700 26,100 (7,200)

Answer 1

Answer with working is given below

MILLCO INC Balance Sheets January 31 and February 28, 2020 February 28 January 31 Change Assets Cash 37,800 33,300 4,500 Accounts Receivable 57,600 47,700 9,900 Merchandise Inventory 72,900 84,600 - 11,700 Total Current Assets 168,300 165,600 Plant and Equipment Production Equipment 149,400 136,800 12,600 Less: Accumulated Depreciation -21,600] -18,900 -2,700 127,800 117,900 9,900 Total Assets 296,100 283,500 -3,600 Liabilities Accounts payable Short-term debt Other accrued liabilities Total Current Liabilities 33,300 39,600 18,900 91,800 36,900 39,600 21,600 98,100 -2,700 Long term debt Total Liabilities 29,700 121,500 -11,700 41,400 139,500 93,600 7,200 Stockholders Equity Common Stock Retained earnings Beginning balance Net Income Dividends Ending balance Total Stockholders equity Total Liabilities and Stockholders equity 57,600 32,400 -9,000 81,000 174,600 296,100 38,700 26,100 -7,200 57,600 144,000 283,500 23,400 MILLCO INC Statement of Cash flows For the month Ended February 28,2020 Cash flows from Operating activities Net Income $32,400 Add (deduct Sitems not affecting cash Depreciation $2,700 Operating profit before Working capital changes $35,100 Increase in Accounts receivable ($9,900) Decrease in Merchandise Inventory $11,700 Decrease in Accounts Payable ($3,600) Decrease in Accrued liabilities ($2,700) Cash flow from Operating Activities Cash flow from Investing activities Purchase of Fixed Assets Cash flow from Investing Activities Cash flow from Financing activities Issue of common stock $7,200 Payment of Dividend ($9,000) Repayment of Long term debt ($11,700) Cash flow from Financing Activities Net cash inflow/(Outflow) Opening balance of cash Closing balance of cash $30,600 ($12,600) ($13,500) $4,500 $33,300 $37,800

MILLCO INC Balance Sheets January 31 and February 28, 2020 February 28 January 31 Change Assets Cash 37,800 33,300 4,500 Accounts Receivable 57,600 47,700 9,900 Merchandise Inventory 72,900 84,600 -11,700 Total Current Assets 168,300 165,600 Plant and Equipment Production Equipment 149,400 136,800 12,600 Less: Accumulated Depreciation -21,600] -18,900 -2,700 127,800 117,900 9,900 Total Assets 296,100 283,500 -3,600 Liabilities Accounts payable Short-term debt Other accrued liabilities Total Current Liabilities 33,300 39,600 18,900 91,800 36,900 39,600 21,600 98,100 -2,700 Long term debt Total Liabilities 29,700 121,500 -11,700 41,400 139,500 93,600 86,400 7,200 Stockholders Equity Common Stock Retained earnings Beginning balance Net Income Dividends Ending balance Total Stockholders equity Total Liabilities and Stockholders equity 57,600 32,400 -9,000 81,000 174,600 296,100 38,700 26,100 -7,200 57,600 144,000 283,500 6,300 -1,800 23,400 MILLCO INC Statement of Cash flows For the month Ended February 28,2020 Cash flows from Operating activities Change in Net income $32,400 Add (deduct Sitems not affecting cash Depreciation $2,700 Operating profit before Working capital changes $35,100 Increase in Accounts receivable ($9,900) Decrease in Merchandise Inventory $11,700 Decrease in Accounts Payable ($3,600) Decrease in Accrued liabilities ($2,700) Cash flow from Operating Activities Cash flow from Investing activities Purchase of Fixed Assets Cash flow from Investing Activities Cash flow from Financing activities Issue of Common stock $7,200 Payment of Dividend ($9,000) Repayment of Long term debt ($11,700) Cash flow from Financing Activities Net cash inflow/(Outflow) Opening balance of cash Closing balance of cash $30,600 ($12,600) ($13,500) $4,500 $33,300 $37,800