Homework Answers
| Posner Company | ||
| Statement of cash flows | ||
| For the year ended December 31, 2018 | ||
| Cash flows from operating activities | ||
| Net Income | $ 129,000 | |
| Adjustments to reconcile net income: | ||
| Depreciation expense | $ 26,000 | |
| Gain on sale of investment | $ (4,000) | |
| Decrease in accounts receivable | $ 11,000 | |
| Increase in Inventory | $ (8,500) | |
| Increase in accounts payable | $ 18,700 | |
| $ 43,200 | ||
| Net cash provided by operating activities | $ 172,200 | |
| Cash flows from investing activities | ||
| Purchase of equipment | $ (183,200) | |
| Sale of investment | $ 74,000 | |
| Net cash used by investing activities | $ (109,200) | |
| Cash flows from financing activities | ||
| Cash paid to retire bonds | $ (100,000) | |
| Cash received from issuance of common stock | $ 65,000 | |
| Dividends paid | $ (25,000) | |
| Net cash used in financing activities | $ (60,000) | |
| Net increase in cash and cash equivalents | $ 3,000 | |
| Cash and cash equivalents at beginning of period | $ 50,000 | |
| Cash and cash equivalents at end of period | $ 53,000 | |
You can reach me over comment box if you have any doubts. Please
rate this answer
Add Answer to:
Question 22 The comparative balance sheets of Posner Company, for Years 1 and 2 ended December 31, 2018 appear bel...
Calculator The comparative balance sheets of Posner Company, for Years 1 and 2 ended December 31,...
Calculator The comparative balance sheets of Posner Company, for Years 1 and 2 ended December 31, appear below in condensed form: Year 2 Year 1 Assets Cash $50,000 $53,000 37,000 108,500 48,000 Accounts receivable (net) Inventories Investments Equipment Accumulated depreciation-equipment Total assets 573,200 (142,000) $629,700 100,000 70,000 450,000 (176,000) $542,000 $ 62,500 Liabilities and Stockholders' Equity Accounts payable Bonds payable, due Year 2 Common stock, $10 par Paid-in capital in excess of par-common stock Retained earnings Total liabilities and stockholders'...
**Prepare a statement of cash flow, using the direct method and separately, the indirect method of...
**Prepare a statement of cash flow, using the direct method and separately, the indirect method of reporting cash flows from operating activities: The comparative balance sheets of Posner Company, for Years 1 and 2 ended December 31, appear below in condensed form: Cash Year 2 $ 53,000 Year 1 $ 50,000 Accounts receivable (net) 37,000 48,000 Inventories 108,500 100,000 Investments — 70,000 Equipment 573,200 450,000 Accumulated depreciation—equipment (142,000) (176,000) $629,700 $542,000 Accounts payable $ 62,500 $ 43,800 Bonds payable, due...
Here are comparative balance sheets for Velo Company. Velo Company Comparative Balance Sheets December 31 Assets...
Here are comparative balance sheets for Velo Company.
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...
Instructions: Please prepare a proper Statement of Cash Flows for Reynolds Company using the Indirect Method...
Instructions: Please prepare a proper Statement of Cash Flows for Reynolds Company using the Indirect Method in either Word or Excel. Handwritten copies will not be accepted! This assignment can be completed in teams of two. Please submit one copy per team and include names on the submission. The balance sheets for Reynolds Company for the years ended December 31, 2019 and 2018, are as follows: 2019 2018 Cash $53,000 $50,000 Accounts receivable (net) 37,000 48,000 Inventories 108,500 100,000 Investments...
38. The comparative balance sheet of ConnieJo Company, for December 31, Years I and 2 ended...
38. The comparative balance sheet of ConnieJo Company, for December 31, Years I and 2 ended December 31 appears below in condensed form: Year 2 Year 45,000 $53,500 Cash 51,300 Accounts receivable (net) Inventories Investments Equipment Accumulated depreciation-equipment 147,200 135.000 60,000 493,000 375,000 113.700) (128,000) $622800 $553.500 $61,500 $42,600 Accounts payable Bonds payable, due Year 4 Common stock, $10 par Paid-in capital in excess of par-common stock Retained earnings 100,000 250,000 200,000 50,000 236.300 160.900 $622,800 $553,500 The income statement...
Velo Company Comparative Balance Sheets December 31 Assets 2020 2019 Cash $72,800 $33,200 Accounts receivable 86,500...
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...
Spicer Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings...
Spicer Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total 2017 2016 $ 45,000 58,000 142,000 21,000 130,000 200,000 68,000 50,000 151,450 15,280 145,000 200,000 (60,000) (40,000) 225,000 (45,000) (35,000) 155,000 $749,730 $676,000 Liabilities and Stockholders Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total $44,730 300,000 200,000 205,000 749,730 $676,000 $ 36,000 300,000 160,000 180,000 Additional information: 1. Operating expenses include depreciation expense of...
The comparative balance sheets for Spicer Company as of December 31 are presented below. Spicer Company...
The comparative balance sheets for Spicer Company as of December
31 are presented below. Spicer Company Comparative Balance Sheets
December 31 Assets 2022 2021 Cash $ 68,000 $ 45,000 Accounts
receivable 50,000 58,000 Inventory 151,450 142,000 Prepaid expenses
15,280 21,000 Land 145,000 130,000 Buildings 200,000 200,000
Accumulated depreciation—buildings (60,000 ) (40,000 ) Equipment
225,000 155,000 Accumulated depreciation—equipment (45,000 )
(35,000 ) Total $749,730 $676,000 Liabilities and Stockholders’
Equity Accounts payable $ 44,730 $ 36,000 Bonds payable 300,000
300,000 Common stock,...
Rojas Corporation’s comparative balance sheets are presented below. ROJAS CORPORATION Comparative Balance Sheets December 31 2020...
Rojas Corporation’s comparative balance sheets are presented
below.
ROJAS CORPORATION
Comparative Balance Sheets
December 31
2020
2019
Cash
$14,500
$10,700
Accounts receivable
20,800
23,800
Land
19,600
26,300
Buildings
70,100
70,100
Accumulated depreciation—buildings
(15,000
)
(10,700
)
Total
$110,000
$120,200
Accounts payable
$11,800
$28,300
Common stock
75,000
73,400
Retained earnings
23,200
18,500
Total
$110,000
$120,200
Additional information:
1.
Net income was $22,800. Dividends declared and paid were
$18,100.
2.
No noncash investing and financing activities occurred during
2020.
3.
The land...
Comparative balance sheets for Byron Manufacturing as of December 31, 20Y8 and 20Y7 are shown. Complete...
Comparative balance sheets for Byron Manufacturing as of
December 31, 20Y8 and 20Y7 are shown. Complete the Changes column
to determine net cash flows during the year.
Additional information needed to prepare the statement of cash
flows using the indirect method:
Net income was $2,790
Byron paid $20,850 in cash dividends
Byron issued $54,610 in bonds payable for cash
Byron retired $99,610 in bonds with cash
No fixed assets were sold or disposed of during the period
Now prepare the...
Calculator The comparative balance sheets of Posner Company, for Years 1 and 2 ended December 31, appear below in condensed form: Year 2 Year 1 Assets Cash $50,000 $53,000 37,000 108,500 48,000 Accounts receivable (net) Inventories Investments Equipment Accumulated depreciation-equipment Total assets 573,200 (142,000) $629,700 100,000 70,000 450,000 (176,000) $542,000 $ 62,500 Liabilities and Stockholders' Equity Accounts payable Bonds payable, due Year 2 Common stock, $10 par Paid-in capital in excess of par-common stock Retained earnings Total liabilities and stockholders'...
Here are comparative balance sheets for Velo Company.
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...
Instructions: Please prepare a proper Statement of Cash Flows for Reynolds Company using the Indirect Method in either Word or Excel. Handwritten copies will not be accepted! This assignment can be completed in teams of two. Please submit one copy per team and include names on the submission. The balance sheets for Reynolds Company for the years ended December 31, 2019 and 2018, are as follows: 2019 2018 Cash $53,000 $50,000 Accounts receivable (net) 37,000 48,000 Inventories 108,500 100,000 Investments...
38. The comparative balance sheet of ConnieJo Company, for December 31, Years I and 2 ended December 31 appears below in condensed form: Year 2 Year 45,000 $53,500 Cash 51,300 Accounts receivable (net) Inventories Investments Equipment Accumulated depreciation-equipment 147,200 135.000 60,000 493,000 375,000 113.700) (128,000) $622800 $553.500 $61,500 $42,600 Accounts payable Bonds payable, due Year 4 Common stock, $10 par Paid-in capital in excess of par-common stock Retained earnings 100,000 250,000 200,000 50,000 236.300 160.900 $622,800 $553,500 The income statement...
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...
Spicer Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total 2017 2016 $ 45,000 58,000 142,000 21,000 130,000 200,000 68,000 50,000 151,450 15,280 145,000 200,000 (60,000) (40,000) 225,000 (45,000) (35,000) 155,000 $749,730 $676,000 Liabilities and Stockholders Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total $44,730 300,000 200,000 205,000 749,730 $676,000 $ 36,000 300,000 160,000 180,000 Additional information: 1. Operating expenses include depreciation expense of...
The comparative balance sheets for Spicer Company as of December
31 are presented below. Spicer Company Comparative Balance Sheets
December 31 Assets 2022 2021 Cash $ 68,000 $ 45,000 Accounts
receivable 50,000 58,000 Inventory 151,450 142,000 Prepaid expenses
15,280 21,000 Land 145,000 130,000 Buildings 200,000 200,000
Accumulated depreciation—buildings (60,000 ) (40,000 ) Equipment
225,000 155,000 Accumulated depreciation—equipment (45,000 )
(35,000 ) Total $749,730 $676,000 Liabilities and Stockholders’
Equity Accounts payable $ 44,730 $ 36,000 Bonds payable 300,000
300,000 Common stock,...
Rojas Corporation’s comparative balance sheets are presented
below.
ROJAS CORPORATION
Comparative Balance Sheets
December 31
2020
2019
Cash
$14,500
$10,700
Accounts receivable
20,800
23,800
Land
19,600
26,300
Buildings
70,100
70,100
Accumulated depreciation—buildings
(15,000
)
(10,700
)
Total
$110,000
$120,200
Accounts payable
$11,800
$28,300
Common stock
75,000
73,400
Retained earnings
23,200
18,500
Total
$110,000
$120,200
Additional information:
1.
Net income was $22,800. Dividends declared and paid were
$18,100.
2.
No noncash investing and financing activities occurred during
2020.
3.
The land...
Comparative balance sheets for Byron Manufacturing as of
December 31, 20Y8 and 20Y7 are shown. Complete the Changes column
to determine net cash flows during the year.
Additional information needed to prepare the statement of cash
flows using the indirect method:
Net income was $2,790
Byron paid $20,850 in cash dividends
Byron issued $54,610 in bonds payable for cash
Byron retired $99,610 in bonds with cash
No fixed assets were sold or disposed of during the period
Now prepare the...
Most questions answered within 3 hours.
-
Physics: Need help with inclined planes.
- Say an object is moving down an inclined plane...
asked 39 seconds from now -
A mortgage of $200,000 is amortized over 25 years using level
payments at the end of...
asked 1 minute ago -
Describe the process of nitrogen excretion in the body. List 4
steps and explain each step
asked 31 minutes ago -
Determine the inductance of a solenoid with 670 turns in a
length of 29 cm ....
asked 17 minutes ago -
Summarize the ways through which sales and operations
planning can be integrated. Then, extend your findings...
asked 17 minutes ago -
Label the image to renview the relative resistance of various
microbes to microbial control agents
asked 35 minutes ago -
PLEASE DO BOTH #5 AND #6.
The purpose of the project is to perform a timing...
asked 28 minutes ago -
Power and privilege is best defined as:
a system in which two or more parties work...
asked 31 minutes ago -
Hewlett Packard is considering an investment project that
requires an initial investment of $20 million. The...
asked 37 minutes ago -
9.
While a ball falls to the ground, it accelerates continuously and
so increases its momentum....
asked 51 minutes ago -
The wave functions for two harmonic waves are given by
D1(x,t)
=(0.3m)sin(2.0x−3.0t),
D2(x,t)
=(0.3m)sin(2.0x−3.0t+π/2)
where x...
asked 47 minutes ago -
1 [Run Lengths] Write a function (in Python and numpy) with the
following specification def run_lenths(n,...
asked 47 minutes ago