Homework Answers
| HINCKLEY CORPORATION | ||
| Statement of Cash flows | ||
| For the year Ended December 31,2014 | ||
| Cash flows from Operating activities | ||
| Net Income | 38,510.00 | |
| Adjustments to reconcile net income to | ||
| Net cash provided by Operating Activities | ||
| Depreciation Expense | 2,778.00 | |
| Increase in Accounts Payable | 1,330.00 | |
| Increase in Inventory | - 10,110.00 | |
| Patent Amortization | 1,640.00 | |
| Loss on Sale of Equipment | 3,602.00 | |
| Gain on Sale of Investments | - 1,450.00 | |
| Increase in Accounts Receivable | - 14,590.00 | |
| Gain from Flood Damage | - 9,530.00 | |
| - 26,330.00 | ||
| Net Cash Provided By Operating Activities | 12,180.00 | |
| Cash Flows from Investing Activities | ||
| Sale of Investments | 5,390.00 | |
| Sale of Equipment | 4,180.00 | |
| Purchase of Equipment | - 24,670.00 | |
| Proceeds from Flood Damage to Building | 33,950.00 | |
| Net Cash Provided by Investing Activities | 18,850.00 | |
| Cash flows from Financing Activities | ||
| Payment of Short term Note Payable | - 780.00 | |
| Payment of Dividends | - 4,590.00 | |
| Net Cash used by Financing Activities | - 5,370.00 | |
| Net Increase in Cash | 25,660.00 | |
| Cash January 1,2014 | 14,060.00 | |
| Cash December 31, 2014 | 39,720.00 | |
| Supplemental Disclosures of cash flow information | ||
| Cash Paid During the year for : | ||
| Interest | 3,630.00 | |
| Income taxes | 7,790.00 | |
| Non cash investing and financing activities | ||
| Retired note payable by issuing common stock | 9,320.00 | |
| Purchased equipment by issuing note payable | 15,800.00 | |
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The comparative balance sheets for Hinckley Corporation show the following Infordul. December 31 2014 2013 $39,720...
please help with all ent Your answer is partially correct. Try again. The comparative balance sheets...
please help with all
ent Your answer is partially correct. Try again. The comparative balance sheets for Hinckley Corporation show the following information. Cash Accounts receivable Inventory Investments Buildings Equipment Patents December 31 2014 2013 $39,720 $14,060 22,400 10,060 19,910 9,800 -0 3,940 -O- 30,730 47,530 20,030 5,2706,910 $134,830 $95,530 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 $3,010 2,980 -0- 5,270 -0- 2,860 32,230...
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...
MICHAELS COMPANY COMPARATIVE BALANCE SHEETS AS OF DECEMBER 31, 2014 AND 2013 2014 2013 Cash $10,860...
MICHAELS COMPANY COMPARATIVE BALANCE SHEETS AS OF DECEMBER 31, 2014 AND 2013 2014 2013 Cash $10,860 $3,180 13,420 Accounts receivable 21,480 Short-term investments 21,350 31,200 Inventory 41,410 36,550 Prepaid rent Prepaid insurance Supplies 2,640 13,420 2,810 940 1,360 770 Land 124,560 172,800 Buildings Accumulated depreciation-buildings 350,170 350,170 (105,080) (88,410) Equipment 524,950 400,440 Accumulated depreciation-equipment (130,130) (113,160) 51,700 Patents 45,090 Total assets $911,470 $873,020 Accounts payable Income taxes payable Salaries and wages payable Short-term notes payable Long-term notes payable Bonds payable...
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...
*Problem 23-2 The comparative balance sheets for Sarasota Corporation show the following information. December 31 2017...
*Problem 23-2
The comparative balance sheets for Sarasota Corporation show the
following information.
December 31
2017
2016
Cash
$33,500
$12,900
Accounts receivable
12,100
10,000
Inventory
11,900
8,900
Available-for-sale debt investments
–0–
3,100
Buildings
–0–
29,800
Equipment
44,900
19,900
Patents
4,900
6,200
$107,300
$90,800
Allowance for doubtful accounts
$3,000
$4,600
Accumulated depreciation—equipment
2,000
4,600
Accumulated depreciation—building
–0–
6,100
Accounts payable
4,900
3,100
Dividends payable
–0–
5,000
Notes payable, short-term (nontrade)
3,000
3,900
Long-term notes payable
31,000
25,000
Common stock
43,000
33,000...
The comparative balance sheets for Oriole Corporation show the following information. December 31 2017 2016 Cash...
The comparative balance sheets for Oriole Corporation show the following information. December 31 2017 2016 Cash $33,500 $12,900 Accounts receivable 12,200 9,900 Inventory 12,100 8,900 Available-for-sale debt investments –0– 3,000 Buildings –0– 29,600 Equipment 44,700 19,800 Patents 5,000 6,300 $107,500 $90,400 Allowance for doubtful accounts $2,900 $4,400 Accumulated depreciation—equipment 2,000 4,400 Accumulated depreciation—building –0– 6,000 Accounts payable 5,000 3,000 Dividends payable –0– 5,000 Notes payable, short-term (nontrade) 3,000 4,000 Long-term notes payable 31,000 25,000 Common stock 43,000 33,000 Retained earnings...
The comparative balance sheets for Grouper Corporation show the following information. December 31 2017 2016 Cash...
The comparative balance sheets for Grouper Corporation show the following information. December 31 2017 2016 Cash $33,600 $13,100 Accounts receivable 12,100 10,100 Inventory 11,900 9,000 Available-for-sale debt investments –0– 3,100 Buildings –0– 29,800 Equipment 45,500 20,100 Patents 5,000 6,200 $108,100 $91,400 Allowance for doubtful accounts $3,100 $4,400 Accumulated depreciation—equipment 2,000 4,600 Accumulated depreciation—building –0– 6,100 Accounts payable 5,000 3,100 Dividends payable –0– 4,900 Notes payable, short-term (nontrade) 3,100 4,100 Long-term notes payable 31,000 25,000 Common stock 43,000 33,000 Retained earnings...
Preparing a Statement of Cash Flows Erie Company reported the following comparative balance sheets: 2019 2018...
Preparing a Statement of Cash Flows Erie Company reported the following comparative balance sheets: 2019 2018 Assets: Cash $33,200 $12,750 Accounts receivable 53,000 44,800 Inventory 29,500 27,500 Prepaid rent 2,200 6,200 Investments (long-term) 17,600 31,800 Property, plant, and equipment 162,000 149,450 Accumulated depreciation (61,600) (56,200) Total assets $235,900 $216,300 Liabilities and Equity: Accounts payable $16,900 $19,500 Interest payable 3,500 4,800 Wages payable 9,600 7,100 Income taxes payable 5,500 3,600 Notes payable 30,400 53,000 Common stock 100,000 68,500 Retained earnings 70,000...
The following are Sullivan Corp.'s comparative balance sheet accounts at December 31, 2014 and 2013, with...
The following are Sullivan Corp.'s comparative balance sheet accounts at December 31, 2014 and 2013, with a column showing the increase (decrease) from 2013 to 2014. COMPARATIVE BALANCE SHEETS 2014 Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Investment in Myers Co. Loan receivable Total assets $814,580 1,127,500 1,850,200 3,306,400 (1,164,300 ) 309,670 249,820 $6,493,870 2013 $700,730 1,168,300 1,715,100 2,966,000 (1,039,400 ) 275,980 Increase (Decrease) $113,850 (40,800 ) 135,100 340,400 (124,900 ) 33,690 249,820 $707,160 $5,786,710 $954,400 49,750...
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...
please help with all
ent Your answer is partially correct. Try again. The comparative balance sheets for Hinckley Corporation show the following information. Cash Accounts receivable Inventory Investments Buildings Equipment Patents December 31 2014 2013 $39,720 $14,060 22,400 10,060 19,910 9,800 -0 3,940 -O- 30,730 47,530 20,030 5,2706,910 $134,830 $95,530 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 $3,010 2,980 -0- 5,270 -0- 2,860 32,230...
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...
MICHAELS COMPANY COMPARATIVE BALANCE SHEETS AS OF DECEMBER 31, 2014 AND 2013 2014 2013 Cash $10,860 $3,180 13,420 Accounts receivable 21,480 Short-term investments 21,350 31,200 Inventory 41,410 36,550 Prepaid rent Prepaid insurance Supplies 2,640 13,420 2,810 940 1,360 770 Land 124,560 172,800 Buildings Accumulated depreciation-buildings 350,170 350,170 (105,080) (88,410) Equipment 524,950 400,440 Accumulated depreciation-equipment (130,130) (113,160) 51,700 Patents 45,090 Total assets $911,470 $873,020 Accounts payable Income taxes payable Salaries and wages payable Short-term notes payable Long-term notes payable Bonds payable...
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...
*Problem 23-2
The comparative balance sheets for Sarasota Corporation show the
following information.
December 31
2017
2016
Cash
$33,500
$12,900
Accounts receivable
12,100
10,000
Inventory
11,900
8,900
Available-for-sale debt investments
–0–
3,100
Buildings
–0–
29,800
Equipment
44,900
19,900
Patents
4,900
6,200
$107,300
$90,800
Allowance for doubtful accounts
$3,000
$4,600
Accumulated depreciation—equipment
2,000
4,600
Accumulated depreciation—building
–0–
6,100
Accounts payable
4,900
3,100
Dividends payable
–0–
5,000
Notes payable, short-term (nontrade)
3,000
3,900
Long-term notes payable
31,000
25,000
Common stock
43,000
33,000...
The following are Sullivan Corp.'s comparative balance sheet accounts at December 31, 2014 and 2013, with a column showing the increase (decrease) from 2013 to 2014. COMPARATIVE BALANCE SHEETS 2014 Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Investment in Myers Co. Loan receivable Total assets $814,580 1,127,500 1,850,200 3,306,400 (1,164,300 ) 309,670 249,820 $6,493,870 2013 $700,730 1,168,300 1,715,100 2,966,000 (1,039,400 ) 275,980 Increase (Decrease) $113,850 (40,800 ) 135,100 340,400 (124,900 ) 33,690 249,820 $707,160 $5,786,710 $954,400 49,750...
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...
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