Homework Answers
| Cash Flows from Operating Activities: | ||
| Net income | 28400 | |
| Adjustments to reconcile net income to | ||
| Net cash provided by operating activities | ||
| Depreciation expense | 15000 | |
| Increase in Accounts receivable | -13500 | |
| Increase in inventory | -9700 | |
| Increase in accounts payable | 11700 | |
| Decrease in income taxes payable | -1400 | |
| 2100 | ||
| Net cash provided by operating activities | 30500 | |
| Net cash provided by operating activities | 30500 | |
| Less: Dividends paid | -20900 | |
| Free cash flow | 9600 | |
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Problem 12-07A a-b (Video) The following are the financial statements of Pina Colada Corp Pina Colada...
These items are taken from the financial statements of Pina Colada Corp. at December 31, 2018....
These items are taken from the financial statements of Pina Colada Corp. at December 31, 2018. Buildings $153,410 Accounts receivable 18,270 Prepaid insurance 6,786 Cash 17,168 Equipment 119,480 Land 88,740 Office expense 841 Income tax expense 290 Depreciation expense 7,685 Interest expense 3,770 Common shares 89,900 Retained earnings (January 1, 2018) 58,000 66,120 Accumulated depreciation-building Accounts payable 12,180 Income taxes payable 1,595 Bank loan payable (due July 1, 2020) 135,720 Accumulated depreciation-equipment 27,144 Interest payable 5,220 Sales 20,561 Calculate the...
Comprehensive Problem 8 (Part Level Submission) Pina Colada Corp.’s balance sheet at December 31, 2018, is...
Comprehensive Problem 8 (Part Level
Submission)
Pina Colada Corp.’s balance sheet at December 31, 2018, is
presented below.
Pina Colada Corp.
Balance Sheet
December 31, 2018
Cash
$14,300
Accounts payable
$8,900
Accounts receivable
20,600
Common stock
19,500
Allowance for doubtful accounts
(700
)
Retained earnings
14,900
Inventory
9,100
$43,300
$43,300
During January 2019, the following transactions occurred. Pina
Colada uses the perpetual inventory method.
Jan. 1
Pina Colada accepted a 4-month, 8% note from Merando Company in
payment of Merando’s...
Problem 3-1A Pina Colada started her own consulting firm, Pina Colada Corp., on May 1, 2019....
Problem 3-1A Pina Colada started her own consulting firm, Pina Colada Corp., on May 1, 2019. The trial balance at May 31 is as follows. Pina Colada Corp. Trial Balance May 31, 2019 Credit Account Number 101 112 126 130 Debit $ 4,600 5,900 2,200 2,400 10,200 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense $ 4,600 2,000 15,800 7,500 400 726 729 3,400 1,200 $29,900...
Problem 12-07A Presented below are the financial statements of Waterway Industries. Waterway Industries Comparative Bal...
Problem 12-07A Presented below are the financial statements of Waterway Industries. Waterway Industries Comparative Balance Sheets December 31 Assets 2022 2021 $58,000 $101,500 Cash 40,600 Accounts receivable 58,000 81,200 Inventory 58,000 Property, plant, and equipment 174,000 226,200 (92,800) (69,600) Accumulated depreciation $321,900 $313,200 Total Liabilities and Stockholders' Equity $ 43,500 $55,100 Accounts payable Income taxes payable 20,300 23,200 Bonds payable 49,300 95,700 52,200 Common stock 40,600 Retained earnings 110,200 145,000 $321,900 $313,200 Total Waterway Industries Income Statement For the Year...
The following are the financial statements of Nosker Company NOSKER COMPANY Comparative Balance Sheets December 31...
The following are the financial statements of Nosker Company NOSKER COMPANY Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment Total 2020 $38,000 32,300 30,800 59,300 (29,700) $130,700 2019 $19,500 19,500 20,900 77,200 (23,900) $113,200 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,400 7,100 27,100 18,600 49,500 $130,700 $ 16,300 8,300 33,500 15,000 40,100 $113,200 $241,000 NOSKER COMPANY Income Statement For the Year Ended December 31, 2020...
The following information is available for Wildhorse Co. and Pina Colada Corp.: (in millions) Wildhorse Co....
The following information is available for Wildhorse Co. and Pina Colada Corp.: (in millions) Wildhorse Co. 2022 2021 23 12 Pina Colada Corp. 2022 2021 0 28 520 475 515 540 Preferred dividends Net income Shares outstanding at the end of the year Shares outstanding at the beginning of the year 210 195 145 185 195 145 185 220 Based on this information, what is the amount of Wildhorse Co. earnings per share (rounded to two decimals) for 2022? O...
*Problem 17-07A (Video) The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance...
*Problem 17-07A (Video) The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2020 Cash $35,550 Accounts receivable 32,300 Inventory 26,000 Equipment 59,500 Accumulated depreciation-equipment (29,250) Total $124,100 2019 $20,750 19,250 20,100 77,200 (23,600) $113,700 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,700 7,050 27,700 17,750 42,900 $ 124,100 $ 16,050 8,350 32,300 14,150 42,850 $113,700 NOSKER COMPANY Income Statement For the Year Ended...
Problem 12-07A Presented below are the financial statements of Marigold Company. Marigold Company Comparative Ba...
Problem 12-07A Presented below are the financial statements of Marigold Company. Marigold Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 38,500 Accounts receivable 22,000 Inventory 30,800 Property, plant, and equipment 66,000 Accumulated depreciation (35,200) $122,100 2021 $ 22,000 15,400 22,000 85,800 (26,400) $118,800 Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 20,900 7,700 18,700 19,800 55,000 $122,100 $ 16,500 8,800 36,300 15,400 41,800 $118,800 $266,200 192,500 73,700 Marigold...
Problem 12-7A The following are the financial statements of Larkspur, Inc.. Larkspur, Inc. Comparative Balance Sheets...
Problem 12-7A The following are the financial statements of Larkspur, Inc.. Larkspur, Inc. Comparative Balance Sheets December 31 Assets 2019 Cash $37,400 Accounts receivable 32,900 Inventory 30,600 Equipment 59,700 Accumulated depreciation equipment (29,100) Total $131,500 2018 $20,500 18,100 20,000 77,900 (23,500) $113,000 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,300 $16,500 7,500 8,200 27,900 32,800 18,600 14,200 49,200 41,300 $131,500 $113,000 Larkspur, Inc. Income Statement For the Year Ended December 31,...
Problem 12-7A The following are the financial statements of Skysong, Inc.. Skysong, Inc. Comparative Balance Sheets...
Problem 12-7A
The following are the financial statements of Skysong, Inc..
Skysong, Inc.
Comparative Balance Sheets
December 31
Assets
2019
2018
Cash
$37,900
$20,300
Accounts receivable
32,200
18,800
Inventory
30,600
20,500
Equipment
59,400
77,100
Accumulated depreciation—equipment
(29,300
)
(23,200
)
Total
$130,800
$113,500
Liabilities and Stockholders’ Equity
Accounts payable
$28,300
$16,600
Income taxes payable
7,200
8,500
Bonds payable
27,500
33,900
Common stock
18,500
14,700
Retained earnings
49,300
39,800
Total
$130,800
$113,500
Skysong, Inc.
Income Statement
For the Year Ended December...
These items are taken from the financial statements of Pina Colada Corp. at December 31, 2018. Buildings $153,410 Accounts receivable 18,270 Prepaid insurance 6,786 Cash 17,168 Equipment 119,480 Land 88,740 Office expense 841 Income tax expense 290 Depreciation expense 7,685 Interest expense 3,770 Common shares 89,900 Retained earnings (January 1, 2018) 58,000 66,120 Accumulated depreciation-building Accounts payable 12,180 Income taxes payable 1,595 Bank loan payable (due July 1, 2020) 135,720 Accumulated depreciation-equipment 27,144 Interest payable 5,220 Sales 20,561 Calculate the...
Comprehensive Problem 8 (Part Level
Submission)
Pina Colada Corp.’s balance sheet at December 31, 2018, is
presented below.
Pina Colada Corp.
Balance Sheet
December 31, 2018
Cash
$14,300
Accounts payable
$8,900
Accounts receivable
20,600
Common stock
19,500
Allowance for doubtful accounts
(700
)
Retained earnings
14,900
Inventory
9,100
$43,300
$43,300
During January 2019, the following transactions occurred. Pina
Colada uses the perpetual inventory method.
Jan. 1
Pina Colada accepted a 4-month, 8% note from Merando Company in
payment of Merando’s...
Problem 3-1A Pina Colada started her own consulting firm, Pina Colada Corp., on May 1, 2019. The trial balance at May 31 is as follows. Pina Colada Corp. Trial Balance May 31, 2019 Credit Account Number 101 112 126 130 Debit $ 4,600 5,900 2,200 2,400 10,200 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense $ 4,600 2,000 15,800 7,500 400 726 729 3,400 1,200 $29,900...
Problem 12-07A Presented below are the financial statements of Waterway Industries. Waterway Industries Comparative Balance Sheets December 31 Assets 2022 2021 $58,000 $101,500 Cash 40,600 Accounts receivable 58,000 81,200 Inventory 58,000 Property, plant, and equipment 174,000 226,200 (92,800) (69,600) Accumulated depreciation $321,900 $313,200 Total Liabilities and Stockholders' Equity $ 43,500 $55,100 Accounts payable Income taxes payable 20,300 23,200 Bonds payable 49,300 95,700 52,200 Common stock 40,600 Retained earnings 110,200 145,000 $321,900 $313,200 Total Waterway Industries Income Statement For the Year...
The following are the financial statements of Nosker Company NOSKER COMPANY Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment Total 2020 $38,000 32,300 30,800 59,300 (29,700) $130,700 2019 $19,500 19,500 20,900 77,200 (23,900) $113,200 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,400 7,100 27,100 18,600 49,500 $130,700 $ 16,300 8,300 33,500 15,000 40,100 $113,200 $241,000 NOSKER COMPANY Income Statement For the Year Ended December 31, 2020...
The following information is available for Wildhorse Co. and Pina Colada Corp.: (in millions) Wildhorse Co. 2022 2021 23 12 Pina Colada Corp. 2022 2021 0 28 520 475 515 540 Preferred dividends Net income Shares outstanding at the end of the year Shares outstanding at the beginning of the year 210 195 145 185 195 145 185 220 Based on this information, what is the amount of Wildhorse Co. earnings per share (rounded to two decimals) for 2022? O...
*Problem 17-07A (Video) The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2020 Cash $35,550 Accounts receivable 32,300 Inventory 26,000 Equipment 59,500 Accumulated depreciation-equipment (29,250) Total $124,100 2019 $20,750 19,250 20,100 77,200 (23,600) $113,700 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,700 7,050 27,700 17,750 42,900 $ 124,100 $ 16,050 8,350 32,300 14,150 42,850 $113,700 NOSKER COMPANY Income Statement For the Year Ended...
Problem 12-07A Presented below are the financial statements of Marigold Company. Marigold Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 38,500 Accounts receivable 22,000 Inventory 30,800 Property, plant, and equipment 66,000 Accumulated depreciation (35,200) $122,100 2021 $ 22,000 15,400 22,000 85,800 (26,400) $118,800 Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 20,900 7,700 18,700 19,800 55,000 $122,100 $ 16,500 8,800 36,300 15,400 41,800 $118,800 $266,200 192,500 73,700 Marigold...
Problem 12-7A The following are the financial statements of Larkspur, Inc.. Larkspur, Inc. Comparative Balance Sheets December 31 Assets 2019 Cash $37,400 Accounts receivable 32,900 Inventory 30,600 Equipment 59,700 Accumulated depreciation equipment (29,100) Total $131,500 2018 $20,500 18,100 20,000 77,900 (23,500) $113,000 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,300 $16,500 7,500 8,200 27,900 32,800 18,600 14,200 49,200 41,300 $131,500 $113,000 Larkspur, Inc. Income Statement For the Year Ended December 31,...
Problem 12-7A
The following are the financial statements of Skysong, Inc..
Skysong, Inc.
Comparative Balance Sheets
December 31
Assets
2019
2018
Cash
$37,900
$20,300
Accounts receivable
32,200
18,800
Inventory
30,600
20,500
Equipment
59,400
77,100
Accumulated depreciation—equipment
(29,300
)
(23,200
)
Total
$130,800
$113,500
Liabilities and Stockholders’ Equity
Accounts payable
$28,300
$16,600
Income taxes payable
7,200
8,500
Bonds payable
27,500
33,900
Common stock
18,500
14,700
Retained earnings
49,300
39,800
Total
$130,800
$113,500
Skysong, Inc.
Income Statement
For the Year Ended December...
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