Homework Answers
| Kingbird Company | ||
| Cash Flow Statement (Indirect Method) | ||
| For the year ended December 31, 2017 | ||
| Cash flows from operating activities | ||
| Net Income | $ 81,920 | |
| Adjustments for non cash effects: | ||
| Depreciation | $ 44,800 | |
| Changes in operating assets and liabilities | ||
| Increase in accounts receivable | $ -15,360 | |
| Increase in Inventory | $ -20,480 | |
| Increase in Accounts Payable | $ 10,240 | |
| Decrease in Income tax payable | $ -2,560 | |
| $ 16,640 | ||
| Cash Generated from Operations | $ 98,560 | |
| Cash flows from investing activities | ||
| Proceeds from sale of equipment | $ 21,760 | |
| Net cash provided by investing activities | $ 21,760 | |
| Cash flows from financing activities | ||
| Bonds redeemed | $ -40,960 | |
| Dividends paid | $ -51,200 | |
| Issue of common stock | $ 10,240 | |
| Net cash used by financing activities | $ -81,920 | |
| Net increase in cash and cash equivalents | $ 38,400 | |
| Cash and cash equivalents at beginning of period | $ 51,200 | |
| Cash and cash equivalents at end of period | $ 89,600 | |
Free cashflow = Net cash provided by Operating activities - capital expenditure
Free cashflow = $98,560 - $51,200
Free cashflow = $47,360
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Presented below are the financial statements of Blossom
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Blossom Company
Comparative Balance Sheets
December 31
Assets
2022
2021
Cash
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Accounts receivable
56,000
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Inventory
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Property, plant, and equipment
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Accumulated depreciation
(89,600
)
(67,200
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Total
$310,800
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Liabilities and Stockholders’ Equity
Accounts payable
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Income taxes payable
19,600
22,400
Bonds payable
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92,400
Common stock
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Income Statement...
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Problem 12-7A
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Comparative Balance Sheets
December 31
Assets
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2018
Cash
$37,900
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Accounts receivable
32,200
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Inventory
30,600
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Equipment
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(29,300
)
(23,200
)
Total
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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
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$113,500
Skysong, Inc.
Income Statement
For the Year Ended December...
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Presented below are the financial statements of Blossom
Company.
Blossom Company
Comparative Balance Sheets
December 31
Assets
2022
2021
Cash
$ 98,000
$ 56,000
Accounts receivable
56,000
39,200
Inventory
78,400
56,000
Property, plant, and equipment
168,000
218,400
Accumulated depreciation
(89,600
)
(67,200
)
Total
$310,800
$302,400
Liabilities and Stockholders’ Equity
Accounts payable
$ 53,200
$ 42,000
Income taxes payable
19,600
22,400
Bonds payable
47,600
92,400
Common stock
50,400
39,200
Retained earnings
140,000
106,400
Total
$310,800
$302,400
Blossom Company
Income Statement...
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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