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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Problem 12-7A Presented below are the financial statements of Kingbird Company. Kingbird Company Comparative Balance Sheets...
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Presented below are the financial statements of Blossom Company. Blossom Company Comparative Balance Sheets December 31...
Presented below are the financial statements of Blossom
Company.
Blossom Company
Comparative Balance Sheets
December 31
Assets
2022
2021
Cash
$ 98,000
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Accounts receivable
56,000
39,200
Inventory
78,400
56,000
Property, plant, and equipment
168,000
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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
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106,400
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Blossom Company
Income Statement...
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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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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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Problem 12-7A The following are the financial statements of Tamarisk, Inc.. Tamarisk, Inc. Comparative Balance Sheets December 31 Assets 2019 Cash $36,300 Accounts receivable 32,900 Inventory 30,800 Equipment 59,900 Accumulated depreciation equipment (29,300) Total $130,600 2018 $19,000 19,900 20,300 77,400 (23,300) $113,300 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,400 7,000 27,800 17,800 49,600 $130,600 $16,600 8,100 32,000 14,300 42,300 $113,300 Tamarisk, Inc. Income Statement For the Year Ended December 31,...
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