Use the following data to answer questions in this part:
Balance sheet data |
||
Assets |
20X7 |
20X6 |
Cash |
$2,900 |
$1,000 |
Accounts receivable |
2,500 |
2,000 |
Inventory |
7,400 |
8,000 |
Property, plant, equipment |
9,200 |
9,000 |
Accumulated depreciation |
(2,900) |
(2,500) |
Total assets |
$19,100 |
$17,500 |
Liabilities and Equity |
||
Accounts payable |
$4,700 |
$4,500 |
Interest payable |
1,500 |
1,000 |
Dividends payable |
1,000 |
2,500 |
Long-term debt |
4,350 |
3,700 |
Bank note |
1,000 |
800 |
Common stock |
3,300 |
3,000 |
Retained earnings |
3,250 |
2,000 |
Total liabilities and equity |
$19,100 |
$17,500 |
Income statement for the year 20X7 |
|
Sales |
$28,500 |
COGS |
19,900 |
Depreciation |
3,700 |
Interest expense |
1,244 |
Gain on sale of old machine |
1,150 |
Taxes |
1,142 |
Net income |
$3,664 |
Notes:
Statement of Cash Flows with Direct Method:
Cash Flows from Operating Activities | 20X7 | ||
Particulars | Amount | ||
(A) | Cash receipts from customers (Sales Revenue) | $28,500 | |
Less: Increase in Accounts Receivables | ($500) | ||
Add: Decrease in Inventory | $600 | $28,600 | |
(B) | Cash paid to suppliers and employees (COGS) | ($19,900) | |
Less: Increase in Accounts Payables | $200 | ($19,700) | |
Cash generated from operations | $8,900 | ||
(C) | Interest paid (Interest Expense) | ($1,244) | |
Less: Increase in Interest Payable | $500 | ($744) | |
(D) | Income taxes paid (Taxes) | ($1,142) | ($1,142) |
Net cash from operating activities | $7,014 |
Use the following data to answer questions in this part: Balance sheet data Assets 20X7 20X6...
Use the following data to answer questions in this part: Balance sheet data Assets 20X7 20X6 Cash $2,900 $1,000 Accounts receivable 2,500 2,000 Inventory 7,400 8,000 Property, plant, equipment 9,200 9,000 Accumulated depreciation (2,900) (2,500) Total assets $19,100 $17,500 Liabilities and Equity Accounts payable $4,700 $4,500 Interest payable 1,500 1,000 Dividends payable 1,000 2,500 Long-term debt 4,350 3,700 Bank note 1,000 800 Common stock 3,300 3,000 Retained earnings 3,250 2,000 Total liabilities and equity $19,100 $17,500 Income statement for the...
Use the following data to answer questions in this part: Balance sheet data 20X7 20X6 Cash $2,900 $1,000 Accounts receivable 2,500 2,000 Inventory 7,400 8,000 Property, plant, equipment 9,200 9,000 Accumulated depreciation (2,900) (2,500) Total assets $19,100 $17,500 Accounts payable $4,700 $4,500 Interest payable 1,500 1,000 Dividends payable 1,000 2,500 Long-term debt 4,350 3,700 Bank note 1,000 800 Common stock 3,300 3,000 Retained earnings 3,250 2,000 Total liabilities and equity $19,100 $17,500 Income statement for the year 20X7 Sales $28,500...
Use the following data to answer questions about Northwood Corp.: Balance sheet data 20X7 20X6 Cash $1,290 $1,100 Accounts receivable 1,250 1,200 Inventory 1,740 1,800 Property, plant, equipment 1,920 1,900 Accumulated depreciation (1,290) (1,250) Total assets $4,910 $4,750 Accounts payable $970 $850 Interest payable 150 100 Dividends payable 100 75 Long-term debt 530 785 Bank note 300 200 Common stock 1,030 950 Additional paid in capital 700 690 Retained earnings 1,130 1,100 Total liabilities and equity $4,910 $4,750 Income statement...
Please use the information below to solve questions about Alpha Company. Partial financial statement data for Alpha Company: 20X6 20X5 Current assets $6,328 $5,580 Inventories $3,110 $3,299 Current Liabilities $3,250 $2,275 Long-term debt $7,154 $6,785 Common stock $3,000 $3,000 Additional paid-in-capital $4,000 $4,000 Retained earnings $3,305 $2,180 COGS $7,054 Gain on sale of land $400 Net income $1,550 Depreciation $2,000 Accounts receivable $5,080 $4,550 Accounts payable $4,620 $3,440 Wages payable $3,250 $1,125 Dividends payable $800 $900 Taxes payable $2,100 $2,310...
Use the following data to answer questions in this part: Balance sheet data 2009 Company C JVC Cash $1,050 $300 Accounts receivable 3,000 700 Inventory 2,500 800 Fixed assets 4,500 2,400 Investment in JVC 400 Total assets $11,450 $4,200 Accounts payable $2,500 $1,200 Long-term debt 3,000 2,200 Equity 5,950 800 Total liabilities and equity $11,450 $4,200 Income statement 2009 Company C JVC Sales $15,430 $2,500 Equity in JV earnings 100 COGS 5,000 1,700 Other expenses 7,600 600 Net income $2,930...
Use the following data to answer questions in this part: Balance sheet data 2009 Company C JVC Cash $1,050 $300 Accounts receivable 3,000 700 Inventory 2,500 800 Fixed assets 4,500 2,400 Investment in JVC 400 Total assets $11,450 $4,200 Accounts payable $2,500 $1,200 Long-term debt 3,000 2,200 Equity 5,950 800 Total liabilities and equity $11,450 $4,200 Income statement 2009 Company C JVC Sales $15,430 $2,500 Equity in JV earnings 100 COGS 5,000 1,700 Other expenses 7,600 600 Net income $2,930...
Problem 12 Using the following information, prepare a balance sheet on December 31, 20X7, for the Summer Resort, a proprietorship owned by Stan Robins. The statement of owner's equity prepared for the year ended December 31, 20X7, shows a total of $97,000. The asset and liability bookkeeping accounts show the following balances on December 31, 20X7: Accumulated Depreciation on Equipment $ 5,000 Accounts Receivable 9,000 Cost of Furniture 40,000 Cost of Equipment 10,000 Accumulated Depreciation on Building 20,000 Accumulated Depreciation...
Use the following data to answer questions in this part: Balance sheet data 2009 Company C JVC Cash $1,050 $300 Accounts receivable 3,000 700 Inventory 2,500 800 Fixed assets 4,500 2,400 Investment in JVC 400 Total assets $11,450 $4,200 Accounts payable $2,500 $1,200 Long-term debt 3,000 2,200 Equity 5,950 800 Total liabilities and equity $11,450 $4,200 Income statement 2009 Company C JVC Sales $15,430 $2,500 Equity in JV earnings 100 COGS 5,000 1,700 Other expenses 7,600 600 Net income $2,930...
a) Use the following information for Company COLTIB to create the Balance Sheet and the Income Statement for 2017 and 2018, Tax rate is 30% for both 2017 and 2018. In 2017, depreciation was 500 2018 2,400 3,000 1,000 200 10% of the Long-term Debt as of the end of the year 800 310 317 2,000 8,000 300 640 2017 2,000 2,500 800 100 Sales for the year Accumulated Depreciation as of Dec 31st Cost of Goods Sold for the...
a) Use the following information for Company COLTIB to create the Balance Sheet and the Income Statement for 2017 and 2018, Tax rate is 30% for both 2017 and 2018. In 2017, depreciation was 500. 2017 2,000 2,500 800 100 Sales for the year Accumulated Depreciation as of Dec 31st Cost of Goods Sold for the year Other Expenses for the year Interest for the year Cash as of Dec 31st Accounts Receivable as of Dec 31St Short-term Notes Pavable...