Journal entries of additional information | |||
Sl. No. | Particulars | Debit | Credit |
1 | Cash A/c Dr. | $33,000 | |
To, long term investment | $15,000 | ||
To, Retained earnings | $18,000 | ||
2 | Retained Earnings A/c Dr. | $39,000 | |
To, Dividend payable | $39,000 | ||
Dividend payable A/c Dr. | $39,000 | ||
To, Cash | $39,000 | ||
3 | Property plant and equipment A/c Dr. | $60,000 | |
To, Long term Note payable | $60,000 | ||
4 | Cash A/c Dr | $40,000 | |
To, Common Stock | $40,000 | ||
5 | Long term Note payable A/c Dr. | $40,000 | |
To, Cash | $40,000 | ||
Retained Earnings A/c | Debit | Credit | |
Opening balance | $29,000 | ||
Dividend payable | $39,000 | ||
Net income( balancing figure) | $90,000 | ||
Ending balance | $80,000 | ||
$119,000 | $119,000 | ||
Long term note payable A/c | Debit | Credit | |
Opening balance | $50,000 | ||
Property plant and equipment | $60,000 | ||
Cash | $40,000 | ||
Ending balance | $70,000 | ||
$110,000 | $110,000 | ||
Property Plant and equipment A/c | Debit | Credit | |
Opening balance | $150,000 | ||
Long term note payable | $60,000 | ||
Cash A/c (Purchase of PPE) (Balancing figure) | $26,500 | ||
Ending balance | $236,500 | ||
$236,500 | $236,500 | ||
Dwyer Company | |||
Statement of Cash Flows | |||
For the year ended Dec 31, 2019 | |||
Cash flows from Operating activities | |||
Net Income | $90,000 | ||
Adjustments | |||
Depreciation expense | $12,700 | ||
Decrease in Inventory | $7,000 | ||
Increase in Account receivable | -$28,000 | ||
Increase in Accrued liabilities | $2,000 | ||
Gain on sale of Long term investments | -$18,000 | ||
Decrease in Account payable | -$7,500 | ||
-$31,800 | |||
Net cash provided by Operating activities | $58,200 | ||
Cash flows from Investing Activities | |||
Sale of Long term investments | $33,000 | ||
Purchase of Property plant and equipment | -$26,500 | ||
Net Cash provided by Investing Activities | $6,500 | ||
Cash Flows from Financing Activities | |||
Paid Dividend | -$39,000 | ||
Issue of Common Stock | $40,000 | ||
Paid Long term Note | -$40,000 | ||
Net Cash used in financing Activities | -$39,000 | ||
Net Increase in Cash | $25,700 | ||
Cash, January 01, 2019 | $10,200 | ||
Cash, December 31, 2019 | $35,900 | ||
Sched of Non Cash Financing and Invet. | |||
Purchase of Machine(long term Note) | $60,000 |
The Balance Sheets for Bad News show the following information. Additional information concerning transactions and events...
The Balance Sheets for Bad News show the following information. Additional information concerning transactions and events during 2019 are presented below. Dwyer Company Balance Sheet Cash Accounts receivable (net) Inventory Long-term investments Property, plant & equipment (PP&E) ·Accumulated depreciation December 31 2019 2018 $35,900 $10,200 48,300 20,300 35,000 42,000 15,000 236,500 150,000 37,700> $25,000> $318.000 $212,500 Difference $25,700 28,000 7,000> <15,000> 86,500 12,700 Accounts payable Accrued liabilities (e.g. salaries payable) Long-term notes payable Common stock Retained earnings $19,000 19,000 70,000...
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