Problem

The following balance sheets are provided for Socrates Foods End of YearBeginning of YearC...

The following balance sheets are provided for Socrates Foods

 

End of Year

Beginning of Year

Cash and cash equivalents

$170,000

$120,000

Accounts receivable

80,000

65,000

Inventory

140,000

130,000

Plant and equipment (net)

130,000

80,000

 

Total assets

$520,000

$395,000

 

 

 

 

Accounts payable (for merchandise)

$  65,000

$  35,000

Wages payable

120,000

110,000

Long‑term liabilities

95,000

70,000

Common stock

100,000

100,000

Retained earnings

140,000

  80,000

 

Total liabilities and owners’ equity

$520,000

$395,000

 

 

Selected information from Socrates Foods’s current year income statement:

 

 

 

Sales

 

$1,650,000

Cost of goods sold

 

840,000

Wages expense

 

260,000

 

 

 

 

 

 Compute the following:

 (1) Cash received from customers during the year  $__________


 (2) Cash payments for merchandise during the year $__________


 (3) Wages paid to employees during the year  $__________


 (4)  In Socrates Foods’s statement of cash flows, what amount would be reported as the netchange in cash and cash equivalents?  $__________ (increase/decrease)

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Solutions For Problems in Chapter 13