Question
In: Accounting
Glenview ‘s Corporation’s comparative balance sheets as of Dec31 ,yr. 1 and yr. 2 and its...
Glenview ‘s Corporation’s comparative balance sheets as of Dec31 ,yr. 1 and yr. 2 and its yr. 2 income statement is as follows: Assets Yr2 Yr1 Cash 82,400 25,000 Accounts Receivables 82,600 100,000 Inventory 175,000 225,000 Prepaid Expenses 1000 1500 Furniture and Fixtures 74,000 72,000 Accumulated Depreciation (21,000) (12,000) Total Assets 394,000 411,500 Liabilities and Stockholder’s Equity; Yr1 Yr. 2 Accounts payable 71,700 100,200 Notes Payable(long term) 20,000 10,000 Bonds Payable 50,000 100,000 Income tax Payable 700 2200 Common Stock-$10 par value 120,000 100,000 P a g e | 2 Financial Accounting 2. Paid in capital in excess of par value 90,720 60,720 Retained Earnings 40,880 38,380 Total Liabilities and Stockholder’s Equity 394,000 411,500 Income Statement For the Year Ended Dec 31, Yr. 2 Sales $804,500 Cost of goods Sold ( 563,900) Gross Profit 240,600 Operating Exp(Including depreciation Exp of 23,400) (224,700) Income from Operations 15,900 Gain on Disposal of Furniture and Fixtures 3500 Interest Expense (11,600) Income before Income taxes 7,800 Income Taxes 2300 Net Income 5,500 P a g e | 3 Financial Accounting 2. Additional information about yr2: a) Furniture and fixtures with book value of $3400 was sold at $6900. b) Furniture and fixtures were purchased in the amount of $19,800. c) A $10,000 note payable was paid and $20,000 was borrowed on a new note. d) Bonds payable in the amount of $50,000were converted into 2000 shares of common stock. e) A $3,000 in cash dividends were declared and paid.
Required: Prepare a statement of cash flows using the direct method and supporting schedule of non-cash investing and financing transactions.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Glenview ‘s Corporation’s comparative balance sheets as of Dec31 ,yr. 1 and yr. 2 and its...
Glenview ‘s Corporation’s comparative balance sheets as of Dec31
,yr. 1 and yr. 2 and its yr. 2 income statement is as follows: Assets Yr2 Yr1 Cash 82,400 25,000 Accounts Receivables
82,600 100,000 Inventory 175,000 225,000 Prepaid Expenses 1000 1500
Furniture and Fixtures 74,000 72,000 Accumulated Depreciation
(21,000) (12,000) Total Assets 394,000 411,500 Liabilities and
Stockholder’s Equity; Yr1 Yr. 2 Accounts payable 71,700 100,200
Notes Payable(long term) 20,000 10,000 Bonds Payable 50,000 100,000
Income tax Payable 700 2200 Common Stock-$10...
Rodriquez Corporation’s comparative balance sheets are presented below.
Rodriquez Corporation’s comparative balance sheets are presented below.
Additional information:
1. Net income was $18,300. Dividends declared and paid were $16,400.
2. Equipment which cost $10,000 and had accumulated depreciation of $1,200 was sold for $3,300.
3. No noncash investing and financing activities occurred during 2017.
Instructions
(a) Prepare a statement of cash flows for 2017 using the indirect method.
(b) Compute free cash flow.
Rojas Corporation’s comparative balance sheets are presented below.
Rojas Corporation’s comparative balance sheets are presented below.
Additional information:
1. Net income was $22,630. Dividends declared and paid were $19,500.
2. No noncash investing and financing activities occurred during 2017.
3. The land was sold for cash of $4,900.
Instructions
(a) Prepare a statement of cash flows for 2017 using the indirect method.
(b) Compute free cash flow.
Rojas Corporation’s comparative balance sheets are presented below. ROJAS CORPORATION Comparative Balance Sheets December 31 2020...
Rojas Corporation’s comparative balance sheets are presented
below.
ROJAS CORPORATION
Comparative Balance Sheets
December 31
2020
2019
Cash
$14,400
$10,000
Accounts receivable
20,800
23,000
Land
19,800
25,900
Buildings
70,300
70,300
Accumulated depreciation—buildings
(14,700
)
(10,600
)
Total
$110,600
$118,600
Accounts payable
$12,200
$27,600
Common stock
75,600
71,000
Retained earnings
22,800
20,000
Total
$110,600
$118,600
Additional information:
1.
Net income was $22,600. Dividends declared and paid were
$19,800.
2.
No noncash investing and financing activities occurred during
2020.
3.
The land...
Rodriquez Corporation’s comparative balance sheets are presented below: RODRIQUEZ CORPORATION Comparative Balance Sheets December 31 2020...
Rodriquez Corporation’s comparative balance sheets are presented
below:
RODRIQUEZ CORPORATION
Comparative Balance Sheets
December 31
2020
2019
Cash
$16,600
$17,700
Accounts receivable
25,400
22,500
Investments
20,150
15,850
Equipment
60,050
70,150
Accumulated depreciation—equipment
(14,150
)
(10,500
)
Total
$108,050
$115,700
Accounts payable
$14,450
$11,050
Bonds payable
10,800
30,200
Common stock
50,000
44,800
Retained earnings
32,800
29,650
Total
$108,050
$115,700
Additional information:
1.
Net income was $18,750. Dividends declared and paid were
$15,600.
2.
Equipment which cost $10,100 and had accumulated depreciation...
Rodriquez Corporation’s comparative balance sheets are presented below: RODRIQUEZ CORPORATION Comparative Balance Sheets December 31 2020...
Rodriquez Corporation’s comparative balance sheets are presented
below:
RODRIQUEZ CORPORATION
Comparative Balance Sheets
December 31
2020
2019
Cash
$16,700
$17,600
Accounts receivable
24,900
22,000
Investments
19,850
16,250
Equipment
59,950
69,950
Accumulated depreciation—equipment
(14,050
)
(10,300
)
Total
$107,350
$115,500
Accounts payable
$14,650
$11,050
Bonds payable
10,500
30,000
Common stock
49,900
44,900
Retained earnings
32,300
29,550
Total
$107,350
$115,500
Additional information:
1.
Net income was $18,650. Dividends declared and paid were
$15,900.
2.
Equipment which cost $10,000 and had accumulated depreciation...
7B Harman Corporation’s comparative balance sheets are presented below. HARMAN CORPORATION Comparative Balance Sheets December 31
7B Harman Corporation’s comparative balance sheets are presented
below.
HARMAN CORPORATION
Comparative Balance Sheets
December
31 2017 2016
Cash $
27,200 $ 17,700
Accounts
receivable 24,200 22,300
Investments 20,000 16,000
Prepaid
Expenses 10,000 15,000
Equipment 60,000 70,000
Accumulated
depreciation (14,000) (10,000)
Total $127,400 $131,000
Accounts
payable $
19,600 $ 11,100
Taxes
Payable 6,000 1,000
Bonds
payable 14,000 30,000
Common
stock 55,000 60,000
Retained
earnings 32,800 29,900
Total $127,400 $131,000
Additional information:
1. Net income was $34,300. Dividends declared and paid were
$31,400.
2. Equipment which cost $10,000 and had accumulated depreciation
of $1,200 was sold for $5,300.
3. All other changes in noncurrent account balances had a direct...
Exercise 13-7 Rojas Corporation’s comparative balance sheets are presented below. ROJAS CORPORATION Comparative Balance Sheets December...
Exercise 13-7
Rojas Corporation’s comparative balance sheets are presented
below.
ROJAS CORPORATION
Comparative Balance Sheets
December 31
2017
2016
Cash
$ 15,000
$ 10,200
Accounts receivable
21,400
23,800
Land
19,800
26,400
Buildings
70,100
70,100
Accumulated depreciation—buildings
(15,300
)
(10,800
)
Total
$111,000
$119,700
Accounts payable
$ 12,800
$ 27,800
Common stock
74,600
73,400
Retained earnings
23,600
18,500
Total
$111,000
$119,700
Additional information:
1. Net income was $22,800. Dividends declared and paid were
$17,700.
2. No noncash investing and financing activities...
Exercise 17-7 Rojas Corporation’s comparative balance sheets are presented below. ROJAS CORPORATION Comparative Balance Sheets December...
Exercise 17-7
Rojas Corporation’s comparative balance sheets are presented
below.
ROJAS CORPORATION
Comparative Balance Sheets
December 31
2017
2016
Cash
$15,100
$10,300
Accounts receivable
21,700
23,900
Land
20,200
26,300
Buildings
70,300
70,300
Accumulated depreciation—buildings
(14,600
)
(10,000
)
Total
$112,700
$120,800
Accounts payable
$12,700
$28,600
Common stock
74,400
73,300
Retained earnings
25,600
18,900
Total
$112,700
$120,800
Additional information:
1.
Net income was $23,000. Dividends declared and paid were
$16,300.
2.
No noncash investing and financing activities occurred during
2017
3....
Keeper Corporation’s income statement for the year ended June 30, 2014, and its comparative balance sheets...
Keeper Corporation’s income statement for the year ended June
30, 2014, and its comparative balance sheets for June 30, 2014 and
2013 follow.
Keeper
Corporation
Income Statement
For the Year Ended June 30, 2014
Sales
$ 234,000
Cost of goods sold
156,000
Gross margin
$ 78,000
Operating expenses
45,000
Operating income
$ 33,000
Interest expense
2,800
Income before income taxes
$ 30,200
Income taxes expense
12,300
Net income
$ 17,900
Keeper
Corporation
Comparative Balance Sheets
June 30, 2014 and 2013...
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