Presented below are data taken from the records of Vaughn Company. December 31, 2017 December 31,...

Presented below are data taken from the records of Vaughn Company. December 31, 2017 December 31, 2016 Cash $15,100 $8,100 Current assets other than cash 85,300 60,300 Long-term investments 10,000 53,000 Plant assets 337,500 213,900 $447,900 $335,300 Accumulated depreciation $20,000 $40,400 Current liabilities 40,400 21,900 Bonds payable 74,600 –0– Common stock 253,700 253,700 Retained earnings 59,200 19,300 $447,900 $335,300 Additional information: 1. Held-to-maturity securities carried at a cost of $43,000 on December 31, 2016, were sold in 2017 for $33,700. The loss (not unusual) was incorrectly charged directly to Retained Earnings. 2. Plant assets that cost $49,900 and were 80% depreciated were sold during 2017 for $7,900. The loss was incorrectly charged directly to Retained Earnings. 3. Net income as reported on the income statement for the year was $56,800. 4. Dividends paid amounted to $5,520. 5. Depreciation charged for the year was $19,520. Prepare a statement of cash flows for the year 2017 using the indirect method.

Expert Solution

ekkarill92 answered 9 months ago

Presented below are data taken from the records of Sandhill Company. December 31, 2017 December 31,...

Presented below are data taken from the records of Sandhill Company. December 31, 2017 December 31, 2016 Cash $15,000 $8,000 Current assets other than cash 84,500 59,900 Long-term investments 10,000 52,800 Plant assets 335,600 217,200 $445,100 $337,900 Accumulated depreciation $20,200 $39,700 Current liabilities 39,600 21,800 Bonds payable 75,600 –0– Common stock 253,300 253,300 Retained earnings 56,400 23,100 $445,100 $337,900 Additional information: 1. Held-to-maturity securities carried at a cost of $42,800 on December 31, 2016, were sold in 2017 for $34,000....

Presented below are data taken from the records of Blue Company. December 31, 2020 December 31,...

Presented below are data taken from the records of Blue Company. December 31, 2020 December 31, 2019 Cash $15,100 $7,900 Current assets other than cash 85,600 59,800 Long-term investments 9,900 53,500 Plant assets 333,500 213,200 $444,100 $334,400 Accumulated depreciation $19,800 $40,000 Current liabilities 39,800 22,000 Bonds payable 75,100 –0– Common stock 252,600 252,600 Retained earnings 56,800 19,800 $444,100 $334,400 Additional information: 1. Held-to-maturity debt securities carried at a cost of $43,600 on December 31, 2019, were sold in 2020 for...

Exercise 23-15 Presented below are data taken from the records of Oriole Company. December 31, 2020...

Exercise 23-15 Presented below are data taken from the records of Oriole Company. December 31, 2020 December 31, 2019 Cash $15,100 $8,000 Current assets other than cash 85,100 59,700 Long-term investments 10,100 53,600 Plant assets 331,900 216,400 $442,200 $337,700 Accumulated depreciation $20,100 $40,200 Current liabilities 40,200 21,800 Bonds payable 74,800 –0– Common stock 252,200 252,200 Retained earnings 54,900 23,500 $442,200 $337,700 Additional information: 1. Held-to-maturity debt securities carried at a cost of $43,500 on December 31, 2019, were sold in...

The following data are taken from the records of Alee Company. December 31, 2020 December 31,...

The following data are taken from the records of Alee Company. December 31, 2020 December 31, 2019 Cash $ 15,000 $ 8,000 Current assets other than cash 85,000 60,000 Long-term debt investments 10,000 53,000 Plant assets 335,000 215,000 $445,000 $336,000 Accumulated depreciation $ 20,000 $ 40,000 Current liabilities 40,000 22,000 Bonds payable 75,000 –0– Common stock 254,000 254,000 Retained earnings 56,000 20,000 $445,000 $336,000 Additional information: Held-to-maturity debt securities carried at a cost of $43,000 on December 31, 2019, were...

The following data were taken from the records of Vaughn Company for the fiscal year ended...

The following data were taken from the records of Vaughn Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 $51,100 Factory Insurance $5,200 Raw Materials Inventory 6/30/20 41,600 Factory Machinery Depreciation 16,800 Finished Goods Inventory 7/1/19 96,800 Factory Utilities 29,700 Finished Goods Inventory 6/30/20 27,800 Office Utilities Expense 9,550 Work in Process Inventory 7/1/19 21,300 Sales Revenue 563,900 Work in Process Inventory 6/30/20 27,900 Sales Discounts 4,600 Direct Labor 144,350 Plant Manager’s Salary 64,300 Indirect Labor...

The following data were taken from the records of Samsung Company for the year ended December 31,...

The following data were taken from the records of Samsung Company for the year ended December 31, 2019. Raw Materials Inventory,1/1/19 $48,000 Factory Machinery Depreciation $16,000 Raw Materials Inventory, 12/31/19 39,600 Factory Utilities 27,600 Finished Goods Inventory, 1/1/19 96,000 Selling expenses 12,000 Finished Goods Inventory, 12/31/19 75,900 Sales Revenue 534,000 Work in Process Inventory, 1/1/19 19,800 Administrative expenses 14,200 Work in Process Inventory, 12/31/19 18,600 Plant Manager's Salary 58,000 Direct Labor 139,250 Factory Property Taxes 9,600 Indirect Labor 24,460 Factory Repairs...

Presented below is information related to equipment owned by Vaughn Company at December 31, 2020. Cost...

Presented below is information related to equipment owned by Vaughn Company at December 31, 2020. Cost $10,350,000 Accumulated depreciation to date 1,150,000 Expected future net cash flows 8,050,000 Fair value 5,520,000 Assume that Vaughn will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 4 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required,...

The following financial information was taken from a firm’s accounting records on December 31, 2017. Use...

The following financial information was taken from a firm’s accounting records on December 31, 2017. Use this information to determine the items below. Net Sales $ 800,000 Net Income Before Income Tax 45,000 Income Tax Expense 6,750 Net Income After Income Tax 38,250 Total Assets 400,000 Find the following 1. Rate of returns on net sales. 2. Rate of return on total assets. 3. Asset turnover.

The following information was taken from the accounting records of JBD Company as of December 31,...

The following information was taken from the accounting records of JBD Company as of December 31, 2020: Inventory ................. $17,000 Accounts Payable .......... $36,000 Common Stock .............. $78,000 Accounts Receivable ....... $11,000 Retained Earnings ......... $24,000 (at January 1, 2020) Copyright ................. $20,000 Salaries Expense .......... $28,000 Supplies .................. $12,000 Mortgage payable .......... $80,000 (due March 1, 2040) Land ...................... $93,000 Notes Payable ............. $17,000 (due November 1, 2022) Trademark ................. $37,000 Sales Revenue ............. $97,000 Equipment ................. $85,000 Income...

The following information was taken from the accounting records of CJTR Company as of December 31,...

The following information was taken from the accounting records of CJTR Company as of December 31, 2020: Accounts Payable .......... ? Accounts Receivable ....... $44,000 Building .................. $68,000 Cash ...................... $17,000 Common Stock .............. $56,000 Cost of Goods Sold ........ $41,000 Dividends ................. ? Equipment ................. $79,000 Interest Revenue .......... $40,000 Inventory ................. $63,000 Land ...................... $82,000 Notes Payable ............. $67,000 Rent Expense .............. $23,000 Retained Earnings ......... ? Salaries Expense .......... $52,000 Salaries Payable .......... $34,000 Sales Revenue ................

Question