Question
In: Accounting
On December 30, Billy’s Boat Yard (BBY) had $90,000 of cash, $20,000 of liabilities, $30,000 of...
On December 30, Billy’s Boat Yard (BBY) had $90,000 of cash, $20,000 of liabilities, $30,000 of common stock, and $40,000 of unrestricted retained earnings. On December 31, BBY appropriated retained earnings in the amount of $18,000 for a future remodeling project.Page 624
Required
- Record the December 31 appropriation in the following statements model:
|
Stockholders’ Equity |
Income Statement |
|||||||||||||
|
Assets |
= |
Liab. |
+ |
C. Stk |
+ |
Ret. Earn. |
+ |
App. Ret. Earn. |
Rev. |
– |
Exp. |
= |
Net. Inc. |
Cash Flow |
- Determine the amount of dividends that BBY can pay immediately after the December 31 appropriation.
- Determine the total amount of retained earnings immediately after the December 31 appropriation.
- Determine the total amount of cash immediately after the December 31 appropriation.
Solutions
ekkarill92 answered 8 months agoRelated Solutions
Question 1: On December 31, 2019, Company A had the following account balances: Cash $ 90,000...
Question 1: On December 31, 2019, Company A had the following
account balances:
Cash
$ 90,000
Accumulated Depreciation, Equipment
$ 90,000
Accounts Receivable
96,000
Accounts Payable
60,000
Inventory
60,000
Wages Payable
8,000
Supplies
2,000
Bank Loan Payable
150,000
Long-Term Investment
80,000
Common Shares
250,000
Equipment
330,000
Retained Earnings
100,000
Prepare journal entries to record each of the above transactions
and adjustments.
In 2020, the following transactions occurred:
1.Paid $102,000 for wages during the year. At
year end, the company owed...
Cash $ 10,000 Accounts payable $ 30,000 Receivables 50,000 Notes payable 20,000 Inventories 150,000 Total current liabilities $ 50,000...
Cash
$ 10,000
Accounts payable
$ 30,000
Receivables
50,000
Notes payable
20,000
Inventories
150,000
Total current liabilities
$ 50,000
Total current assets
$ 210,000
Long-term debt
50,000
Net Fixed assets
90,000
Common equity
200,000
Total assets
$ 300,000
Total liabilities and equity
$ 300,000
Net Sales
200,000
Net income
15,000
Lloyd Inc. Has sales of $200,000, a net income of $15,000
(balance sheet posted above). The new owner thinks that inventories
are excessive and can be lowered to the point where the current...
0 June 2017 30 June 2018 Cash 20,000 91,000 Accounts receivable 65,000 90,000 Inventories 58,000 62,000...
0 June 2017
30 June 2018
Cash
20,000
91,000
Accounts receivable
65,000
90,000
Inventories
58,000
62,000
Prepayments
10,000
12,000
Land
80,000
90,000
Equipment
280,000
320,000
Accumulated depreciation
(60,000)
(92,000)
453,000
573,000
Accounts payable
45,000
48,000
Loans
160,000
200,000
Share capital
200,000
230,000
Retained earnings
48,000
95,000
453,000
573,000
Additional information
There were no disposals of land or equipment during the
year.
A $30,000 loan was settled through the issue of ordinary
shares. There were no other repayments of loans.
Profit...
Year Cash Flow Ins 1 $20,000 2 $40,000 3 $40,000 4 $20,000 5 $30,000 Rieger International...
Year Cash Flow Ins 1 $20,000 2 $40,000 3 $40,000 4 $20,000 5
$30,000 Rieger International is attempting to evaluate the
feasibility of investing $96000 in a piece of equipment that has a
5 -year life. The firm has estimated the cash inflows associated
with the proposal as shown in the following table. The firm has a 9
% cost of capital. a. Calculate the payback period for the proposed
investment. b. Calculate the net present value (NPV) for the...
A 4-year financial project is forecast to have net cash inflows of $20,000; $25,000; $30,000; and...
A 4-year financial project is forecast to have net cash inflows of $20,000; $25,000; $30,000; and $50,000 in the next 4 years. It will cost $75,000 to implement the project, payable at the beginning of the project. If the required rate of return is 0.2, con duct a discounted cash flow calculation to determine the NPV.
Prat Corp. started the 2018 accounting period with $30,000 of assets (all cash), $12,000 of liabilities,...
Prat Corp. started the 2018 accounting period with $30,000 of
assets (all cash), $12,000 of liabilities, and $15,000 of common
stock. During the year, the Retained Earnings account increased by
$16,050. The bookkeeper reported that Prat paid cash expenses of
$31,000 and paid a $3,000 cash dividend to the stockholders, but
she could not find a record of the amount of cash that Prat
received for performing services. Prat also paid $4,500 cash to
reduce the liability owed to the...
Karen Sommers Travel Agency purchased land for $90,000 cash on December 10, 2011.
Karen Sommers Travel Agency purchased land for $90,000 cash on December 10, 2011. At December 31, 2011, the land’s value has increased to $93,000. What amount should be reported for land on Karen Sommers’s balance sheet at December 31, 2011? Explain.
R. Sedeno had the following assets and liabilities on 31st December, 2019. Items
R. Sedeno had the following assets and liabilities on
31st December, 2019.
Items
$
Items
$
Cash
100
Bank
2,180
Stock
5,900
Petty
Cash
120
Furniture and
Fittings
6,800
Equipment
3,200
Motor
Vehicle
17,500
Premises
40,000
Debtors:
Creditors:
L.
Robertson
1,900
T. Hosein 250
H.
Henry
520
N. Akua
1,200
Transactions during the month of January 2020 were as
follows:
1 Paid N.
Akua’s account less 5% discount by cheque.
2 Bought
$20 stamps and $40...
R. Sedeno had the following assets and liabilities on 31st December, 2019. Items
R. Sedeno had the following assets and liabilities on
31st December, 2019.
Items
$
Items
$
Cash
100
Bank
2,180
Stock
5,900
Petty
Cash
120
Furniture and
Fittings
6,800
Equipment
3,200
Motor
Vehicle
17,500
Premises
40,000
Debtors:
Creditors:
L.
Robertson
1,900
T. Hosein 250
H.
Henry
520
N. Akua
1,200
Transactions during the month of January 2020 were as
follows:
1 Paid N.
Akua’s account less 5% discount by cheque.
2 Bought
$20 stamps and $40...
R.V. Motors had $80,000 in cash at year-end 2012 and $30,000 in cash at year-end 2013....
R.V. Motors had $80,000 in cash at year-end 2012 and $30,000 in
cash at year-end 2013. Cash flow from long-term investing
activities totaled $–200,000, and cash flow from financing
activities totaled $240,000. What was the cash flow from operating
activities?
a.
$150,000
b.
$–90,000
c.
$–10,000
d.
$90,000
e.
$10,000
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