Question
In: Accounting
- Fixed assets costing $8,000 with a book value of $3,000 were sold for $6,000. -...
- Fixed assets costing $8,000 with a book value of $3,000 were sold for $6,000.
- Long term investments costing $5,000 were sold for $5,000.
-Redeemed $5,000 of the bond issuance.
- Sold stock___________.
-Paid dividends_________.
All other transactions involved cash.
Be certain you have accounted for all the changes in the account line items somewhere in your 3 areas of SCF (ex. Fixed Assets account went from $28K to $40k - we did not just buy $12K this year....)
2020 2019
Cash $30,000 $16,000
Acct Receivable 7,000 5,000
Ppd Insurance 2,000 3,000
Inventory 13,000 11,000
L-T Investments 22,000 27,000
Fixed Assets 40,000 28,000
Acc Depreciation 8,000 6,000
Acct Payable 16,000 14,000
Interest Payable 4,000 ----000—
Taxes Payable 6,000 4,000
Bond Payable 20,000 25,000
Common Stock 21,000 20,000
APIC 3,000 0
Retained Earnings 36,000 21,000
Sales $120,000
-COGS - 60,000
Gross Profit 60,000
- Operating Expenses - 20,000
Income from Operations 40,000
+/- Other
Interest Expense -2,000
Gain on Sale of Equip +3,000
Taxable Income 41,000
-Tax -8,000
Net Income $33,000
Required: Prepare the Statement of Cash Flows for Operating, Investing and Financing using both the indirect and direct methods for Operating.
Solutions
ekkarill92 answered 7 months agoRelated Solutions
A firm has current assets that could be sold for their book value of $32 million....
A firm has current assets that could be sold for their book
value of $32 million. The book value of its fixed assets is $70
million, but they could be sold for $100 million today. The firm
has total debt with a book value of $50 million, but interest rate
declines have caused the market value of the debt to increase to
$60 million. What is the ratio of the market value of equity to its
book value? (Round your...
equipment costing $60,000 with a book value of $16,000 is sold for $21,000 which journal entry...
equipment costing $60,000 with a book value of $16,000
is sold for $21,000 which journal entry is used to record the
sale?
BRAND purchased equipment for $290,000 cash, sold equipment costing $150,000 with a book value of $100,000,...
BRAND purchased equipment for $290,000 cash, sold equipment
costing $150,000 with a book value of $100,000, and declared and
paid dividends during 2021. No new notes payable were issued during
the year.
Financial data follows. All balances are
normal.
Balance Sheet
Dec. 31, 2021
Dec. 31, 2020
Change
Cash
$ 36,000
$29,000
$ 7,000
Accounts receivable
125,000
97,000
28,000
Inventory
100,000
114,000
(14,000)
Equipment
740,000
600,000
140,000
Accum. depreciation
370,000
220,000
150,000
Accounts payable
170,000
150,000
20,000
Unearned revenue
74,000
44,000
30,000
Accrued...
BRAND purchased equipment for $290,000 cash, sold equipment costing $150,000 with a book value of $100,000,...
BRAND purchased equipment for $290,000 cash, sold equipment
costing $150,000 with a book value of $100,000, and declared and
paid dividends during 2021. No new notes payable were issued during
the year.
Financial data follows. All balances are
normal.
Balance Sheet
Dec. 31, 2021
Dec. 31, 2020
Change
Cash
$ 36,000
$29,000
$ 7,000
Accounts receivable
125,000
97,000
28,000
Inventory
100,000
114,000
(14,000)
Equipment
740,000
600,000
140,000
Accum. depreciation
370,000
220,000
150,000
Accounts payable
170,000
150,000
20,000
Unearned revenue
74,000
44,000
30,000
Accrued...
ABC Corp. Balance Sheet As of December 31, 2018 Assets Liability Cash $6,000 Accounts Payable $3,000...
ABC Corp. Balance Sheet As of December 31,
2018
Assets
Liability
Cash
$6,000
Accounts Payable
$3,000
Accounts Receivable
$4,000
Stockholders' Equity
Common Stock
$3,000
Retained Earnings
$4,000
Total Liability and Stockholders' Equity
Total Assets
$10,000
$10,000
1. On January 1st, 2019, ABC Corp bought an equipment for
$2,000. The equipment has a useful life of 5 years and has a
salvage value of $500. The company uses double-declining
depreciation method.
2. On March 1 st, 2019, ABC Corp received $2,400...
ABC Corp. Balance Sheet As of December 31, 2018 Assets Liability Cash $6,000 Accounts Payable $3,000...
ABC Corp. Balance Sheet As of December 31,
2018
Assets
Liability
Cash
$6,000
Accounts Payable
$3,000
Accounts Receivable
$4,000
Stockholders' Equity
Common Stock
$3,000
Retained Earnings
$4,000
Total Liability and Stockholders' Equity
Total Assets
$10,000
$10,000
On January 1st, 2019, ABC Corp bought an equipment
for $2,000. The equipment has a useful life of 5 years and has a
salvage value of $500.
On May 1st, 2018, ABC Corp received $1,200 cash for
services to be performed in the future....
Suppose the Company has this book value balance sheet: Current assets $30,000,000 Current liabilities $20,000,000 Fixed...
Suppose the Company has this book value balance
sheet:
Current assets
$30,000,000
Current liabilities
$20,000,000
Fixed assets
70,000,000
Notes payable
$10,000,000
Long-term debt
30,000,000
Common stock (1 million shares)
1,000,000
Retained earnings
39,000,000
Total assets
$100,000,000
Total liabilities and equity
$100,000,000
The notes payable are to banks, and the interest rate on this
debt is 11%, the same as the rate on new bank loans. These bank
loans are not used for seasonal financing but instead are part of
the...
The following actual data was given for the firm. 8,000 pounds of material were purchased costing...
The following actual data was given for the firm.
8,000 pounds of material were purchased costing $ 40,000
Four hundred units were produced requiring 900 labor hours
costing $5,400 and 1, 000 pounds of material . The standard for
labor is 2 hours per unit with a wage rate of $5 per hour and for
materials 2 pounds per unit at a price of $6 per unit.
A) 10% - Calculate all labor variances
B) 10%-- Calculate all material variances...
If an asset is sold (market value) for more or less than its book value that...
If an asset is sold (market value) for more or less than its
book value that used for tax purposes, and adjustment must be made
to the taxable income during the year. How this difference in
market value and book value affect the taxable income?
Determine the book value of the division's assets on December 31, 2011.
On September 17, 2011, Ziltech, Inc. entered into an agreement to sell one of its divisions that qualifies as a component of the entity according to generally accepted accounting principles. By December 31, 2011, the company's fiscal year-end, the division had not yet been sold, but was being held for sale. The net fair value (fair value minus costs to sell) of the division's assets at the end of the year was $11 million. The pretax operating income of the...
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