Question

In: Accounting

Question 2 Comparative Balance Sheet Shiner Corporation Assets Dec 31, 1996 Dec 31, 1995 Cash $37,000...

Question 2

Comparative Balance Sheet

Shiner Corporation

Assets

Dec 31, 1996

Dec 31, 1995

Cash

$37,000

$49,000

Accounts Receivable

$26,000

$36,000

Prepaid Expenses

$6,000

$0

Land

$70,000

$0

Building

$200,000

$0

Accumulated Depreciation

$11,000

$189,000

$0

Equipment

$68,000

$0

Accumulated Depreciation

$10,000

$58,000

$0

Total Assets

$386,000

$85,000

Liabilities and Stockholder Equity

Accounts Payable

$40,000

$5,000

Bonds Payable

$150,000

$0

Common Stock

$60,000

$0

Retained Earnings

$136,000

$20,000

Total Liabilities and Stockholder Equity

$386,000

$85,000

Income Statement

Shiner Corporation

Revenue

$492,000

Operating Expenses

$269,000

Depreciation

$21,000

$290,000

Income before Income Taxes

$202,000

Income Tax Expense

$68,000

Net Income

$134,000

Additional information:

  1. During the year Shiner Corporation paid dividends of $18,000.
  2. Shiner also issued $150,000 in bonds.   

Copy and complete the statement below:

Statement of Cash Flows

Cash Flow from Operating Activities

Net Income

Adjustments to reconcile net income to net cash

Depreciation

Accts Receivable decrease

Prepaid Expense increase

Accts Payable Increase

Net cash provided from Operating Activities

Investing Activities

Land Purchase

Building Purchase

Equipment Purchase

Financing Activities

Dividend payment to shareholders

Issuance of Bonds Payable

Net Decrease in Cash

Cash Jan 1, 1996

Cash Dec 31, 1996

Solutions

Expert Solution

A Cash flow statement provides the following information:
1) Information about company's cash receipt and cash payment during an accounting period.
2) Information about company's operating, investing and financing activities.
3) Information access the company's liquidity, solvency and financing flexibility.
Cash flow from operating activities (CFO), consists of the inflows and outflows of cash resulting from transactions that affect a firm's net income.
Cash flow from investing activities (CFI) consists of the inflow and outflows of cash resulting from the acquisition of long term assets and investment.
Cash Flow from financing activities (CFF) consists of the inflow and outflows of cash resulting from transactions affecting a firm's capital structure.


Related Solutions

Below is the comparative balance sheet for Sheffield Corporation. Dec. 31, 2020 Dec. 31, 2019 Cash...
Below is the comparative balance sheet for Sheffield Corporation. Dec. 31, 2020 Dec. 31, 2019 Cash $16,400 $21,100 Short-term investments 25,200 19,100 Accounts receivable 42,900 44,600 Allowance for doubtful accounts (1,800 ) (2,000 ) Prepaid expenses 4,200 2,500 Inventory 81,300 65,700 Land 49,600 49,600 Buildings 126,200 72,800 Accumulated depreciation—buildings (30,200 ) (23,300 ) Equipment 53,000 45,800 Accumulated depreciation—equipment (19,100 ) (15,600 ) Delivery equipment 39,200 39,200 Accumulated depreciation—delivery equipment (22,200 ) (20,700 ) Patents 14,900 –0– $379,600 $298,800 Accounts payable...
Below is the comparative balance sheet for Pina Corporation. Dec. 31, 2020 Dec. 31, 2019 Cash...
Below is the comparative balance sheet for Pina Corporation. Dec. 31, 2020 Dec. 31, 2019 Cash $16,700 $21,000 Short-term investments 24,900 19,100 Accounts receivable 42,500 45,000 Allowance for doubtful accounts (1,800 ) (2,100 ) Prepaid expenses 4,300 2,500 Inventory 81,800 65,500 Land 50,400 50,400 Buildings 124,200 73,600 Accumulated depreciation—buildings (29,900 ) (22,900 ) Equipment 52,700 45,700 Accumulated depreciation—equipment (18,900 ) (15,600 ) Delivery equipment 38,600 38,600 Accumulated depreciation—delivery equipment (21,900 ) (20,700 ) Patents 15,000 –0– $378,600 $300,100 Accounts payable...
Below is the comparative balance sheet for Swifty Corporation. Dec. 31, 2017 Dec. 31, 2016 Cash...
Below is the comparative balance sheet for Swifty Corporation. Dec. 31, 2017 Dec. 31, 2016 Cash $16,500 $20,900 Short-term investments 24,800 18,800 Accounts receivable 42,700 45,400 Allowance for doubtful accounts (1,700 ) (2,000 ) Prepaid expenses 4,200 2,400 Inventory 81,200 65,700 Land 49,700 49,700 Buildings 125,700 73,400 Accumulated depreciation—buildings (29,800 ) (22,800 ) Equipment 53,200 46,300 Accumulated depreciation—equipment (19,100 ) (15,500 ) Delivery equipment 38,800 38,800 Accumulated depreciation—delivery equipment (22,100 ) (20,700 ) Patents 15,200 –0– $379,300 $300,400 Accounts payable...
Below is the comparative balance sheet for Larkspur Corporation. Dec. 31, 2020 Dec. 31, 2019 Cash...
Below is the comparative balance sheet for Larkspur Corporation. Dec. 31, 2020 Dec. 31, 2019 Cash $16,400 $21,100 Short-term investments 25,200 19,100 Accounts receivable 43,400 45,100 Allowance for doubtful accounts (1,900 ) (2,000 ) Prepaid expenses 4,300 2,400 Inventory 82,200 65,200 Land 50,100 50,100 Buildings 125,100 73,600 Accumulated depreciation—buildings (29,700 ) (23,000 ) Equipment 52,600 45,900 Accumulated depreciation—equipment (19,100 ) (15,300 ) Delivery equipment 39,400 39,400 Accumulated depreciation—delivery equipment (22,200 ) (20,700 ) Patents 14,900 –0– $380,700 $300,900 Accounts payable...
Below is the comparative balance sheet for Crane Corporation. Dec. 31, 2017 Dec. 31, 2016 Cash...
Below is the comparative balance sheet for Crane Corporation. Dec. 31, 2017 Dec. 31, 2016 Cash $16,500 $20,800 Short-term investments 25,000 18,900 Accounts receivable 43,200 44,600 Allowance for doubtful accounts (1,800 ) (1,900 ) Prepaid expenses 4,100 2,500 Inventory 81,700 65,500 Land 49,500 49,500 Buildings 125,000 73,100 Accumulated depreciation—buildings (30,000 ) (22,800 ) Equipment 52,800 46,200 Accumulated depreciation—equipment (19,100 ) (15,500 ) Delivery equipment 39,400 39,400 Accumulated depreciation—delivery equipment (22,000 ) (20,500 ) Patents 14,900 –0– $379,200 $299,800 Accounts payable...
A comparative balance sheet for Party Corporation is presented below. Party Corporation Comparative Balance Sheets 31-Dec...
A comparative balance sheet for Party Corporation is presented below. Party Corporation Comparative Balance Sheets 31-Dec 2019 2018 Cash $18,700 $22,700 Accounts receivable $24,700 $22,300 Investments $25,000 $16,000 Equipment $59,000 $70,000 Accumulated depreciation ($14,500) ($10,000)      Total $112,900 $121,000 Accounts payable $13,600 $11,100 Bonds payable $6,000 $30,000 Common stock $50,000 $45,000 Retained earnings $43,300 $34,900     Total $112,900 $121,000 Additional information: 1.        Net income for 2019 was $17,700; Dividends declared and paid were $9,300. 2.        Equipment which cost $11,000 and...
A comparative balance sheet for Party Corporation is presented below. Party Corporation Comparative Balance Sheets 31-Dec...
A comparative balance sheet for Party Corporation is presented below. Party Corporation Comparative Balance Sheets 31-Dec 2019 2018 Cash $18,700 $22,700 Accounts receivable $24,700 $22,300 Investments $25,000 $16,000 Equipment $59,000 $70,000 Accumulated depreciation ($14,500) ($10,000)      Total $112,900 $121,000 Accounts payable $13,600 $11,100 Bonds payable $6,000 $30,000 Common stock $50,000 $45,000 Retained earnings $43,300 $34,900     Total $112,900 $121,000 Additional information: 1.        Net income for 2019 was $17,700; Dividends declared and paid were $9,300. 2.        Equipment which cost $11,000 and...
The comparative balance sheets for Dingdong Corporation appear below: DINGDONG CORPORATION Comparative Balance Sheet    Dec. 31,...
The comparative balance sheets for Dingdong Corporation appear below: DINGDONG CORPORATION Comparative Balance Sheet    Dec. 31, 2021                 Dec. 31, 2020 Assets Cash...........................................................................         $ 68,200                      $ 20,800 Accounts receivable..................................................             10,000    16,300 Prepaid expenses......................................................               9,000                           6,000 Inventory....................................................................             32,900                         30,200 Equipment..................................................................             30,000                         60,000 Accumulated depreciation—equipment.........................          (17,000)                      (19,800)             Total assets...................................................…    $ 133,100                   $ 113,500 Liabilities and Shareholders' Equity Accounts payable.......................................................            $ 5,600                      $ 15,000 Bonds payable............................................................             50,000                         40,000 Common shares..........................................................             23,000                         23,000 Retained earnings.......................................................             54,500                        ...
Mohammed Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year...
Mohammed Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year 2 Dec. 31, Year 1 Accounts receivable $30,300 $26,600 Inventory 63,500 73,800 Accounts payable 19,800 16,400 Dividends payable 25,000 27,000 Adjust net income of $124,400 for changes in operating assets and liabilities to arrive at net cash flow from operating activities
A comparative balance sheet for Talkington Corporation is presented below. December 31 Assets 2017 2016 Cash...
A comparative balance sheet for Talkington Corporation is presented below. December 31 Assets 2017 2016 Cash $68,000 $22,000 Accounts receivable 82,000 66,000 Inventory 170,000 189,000 Land 71,000 110,000 Equipment 280,000 200,000 Accumulated depreciation–equipment (74,000) (42,000)             Total $597,000 $545,000 Liabilities and Stockholders’ Equity Accounts payable $34,000 $47,000 Bonds payable 150,000 200,000 Common stock ($1 par) 164,000 164,000 Retained earnings 249,000 134,000             Total $597,000 $545,000 Additional information: 1. Net income for 2017 was $155,000; there were no gains or losses. 2. Cash...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT