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In: Accounting
Question 2 Comparative Balance Sheet Shiner Corporation Assets Dec 31, 1996 Dec 31, 1995 Cash $37,000...
Question 2
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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 |
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Accounts Payable |
$40,000 |
$5,000 |
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Bonds Payable |
$150,000 |
$0 |
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|
Common Stock |
$60,000 |
$0 |
|
|
Retained Earnings |
$136,000 |
$20,000 |
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Total Liabilities and Stockholder Equity |
$386,000 |
$85,000 |
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|
Income Statement |
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Shiner Corporation |
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Revenue |
$492,000 |
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Operating Expenses |
$269,000 |
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|
Depreciation |
$21,000 |
$290,000 |
|
Income before Income Taxes |
$202,000 |
|
|
Income Tax Expense |
$68,000 |
|
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Net Income |
$134,000 |
|
|
Additional information:
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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. |
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Allowance for doubtful accounts
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Land
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A comparative balance sheet for Party Corporation is presented below. Party Corporation Comparative Balance Sheets 31-Dec...
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2018
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Investments
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$16,000
Equipment
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$70,000
Accumulated depreciation
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($10,000)
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$112,900
$121,000
Accounts payable
$13,600
$11,100
Bonds payable
$6,000
$30,000
Common stock
$50,000
$45,000
Retained earnings
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below:
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Comparative Balance Sheet
Dec. 31,
2021 Dec.
31, 2020
Assets
Cash...........................................................................
$
68,200
$ 20,800
Accounts
receivable..................................................
10,000 16,300
Prepaid
expenses......................................................
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6,000
Inventory....................................................................
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Equipment..................................................................
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earnings.......................................................
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December
31
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Additional information:
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