Question

In: Accounting

Dec. 31, 20Y3 Dec. 31, 20Y2 Assets Cash $269,150 $248,070 Accounts receivable (net) 97,500 89,090 Inventories...

Dec. 31, 20Y3 Dec. 31, 20Y2
Assets
Cash $269,150 $248,070
Accounts receivable (net) 97,500 89,090
Inventories 275,250 263,780
Investments 0 102,200
Land 141,180 0
Equipment 303,680 233,220
Accumulated depreciation—equipment (71,100) (62,890)
Total assets $1,015,660 $873,470
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors) $183,830 $172,070
Accrued expenses payable (operating expenses) 18,280 22,710
Dividends payable 10,160 7,860
Common stock, $10 par 54,850 42,800
Paid-in capital: Excess of issue price over par-common stock 206,180 118,790
Retained earnings 542,360 509,240
Total liabilities and stockholders’ equity $1,015,660 $873,470

Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows:

The investments were sold for $119,570 cash.

Equipment and land were acquired for cash.

There were no disposals of equipment during the year.

The common stock was issued for cash.

There was a $74,170 credit to Retained Earnings for net income.

There was a $41,050 debit to Retained Earnings for cash dividends declared.

Required:

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.

Solutions

Expert Solution

Statement of Cash Flows
For the Year Ended December 31, 20Y4
Cash Flows from Operating Activities:
Net income 74170
Adjustments to reconcile net income to
Net cash provided by operating activities
Depreciation expense 8210
Gain on Sale of investments -17370
Changes in Current Operating Assets and Liabilities
Increase in Accounts receivable -8410
Increase in inventories -11470
Increase in accounts payable 11760
Decrease in accrued expenses payable -4430
Net cash flow from operating activities 52460
Cash Flows from Investing Activities:
Cash paid for purchase of Equipment -70460
Cash paid for purchase of Land -141180
Cash received from sale of Investments 119570
Net Cash flow used for Investing Activities -92070
Cash Flows from Financing Activities
Cash received from sale of Common Stock 99440
Cash paid for Dividends -38750
Net Cash flow from Financing Activities 60690
Decrease in Cash 21080
Cash at Beginning of year 248070
Cash at End of year 269150

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Dec. 31, 20Y6 Dec. 31, 20Y5 Assets Cash $273,020 $256,310 Accounts receivable (net) 98,900 92,060 Inventories...
Dec. 31, 20Y6 Dec. 31, 20Y5 Assets Cash $273,020 $256,310 Accounts receivable (net) 98,900 92,060 Inventories 279,200 272,560 Investments 0 105,590 Land 143,210 0 Equipment 308,050 240,970 Accumulated depreciation-equipment (72,120) (64,980) Total assets $1,030,260 $902,510 Liabilities and Stockholders' Equity Accounts payable $186,480 $177,790 Accrued expenses payable 18,540 23,470 Dividends payable 10,300 8,120 Common stock, $10 par 55,630 44,220 Paid-in capital: Excess of issue price over par-common stock 209,140 122,740 Retained earnings 550,170 526,170 Total liabilities and stockholders’ equity $1,030,260 $902,510...
Dec. 31, 2015 Dec. 31, 2014 Assets Cash and cash equivalents 129,852 593,175 Accounts receivable, net...
Dec. 31, 2015 Dec. 31, 2014 Assets Cash and cash equivalents 129,852 593,175 Accounts receivable, net 433,638 279,835 Inventories 783,031 536,714 Prepaid expenses and other current assets 152,242 87,177 Deferred income taxes 52,498 Total current assets 1,498,763 1,549,399 Property and equipment, net 538,531 305,564 Goodwill 585,181 123,256 Intangible assets, net 75,686 26,230 Deferred income taxes 92,157 33,570 Other long-term assets 78,582 57,064 Total assets 2,868,900 2,095,083 Liabilities and Stockholders Equity Accounts payable 200,460 210,432 Accrued expenses 192,935 147,681 Current maturities...
Dec. 31, 2015 Dec. 31, 2014 Assets Cash and cash equivalents 129,852 593,175 Accounts receivable, net...
Dec. 31, 2015 Dec. 31, 2014 Assets Cash and cash equivalents 129,852 593,175 Accounts receivable, net 433,638 279,835 Inventories 783,031 536,714 Prepaid expenses and other current assets 152,242 87,177 Deferred income taxes 52,498 Total current assets 1,498,763 1,549,399 Property and equipment, net 538,531 305,564 Goodwill 585,181 123,256 Intangible assets, net 75,686 26,230 Deferred income taxes 92,157 33,570 Other long-term assets 78,582 57,064 Total assets 2,868,900 2,095,083 Liabilities and Stockholders Equity Accounts payable 200,460 210,432 Accrued expenses 192,935 147,681 Current maturities...
1 Dec. 31, 20Y8 Dec. 31, 20Y7 2 Assets 3 Cash $146,480.00 $179,640.00 4 Accounts receivable...
1 Dec. 31, 20Y8 Dec. 31, 20Y7 2 Assets 3 Cash $146,480.00 $179,640.00 4 Accounts receivable (net) 225,010.00 241,920.00 5 Inventories 321,600.00 298,870.00 6 Prepaid expenses 13,030.00 10,420.00 7 Equipment 654,380.00 537,900.00 8 Accumulated depreciation-equipment (169,970.00) (133,130.00) 9 Total assets $1,190,530.00 $1,135,620.00 10 Liabilities and Stockholders’ Equity 11 Accounts payable (merchandise creditors) $240,960.00 $236,720.00 12 Mortgage note payable     0.00 335,410.00 13 Common stock, $10 par 510,000.00 247,000.00 14 Paid-in capital: Excess of issue price over par—common stock 430,000.00 310,000.00 15...
Dec. 31, Year 2 Dec. 31, Year 1 ASSETS Current assets: Cash and cash equivalents $...
Dec. 31, Year 2 Dec. 31, Year 1 ASSETS Current assets: Cash and cash equivalents $ 92,069   $ 72,634 Accounts receivables, net 55,947 75,492 Inventories 50,784 53,129 Prepaid expenses    12,112    13,057 Total current assets 210,912 214,312 Equipment 145,444 134,312 Less: Accumulated depreciation (50,515) (36,689) Total assets $305,841 $311,935 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 25,466 $ 34,879 Accrued liabilities     40,574     40,722 Total current liabilities     66,040     75,601 Long-term debt     10,422    ...
Illini Company, Inc. Balance Sheet as of 12/31/20X0 Assets Current Assets: Cash $1,500,000 Accounts receivable, net...
Illini Company, Inc. Balance Sheet as of 12/31/20X0 Assets Current Assets: Cash $1,500,000 Accounts receivable, net               18,000 Inventory               50,000 Total current assets         1,568,000 Equipment               90,000 Goodwill               20,000 Total assets $1,678,000 Liabilities and shareholders' equity Shareholders' equity: Common stock, 20,000 shares outstanding, $1 par $20,000 Additional paid-in capital            280,000 Retained earnings         1,378,000 Total shareholders' equity         1,678,000 Total liabilities and shareholders' equity $1,678,000 Note that all additional paid-in capital (APIC) sub accounts (e.g., APIC-options...
.Statement of Cash Flows. Assets 31/12/2017 31/12/2016 Cash 81000 121500 Accounts receivable, net 79500 119250 Inventory...
.Statement of Cash Flows. Assets 31/12/2017 31/12/2016 Cash 81000 121500 Accounts receivable, net 79500 119250 Inventory 241500 362250 Land 270000 405000 Building 450000 675000 Accumulated depreciation—building -112500 -168750 Equipment 2347500 3521250 Accumulated depreciation—equipment -265500 -398250 Total of Assets 3091500 4637250 Liabilities & Equity Accounts payable 303000 454500 Bonds payable 675000 1012500 Capital stock, $10 par 1875000 2812500 Retained earnings 238500 357750 Total of Liabilities & Equity 3091500 4637250 Additional Data: 1. Net income for the year amounted to $163,500. 2....
31-Dec-17 31-Dec-16 Accounts receivable (net) 275,000 196,500 Accumulated Depreciation 300,000 200,000 Additional Paid in Capital-Common 600,000...
31-Dec-17 31-Dec-16 Accounts receivable (net) 275,000 196,500 Accumulated Depreciation 300,000 200,000 Additional Paid in Capital-Common 600,000 400,000 Administrative expenses 371,000 475,000 Bond payable, 10% due 2025 500,000 500,000 Cash 162,000 120,000 Common stock, $2 par 200,000 100,000 Cost of goods sold 1,550,000 1,420,500 Current liabilities 267,000 268,000 Depreciation Expense 100,000 100,000 Dividends on common stock 40,000 40,000 Dividends on preferred stock 12,500 12,500 Gain on Sale of Land 125,000 0 Income tax expense 168,000 118,750 Inventories 417,000 132,500 Long-term investments...
31-Dec-17 31-Dec-16 Accounts receivable (net) 275,000 196,500 Accumulated Depreciation 300,000 200,000 Additional Paid in Capital-Common 600,000...
31-Dec-17 31-Dec-16 Accounts receivable (net) 275,000 196,500 Accumulated Depreciation 300,000 200,000 Additional Paid in Capital-Common 600,000 400,000 Administrative expenses 371,000 475,000 Bond payable, 10% due 2025 500,000 500,000 Cash 162,000 120,000 Common stock, $2 par 200,000 100,000 Cost of goods sold 1,550,000 1,420,500 Current liabilities 267,000 268,000 Depreciation Expense 100,000 100,000 Dividends on common stock 40,000 40,000 Dividends on preferred stock 12,500 12,500 Gain on Sale of Land 125,000 0 Income tax expense 168,000 118,750 Inventories 417,000 132,500 Long-term investments...
Spartan Sportswear's current assets consist of cash, marketable securities, accounts receivable, and inventories. The following data...
Spartan Sportswear's current assets consist of cash, marketable securities, accounts receivable, and inventories. The following data were abstracted from a recent financial statement: Inventories $ 280,000 Total assets $ 825,000 Current ratio 2.90 Acid-test ratio 1.30 Debt to equity ratio 1.20 Required: Compute the current assets for Spartan (Do not round intermediate calculations.):
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT