Question

In: Accounting

Prepare the companies statement of cash flows: Income statement: Sales $180,000 Cost of Goods Sold ($110,000)...

Prepare the companies statement of cash flows:

Income statement:

Sales $180,000

Cost of Goods Sold ($110,000)

Depreciation Expense ($30,000)

Operating Expense ($18,000)

Loss on sale of land ($1,000)

Gain on the sale of equipment $5,000

Net income $26,000

Balance Sheet- 2017/2016

Cash- $35,000 (2017)/ $53,000 (2016)

AR- $25,000 / $32,000

Inventory- $40,000 / $32,000

Prepaid Expense- $5,000 / $4,000

Investments- $15,000 / $10,000

Land- $15,000 / $18,000

Build & Equip, net- $145,000 / $122,000

Total Assets- $280,000 / $271,000

Acct. Pay- $18,000 / $13,000

Interest Payable- $17,000 / $25,000

Salaries Payable- $15,000 / $10,000

Notes Payable- $20,000 / $30,000

Bonds Payable- $30,000 / $35,000

Common Stock- $143,000 / $133,000

Retained Earnings- $37,000 / $25,000

Total Liabilities & Equity- $280,000 / $271,000

Additional Information:

- Purchased investments

- Purchased $56,000 of equipment

- Paid off $10,000 of notes payable by issuing common stock

- Paid dividends

- Sold equipment with a book value of $3,000 for a gain of $5,000

- Sold land for a loss of $1,000

Expert Solution

Statement of Cash Flow
Particulars	Amount	Total Amount
Income	26,000.00
Loss on sale of land	1,000.00
Gain on the sale of equipment	(5,000.00)
Depreciation	30,000.00
Decrease in AR	7,000.00
Increase in inventory	(8,000.00)
Increase in prepaid expennse	(1,000.00)
Increase in AP	5,000.00
Decrease in interest payable	(8,000.00)
Increase in Salaries payable	5,000.00
Cash flow from operating activities		52,000.00
Cash flow from Investing activities
Purchase of invt	(5,000.00)
Purchase of Building and equip	(56,000.00)
Sale of equipment	8,000.00
Sale of Land	2,000.00
Cash flow from Investing activities		(51,000.00)
Cash flow from Financing activities
Redemption of bond payable	(5,000.00)
Dividends Paid = 26000 - 12000	(14,000.00)
Cash flow from Financing activities		(19,000.00)
net change in cash and cash equivalents		(18,000.00)
Opening cash and cash equivalents		53,000.00
Closing cash and cash equivalents		35,000.00

ekkarill92 answered 2 years ago

1) Prepare a Cost of Goods Manufactured Statement and determine Cost of Goods Sold using the...

1) Prepare a Cost of Goods Manufactured Statement and determine Cost of Goods Sold using the following information: IF YOU DO NOT LABEL YOUR ANSWERS, YOU WILL NOT RECEIVE CREDIT Beginning Raw Materials Inventory $1,000 Beginning Work-In-Process Inventory $2,000 Beginning Finished Goods Inventory $3,000 Ending Raw Materials Inventory $1,500 Ending Work-In-Process Inventory $2,500 Ending Finished Goods Inventory $3,500 Raw Materials Purchases $1,250 Direct Labor $750 Factory Overhead $750 2) Prepare journal entries, if necessary, for the following as of the...

Income Statement Balance Sheet Sales $20,000,000 Assets: Cost of Goods Sold 8,000,000 Cash $5,000,000 12,000,000 Marketable...

Income Statement Balance Sheet Sales $20,000,000 Assets: Cost of Goods Sold 8,000,000 Cash $5,000,000 12,000,000 Marketable Securities 12,500,000 Selling and Administrative 1,600,000 Accounts Receivable, net 2,500,000 Depreciation 3,000,000 Inventory 30,000,000 EBIT 7,400,000 Prepaid Expenses 5,000,000 Interest 2,000,000 Plant & Equipment 30,000,000 5,400,000 Taxes (40%) 2,160,000 Total Assets 85,000,000 3,240,000 Common Stock Div. 600,000 Liabilities and Equity: $2,640,000 Accounts Payable $20,000,000 Notes Payable 5,000,000 Shares outstanding of common stock = 1,000,000 Accrued Expenses 5,000,000 Market price of common stock = $18...

The 2018 income statement of Adrian Express reports sales of $15,015,000, cost of goods sold of...

The 2018 income statement of Adrian Express reports sales of $15,015,000, cost of goods sold of $8,863,500, and net income of $1,570,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Current assets: Cash $ 570,000 $ 730,000 Accounts receivable 1,340,000 970,000 Inventory 1,740,000 1,370,000 Long-term assets 4,770,000 4,210,000 Total assets $ 8,420,000 $ 7,280,000 Liabilities and Stockholders' Equity Current liabilities $ 1,990,000 $ 1,630,000...

Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement The following data...

Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement The following data from the just completed year are taken from the accounting records of Mason Company: Sales .......................................... $524,000 Direct labor cost.................................. $70,000 Raw material purchases............................ $118,000 Selling expenses ................................. $140,000 Administrative expenses ........................... $63,000 Manufacturing overhead applied to work in process ...... $90,000 Actual manufacturing overhead costs ................. $80,000 Inventories Beginning of End of Year Year Raw materials.............. $7,000 $15,000 Work in process............ $10,000 $5,000...

Bayside, Inc. 2017 Income Statement ($ in thousands) Net sales $ 6,170 Cost of goods sold...

Bayside, Inc. 2017 Income Statement ($ in thousands) Net sales $ 6,170 Cost of goods sold 4,590 Depreciation 395 Earnings before interest and taxes $ 1,185 Interest paid 44 Taxable income $ 1,141 Taxes 399 Net income $ 742 Bayside, Inc. 2016 and 2017 Balance Sheets ($ in thousands) 2016 2017 2016 2017 Cash $ 145 $ 250 Accounts payable $ 1,710 $ 1,770 Accounts rec. 1,130 970 Long-term debt 880 680 Inventory 1,805 2,130 Common stock 3,380 3,350...

Windswept, Inc. 2017 Income Statement ($ in millions) Net sales $ 8,700 Cost of goods sold...

Windswept, Inc. 2017 Income Statement ($ in millions) Net sales $ 8,700 Cost of goods sold 7,340 Depreciation 405 Earnings before interest and taxes $ 955 Interest paid 82 Taxable income $ 873 Taxes 306 Net income $ 567 Windswept, Inc. 2016 and 2017 Balance Sheets ($ in millions) 2016 2017 2016 2017 Cash $ 150 $ 185 Accounts payable $ 1,180 $ 1,260 Accounts rec. 920 730 Long-term debt 1,000 1,265 Inventory 1,520 1,550 Common stock 3,210 2,900...

Q4. The 2021 income statement of Adrian Express reports sales of $20,710,000, cost of goods sold...

Q4. The 2021 income statement of Adrian Express reports sales of $20,710,000, cost of goods sold of $12,600,000, and net income of $1,980,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash $ 840,000 $ 930,000 Accounts receivable 1,775,000 1,205,000 Inventory 2,245,000 1,675,000 Long-term assets 5,040,000 4,410,000 Total assets $ 9,900,000 $ 8,220,000 Liabilities and Stockholders' Equity Current liabilities $ 2,074,000 $ 1,844,000 Long-term liabilities...

Joyner Company’s income statement for Year 2 follows: Sales $ 714,000 Cost of goods sold ...

Joyner Company’s income statement for Year 2 follows: Sales $ 714,000 Cost of goods sold 207,000 Gross margin 507,000 Selling and administrative expenses 217,000 Net operating income 290,000 Nonoperating items: Gain on sale of equipment 7,000 Income before taxes 297,000 Income taxes 89,100 Net income $ 207,900 Its balance sheet amounts at the end of Years 1 and 2 are as follows: Year 2 Year 1 Assets ...

The following data is taken from a firm’s income statement: Sales 6,000 Cost of goods sold...

The following data is taken from a firm’s income statement: Sales 6,000 Cost of goods sold 4,500 Interest 600 Tax 150 And from its balance sheet: Cash 800 Inventory 650 Accounts receivable 180 Accounts payable 460 (a) Calculate the firm’s cash conversion cycle. Use 365 days per year. (b) Is reducing the cash conversion cycle a good objective or not? Explain. (c) Can a cash conversion cycle be negative? Explain, and if so, give an example of a type of...

Use the balance sheet and income statement below to prepare a statement of cash flows for...

Use the balance sheet and income statement below to prepare a statement of cash flows for Valium’s Medical Supply Corporation. (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.) VALIUM’S MEDICAL SUPPLY CORPORATION Balance Sheet as of December 31, 2018 and 2017 (in thousands of dollars) Assets 2018 2017 Liabilities and Equity 2018 2017 Current assets: Current liabilities: Cash and marketable securities $ 79 $ 78 Accrued wages and taxes $ 60 $...