In: Accounting
The financial records of Manchester Corporation were destroyed by fire at the end of 2017. Fortunately, the controller had kept the following statistical data related to the income statement and the balance sheet in addition to the published balance sheet of the year 2017:
During the year 2018, the company had the following transactions.
The financial position statement of the year 2017.
Manchester Corporation Statement of Financial Position December 31, 2017 |
|
Assets |
|
Investments |
32,000 |
Equipment assets (net) |
81,000 |
Land |
40,000 |
Accounts receivables (net) |
21,200 |
Cash |
20,000 |
Totals |
194,200 |
Equity & Liabilities |
|
Share capital-Ordinary |
100,000 |
Retained earnings |
23,200 |
Long-term notes payable |
41,000 |
Accounts payable |
30,000 |
Totals |
194,200 |
Instructions:
ANSWER TO QUESTION NO (A)
ANSWER TO QUESTION NO (B)
ANSWER TO QUESTION NO (C)
ANSWER TO QUESTION NO : (D)
ASSUMPTIONS MADE :
1. DIFFERENCE IN CASH FLOW WAS ADJUSTED WITH PURCHASE OF LAND, THERFORE INVESTMENT ACTIVITY CASH FLOW GOT INCREASED.
2. PAR VALUE OF SHARE HAS CONSIDERED TO BE $1
3. INCOME TAX EXPENSE FOR THE PERIOD HAS CONSIDERED TO BE PAID DURING THE YEAR