Question

In: Accounting

Category Prior Year Current Year Accounts payable 3,130.00 5,902.00 Accounts receivable 6,875.00 9,027.00 Accruals 5,768.00 6,161.00...

Category Prior Year Current Year
Accounts payable 3,130.00 5,902.00
Accounts receivable 6,875.00 9,027.00
Accruals 5,768.00 6,161.00
Additional paid in capital 20,385.00 13,869.00
Cash ??? ???
Common Stock 2,850 2,850
COGS 22,803.00 18,987.00
Current portion long-term debt 500 500
Depreciation expense 1,038.00 977.00
Interest expense 1,290.00 1,142.00
Inventories 3,032.00 6,682.00
Long-term debt 16,522.00 22,321.00
Net fixed assets 75,296.00 74,002.00
Notes payable 4,042.00 6,533.00
Operating expenses (excl. depr.) 19,950 20,000
Retained earnings 35,822.00 34,700.00
Sales 46,360 45,291.00
Taxes 350 920

What is the firm's total change in cash from the prior year to the current year?

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Expert Solution

Ans: Let cash balance for prior year and current year be Y and Z respectively.

For Prior year, $130,634+Y = $ 135,379

Y = $ 135,379 - $ 130,634

Y = $ 4,745

Cash balance for prior year = $4,745

For current year, $ 131,737 + Z = $ 138,127

Z = $ 138,127 - $ 131,737

= $ 6390

Cash balance for current year = $ 6,390.

Change in cash from prior year to current year = $ 4745 - $ 6390

= - $ 1645

Prior year Current year
Particulars Debit Credit Debit Credit
Accounts payable 3130 5902
Accounts receivable 6875 9027
Accruals 5768 6161
Additional paid in capital 20385 13869
Cash Y Z
Common stock 2850 2850
COGS 22803 18987
Current portion long term debt 500 500
Depreciation expenses 1038 977
Interest expenses 1290 1142
Inventories 3032 6682
Long term debt 16522 22321
Net Fixed assets 75296 74002
Notes payable 4042 6533
Operating expenses (excluding depreciation) 19950 20000
Retained earnings 35822 34700
Sales 46360 45291
Taxes 350 920
Total 130634+Y 135379 131737+Z 138127

ekkarill92 answered 2 years ago
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