Question
In: Accounting
Consider the following Balance Sheet 2013 2014 Cash $34,000.00 $34,500.00 Accounts receivable, net $12,000.00 $17,000.00 Inventory...
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Consider the following Balance Sheet |
||
|
2013 |
2014 |
|
|
Cash |
$34,000.00 |
$34,500.00 |
|
Accounts receivable, net |
$12,000.00 |
$17,000.00 |
|
Inventory |
$16,000.00 |
$14,000.00 |
|
Investment (long-term) |
$6,000.00 |
- |
|
Fixed assets |
$80,000.00 |
$93,000.00 |
|
Accumulated depreciation |
$-48,000.00 |
$-39,000.00 |
|
Total Assets |
$100,000.00 |
$119,500.00 |
|
Accounts Payable |
$19,000.00 |
$12,000.00 |
|
Bonds payable |
$10,000.00 |
$30,000.00 |
|
Common stock |
$50,000.00 |
$61,000.00 |
|
Retained Earnings |
$21,000.00 |
$28,000.00 |
|
Treasury Stock |
- |
$-11,500.00 |
|
Total Liabilities and Equity |
$100,000.00 |
$119,500.00 |
Supplemental information for time period January 1, 2014 through December 31, 2014:
- Net income, $7,000
- Sales on account, $70,000.
- Purchases on account, $40,000.
- Depreciation, $5,000.
- Expenses paid in cash, $18,000 (including $4,000 of interest and $6,000 in taxes).
- Decrease in inventory value, $2,000.
- Sales of fixed assets for $6,000 cash; cost $21,000 and twothirds depreciated (loss or gain is included in income)
- Purchase of fixed assets for cash, $4,000.
- Acquisition of fixed assets by issue of bonds $30,000 (noncash activity)
- Sale of investments (longterm) for $9,000 cash.
- Purchase of treasury stock for cash, $11,500.
- Retire bonds payable by issuing common stock, i.e. conversion of bonds into common stock, $10,000 (noncash activity)
- Collections on accounts receivable, $65,000.
- Sold unissued common stock for cash, $1,000.
- Prepare a statement of cash flows using the indirect method for the year ended December 31, 2014. (First need to create an income statement. net income should be $7,000).
- Prepare a side-by-side comparative statement contrasting net income and cash flows from operations (direct method) and explain which of these two financial reports better reflects profitability.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Accounts Payable $ 53,000 Accounts Receivable 30,800 Cash (balance on January 1, 2013) 108,900 Cash (balance...
Accounts Payable
$
53,000
Accounts
Receivable
30,800
Cash (balance on
January 1, 2013)
108,900
Cash (balance on
September 30, 2013)
93,000
Common Stock
149,000
Dividends
0
Equipment
144,700
Income Tax
Expense
10,900
Interest
Expense
30,300
Inventory
18,000
Notes Payable
30,900
Prepaid Rent
7,800
Office Expense
15,100
Retained Earnings
(beginning)
10,300
Salaries and Wages
Expense
36,500
Service Revenue
153,800
Utilities
Expense
25,900
Salaries and Wages
Payable
16,000
Other cash flow
information:
Cash
from issuing common stock
$
29,000
Cash
paid...
Accounts Payable $ 53,000 Accounts Receivable 30,800 Cash (balance on January 1, 2013) 108,900 Cash (balance...
Accounts Payable
$
53,000
Accounts
Receivable
30,800
Cash (balance on
January 1, 2013)
108,900
Cash (balance on
September 30, 2013)
93,000
Common Stock
149,000
Dividends
0
Equipment
144,700
Income Tax
Expense
10,900
Interest
Expense
30,300
Inventory
18,000
Notes Payable
30,900
Prepaid Rent
7,800
Office Expense
15,100
Retained Earnings
(beginning)
10,300
Salaries and Wages
Expense
36,500
Service Revenue
153,800
Utilities
Expense
25,900
Salaries and Wages
Payable
16,000
Other cash flow
information:
Cash
from issuing common stock
$
29,000
Cash
paid...
Balance Sheet As of December 31,2016 Assets Cash and equivalents 295,500 Accounts receivable 875,000 Inventory 437,500...
Balance Sheet
As of December 31,2016
Assets
Cash and equivalents 295,500
Accounts receivable 875,000
Inventory 437,500
Total Current Assets 1,608,000
Plant and equipment 475,000
Accumulated depreciation (234,550)
Net Fixed Assets 240,450
Total Assets 1,848,450
Liabilities and Owner’s Equity
Accounts payable 306,250
Short-term notes payable 88,185
Other current liabilities 18,200
Total Current Liabilities 412,635
Long-term debt 495,800
Total Liabilities 908,435
Common Stock 700,000
Retained earnings 240,015
Total Shareholder’s Equity 940,015
Total Liabilities and Owner’s Equity 1,848,450ZHIAO-WAY Inc.
Income Statement
For the...
A corporation's year-end 2015 balance sheet lists cash of $36,400, accounts receivable of $98,700, inventory of...
A corporation's year-end 2015 balance sheet lists cash of
$36,400, accounts receivable of $98,700, inventory of $156,900,
fixed assets of $853,000, current liabilities of $218,000, and
long-term debt of $465,000. What is the amount of the corporation’s
total stockholders' equity at year-end 2015? A. less than $465,000
but more than $440,000
B. less than $490,000 but more than $465,000
C. less than $515,000 but more than $490,000
D. less than $540,000 but more than $515,000
E. more than $540,000
Which...
Problem 2 Balance Sheet Year 2 Year 1 Cash $ 32 $ 8 Net Accounts Receivable...
Problem 2
Balance Sheet
Year 2
Year 1
Cash
$ 32
$ 8
Net Accounts Receivable
76
50
DTA - NOL
1.6
12
Furniture
100
100
Accumulated Depreciation
(20)
(5)
Total Assets
$ 189.6
$ 165
Accounts Payable
$ 8
$ 10
Deferred Tax Liability
29.6
27
Bank Loan
$ 30
$ 53
Total Liabilities
$ 67.6
$ 90
Common Stock
$ 20
$ 20
Retained Earnings
102
55
Total Liabilities & Equity
$ 189.6
$ 165
Income Statement...
Balance Sheet for J & P Industries 2018 Current assets Cash 215 Accounts receivable 310 Inventory...
Balance Sheet for J & P Industries
2018
Current assets
Cash
215
Accounts receivable
310
Inventory
328
Total current assets
853
Fixed assets
Net plant and equipment
6,527
Total assets
7,380
Current liabilities
Accounts payable
298
Notes payable
1,427
Total currrent liabilities
1,725
Long-term debt
2,308
Owners' equity
Common stock and paid in surplus
1,000
Retained earnings
2,347
Total owners' equity
3,347
Total liabilities and owners' equity
7,380
Income Statement for J & P
Sales
4,053.00
Cost of goods sold...
Account Balance 12/31/2013 Balance 12/31/2014 Accumulated depreciation $2,021 $2,678 Accounts payable $1,806 $2,053 Accounts receivable...
Account Balance 12/31/2013 Balance 12/31/2014
Accumulated depreciation $2,021 $2,678
Accounts payable $1,806 $2,053
Accounts receivable $2,490 $2,682
Cash $1,303 $1,145
Common stock $4,981 $4,981
Inventory $5,796 $6,022
Long-term debt $7,803 $8,195
Plant, property, and equipt. $8,393 $9,205
Retained earnings $1,371 $1,147
a. construct a balance sheet for 2013 and
2014.
b. list all the working capital accounts.
c. find the net working capital for the years
ending 2013 and 2014.
d. calculate the change in net working capital
for...
Hamby Corporation Balance Sheet June 30 Assets Cash $ 71,000 Accounts receivable 131,000 Inventory 45,500 Plant...
Hamby Corporation Balance Sheet June 30 Assets Cash $ 71,000
Accounts receivable 131,000 Inventory 45,500 Plant and equipment,
net of depreciation 215,000 Total assets $ 462,500 Liabilities and
Stockholders’ Equity Accounts payable $ 76,000 Common stock 307,000
Retained earnings 79,500 Total liabilities and stockholders’ equity
$ 462,500 The company managers have made the following additional
assumptions and estimates: Estimated sales for July, August,
September, and October will be $260,000, $280,000, $270,000, and
$290,000, respectively. All sales are on credit and...
SMC, Inc. Balance Sheet December 31, 2018 Assets Cash ... $34,500 Accounts receivable .25,000 Inventory ..10,000...
SMC, Inc. Balance Sheet December 31, 2018
Assets
Cash ... $34,500 Accounts receivable .25,000 Inventory ..10,000
Supplies .. 200 Total assets.. $69,700 Liabilities and
Stockholders’ Equity Liabilities: Accounts payable .. $12,000
Salaries payable .. 1,000 Income taxes payable .. 3,675 Total
liabilities.. $16,675 Stockholders’ equity: Capital stock (10,000
shares outstanding).. $25,000 Retained earnings .. 28,025 Total
stockholders’ equity ...53,025 Total liabilities and stockholders’
equity.. $69,700
SMC, Inc. Income Statement For the Year Ended
December31,2018
Sales revenue .. $110,000 Rent revenue.....
For the Dinera Corp. in 2014: Balance Sheet : Dec 31, 2014 | Dec 31, 2013...
For the Dinera Corp. in 2014:
Balance Sheet : Dec 31, 2014 | Dec 31, 2013
Accounts Payable : 87,000 | 82,600
Taxes Payable : 2,500 | 15,000
Short-Term Debt : 20,000 | 20,000
Long-Term Debt : 100,000 | 100,000
Common stock ($0.10 par) : 520 | 500
Additional paid in capital : 32,500 | 40,000
Retained Earnings : 460,430 | answer
Treasury Stock, (2000, 1600 shares)
: (15,000)
| (10,000)
◊―――――――――――――――――――――――――――――◊
Income Statement : 2014
Net sales : 402,800
Cost...
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