Question
In: Accounting
The comparative balance sheet of Navaria Inc. for December 31, 20Y3 and 20Y2, is shown as...
The comparative balance sheet of Navaria Inc. for December 31, 20Y3 and 20Y2, is shown as follows:
|
1 |
Dec. 31, 20Y3 |
Dec. 31, 20Y2 |
|
|
2 |
Assets |
||
|
3 |
Cash |
$625,820.00 |
$586,050.00 |
|
4 |
Accounts receivable (net) |
227,530.00 |
209,880.00 |
|
5 |
Inventories |
641,480.00 |
616,920.00 |
|
6 |
Investments |
0.00 |
240,910.00 |
|
7 |
Land |
327,510.00 |
0.00 |
|
8 |
Equipment |
704,830.00 |
554,110.00 |
|
9 |
Accumulated depreciation-equipment |
(165,750.00) |
(148,570.00) |
|
10 |
Total assets |
$2,361,420.00 |
$2,059,300.00 |
|
11 |
Liabilities and Stockholders’ Equity |
||
|
12 |
Accounts payable |
$424,970.00 |
$405,330.00 |
|
13 |
Accrued expenses payable |
42,810.00 |
51,640.00 |
|
14 |
Dividends payable |
23,200.00 |
19,840.00 |
|
15 |
Common stock, $4 par |
158,000.00 |
98,000.00 |
|
16 |
Paid-in capital: Excess of issue price over par—common stock |
417,900.00 |
280,700.00 |
|
17 |
Retained earnings |
1,294,540.00 |
1,203,790.00 |
|
18 |
Total liabilities and stockholders’ equity |
$2,361,420.00 |
$2,059,300.00 |
Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows:
| A. | The investments were sold for $280,020 cash. |
| B. | Equipment and land were acquired for cash. |
| C. | There were no disposals of equipment during the year. |
| D. | The common stock was issued for cash. |
| E. | There was a $186,520 credit to Retained Earnings for net income. |
| F. | There was a $95,770 debit to Retained Earnings for cash dividends declared. |
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. Use the minus sign to indicate cash outflows, decreases in cash and a net cash outflow for each section, if required.
Solutions
Expert Solution
Gain on Sale of Investment = Proceed from Sale of Investment -
Cost of Investment sold
Gain on Sale of Investment = $280,020 - $240,910
Gain on Sale of Investment = $39,110
Proceed from Issue of Common Stock = Increase in Common Stock +
Increase in Paid-in Capital
Proceed from Issue of Common Stock = ($158,000 - $98,000) +
($417,900 - $280,700)
Proceed from Issue of Common Stock = $197,200
Dividend paid = Dividends Payable, December 31, 20Y2 + Dividends
declared - Dividends Payable, December 31, 20Y3
Dividend paid = $19,840 + $95,770 - $23,200
Dividend paid = $92,410
ekkarill92 answered 1 year agoRelated Solutions
The comparative balance sheet of Navaria Inc. for December 31, 20Y3 and 20Y2, is shown as...
The comparative balance sheet of Navaria Inc. for December 31,
20Y3 and 20Y2, is shown as follows:
1
Dec. 31, 20Y3
Dec. 31, 20Y2
2
Assets
3
Cash
$625,650.00
$586,340.00
4
Accounts receivable (net)
228,170.00
208,030.00
5
Inventories
641,480.00
617,130.00
6
Investments
0.00
240,290.00
7
Land
328,170.00
0.00
8
Equipment
706,070.00
552,300.00
9
Accumulated depreciation-equipment
(165,580.00)
(147,010.00)
10
Total assets
$2,363,960.00
$2,057,080.00
11
Liabilities and Stockholders’ Equity
12
Accounts payable
$424,300.00
$404,860.00
13
Accrued expenses payable
41,850.00
52,880.00
14
Dividends...
The comparative balance sheet of Navaria Inc. for December 31, 20Y3 and 20Y2, is shown as...
The comparative balance sheet of Navaria Inc. for December 31,
20Y3 and 20Y2, is shown as follows:
1
Dec. 31, 20Y3
Dec. 31, 20Y2
2
Assets
3
Cash
$155,000.00
$150,000.00
4
Accounts receivable (net)
450,000.00
400,000.00
5
Inventories
770,000.00
750,000.00
6
Investments
0.00
100,000.00
7
Land
500,000.00
0.00
8
Equipment
1,400,000.00
1,200,000.00
9
Accumulated depreciation-equipment
(600,000.00)
(500,000.00)
10
Total assets
$2,675,000.00
$2,100,000.00
11
Liabilities and Stockholders’ Equity
12
Accounts payable
$340,000.00
$300,000.00
13
Accrued expenses payable
45,000.00
50,000.00
14
Dividends...
The comparative balance sheet of Navaria Inc. for December 31, 20Y3 and 20Y2, is shown as...
The comparative balance sheet of Navaria Inc. for December 31,
20Y3 and 20Y2, is shown as follows:
1
Dec. 31, 20Y3
Dec. 31, 20Y2
2
Assets
3
Cash
$626,640.00
$585,760.00
4
Accounts receivable (net)
226,900.00
208,390.00
5
Inventories
641,350.00
616,130.00
6
Investments
0.00
239,300.00
7
Land
328,730.00
0.00
8
Equipment
705,940.00
553,530.00
9
Accumulated depreciation-equipment
(166,970.00)
(148,000.00)
10
Total assets
$2,362,590.00
$2,055,110.00
11
Liabilities and Stockholders’ Equity
12
Accounts payable
$425,140.00
$404,540.00
13
Accrued expenses payable
42,020.00
52,750.00
14
Dividends...
The comparative balance sheet of Navaria Inc. for December 31, 20Y3 and 20Y2, is shown as...
The comparative balance sheet of Navaria Inc. for December 31,
20Y3 and 20Y2, is shown as follows:
1
Dec. 31, 20Y3
Dec. 31, 20Y2
2
Assets
3
Cash
$625,680.00
$586,230.00
4
Accounts receivable (net)
228,100.00
208,850.00
5
Inventories
640,910.00
617,650.00
6
Investments
0.00
240,620.00
7
Land
328,090.00
0.00
8
Equipment
704,540.00
553,320.00
9
Accumulated depreciation-equipment
(166,310.00)
(147,840.00)
10
Total assets
$2,361,010.00
$2,058,830.00
11
Liabilities and Stockholders’ Equity
12
Accounts payable
$425,280.00
$404,550.00
13
Accrued expenses payable
41,990.00
52,020.00
14
Dividends...
The comparative balance sheet of Navaria Inc. for December 31, 20Y3 and 20Y2, is shown as...
The comparative balance sheet of Navaria Inc. for December 31,
20Y3 and 20Y2, is shown as follows:
1
Dec. 31, 20Y3
Dec. 31, 20Y2
2
Assets
3
Cash
$625,820.00
$586,050.00
4
Accounts receivable (net)
227,530.00
209,880.00
5
Inventories
641,480.00
616,920.00
6
Investments
0.00
240,910.00
7
Land
327,510.00
0.00
8
Equipment
704,830.00
554,110.00
9
Accumulated depreciation-equipment
(165,750.00)
(148,570.00)
10
Total assets
$2,361,420.00
$2,059,300.00
11
Liabilities and Stockholders’ Equity
12
Accounts payable
$424,970.00
$405,330.00
13
Accrued expenses payable
42,810.00
51,640.00
14
Dividends...
the comparative balance sheet of Navaria Inc. for December 31, 20Y3 and 20Y2, is shown as...
the comparative balance sheet of Navaria Inc. for December 31,
20Y3 and 20Y2, is shown as follows:
Dec. 31, 20Y3
Dec. 31, 20Y2
Assets
3
Cash
$625,820.00
$586,050.00
4
Accounts receivable (net)
227,530.00
209,880.00
5
Inventories
641,480.00
616,920.00
6
Investments
0.00
240,910.00
7
Land
327,510.00
0.00
8
Equipment
704,830.00
554,110.00
9
Accumulated depreciation-equipment
(165,750.00)
(148,570.00)
10
Total assets
$2,361,420.00
$2,059,300.00
Liabilities and Stockholders’ Equity
12
Accounts payable
$424,970.00
$405,330.00
13
Accrued expenses payable
42,810.00
51,640.00
14
Dividends payable
23,200.00
19,840.00...
The comparative balance sheet of Navaria Inc. for December 31, 20Y3 and 20Y2, is as follows:...
The comparative balance sheet of Navaria Inc. for December 31,
20Y3 and 20Y2, is as follows:
1
Dec. 31, 20Y3
Dec. 31, 20Y2
2
Assets
3
Cash
$155,000.00
$150,000.00
4
Accounts receivable (net)
450,000.00
400,000.00
5
Inventories
770,000.00
750,000.00
6
Investments
0.00
100,000.00
7
Land
500,000.00
0.00
8
Equipment
1,400,000.00
1,200,000.00
9
Accumulated depreciation-equipment
(600,000.00)
(500,000.00)
10
Total assets
$2,675,000.00
$2,100,000.00
11
Liabilities and Stockholders’ Equity
12
Accounts payable
$340,000.00
$300,000.00
13
Accrued expenses payable
45,000.00
50,000.00
14
Dividends payable...
The comparative balance sheet of Navaria Inc. for December 31, 20Y3 and 20Y2, is as follows:...
The comparative balance sheet of Navaria Inc. for December 31,
20Y3 and 20Y2, is as follows:
1
Dec. 31, 20Y3
Dec. 31, 20Y2
2
Assets
3
Cash
$155,000.00
$150,000.00
4
Accounts receivable (net)
450,000.00
400,000.00
5
Inventories
770,000.00
750,000.00
6
Investments
0.00
100,000.00
7
Land
500,000.00
0.00
8
Equipment
1,400,000.00
1,200,000.00
9
Accumulated depreciation-equipment
(600,000.00)
(500,000.00)
10
Total assets
$2,675,000.00
$2,100,000.00
11
Liabilities and Stockholders’ Equity
12
Accounts payable
$340,000.00
$300,000.00
13
Accrued expenses payable
45,000.00
50,000.00
14
Dividends payable...
The comparative balance sheet of Navaria Inc. for December 31, 20Y3 and 20Y2, is as follows:...
The comparative balance sheet of Navaria Inc. for December 31,
20Y3 and 20Y2, is as follows:
Dec. 31,
20Y3
Dec. 31,
20Y2
Assets
Cash
$ 249,700
$ 235,700
Accounts receivable (net)
91,600
84,040
Inventories
258,190
248,260
Investments
0
96,600
Land
132,340
0
Equipment
282,170
222,180
Accumulated depreciation-equipment
(67,100)
(59,900)
Total assets
$946,900
$826,880
Liabilities and Stockholders'
Equity
Accounts payable
$ 171,050
$ 162,900
Accrued expenses payable
17,200
21,500
Dividends payable
9,300
7,400
Common stock, $1 par
50,500
38,860
Paid-in capital:...
The comparative balance sheet of Navaria Inc. for December 31, 20Y3 and 20Y2, is as follows:...
The comparative balance sheet of Navaria Inc. for December 31,
20Y3 and 20Y2, is as follows: 1 Dec. 31, 20Y3 Dec. 31, 20Y2 2
Assets 3 Cash $625,680.00 $586,230.00 4 Accounts receivable (net)
228,100.00 208,850.00 5 Inventories 640,910.00 617,650.00 6
Investments 0.00 240,620.00 7 Land 328,090.00 0.00 8 Equipment
704,540.00 553,320.00 9 Accumulated depreciation-equipment
(166,310.00) (147,840.00) 10 Total assets $2,361,010.00
$2,058,830.00 11 Liabilities and Stockholders’ Equity 12 Accounts
payable $425,280.00 $404,550.00 13 Accrued expenses payable
41,990.00 52,020.00 14 Dividends payable...
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