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In: Accounting
Below are Lebnas Corp.’s 2019 income statement and comparative balance sheet at 12/31/2019 and 12/31/2018. Additional...
Below are Lebnas Corp.’s 2019 income statement and comparative balance sheet at 12/31/2019 and 12/31/2018.
Additional information:
- On December 31, 2018, Lebnas acquired 25% of Island Co.’s common stock for $609,000. On that date, thecarrying value of Island’s assets and liabilities, which approximated their fair values, was $2,435,000. Islandreported income of $319,000 for the year ended December 31, 2019. No dividend income was received by Lebnas on Island’s common stock during the year 2019.
- During 2018, Lebnas loaned $797,500 to POI Co., an unrelated company. POI made the first semi-annualprincipal repayment of $72,500, plus interest at 10%, on December 31, 2018. POI is current on the loan as of December 31, 2019.
- On January 2, 2019, Lebnas sold equipment costing $145,000, with a carrying amount of $44,950 for cash.
- On December 31, 2019, Lebnas entered into a finance lease for a new factory. The present value of the annual rental payments is $1,232,500, which equals the fair value of the building. Lebnas will make the firstrental payment of $174,000 on 1/2/2020.
Note: The right of use asset is included in Property, Plant and Equipment on the balance sheet.
- Depreciation expense of $230,550 is included in Cost of Goods Sold.
- Lebnas declared and paid cash dividends as follows.
|
2019 |
2018 |
||
|
Declared Paid Amount |
December 15, 2019 February 28, 2020 $145,000 |
December 15, 2018 February 28, 2019 $87,000 |
Required: Prepare a statement of cash flows for Lebnas Corp. for the year ended 12/31/2019, using the indirect method and good form, including footnote disclosures.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Below are Lebnas Corp.’s 2019 income statement and comparative balance sheet at 12/31/2019 and 12/31/2018. Additional...
Below are Lebnas Corp.’s 2019 income statement and comparative
balance sheet at 12/31/2019 and 12/31/2018.
Additional information:
On December 31, 2018, Lebnas acquired 25% of Island Co.’s
common stock for $609,000. On that date, the carrying value of
Island’s assets and liabilities, which approximated their fair
values, was
$2,435,000. Island reported income of $319,000 for the year
ended December 31, 2019. No dividend income was received by Lebnas
on Island’s common stock during the year 2019.
During 2018, Lebnas loaned...
Below are Sullivan Corp.'s comparative balance sheet accounts at December 31, 2020 and 2019,
Below are Sullivan Corp.'s comparative balance sheet accounts at December 31, 2020 and 2019,
2020
2019
Increase(Decrease)
Cash
$ 815,000
$ 700,000
Accounts receivable
1,128,000
1,168,000
Inventory
1,850,000
1,715,000
Property, plant, and equipment
3,307,000
2,967,000
Accumulated depreciation
(1,165,000)
(1,040,000)
Investment in Myers Co.
310,000
275,000
Loan receivable
250,000
—
Total assets
$6,495,000
$5,785,000
Accounts payable
$1,015,000
$ 955,000
Income taxes payable
30,000
50,000
Dividends payable
80,000
100,000
Lease...
A comparative balance sheet for Harrison Co. appear below: Assets 12/31/2019 12/31/2018 Cash $34,000 $11,000 Accounts...
A comparative balance sheet for Harrison Co. appear below:
Assets
12/31/2019
12/31/2018
Cash
$34,000
$11,000
Accounts receivable
18,000
13,000
Inventory
25,000
17,000
Prepaid expenses
6,000
9,000
Long-term investments
-0-
17,000
Equipment
60,000
33,000
Accumulated depreciation-equipment
(20,000)
(15,000)
Total assets
$123,000
$85,000
Liabilities and Stockholders' Equity
Accounts payable
$17,000
$7,000
Bonds payable
36,000
45,000
Common stock
40,000
23,000
Retained earnings
30,000
10,000
Total liabilities and equity
$123,000
$85,000
Additional information:
Net income for the year ending December 31, 2019 was
$35,000....
The following are Flounder Corp.’s comparative balance sheet accounts at December 31, 2020 and 2019, with...
The following are Flounder Corp.’s comparative balance sheet
accounts at December 31, 2020 and 2019, with a column showing the
increase (decrease) from 2019 to 2020.
COMPARATIVE BALANCE SHEETS
2020
2019
Increase
(Decrease)
Cash
$822,600
$700,100
$122,500
Accounts receivable
1,139,300
1,157,900
(18,600
)
Inventory
1,835,600
1,726,700
108,900
Property, plant, and equipment
3,276,300
2,980,900
295,400
Accumulated depreciation
(1,165,600
)
(1,047,400
)
(118,200
)
Investment in Myers Co.
312,200
272,500
39,700
Loan receivable
251,900
—
251,900
Total assets
$6,472,300
$5,790,700
$681,600
Accounts...
The following are Waterway Corp.’s comparative balance sheet accounts at December 31, 2020 and 2019, with...
The following are Waterway Corp.’s comparative balance sheet
accounts at December 31, 2020 and 2019, with a column showing the
increase (decrease) from 2019 to 2020.
COMPARATIVE BALANCE SHEETS
2020
2019
Increase
(Decrease)
Cash
$807,900
$696,100
$111,800
Accounts receivable
1,130,100
1,166,300
(36,200
)
Inventory
1,850,400
1,707,300
143,100
Property, plant, and equipment
3,324,100
2,995,100
329,000
Accumulated depreciation
(1,163,100
)
(1,032,700
)
(130,400
)
Investment in Myers Co.
308,700
277,600
31,100
Loan receivable
250,800
—
250,800
Total assets
$6,508,900
$5,809,700
$699,200
Accounts...
Comparative balance sheets for 2018 and 2017, a statement of income for 2018, and additional information...
Comparative balance sheets for 2018 and 2017, a statement of
income for 2018, and additional information from the accounting
records of Red, Inc., are provided below.
RED, INC.
Comparative Balance Sheets
December 31, 2018 and 2017 ($ in millions)
2018
2017
Assets
Cash
$
44
$
152
Accounts receivable
198
152
Prepaid insurance
12
5
Inventory
325
195
Buildings and equipment
440
370
Less: Accumulated depreciation
(139
)
(260
)
$
880
$
614
Liabilities
Accounts payable
$
107
$...
Comparative balance sheets for 2018 and 2017, a statement of income for 2018, and additional information...
Comparative balance sheets for 2018 and 2017, a statement of
income for 2018, and additional information from the accounting
records of Red, Inc., are provided below.
RED, INC.
Comparative Balance Sheets
December 31, 2018 and 2017 ($ in millions)
2018
2017
Assets
Cash
$
25
$
112
Accounts
receivable
180
133
Prepaid
insurance
8
4
Inventory
287
176
Buildings and
equipment
402
351
Less:
Accumulated depreciation
(120
)
(241
)
$
782
$
535
Liabilities
Accounts
payable
$
88
$...
Comparative balance sheets for 2018 and 2017, a statement of income for 2018, and additional information...
Comparative balance sheets for 2018 and 2017, a statement of
income for 2018, and additional information from the accounting
records of Red, Inc., are provided below.
RED, INC.
Comparative Balance Sheets
December 31, 2018 and 2017 ($ in millions)
2018
2017
Assets
Cash
$
24
$
110
Accounts
receivable
178
132
Prepaid
insurance
7
3
Inventory
285
175
Buildings and
equipment
400
350
Less:
Accumulated depreciation
(119
)
(240
)
$
775
$
530
Liabilities
Accounts
payable
$
87
$...
Comparative balance sheets for 2018 and 2017, a statement of income for 2018, and additional information...
Comparative balance sheets for 2018 and 2017, a statement of
income for 2018, and additional information from the accounting
records of Red, Inc., are provided below.
RED, INC.
Comparative Balance Sheets
December 31, 2018 and 2017 ($ in millions)
2018
2017
Assets
Cash
$
44
$
152
Accounts receivable
198
152
Prepaid insurance
12
5
Inventory
325
195
Buildings and equipment
440
370
Less: Accumulated
depreciation
(139
)
(260
)
$
880
$
614
Liabilities
Accounts payable
$
107
$...
Comparative balance sheets for 2018 and 2017, a statement of income for 2018, and additional information...
Comparative balance sheets for 2018 and 2017, a statement of
income for 2018, and additional information from the accounting
records of Red, Inc., are provided below.
RED, INC.
Comparative Balance Sheets
December 31, 2018 and 2017 ($ in millions)
2018
2017
Assets
Cash
$
43
$
138
Accounts receivable
196
151
Prepaid insurance
9
4
Inventory
302
194
Buildings and equipment
438
369
Less: Accumulated
depreciation
(138
)
(259
)
$
850
$
597
Liabilities
Accounts payable
$
106
$...
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