Question

In: Accounting

A comparative balance sheet for Party Corporation is presented below. Party Corporation Comparative Balance Sheets 31-Dec...

A comparative balance sheet for Party Corporation is presented below.

Party Corporation

Comparative Balance Sheets

31-Dec

2019

2018

Cash

$18,700

$22,700

Accounts receivable

$24,700

$22,300

Investments

$25,000

$16,000

Equipment

$59,000

$70,000

Accumulated depreciation

($14,500)

($10,000)

     Total

$112,900

$121,000

Accounts payable

$13,600

$11,100

Bonds payable

$6,000

$30,000

Common stock

$50,000

$45,000

Retained earnings

$43,300

$34,900

    Total

$112,900

$121,000

Additional information:

1.        Net income for 2019 was $17,700; Dividends declared and paid were $9,300.

2.        Equipment which cost $11,000 and had accumulated depreciation of $2,000 was sold for $4,000.

Using an excel spreadsheet, prepare a statement of cash flows for 2019 using the indirect method. Show your work.

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

A comparative balance sheet for Party Corporation is presented below. Party Corporation Comparative Balance Sheets 31-Dec...
A comparative balance sheet for Party Corporation is presented below. Party Corporation Comparative Balance Sheets 31-Dec 2019 2018 Cash $18,700 $22,700 Accounts receivable $24,700 $22,300 Investments $25,000 $16,000 Equipment $59,000 $70,000 Accumulated depreciation ($14,500) ($10,000)      Total $112,900 $121,000 Accounts payable $13,600 $11,100 Bonds payable $6,000 $30,000 Common stock $50,000 $45,000 Retained earnings $43,300 $34,900     Total $112,900 $121,000 Additional information: 1.        Net income for 2019 was $17,700; Dividends declared and paid were $9,300. 2.        Equipment which cost $11,000 and...
The comparative balance sheets for Dingdong Corporation appear below: DINGDONG CORPORATION Comparative Balance Sheet    Dec. 31,...
The comparative balance sheets for Dingdong Corporation appear below: DINGDONG CORPORATION Comparative Balance Sheet    Dec. 31, 2021                 Dec. 31, 2020 Assets Cash...........................................................................         $ 68,200                      $ 20,800 Accounts receivable..................................................             10,000    16,300 Prepaid expenses......................................................               9,000                           6,000 Inventory....................................................................             32,900                         30,200 Equipment..................................................................             30,000                         60,000 Accumulated depreciation—equipment.........................          (17,000)                      (19,800)             Total assets...................................................…    $ 133,100                   $ 113,500 Liabilities and Shareholders' Equity Accounts payable.......................................................            $ 5,600                      $ 15,000 Bonds payable............................................................             50,000                         40,000 Common shares..........................................................             23,000                         23,000 Retained earnings.......................................................             54,500                        ...
Newman Corporation's comparative balance sheets are presented below. Newman Corporation Comparative Balance Sheet December 31 Assets...
Newman Corporation's comparative balance sheets are presented below. Newman Corporation Comparative Balance Sheet December 31 Assets 2020 2019 Cash $15,200 $17,700 Accounts receivable 25,200 22,300 Investments (long-term) 20,000 16,000 Equipment 60,000 70,000 Accumulated depreciation (14,000) (10,000) Total Assets $106,400 $116,000 Liabilities & Stockholder Equity Accounts payable $14,600 $11,100 Bonds payable 10,000 30,000 Common stock ($1 par) 50,000 45,000 Retained earnings 31,800 29,900 Total Liabilities & Stockholder Equity $106,400 $116,000 Additional information: 1. Net income was $18,300. Dividends declared and paid...
Comparative balance sheets and the income statements for Ellis Corporation are presented below: Comparative Balance Sheet...
Comparative balance sheets and the income statements for Ellis Corporation are presented below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Current assets: Cash and cash equivalents $ 45,900 $ 30,600 Accounts receivable 39,500 40,800 Inventory 73,700 62,400 Total current assets 159,100 133,800 Long-term investments 165,200 208,000 Property, plant, and equipment 294,700 163,500 Less accumulated depreciation 53,000 51,500 Total assets $ 566,000 $ 453,800 Liabilities and stockholders' equity: Current liabilities: Accounts payable $ 39,600 $ 43,200 Accrued liabilities 25,700 30,600...
Comparative balance sheets and the income statements for Ellis Corporation are presented below: Comparative Balance Sheet...
Comparative balance sheets and the income statements for Ellis Corporation are presented below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Current assets: Cash and cash equivalents $ 48,600 $ 33,000 Accounts receivable 39,900 43,200 Inventory 71,000 61,200 Total current assets 159,500 137,400 Long-term investments 168,500 220,000 Property, plant, and equipment 286,300 159,000 Less accumulated depreciation 53,000 52,500 Total assets $ 561,300 $ 463,900 Liabilities and stockholders' equity: Current liabilities: Accounts payable $ 38,500 $ 42,800 Accrued liabilities 25,000 31,800...
Comparative balance sheets and the income statements for Ellis Corporation are presented below: Comparative Balance Sheet...
Comparative balance sheets and the income statements for Ellis Corporation are presented below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Current assets: Cash and cash equivalents $ 49,500 $ 30,600 Accounts receivable 39,100 43,600 Inventory 71,000 63,000 Total current assets 159,600 137,200 Long-term investments 176,600 208,000 Property, plant, and equipment 303,000 165,000 Less accumulated depreciation 57,200 51,000 Total assets $ 582,000 $ 459,200 Liabilities and stockholders' equity: Current liabilities: Accounts payable $ 38,200 $ 42,400 Accrued liabilities 25,400 30,600...
Below is the comparative balance sheet for Sheffield Corporation. Dec. 31, 2020 Dec. 31, 2019 Cash...
Below is the comparative balance sheet for Sheffield Corporation. Dec. 31, 2020 Dec. 31, 2019 Cash $16,400 $21,100 Short-term investments 25,200 19,100 Accounts receivable 42,900 44,600 Allowance for doubtful accounts (1,800 ) (2,000 ) Prepaid expenses 4,200 2,500 Inventory 81,300 65,700 Land 49,600 49,600 Buildings 126,200 72,800 Accumulated depreciation—buildings (30,200 ) (23,300 ) Equipment 53,000 45,800 Accumulated depreciation—equipment (19,100 ) (15,600 ) Delivery equipment 39,200 39,200 Accumulated depreciation—delivery equipment (22,200 ) (20,700 ) Patents 14,900 –0– $379,600 $298,800 Accounts payable...
Below is the comparative balance sheet for Pina Corporation. Dec. 31, 2020 Dec. 31, 2019 Cash...
Below is the comparative balance sheet for Pina Corporation. Dec. 31, 2020 Dec. 31, 2019 Cash $16,700 $21,000 Short-term investments 24,900 19,100 Accounts receivable 42,500 45,000 Allowance for doubtful accounts (1,800 ) (2,100 ) Prepaid expenses 4,300 2,500 Inventory 81,800 65,500 Land 50,400 50,400 Buildings 124,200 73,600 Accumulated depreciation—buildings (29,900 ) (22,900 ) Equipment 52,700 45,700 Accumulated depreciation—equipment (18,900 ) (15,600 ) Delivery equipment 38,600 38,600 Accumulated depreciation—delivery equipment (21,900 ) (20,700 ) Patents 15,000 –0– $378,600 $300,100 Accounts payable...
Below is the comparative balance sheet for Swifty Corporation. Dec. 31, 2017 Dec. 31, 2016 Cash...
Below is the comparative balance sheet for Swifty Corporation. Dec. 31, 2017 Dec. 31, 2016 Cash $16,500 $20,900 Short-term investments 24,800 18,800 Accounts receivable 42,700 45,400 Allowance for doubtful accounts (1,700 ) (2,000 ) Prepaid expenses 4,200 2,400 Inventory 81,200 65,700 Land 49,700 49,700 Buildings 125,700 73,400 Accumulated depreciation—buildings (29,800 ) (22,800 ) Equipment 53,200 46,300 Accumulated depreciation—equipment (19,100 ) (15,500 ) Delivery equipment 38,800 38,800 Accumulated depreciation—delivery equipment (22,100 ) (20,700 ) Patents 15,200 –0– $379,300 $300,400 Accounts payable...
Below is the comparative balance sheet for Larkspur Corporation. Dec. 31, 2020 Dec. 31, 2019 Cash...
Below is the comparative balance sheet for Larkspur Corporation. Dec. 31, 2020 Dec. 31, 2019 Cash $16,400 $21,100 Short-term investments 25,200 19,100 Accounts receivable 43,400 45,100 Allowance for doubtful accounts (1,900 ) (2,000 ) Prepaid expenses 4,300 2,400 Inventory 82,200 65,200 Land 50,100 50,100 Buildings 125,100 73,600 Accumulated depreciation—buildings (29,700 ) (23,000 ) Equipment 52,600 45,900 Accumulated depreciation—equipment (19,100 ) (15,300 ) Delivery equipment 39,400 39,400 Accumulated depreciation—delivery equipment (22,200 ) (20,700 ) Patents 14,900 –0– $380,700 $300,900 Accounts payable...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT