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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
ekkarill92 answered 2 years agoRelated 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...
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