Question
In: Accounting
THE Company reported the following selected account balances for 2021: Jan. 1, 2021 Dec. 31, 2021...
THE Company reported the following selected account
balances for 2021:
Jan. 1, 2021 Dec. 31, 2021
Accounts payable 47,000 28,000
Common stock 100,000 187,000
Inventory 52,000 86,000
Investments 68,000 84,000
Mortgage payable 99,000 82,000
Retained earnings 23,000 51,000
THE Company's 2021 income statement appears below:
Sales revenue $500,000
Cost of goods sold 360,000
Other expenses 85,000
Net income $ 55,000
Calculate THE Company's net cash flows from financing
activities for 2021.Solutions
Expert Solution
Net cash flow from financing activities = $43,000
Working
| Cash flows from Financing activities | ||
| Issue of shares | $ 87,000.00 | |
| Cash received from Share capital | $ (17,000.00) | |
| Cash paid for Dividends | $ (27,000.00) | |
| Net Cash flow from Financing activities | $ 43,000.00 |
.
| Calculation of dividend paid | |
| Beginning balance of retained earnings | $ 23,000.00 |
| Add: Net income | $ 55,000.00 |
| $ 78,000.00 | |
| Less: Ending balance of Retained earnings | $ 51,000.00 |
| Dividends paid in cash | $ 27,000.00 |
ekkarill92 answered 2 years agoRelated Solutions
The following are selected account balances for Withers Company for the year ending December 31, 2019:...
The following are selected account balances for Withers Company
for the year ending December 31, 2019:
Accounts Payable $63,000
Accounts Receivable $82,000
Cash $95,000
Freight-in $3,000
Merchandise Inventory (1/1/19) $120,000
Merchandise Inventory (12/31/19) $90,000
Purchases $262,000
Purchase Returns & Allowances $33,000
Purchases Discounts $12,000
Sales $566,000
Sales Returns & Allowances 36,000
Total Selling Expenses $92,000
Total Administrative Expenses $43,000 Withers,
Capital $660,000 Withers,
Withdrawals $100,000
REQUIRED: 1) Prepare the multiple-step income statement under
the Periodic System (the way we did...
The following are selected account balances from Penske Company and Stanza Corporation as of December 31,...
The following are selected account balances from Penske Company
and Stanza Corporation as of December 31, 2021:
Penske
Stanza
Revenues
$
(818,000
)
$
(756,000
)
Cost of goods sold
291,300
189,000
Depreciation expense
208,000
272,000
Investment income
Not given
0
Dividends declared
80,000
60,000
Retained earnings, 1/1/21
(750,000
)
(360,000
)
Current assets
414,000
588,000
Copyrights
1,060,000
550,500
Royalty agreements
662,000
1,138,000
Investment in Stanza
Not given
0
Liabilities
(502,000
)
(1,401,500
)
Common stock
(600,000
)
($20 par)...
The following are selected account balances from Penske Company and Stanza Corporation as of December 31,...
The following are selected account balances from Penske Company
and Stanza Corporation as of December 31, 2021:
Penske
Stanza
Revenues
$
(832,000
)
$
(424,000
)
Cost of goods sold
296,200
106,000
Depreciation expense
227,000
390,000
Investment income
Not given
0
Dividends declared
80,000
60,000
Retained earnings, 1/1/21
(614,000
)
(326,000
)
Current assets
570,000
698,000
Copyrights
920,000
501,000
Royalty agreements
626,000
1,160,000
Investment in Stanza
Not given
0
Liabilities
(606,000
)
(1,885,000
)
Common stock
(600,000
)
($20 par)...
Duke Company’s records show the following account balances at December 31, 2021:
Duke Company’s records show the following account balances at December 31, 2021:
Sales revenue ................................................$15,000,000Cost of goods sold ............................................9,000,000General and administrative expense .............1,000,000Selling expense ....................................................500,000Interest expense ..................................................700,000
Income tax expense has not yet been determined. The following events also occurred during 2021. All transactions are material in amount.1. $300,000 in restructuring costs were incurred in connection with plant closings.2. Inventory costing $400,000 was written off as obsolete. Material losses of this type are considered to be unusual.3. It was discovered...
Following are selected account balances from Penske Company and Stanza Corporation as of December 31, 2018:...
Following are selected account balances from Penske Company and
Stanza Corporation as of December 31, 2018:
Penske
Stanza
Revenues
$
(795,000
)
$
(700,000
)
Cost of goods
sold
283,250
175,000
Depreciation
expense
184,000
302,000
Investment
income
Not given
0
Dividends
declared
80,000
60,000
Retained
earnings, 1/1/18
(732,000
)
(268,000
)
Current
assets
510,000
668,000
Copyrights
1,072,000
558,500
Royalty
agreements
722,000
1,116,000
Investment in
Stanza
Not given
0
Liabilities
(562,000
)
(1,631,500
)
Common
stock
(600,000
)
($20 par)
(200,000...
Following are selected account balances from Penske Company and Stanza Corporation as of December 31, 2018:...
Following are selected account balances from Penske Company and
Stanza Corporation as of December 31, 2018:
Penske
Stanza
Revenues
$
(795,000
)
$
(700,000
)
Cost of goods
sold
283,250
175,000
Depreciation
expense
184,000
302,000
Investment
income
Not given
0
Dividends
declared
80,000
60,000
Retained
earnings, 1/1/18
(732,000
)
(268,000
)
Current
assets
510,000
668,000
Copyrights
1,072,000
558,500
Royalty
agreements
722,000
1,116,000
Investment in
Stanza
Not given
0
Liabilities
(562,000
)
(1,631,500
)
Common
stock
(600,000
)
($20 par)
(200,000...
Following are selected account balances from Penske Company and Stanza Corporation as of December 31, 2018:...
Following are selected account balances from Penske Company and
Stanza Corporation as of December 31, 2018:
Penske
Stanza
Revenues
$
(702,000
)
$
(668,000
)
Cost of goods
sold
250,700
167,000
Depreciation
expense
222,000
312,000
Investment
income
Not given
0
Dividends
declared
80,000
60,000
Retained
earnings, 1/1/18
(654,000
)
(284,000
)
Current
assets
406,000
606,000
Copyrights
998,000
402,000
Royalty
agreements
654,000
1,136,000
Investment in
Stanza
Not given
0
Liabilities
(586,000
)
(1,451,000
)
Common
stock
(600,000
)
($20 par)
(200,000...
Ivanhoe Inc. is a private company reporting under ASPE. The following selected account balances were reported...
Ivanhoe Inc. is a private company reporting under ASPE. The
following selected account balances were reported in Ivanhoe Inc.’s
financial statements at year end:
2021
2020
Cash
$ 18,225
$ 8,150
Buildings
829,500
728,000
Equipment
390,000
339,400
Land
88,000
47,250
Accumulated depreciation—buildings
301,500
284,750
Accumulated depreciation—equipment
118,000
88,250
Dividends payable
5,900
2,350
Mortgage payable
542,200
582,200
Notes payable
336,500
305,500
Common shares: 5,330 shares in 2021; 3,930 in 2020
535,500
406,500
Retained earnings
194,000
95,000
Cash dividends declared
21,500
7,200...
ABC Company reported the following account balances at December 31, 2019: Accounts receivable ......... $33,000 Equipment...
ABC Company reported the following account balances at December
31, 2019: Accounts receivable ......... $33,000 Equipment
................... $47,000 Notes payable ............... $15,000
Utilities expense ........... $23,000 Dividends ...................
$18,000 Trademark ................... $16,000 Retained earnings
........... $58,000 (at January 1, 2019) Rental revenue
.............. $19,000 Land ........................ ? Cost of
goods sold .......... $36,000 Supplies .................... $21,000
Accumulated depreciation .... $11,000 Income tax expense ..........
$12,000 Common stock ................ $94,000 Copyright
................... ? Utilities payable ........... $13,000 Sales
revenue ............... $90,000...
Harlow Company reported the following account balances at December 31, 2019:Cash $25,000Retained Earnings $53,000...
Harlow Company reported the following account balances at December 31, 2019:
Cash $25,000
Retained Earnings $53,000 (at January 1, 2019)
Advertising Expense $22,000
Cost of Goods Sold $29,000
Rental Revenue $13,000
Copyright $28,000
Supplies $12,000
Accounts Payable $50,000
Common Stock $91,000
Accounts Receivable $15,000
Notes Payable $68,000
Income Tax Expense $12,000
Inventory $59,000
Dividends $11,000
Salaries Expense $14,000
Sales Revenue $97,000
Building $43,000
Trademark $81,000
Mortgage Payable $35,000
Equipment $56,000
The following additional information is available:
1. The note payable was a 3-year loan taken out on March 1, 2017.
2. The mortgage payable was a 15-year loan taken out on May 1, 2010.
Calculate Harlow Company's total intangible assets at December 31, 2019.Calculate Harlow Company's total assets at December 31, 2019.Calculate Harlow Company's total current liabilities at December 31, 2019.Calculate Harlow Company's total stockholder's equity at December 31, 2019.
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