Question
In: Accounting
The Murdock Corporation reported the following balance sheet data for 2021 and 2020: 2021 2020...
The Murdock Corporation reported the following balance sheet
data for 2021 and 2020:
| 2021 | 2020 | |||||||
| Cash | $ | 88,475 | $ | 28,955 | ||||
| Available-for-sale debt securities (not cash equivalents) | 20,500 | 95,000 | ||||||
| Accounts receivable | 90,000 | 77,250 | ||||||
| Inventory | 175,000 | 154,000 | ||||||
| Prepaid insurance | 2,400 | 3,000 | ||||||
| Land, buildings, and equipment | 1,270,000 | 1,135,000 | ||||||
| Accumulated depreciation | (620,000 | ) | (582,000 | ) | ||||
| Total assets | $ | 1,026,375 | $ | 911,205 | ||||
| Accounts payable | $ | 85,340 | $ | 158,670 | ||||
| Salaries payable | 24,000 | 29,500 | ||||||
| Notes payable (current) | 34,000 | 85,000 | ||||||
| Bonds payable | 210,000 | 0 | ||||||
| Common stock | 300,000 | 300,000 | ||||||
| Retained earnings | 373,035 | 338,035 | ||||||
| Total liabilities and shareholders' equity | $ | 1,026,375 | $ | 911,205 | ||||
Additional information for 2021:
- (1) Sold available-for-sale debt securities costing $74,500 for $80,000.
- (2) Equipment costing $20,000 with a book value of $6,000 was sold for $7,500.
- (3) Issued 6% bonds payable at face value, $210,000.
- (4) Purchased new equipment for $155,000 cash.
- (5) Paid cash dividends of $25,000.
- (6) Net income was $60,000.
Required:
Prepare a statement of cash flows for 2021 in good form using the
indirect method for cash flows from operating activities.
(Amounts to be deducted should be indicated with a minus
sign.)
Solutions
ekkarill92 answered 2 years agoRelated Solutions
The Murdock Corporation reported the following balance sheet data for 2018 and 2017: 2018 2017...
The Murdock Corporation reported the following balance sheet
data for 2018 and 2017:
2018
2017
Cash
$
96,245
$
33,155
Available-for-sale debt securities (not cash equivalents)
24,000
102,000
Accounts receivable
97,000
83,550
Inventory
182,000
160,300
Prepaid insurance
3,030
3,700
Land, buildings, and equipment
1,284,000
1,142,000
Accumulated depreciation
(627,000
)
(589,000
)
Total assets
$
1,059,275
$
935,705
Accounts payable
$
91,640
$
165,670
Salaries payable
26,800
33,000
Notes payable (current)
40,300
92,000
Bonds payable
217,000
0
Common stock
300,000...
The Murdock Corporation reported the following balance sheet data for 2018 and 2017: 2018 2017...
The Murdock Corporation reported the following balance sheet
data for 2018 and 2017:
2018
2017
Cash
$77,375
$22,955
Available-for-sale debt securities
(not cash equivalents)
15,500
85,000
Accounts receivable
80,000
68,250
Inventory
165,000
145,000
Prepaid insurance
1,500
2,000
Land, buildings, and equipment
1,250,000
1,125,000
Accumulated depreciation
(610,000)
(572,000)
Total assets
$979,375
$876,205
Accounts payable
$76,340
$148,670
Salaries payable
20,000
24,500
Notes payable (current)
25,000
75,000
Bonds payable
200,000
0
Common stock
300,000
300,000
Retained earnings
358,035
328,035
Total...
The Murdock Corporation reported the following balance sheet data for 2018 and 2017: 2018 2017...
The Murdock Corporation reported the following balance sheet
data for 2018 and 2017:
2018
2017
Cash
$
82,925
$
25,955
Available-for-sale debt
securities (not cash equivalents)
18,000
90,000
Accounts receivable
85,000
72,750
Inventory
170,000
149,500
Prepaid insurance
1,950
2,500
Land, buildings, and
equipment
1,260,000
1,130,000
Accumulated depreciation
(615,000
)
(577,000
)
Total assets
$
1,002,875
$
893,705
Accounts payable
$
80,840
$
153,670
Salaries payable
22,000
27,000
Notes payable (current)
29,500
80,000
Bonds payable
205,000
0
Common stock
300,000...
The Murdock Corporation reported the following balance sheet data for 2016 and 2015: 2016 2015 Cash...
The Murdock Corporation reported the following balance sheet
data for 2016 and 2015: 2016 2015 Cash $ 80,705 $ 24,755
Available-for-sale securities (not cash equivalents) 17,000 88,000
Accounts receivable 83,000 70,950 Inventory 168,000 147,700 Prepaid
insurance 1,770 2,300 Land, buildings, and equipment 1,256,000
1,128,000 Accumulated depreciation (613,000 ) (575,000 ) Total
assets $ 993,475 $ 886,705 Accounts payable $ 79,040 $ 151,670
Salaries payable 21,200 26,000 Notes payable (current) 27,700
78,000 Bonds payable 203,000 0 Common stock 300,000 300,000
Retained...
The Murdock Corporation reported the following balance sheet data for 2018 and 2017: 2018 2017 Cash...
The Murdock Corporation reported the following balance sheet
data for 2018 and 2017:
2018
2017
Cash
$77,375
$22,955
Available-for-sale debt securities
(not cash equivalents)
15,500
85,000
Accounts receivable
80,000
68,250
Inventory
165,000
145,000
Prepaid insurance
1,500
2,000
Land, buildings, and equipment
1,250,000
1,125,000
Accumulated depreciation
(610,000)
(572,000)
Total assets
$979,375
$876,205
Accounts payable
$76,340
$148,670
Salaries payable
20,000
24,500
Notes payable (current)
25,000
75,000
Bonds payable
200,000
0
Common stock
300,000
300,000
Retained earnings
358,035
328,035
Total liabilities and shareholders'...
XYZ Corporation is preparing its December 31, 2021, balance sheet. The following items may be reported...
XYZ Corporation is preparing its December 31, 2021, balance
sheet. The following items may
be reported as either a current or long-term liability.
1. On December 15, 2021, XYZ declared a cash dividend of $2.50
per share to stockholders
of record on December 31. The dividend is payable on January 15,
2022. XYZ has issued
1,000,000 shares of common stock, of which 50,000 shares are
held in treasury.
2. At December 31, bonds payable of $100,000,000 are
outstanding....
QUESTION 52 The XYZ Corporation reported the following balance sheet data for 2018 and 2017: ...
QUESTION 52
The XYZ Corporation reported the following balance sheet data
for 2018 and 2017:
2018
2017
Cash
$60,375
$22,955
Available-for-sale debt securities
(not cash equivalents)
15,500
85,000
Accounts receivable
91,000
68,250
Inventory
165,000
145,000
Prepaid insurance
1,500
2,000
Land, buildings, and equipment
1,260,000
1,125,000
Accumulated depreciation
(610,000)
(572,000)
Total assets
$983,375
$876,205
Accounts payable
$70,340
$148,670
Salaries payable
20,000
24,500
Notes payable (current)
25,000
75,000
Bonds payable
200,000
0
Common stock
300,000
300,000
Retained earnings
368,035...
Novak Corporation is preparing its December 31, 2020, balance sheet. The following items may be reported...
Novak Corporation is preparing its December 31, 2020, balance
sheet. The following items may be reported as either a current or
long-term liability.
1.
On December 15, 2020, Novak declared a cash dividend of $3.50
per share to stockholders of record on December 31. The dividend is
payable on January 15, 2021. Novak has issued 1,000,000 shares of
common stock, of which 50,000 shares are held in treasury.
2.
At December 31, bonds payable of $104,670,000 are outstanding.
The bonds...
LazyDaz, Inc. reported the following for its 2020 financial statements. Balance Sheet Dec 31, 2020 Dec...
LazyDaz, Inc. reported the following for its 2020 financial
statements.
Balance Sheet
Dec 31,
2020
Dec 31,
2019
Difference
Cash
526
315
211
Accounts Receivable
24
16
8
Allow for Doubtful Accounts
(2)
(1)
(1)
Inventory
21
32
(11)
PP&E
1,709
1,750
(41)
Land
809
660
149
Accumulated Depreciation
(314)
(300)
(14)
Patent
6
8
(2)
Total
Assets
2,779
2,480
Accounts Payable
37
19
18
Wages Payable
7
10
(3)
Unearned Revenue
12
11
1
Interest Payable
57
50
7...
The stockholders' equity section on the December 31 balance sheet of Chemfast Corporation reported the following...
The stockholders' equity section on the December 31 balance
sheet of Chemfast Corporation reported the following amounts:
Contributed Capital Preferred Stock (par $20; authorized 10,000
shares, ? issued, of which 1,000 shares are held as treasury stock)
$ 116,000 Additional Paid-in Capital, Preferred 17,690 Common Stock
(no-par; authorized 20,000 shares, issued and outstanding 6,600
shares) 699,600 Retained Earnings 36,000 Treasury Stock, 1,000
Preferred shares at cost 9,800 Assume that no shares of treasury
stock have been sold in the past....
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