Question
In: Accounting
Pharoah Company’s comparative balance sheets are presented below: Pharoah Company Comparative Balance Sheets December 31 2020...
Pharoah Company’s comparative balance sheets are presented
below:
Pharoah Company
Comparative Balance Sheets
December 31
2020
2019
Cash
$ 17,000
$ 17,500
Accounts receivable
25,000
22,400
Investments
19,850
16,050
Equipment
60,050
69,750
Accumulated depreciation—equipment
(13,750
)
(10,400
)
Total
$108,150
$115,300
Accounts payable
$ 14,750
$ 11,250
Bonds payable
10,400
30,000
Common stock
49,500
45,200
Retained earnings
33,500
28,850
Total
$108,150
$115,300
Additional information:
1.Net income was $18,450. Dividends declared and paid were $13,800.
2.Equipment which cost $9,700 and had accumulated depreciation of $1,700 was sold for $3,300.
3.No noncash investing and financing activities occurred during 2020
Prepare a statement of cash flows for 2020 using the indirect method.
Compute free cash flow. (Enter negative amount using
either a negative sign preceding the number e.g. -45 or parentheses
e.g. (45).)
| Free cash flow |
Solutions
Expert Solution
Compute free cash flow.
=$29,100 -$0-$13,800
= 15,300
ekkarill92 answered 1 year agoRelated Solutions
Sunland Company’s comparative balance sheets are presented below. Sunland Company Comparative Balance Sheets December 31 2019...
Sunland Company’s comparative balance sheets are presented
below.
Sunland Company
Comparative Balance Sheets
December 31
2019
2018
Cash
$ 15,000
$ 10,200
Accounts receivable
21,400
23,800
Land
19,800
26,400
Buildings
70,100
70,100
Accumulated
depreciation—buildings
(15,300
)
(10,800
)
Total
$111,000
$119,700
Accounts payable
$ 12,800
$ 27,800
Common stock
74,600
73,400
Retained earnings
23,600
18,500
Total
$111,000
$119,700
Additional information:
1.
Net income was $22,800. Dividends declared and paid were
$17,700.
2.
No noncash investing and financing activities occurred during...
Rojas Corporation’s comparative balance sheets are presented below. ROJAS CORPORATION Comparative Balance Sheets December 31 2020...
Rojas Corporation’s comparative balance sheets are presented
below.
ROJAS CORPORATION
Comparative Balance Sheets
December 31
2020
2019
Cash
$14,400
$10,000
Accounts receivable
20,800
23,000
Land
19,800
25,900
Buildings
70,300
70,300
Accumulated depreciation—buildings
(14,700
)
(10,600
)
Total
$110,600
$118,600
Accounts payable
$12,200
$27,600
Common stock
75,600
71,000
Retained earnings
22,800
20,000
Total
$110,600
$118,600
Additional information:
1.
Net income was $22,600. Dividends declared and paid were
$19,800.
2.
No noncash investing and financing activities occurred during
2020.
3.
The land...
Rodriquez Corporation’s comparative balance sheets are presented below: RODRIQUEZ CORPORATION Comparative Balance Sheets December 31 2020...
Rodriquez Corporation’s comparative balance sheets are presented
below:
RODRIQUEZ CORPORATION
Comparative Balance Sheets
December 31
2020
2019
Cash
$16,600
$17,700
Accounts receivable
25,400
22,500
Investments
20,150
15,850
Equipment
60,050
70,150
Accumulated depreciation—equipment
(14,150
)
(10,500
)
Total
$108,050
$115,700
Accounts payable
$14,450
$11,050
Bonds payable
10,800
30,200
Common stock
50,000
44,800
Retained earnings
32,800
29,650
Total
$108,050
$115,700
Additional information:
1.
Net income was $18,750. Dividends declared and paid were
$15,600.
2.
Equipment which cost $10,100 and had accumulated depreciation...
Rodriquez Corporation’s comparative balance sheets are presented below: RODRIQUEZ CORPORATION Comparative Balance Sheets December 31 2020...
Rodriquez Corporation’s comparative balance sheets are presented
below:
RODRIQUEZ CORPORATION
Comparative Balance Sheets
December 31
2020
2019
Cash
$16,700
$17,600
Accounts receivable
24,900
22,000
Investments
19,850
16,250
Equipment
59,950
69,950
Accumulated depreciation—equipment
(14,050
)
(10,300
)
Total
$107,350
$115,500
Accounts payable
$14,650
$11,050
Bonds payable
10,500
30,000
Common stock
49,900
44,900
Retained earnings
32,300
29,550
Total
$107,350
$115,500
Additional information:
1.
Net income was $18,650. Dividends declared and paid were
$15,900.
2.
Equipment which cost $10,000 and had accumulated depreciation...
The comparative balance sheets for Rothlisberger Company as of December 31 are presented below.
The comparative balance sheets for Rothlisberger Company as of December 31 are presented below.
Additional information:
1. Operating expenses include depreciation expense of $42,000 and charges from prepaid expenses of $5,720.
2. Land was sold for cash at book value.
3. Cash dividends of $20,000 were paid.
4. Net income for 2017 was $42,000.
5. Equipment was purchased for $88,000 cash. In addition, equipment costing $22,000 with a book value of $10,000 was sold for $6,000 cash.
6. Bonds...
1) The comparative balance sheets for Sunland Company as of December 31 are presented below. Sunland...
1) The comparative balance sheets for Sunland Company as of
December 31 are presented below.
Sunland Company
Comparative Balance Sheets
December 31
Assets
2017
2016
Cash
$ 80,104
$ 53,010
Accounts receivable
58,900
68,324
Inventory
178,408
167,276
Prepaid expenses
18,000
24,738
Land
170,810
153,140
Buildings
235,600
235,600
Accumulated depreciation—buildings
(70,680
)
(47,120
)
Equipment
265,050
182,590
Accumulated depreciation—equipment
(53,010
)
(41,230
)
Total
$883,182
$796,328
Liabilities and Stockholders’ Equity
Accounts payable
$ 52,692
$ 42,408
Bonds payable
353,400
353,400
Common...
Question 12 The comparative balance sheets for Rothlisberger Company as of December 31 are presented below....
Question 12
The comparative balance sheets for Rothlisberger Company as of
December 31 are presented below.
ROTHLISBERGER COMPANY
Comparative Balance Sheets
December 31
Assets
2020
2019
Cash
$57,000
$49,000
Accounts receivable
42,400
64,000
Inventory
150,000
146,800
Prepaid expenses
14,300
21,600
Land
98,900
130,800
Buildings
198,400
198,400
Accumulated depreciation—buildings
(60,800
)
(33,100
)
Equipment
229,000
156,400
Accumulated depreciation—equipment
(42,800
)
(37,500
)
Total
$686,400
$696,400
Liabilities and Stockholders’ Equity
Accounts payable
$46,400
$39,200
Bonds payable
260,000
293,100
Common stock, $1 par...
The comparative balance sheets for Rothlisberger Company as of December 31 are presented below. Assets 2017...
The comparative balance sheets for Rothlisberger Company as of
December 31 are presented below.
Assets
2017
2016
Cash
$58,200
$46,000
Accounts Receivable
$41,100
$63,400
Inventory
$148,900
$145,600
Prepaid Expenses
$15,000
$27,600
Land
$101,900
$133,300
Buildings
$200,200
$200,200
Accumulated Depreciation - Buildings
$60,300
$33,600
Equipment
$228,500
$155,400
Accumulated Depreciation - Equipment
$42,600
$36,300
Total
$690,900
$701,600
LIABIITIES AND STOCKHOLDERS EQUITY
Accounts Payable
$46,000
$39,700
Bonds Payable
$260,000
$293,600
Common stock, $1 Par
$193,600
$208,300
Retained Earnings
$191,300
$208,300
Total
$690,900
$701,600...
Question 10 The comparative balance sheets for Rothlisberger Company as of December 31 are presented below....
Question 10
The comparative balance sheets for Rothlisberger Company as of
December 31 are presented below.
ROTHLISBERGER COMPANY
Comparative Balance Sheets
December 31
Assets
2020
2019
Cash
$58,100
$49,600
Accounts receivable
43,500
65,100
Inventory
152,000
144,500
Prepaid expenses
14,500
22,500
Land
101,600
134,000
Buildings
196,700
196,700
Accumulated depreciation—buildings
(56,800
)
(32,600
)
Equipment
231,700
157,600
Accumulated depreciation—equipment
(44,300
)
(35,200
)
Total
$697,000
$702,200
Liabilities and Stockholders’ Equity
Accounts payable
$46,300
$39,300
Bonds payable
260,000
292,600
Common stock, $1 par...
A comparative balance sheet for Pharoah Corporation is presented as follows. December 31 Assets 2020 2019...
A comparative balance sheet for Pharoah Corporation is presented
as follows.
December 31
Assets
2020
2019
Cash
$ 72,800
$ 22,000
Accounts receivable
83,260
67,460
Inventory
181,260
190,460
Land
72,260
111,460
Equipment
261,260
201,460
Accumulated Depreciation-Equipment
(70,260
)
(43,460
)
Total
$600,580
$549,380
Liabilities and Stockholders' Equity
Accounts payable
$ 35,260
$ 48,460
Bonds payable
150,000
200,000
Common stock ($1 par)
214,000
164,000
Retained earnings
201,320
136,920
Total
$600,580
$549,380
Additional information:
1.
Net income for 2020 was $127,520. No...
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