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In: Accounting

Illies Corporation's comparative balance sheet appears below: Illies Corporation Ending Balance Beginning Balance Assets: Current assets:...

Illies Corporation's comparative balance sheet appears below: Illies Corporation Ending Balance Beginning Balance Assets: Current assets: Cash and cash equivalents $ 56,000 $ 37,000 Accounts receivable 18,000 27,000 Inventory 66,000 57,000 Total current assets 140,000 121,000 Property, plant, and equipment 397,000 370,000 Less accumulated depreciation 188,500 157,000 Net property, plant, equipment 208,500 213,000 Total assets $348,500 $334,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 15,200 $ 17,000 Accrued liabilities 49,000 57,000 Income taxes payable 55,000 47,000 Total current liabilities 119,200 121,000 Bonds payable 79,000 77,000 Total liabilities 198,200 198,000 Stockholders' equity: Common stock 36,000 37,000 Retained earnings 114,300 99,000 Total stockholders' equity 150,300 136,000 Total liabilities and stockholders' equity $348,500 $334,000 The company did not dispose of any property, plant, and equipment during the year. Its net income for the year was $17,700 and its cash dividends were $2,400. The company did not issue any bonds payable or purchase any of its own common stock during the year. Its net cash provided by operating activities and net cash used in financing activities are: net cash provided by operating activities, $47,400; net cash used in financing activities,$1,400 net cash provided by operating activities, $47,400; net cash used in financing activities,$4,400 net cash provided by operating activities, $40,500; net cash used in financing activities,$4,400 net cash provided by operating activities, $40,500; net cash used in financing activities,$1,400

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Expert Solution

  • Working for increaser/decrease during the year:

Ending Balance

Beginning balance

Difference

Cash & Cash equivalent

$                         56,000.00

$                                       37,000.00

$                  19,000.00

Increased

Accounts receivables

$                         18,000.00

$                                       27,000.00

$                  (9,000.00)

Decreased

Inventory

$                         66,000.00

$                                       57,000.00

$                    9,000.00

Increased

Total Current Assets

$                      140,000.00

$                                     121,000.00

PPE

$                      397,000.00

$                                     370,000.00

$                  27,000.00

Increased

Less: Accum Dep

$                      188,500.00

$                                     157,000.00

$                  31,500.00

Increased

Net PPE

$                      208,500.00

$                                     213,000.00

Total Assets

$                      348,500.00

$                                     334,000.00

Accounts payable

$                         15,200.00

$                                       17,000.00

$                  (1,800.00)

Decreased

Accrued Liabilities

$                         49,000.00

$                                       57,000.00

$                  (8,000.00)

Decreased

Income Taxes Payable

$                         55,000.00

$                                       47,000.00

$                    8,000.00

Increased

Total Current Liabilities

$                     119,200.00

$                                     121,000.00

Bonds Payable

$                         79,000.00

$                                       77,000.00

$                    2,000.00

Issued

Total Liabilities

$                      198,200.00

$                                     198,000.00

Common Stock

$                         36,000.00

$                                       37,000.00

$                  (1,000.00)

Retained earnings

$                      114,300.00

$                                       99,000.00

$                  15,300.00

Total Stockholder's Equity

$                      150,300.00

$                                     136,000.00

Total Liabilities & Stockholder's Equity

$                      348,500.00

$                                     334,000.00

  • Operating Activities section summarised:

Net Income

$          17,700.00

Depreciation Expense [=increase in Accumulated depreciation]

$          31,500.00

Decrease in Accounts receivables

$            9,000.00

Increase in Inventory

$          (9,000.00)

Decrease in Accounts Payable

$          (1,800.00)

Decrease in Accrued Liabilities

$          (8,000.00)

Increase in Income Taxes payable

$            8,000.00

Net Cash provided by Operating Activities

$          47,400.00

  • Financing activities section summarised:

Bonds payable

$            2,000.00

Common Stock

$          (1,000.00)

Dividends Paid

$          (2,400.00)

Net Cash used by Financing Activities

$          (1,400.00)

  • Hence, the correct ANSWER is Option #1: net cash provided by operating activities, $47,400; net cash used in financing activities,$1,400

ekkarill92 answered 1 year ago
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