Question
In: Accounting
Ayayai House Inc. had the following condensed statement of financial position at December 31, 2019: AYAYAI...
Ayayai House Inc. had the following condensed statement of financial position at December 31, 2019:
| AYAYAI HOUSE
INC. Statement of Financial Position December 31, 2019 |
|||||||
|---|---|---|---|---|---|---|---|
|
Cash |
$10,850 |
Current liabilities |
$15,200 | ||||
|
Current assets (non-cash) |
34,350 |
Long–term notes payable |
30,850 | ||||
|
Bond investment at amortized cost |
40,850 |
Bonds payable |
32,150 | ||||
|
Plant assets (net) |
58,200 |
Common shares |
80,850 | ||||
|
Land |
38,650 |
Retained earnings |
23,850 | ||||
| $182,900 | $182,900 | ||||||
Ayayai House Inc. follows IFRS and chooses to classify dividends
paid as financing activities and interest paid as operating
activities on the statement of cash flows.
During 2020, the following occurred:
| 1. | Ayayai House Inc. sold part of its investment portfolio in bonds for $16,700, resulting in a gain of $270. | |
| 2. | Dividends totalling $17,700 were paid to shareholders. | |
| 3. | A parcel of land, to be used as a parking lot, was purchased for $3,800. | |
| 4. | Common shares were issued for cash totalling $19,600. | |
| 5. | Bonds payable of $8,600 were retired at par. | |
| 6. | Equipment was purchased through the issuance of $26,000 of bonds. | |
| 7. | Net income for 2020 was $43,000 after allowing for depreciation on Ayayai House Inc.’s plant assets of $14,300. The amount of interest paid during 2020 was $4,340 and the amount of income taxes paid was $19,900. | |
| 8. | Both current assets (other than cash) and current liabilities remained at the same amount. |
Prepare a statement of cash flows for 2020 using the INDIRECT method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Solutions
ekkarill92 answered 1 year agoRelated Solutions
A comparative statement of financial position for Ayayai Corporation follows: AYAYAI CORPORATION Statement of Financial Position...
A comparative statement of financial position for Ayayai
Corporation follows:
AYAYAI CORPORATION
Statement of Financial Position
December 31
Assets
2020
2019
Cash
$48,100
$21,460
Accounts receivable
64,380
43,660
Inventory
98,420
59,940
FV-OCI investments in shares
46,620
62,160
Land
48,100
76,220
Equipment
288,600
318,200
Accumulated depreciation—equipment
(86,580
)
(63,640
)
Goodwill
91,760
128,020
Total
$599,400
$646,020
Liabilities and Shareholders’ Equity
Accounts payable
$8,880
$37,740
Dividends payable
11,100
23,680
Notes payable
162,800
247,900
Common shares
196,100
92,500
Retained earnings
213,120
210,160
Accumulated...
The statement of financial position of KY Limited at 31 December 2019 shows the following. Non-current...
The statement of financial position of KY Limited at
31 December 2019 shows the following. Non-current assets GH₵
1,350,000; current assets GH₵ 140,000; ordinary share capital GH₵
900,000; general reserve GH₵ 150,000; 10% debentures GH₵ 200,000;
current liabilities GH₵ 90,000; retained earnings GH₵ 150,000 The
profit from operations for the year was GH₵ 65 000 and the finance
costs were GH₵ 20 000. What is the return on capital employed for
2019?
A. 3.21%
B. 4.64%
C. 5.7%
D. 5.91%...
Ratio Analysis Byers Company presents the following condensed income statement for 2019 and condensed December 31,...
Ratio Analysis
Byers Company presents the following condensed income statement
for 2019 and condensed December 31, 2019, balance sheet:
Income Statement
Sales (net)
$267,000
Less:
Cost of goods sold
$160,000
Operating expenses
62,000
Interest expense
11,000
Income taxes
10,000
Total expenses
(243,000)
Net income
$24,000
Balance Sheet
Cash
$10,000
Current liabilities
$40,000
Receivables (net)
22,000
Bonds payable, 10%
110,000
Inventory
56,000
Common stock, $10 par
100,000
Long-term investments
30,000
Additional paid-in capital
95,000
Property and equipment (net)
282,000
Retained earnings...
Ayayai Corp.’s statement of financial position at the end of 2019 included the following items: Current...
Ayayai Corp.’s statement of financial position at the end of
2019 included the following items:
Current assets
$1,115,000
Current liabilities
$1,027,100
Land
30,100
Bonds payable
1,111,000
Buildings
1,130,000
Common shares
181,000
Equipment
321,000
Retained earnings
175,000
Accumulated depreciation—buildings
(131,000
)
Accumulated depreciation—equipment
(11,100
)
Intangible assets—patents
40,100
Total
$2,494,100
Total
$2,494,100
The following information is available for the 2020 fiscal
year:
1.
Net income was $392,000.
2.
Equipment (cost of $20,100 and
accumulated depreciation of $8,010) was sold for $10,100....
Ayayai Corp.’s statement of financial position at the end of 2019 included the following items: Current...
Ayayai Corp.’s statement of financial position at the end of
2019 included the following items: Current assets $1,115,000
Current liabilities $1,027,100 Land 30,100 Bonds payable 1,111,000
Buildings 1,130,000 Common shares 181,000 Equipment 321,000
Retained earnings 175,000 Accumulated depreciation—buildings
(131,000 ) Accumulated depreciation—equipment (11,100 ) Intangible
assets—patents 40,100 Total $2,494,100 Total $2,494,100 The
following information is available for the 2020 fiscal year: 1. Net
income was $392,000. 2. Equipment (cost of $20,100 and accumulated
depreciation of $8,010) was sold for $10,100....
ASTRO Inc. Statement of Financial Position December 31, 2018 Assets
ASTRO Inc.
Statement of Financial Position
December 31, 2018
Assets
Liabilities
Cash
$259,000
Notes Payable 8%
$60,000
Inventory
$6,000
Accounts
Payable
$40,000
Prepaid
Insurance
$3,000
Total
$100,000
Supplies
$4,000
Common Stock $5 par $140,000
Land
$6,000
Excess of
par
$60,000
Building
$480,000
Retained
earnings
$418,000
Acc. Depr. ( $40,000)
$440,000
Total
$618,000
Total
Assets
$718,000
Total Liabilities &
Equity
$718,000
You are asked to prepare, in good financial form, a set...
ASTRO Inc. Statement of Financial Position December 31, 2018 Assets
ASTRO Inc.
Statement of Financial Position
December 31, 2018
Assets
Liabilities
Cash
$259,000
Notes Payable 8%
$60,000
Inventory
$6,000
Accounts
Payable
$40,000
Prepaid
Insurance
$3,000
Total
$100,000
Supplies
$4,000
Common Stock $5 par $140,000
Land
$6,000
Excess of
par
$60,000
Building
$480,000
Retained
earnings
$418,000
Acc. Depr. ( $40,000)
$440,000
Total
$618,000
Total
Assets
$718,000
Total Liabilities &
Equity
$718,000
You are asked to prepare, in good financial form, a set...
SA ONE Limited Extract of Statement of Financial Position as at 31 December 2018 and 2019...
SA ONE Limited
Extract of Statement of Financial Position as at 31
December 2018 and 2019
$
$
Total assets
830,000
820,000
Total liabilities
650,200
661,500
Share capital - ordinary (5,000 shares, $2)
10,000
10,000
Share capital - preference (3,000 shares, $1, 20%)
3,000
3,000
Retained earnings
166,800
145,500
179,800
158,500
A net income of $30,000 was reported in 2019 (2018:
$23,000).
Cash dividends attributable to 2018 and 2019 were declared and paid
to both the preference shareholders and the...
The following are the statements of financial position as at 31 December 2019 Keris Tombak Meriam...
The following are the statements of financial position as at 31
December 2019
Keris Tombak Meriam
RM ‘000 RM ‘000 RM ‘000
Ordinary share capital 14,400 8,000 1280
Retained Profit 480 576 400
Profit for the year 960 512 1120
Dividend Paid (160)
Loan from Tombak 320
Overdraft 160 288
Trade Payables 560 192 160
16,560 9,568 3,120
Land 1,280 3,360 1,424
Building 2880 3200 960
Plant and machinery 3440 1440 512
Investment in Tombak 7200
Investment in Meriam 1,600...
On 31 December 20X7, a company has the following bond on the statement of financial position:...
On 31 December 20X7, a company has the following bond on the
statement of financial position:
Bond payable, 7%, interest due semi-annually on 31
Dec.
and 30 June;
maturity date, 30 June 20X11
$
8,200,000
Premium on bonds payable
68,880
$
8,268,880
On 28 February 20X8, 20% of the bond was retired for $1,804,000
plus accrued interest to 28 February. Interest was paid on this
date only for the portion of the bonds that were retired. Premium
amortization was recorded...
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