Question
In: Accounting
The comparative balance sheets for Wildhorse Co. as of December 31 are presented below. Wildhorse Co....
The comparative balance sheets for Wildhorse Co. as of December
31 are presented below.
|
Wildhorse Co. |
||||||
|---|---|---|---|---|---|---|
|
Assets |
2017 |
2016 |
||||
|
Cash |
$ 93,364 |
$ 61,785 |
||||
|
Accounts receivable |
68,650 |
79,634 |
||||
|
Inventory |
207,941 |
194,966 |
||||
|
Prepaid expenses |
20,979 |
28,833 |
||||
|
Land |
199,085 |
178,490 |
||||
|
Buildings |
274,600 |
274,600 |
||||
|
Accumulated depreciation—buildings |
(82,380 |
) |
(54,920 |
) |
||
|
Equipment |
308,925 |
212,815 |
||||
|
Accumulated depreciation—equipment |
(61,785 |
) |
(48,055 |
) |
||
|
Total |
$1,029,379 |
$928,148 |
||||
|
Liabilities and Stockholders’ Equity |
||||||
|
Accounts payable |
$ 61,414 |
$ 49,428 |
||||
|
Bonds payable |
411,900 |
411,900 |
||||
|
Common stock, $1 par |
274,600 |
219,680 |
||||
|
Retained earnings |
281,465 |
247,140 |
||||
|
Total |
$1,029,379 |
$928,148 |
||||
Additional information:
| 1. | Operating expenses include depreciation expense of $57,666. | |
| 2. | Land was sold for cash at book value. | |
| 3. | Cash dividends of $16,476 were paid. | |
| 4. | Net income for 2017 was $50,801. | |
| 5. | Equipment was purchased for $126,316 cash. In addition, equipment costing $30,206 with a book value of $13,730 was sold for $10,984 cash. | |
| 6. | 54,920 shares of $1 par value common stock were issued in exchange for land with a fair value of $54,920. |
Prepare a statement of cash flows for the year ended December 31,
2017, using the indirect method.
Solutions
Expert Solution
Answer
|
Cash Flow Statement |
||
|
Detail |
Net |
|
|
Cash Flow from Operating Activities |
||
|
Net Income before taxes |
50,801 |
|
|
Add: Non cash and Non operating Expenses |
||
|
Depreciation on Equipmeny |
30,206 |
|
|
Depreciation on Building |
27,460 |
|
|
Loss on sale of Equip. |
2,746 |
|
|
Working Capital Changes |
||
|
Decrease in Accounts Receivable |
10,984 |
|
|
Increase in Inventory |
(12,975) |
|
|
Decrease in Prepaid expenses |
7,854 |
|
|
Increase in Accounts Payable |
11,986 |
|
|
Cash Flow from Operating Activities (A) |
129,062 |
|
|
Cash Flow from Investing Activities |
||
|
Sale of Equipment |
10,984 |
|
|
Purchases of Equipment |
(126,316) |
|
|
Sale of Land |
34,325 |
|
|
Cash Used in Investing Activities (B) |
(81,007) |
|
|
Cash Flow from Financing Activities |
||
|
Dividend Paid |
(16,476) |
|
|
Cash used in Financing Activities ( C) |
(16,476) |
|
|
Decrease in Cash (A+B+C) |
31,579 |
|
|
Opening Cash |
61,785 |
|
|
Closing Cash |
93,364 |
|
|
Euipment |
|||
|
Beg. Bal |
212,815 |
Bank |
10,984 |
|
Acc. Depreciation |
16,476 |
||
|
P&l (Profit on sale) |
Loss |
2,746 |
|
|
Bank (Purchases) |
126,316 |
||
|
Closing Bal. |
308,925 |
||
|
Total |
339,131 |
Total |
339,131 |
|
Acc. Depreciation - Equipment |
|||
|
Beg. Bal |
48,055 |
||
|
Equipment (Sold) (Bal.) |
16,476 |
P&L (Current Year) |
30,206 |
|
Closing Bal. |
61,785 |
||
|
Total |
78,261 |
Total |
78,261 |
|
Land |
|||
|
Beg. Bal |
178,490 |
Bank |
34,325 |
|
Common Stock |
54,920 |
||
|
Closing Bal. |
199,085 |
||
|
Total |
233,410 |
Total |
233,410 |
ekkarill92 answered 1 year agoRelated Solutions
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...
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...
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...
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...
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...
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...
7B Harman Corporation’s comparative balance sheets are presented below. HARMAN CORPORATION Comparative Balance Sheets December 31
7B Harman Corporation’s comparative balance sheets are presented
below.
HARMAN CORPORATION
Comparative Balance Sheets
December
31 2017 2016
Cash $
27,200 $ 17,700
Accounts
receivable 24,200 22,300
Investments 20,000 16,000
Prepaid
Expenses 10,000 15,000
Equipment 60,000 70,000
Accumulated
depreciation (14,000) (10,000)
Total $127,400 $131,000
Accounts
payable $
19,600 $ 11,100
Taxes
Payable 6,000 1,000
Bonds
payable 14,000 30,000
Common
stock 55,000 60,000
Retained
earnings 32,800 29,900
Total $127,400 $131,000
Additional information:
1. Net income was $34,300. Dividends declared and paid were
$31,400.
2. Equipment which cost $10,000 and had accumulated depreciation
of $1,200 was sold for $5,300.
3. All other changes in noncurrent account balances had a direct...
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...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- A screening test is applied to a population of 1,000 in which the prevalence of the...
- To what extent does an agency's reliance on its folklore to enhance its self-image impede planned...
- According to Connolly and Ward why is it important for a rights-supportive approach to disability practice?...
- Why is freedom a presupposition of morality (a “postulate of practical reason”)? Does the development of...
- I included the chart I would develop to identify the problem's time value of money variables...
- February 8 As provided for in the constitution, the ordinary shares on which the call was...
- 3. There are two machines available for cutting corks for use in wine bottles. The first...
ADVERTISEMENT