Question

Data Table

Outdoor Adventure Company
Comparative Balance Sheet
December 31, 2019 and 2018
		2019	2018
Assets
Current Assets:
	Cash	$1,398,330	$14,790
	Short-term Investments, net	29,000	0
	Accounts Receivable, net	1,600	6,300
	Merchandise Inventory	400	0
	Office Supplies	70	300
	Prepaid Rent	0	2,000
Property, Plant, and Equipment:
	Land	615,000	75,000
	Building	944,000	94,000
	Canoes	13,920	13,920
	Office Furniture and Equipment	140,000	0
	Accumulated Depreciation—PP&E	(31,920)	(1,740)
Total Assets		$3,110,400	$204,570
Liabilities
Current Liabilities:
	Accounts Payable	$6,420	$4,400
	Utilities Payable	550	250
	Telephone Payable	640	290
	Wages Payable	3,700	1,200
	Notes Payable	18,000	0
	Interest Payable	630	30
	Unearned Revenue	650	450
Long-Term Liabilities:
	Notes Payable	6,720	6,720
	Mortgage Payable	725,000	0
	Bonds Payable	1,000,000	0
	Discount on Bonds Payable	(1,140)	0
Total Liabilities		1,761,170	13,340
Stockholders' Equity
Paid-In Capital:
	Preferred Stock	60,000	0
	Paid-In Capital in Excess of Par—Preferred	480,000	0
	Common Stock	229,000	189,000
	Paid-In Capital in Excess of Par—Common	240,000	0
Retained Earnings		340,230	2,230
Total Stockholders' Equity		1,349,230	191,230
Total Liabilities and Stockholders' Equity		$3,110,400	$204,570

1.	The income statement for 20192019 included the following items:
	a.	Net income, $ 435 comma 000$435,000
	b.	Depreciation expense for the year, $ 30 comma 180$30,180.
	c.	Amortization on the bonds payable, $ 380$380.
2.	There were no disposals of property, plant and equipment during the year. All acquisitions of PP&E were for cash except the land, which was acquired by issuing preferred stock.
3.	The company issued bonds payable with a face value of $ 1 comma 000 comma 000$1,000,000 , receiving cash of $ 998 comma 480$998,480.
4.	The company distributed 8 comma 0008,000 shares of common stock in a stock dividend when the market value was $ 9.00$9.00 per share. All other dividends were paid in cash.
5.	The common stock, except for the stock dividend, was issued for cash.
6.	The cash receipt from the notes payable in 20192019 is considered a financing activity because it does not relate to operations.

Net Cash Provided by (Used for) Investing Activities

(990,000)

Cash Flows From Financing Activities:
Cash Receipt from Issuance of Common Stock
Cash Receipt from Issuance of Notes Payable
Cash Receipt from Issuance of Mortgage Payable
Cash Receipt from Issuance of Bonds Payable
Cash Payment of Dividends
Net Cash Provided by (Used for) Financing Activities

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Answer 1

Particulars	Remarks	Amount $
Cash Flows From Financing Activities:
Cash Receipt from Issuance of Common Stock	WN#1	280,000
Cash Receipt from Issuance of Notes Payable	Incr. in Current Liabilities	18,000
Cash Receipt from Issuance of Mortgage Payable	Incr. in Mortgage Payable	725,000
Cash Receipt from Issuance of Bonds Payable	Net Cash received	998,480
Cash Payment of Dividends	WN#2	(25,000)
Net Cash Provided by (Used for) Financing Activities		1,996,480
WN#1
Common Stock	2019	229,000
	2018	189,000
	Difference	40000
Add: Permium Received		240000
		280000
WN#2
2019 Retained Earnings		340230
2018 Retained Earnings		-2230
Change in retained earnings (A)		338000
Actual Net Income (B)		435000
Difference A- B i.e Dividend paid		97000
Less : Stock Dividened	8000*$9	72000
Cash Dividend		25000