Question

In: Accounting

2012 2011 Assets Cash &nbsp

2012 2011

Assets

Cash $174,000 $117,000

Accounts Receivable 93,000 81,000

Merchandise Inventory 609,000 534,000

Equipment 333,000 297,000

Accumulated Depreciation- Equipment (156,000) (102,000)

Total Assets $1,053,000 $927,000

Liabilities & Equity

Accounts Payable $69,000 $96,000

Income taxes payable 27,000 24,000

Common Stock, $2 par value 582,000 558,000

Paid-in capital in excess

of par value, common stock 198,000 162,000

Retained Earnings 177,000 87,000

Total Liabilities & Equity $1,053,000 $927,000

Income Statement

For Year Ended December 31, 2012

Sales $1,992,000

Cost of goods sold 1,194,000

Gross profit 798,000

Operating expenses

Depreciation expense $54,000

Other expenses 501,000 555,000

Income before taxes 243,000

Income taxes expense 42,000

Net income $201,000

Additional Information on Year 2012 Transactions

A. Purchased equipment for $36,000 cash.

B. Issued 12,000 shares of common stock for $5 cash per share.

C. Declared and paid $111,000 in cash dividends.

1. What is the net cash provided by operating activities?

A. $119,000

B. $122,000

C. $135,000

D. $144,000

2. What is the net cash used by investing activities?

A. $(25,000)

B. $(28,000)

C. $(36,000)

D. $(39,000)

3. What is the net cash used by financing activities?

A. $(45,000)

B. $(51,000)

C. $(53,000)

D. $(68,000)

Expert Solution

	Statement of Cash Flows
	For the Year Ended December 31, 2012
Cash Flows from Operating Activities:
Net income		201000
Adjustments to reconcile net income to
Net cash provided by operating activities
Depreciation expense	54000
Increase in receivables	-12000
Increase in inventory	-75000
Decrease in accounts payable	-27000
Increase in Income taxes payable	3000
		-57000
Net cash provided by operating activities		144000
Cash Flows from Investing Activities:
Purchase of Equipment	-36000
Net Cash Provided by Investing Activities		-36000
Cash Flows from Financing Activities
Payment of Cash Dividends	-111000
Issuance of Capital Stock	60000
Net Cash Used by Financing Activities		-51000
Net Increase in Cash		57000
Cash at Beginning of Period		117000
Cash at End of Period		174000

1
Net cash provided by operating activities $144000
2
Nt cash used by investing activities (36000)
3
Net cash used by financing activities (51000)

ekkarill92 answered 1 year ago

Balance Sheets for the Years Ending Dec. 31, 2011 and 2012 2011 2012 Cash 300...

Balance Sheets for the Years Ending Dec. 31, 2011 and 2012 2011 2012 Cash 300 400 Accounts receivable 1,000 1,400 Inventories 3,200 3,000 Current assets 4,500 4,800 Net fixed assets 3,800 4,300 Total assets 8,300 9,100 Notes payable 400 300 Accounts payable 700 500 Accruals 50 80 Current portion of long-term debt 70 80 Current liabilities 1,220 960...

December 31 2012 2011 Assets Cash 645500 308500 A/R, net 817000 763500 Investments (HFT) 396500 0...

December 31 2012 2011 Assets Cash 645500 308500 A/R, net 817000 763500 Investments (HFT) 396500 0 Inventory 893000 1231000 Investments (HTM) 163500 164500 Property, Plant, Equipment 466000 1011500 Accumulated Depreciation 259500 246500 Patent, net 275500 502500 Total Assets 3397500 3735000 Liabilities and Shareholders' Equity A/P 415000 682000 Income tax payable 228500 150500 Bonds Payable 1300500 1758500 Common Shares 780500 407500 Retained Earnings 673000 736500 Total Liabilities and Shareholders' Equity 3397500 3735000 Details regarding 2012 activities are: -HFT/Held for trading Investments...

The following information is available for XYZ Company: January 1, 2012 December 31, 2012 ASSETS Cash...

The following information is available for XYZ Company: January 1, 2012 December 31, 2012 ASSETS Cash $31,000 $20,000 Accounts receivable 74,000 80,000 Supplies 10,000 7,000 Land 50,000 40,000 Equipment 20,000 36,000 Accumulated depreciation 6,000 8,000 Patent 0 6,000 LIABILITIES + EQUITY Accounts payable $15,000 $19,000 Short-term notes payable 22,000 13,000 Salaries payable 17,000 1,000 Common stock 40,000 50,000 Retained earnings 85,000 98,000 During 2012, XYZ Company paid dividends of $12,000, recorded depreciation expense of $2,000, and sold land costing $10,000...

2011 2010 Difference Operating Investing Financing ASSETS: Current Assets Cash and equivalents $ 2,291.1 $ 2,133.9...

2011 2010 Difference Operating Investing Financing ASSETS: Current Assets Cash and equivalents $ 2,291.1 $ 2,133.9 157.2 0 0 0 Short-term investments 1,164.2 642.2 522 -522 Account receivable 2,883.9 2,795.3 88.6 -88.6 Inventory 2,357.0 2,438.4 -81.4 81.4 Prepaid expenses and other assets 765.6 602.3 163.3 -163.3 Deferred income taxes, net 272.4 227.2 45.2 -45.2 Total Current Assets $ 9,734.0 $ 8,839.3 894.7 Property and equipment, gross 4,255.7 4,103.0...

The comparative balance sheets for Hinckley Corporation show the following information: December 31 2012 2011 Cash...

The comparative balance sheets for Hinckley Corporation show the following information: December 31 2012 2011 Cash $33,500 $13,000 Accounts receivable 12,250 10,000 Inventory 12,000 9,000 Investments 0 3,000 Building 0 29,750 Equipment 45,000 20,000 Patent 5,000 6,250 Totals $107,750 $91,000 Allowance for doubtful accounts $3,000 $4,500 Accumulated depreciation on equipment 2,000 4,500 Accumulated depreciation on building 0 6,000 Accounts payable 5,000 3,000 Dividends payable 0 5,000 Notes payable, short-term (nontrade) 3,000 4,000 Long-term notes payable 31,000 25,000 Common stock 43,000...

a) Jane was a tax resident in 2011, 2012, 2013 and is planning to work in...

a) Jane was a tax resident in 2011, 2012, 2013 and is planning to work in Hong Kong throughout the year 2014. Jane will be returning to Malaysia in February 2015 and will then reside permanently in Kuala Lumpur. Required: For the basis year for the year of assessment 2014, determine Jane’s residence status. Explain and support your answer with relevant sections of the Income Tax Act 1967. b) In determining the residence status of an individual, certain periods of...

Determine the below ratios for 2011 and 2012 and compare the Hospitals financial performance year to...

Determine the below ratios for 2011 and 2012 and compare the Hospitals financial performance year to year based on those ratios. Make sure you explain what each ratio measures Current Ratio Average Payment Period Operating Margin Total Margin Return on Net Assets Cash Flow to Debt FINANCIAL STATEMENTS: Cash Flows from Operating Activities: 2012 2011 Cash received from patient services $3783 $2590 Cash paid to employees and suppliers (3684) (2541) Interest paid (16) (14) Interest earned 13 6 Net Cash...

The following are extracted from the financial statements of Frem, Inc., for 2012, 2011, and 2010....

The following are extracted from the financial statements of Frem, Inc., for 2012, 2011, and 2010. 2012 2011 2010 Net sales $233,000 $204,000 Cost of sales (124,000) (110,000) Selling and administrative expenses (95,000) (81,500) Other income: Interest (3,700) (3,050) Other 100 1,175 Earnings before tax and extraordinary credit $ 10,400 $ 10,625 Provision for income tax (4,800) (4,740) Earnings before extraordinary credit 5,600 5,885 Extraordinary credit - 1,510 $ 5,600 $ 7,395 Total assets $202,000 $173,000 $161,000 Long-term debt 24,600 17,400 15,200...

Assume that a stock's price was $15 in 2010, $20 in 2011, $24 in 2012, $21...

Assume that a stock's price was $15 in 2010, $20 in 2011, $24 in 2012, $21 in 2013, and $28 in 2014. Find the following: a) The return of the stock in each year b) The (arithmetic) average of returns c) The Geometric average of returns d) The variance and standard deviation of returns

Income Statements for Years Ending December 31, 2011-13 2011 2012 2013 Net sales $1,697 $2,013 $2,694...

Income Statements for Years Ending December 31, 2011-13 2011 2012 2013 Net sales $1,697 $2,013 $2,694 Cost of goods sold Beginning inventory 183 239 326 Purchases 1,278 1,524 2,042 $1,461 $1,763 $2,368 Ending inventory 239 326 418 Total cost of goods sold $1,222 $1,437 $1,950 Gross profit 475 576 744 Operating expense 425 515 658 Interest expense 13 20 33 Net income before taxes $ 37 $ 41 $ 53 Provision for income taxes 6...