Question

In: Accounting

Lock & Key Inc. began operations on January 1, 2016. Its post-closing trial balance at December...

Lock & Key Inc. began operations on January 1, 2016. Its post-closing trial balance at December 31, 2016 and 2017, is shown below along with some other information.

Lock & Key Inc.
Income Statement
For Year Ended December 31, 2017
(000s)
  Revenues:
     Sales $ 3,360
     Cost of goods sold 2,760
  Gross Profit 600
  Expenses:
     Other expenses $ 600
     Depreciation expense 240
    
     Total expenses 840
   Loss $ 240
Lock & Key Inc.
Post-Closing Trial Balance
(000s)
December 31
  Account 2017 2016
  Cash $ 2,760 $ 1,320
  Receivables 2,150 1,500
  Merchandise inventory 2,100 2,430
  Property, plant and equipment 3,780 4,020
  Accumulated depreciation 1,500 1,440
  Accounts payable 1,500 1,140
  Accrued liabilities 240 360
  Bonds payable 2,210 2,400
  Common shares 3,144 1,410
  Retained earnings 2,196 2,520

Other information regarding Lock & Key Inc. and its activities during 2017:
1. Assume all accounts have normal balances.
2. Cash dividends were declared and paid during the year.
3. Equipment was sold for cash equal to its book value.


Required:
Using the information provided, prepare a statement of cash flows (applying the indirect method) for the year ended December 31, 2017. ((List any deduction in cash and cash outflows and loss as negative amounts. Enter amounts in thousands, not in dollar.)

LOCK & KEY INC.
Statement of Cash Flows
For Year Ended December 31, 2017
(000s)
Cash flows from operating activities:
Adjustments to reconcile profit to net cash inflows from operating activities:
$0
Cash flows from investing activities:
0
Cash flows from financing activities:
0
$0

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

Lock & Key Inc. began operations on January 1, 2016. Its post-closing trial balance at December...
Lock & Key Inc. began operations on January 1, 2016. Its post-closing trial balance at December 31, 2016 and 2017, is shown below along with some other information. Lock & Key Inc. Income Statement For Year Ended December 31, 2017 (000s)   Revenues:      Sales $ 3,360      Cost of goods sold 2,760   Gross Profit 600   Expenses:      Other expenses $ 600      Depreciation expense 240           Total expenses 840    Loss $ 240 Lock & Key Inc. Post-Closing Trial Balance (000s) December 31   Account...
Lock & Key Inc. began operations on January 1, 2019. Its post-closing trial balance at December...
Lock & Key Inc. began operations on January 1, 2019. Its post-closing trial balance at December 31, 2019 and 2020, is shown below along with some other information. Lock & Key Inc. Income Statement For Year Ended December 31, 2020 (000s) Revenues: Sales $ 3,260 Cost of goods sold 2,890 Gross Profit 370 Expenses: Other expenses $ 720 Depreciation expense 240 Total expenses 960 Loss $ 590 Lock & Key Inc. Post-Closing Trial Balance (000s) December 31 Account 2020 2019...
Paddleboard Inc. began operations on January 1, 2016. Its post-closing trial balance at December 31, 2016...
Paddleboard Inc. began operations on January 1, 2016. Its post-closing trial balance at December 31, 2016 and 2017, is shown below along with some other information. Paddleboard Inc. Income Statement For Year Ended December 31, 2017 (000s)   Revenues:         Sales $3,814                Cost of goods sold 1,566          Gross Profit 2,248          Expenses:                       Other expenses $850                Depreciation expense 110                Total operating expenses 960          Profit from operations 1,288           Income tax expense 288         Profit $1,000       Paddleboard...
Sunny Technologies Inc. began operations on January 1, 2016. Its post-closing trial balance at December 31,...
Sunny Technologies Inc. began operations on January 1, 2016. Its post-closing trial balance at December 31, 2016 and 2017, is shown below along with some other information. Sunny Technologies Inc. Income Statement For Year Ended December 31, 2017   Revenues:      Sales $ 628,100      Cost of goods sold 484,100   Gross Profit 144,000   Expenses and other:      Other expenses $ 156,100      Depreciation expense 26,500      Total operating expenses 182,600        Operating Profit (Loss) (38,600)     Loss on sales of plant assets     21,700   Profit (Loss) $...
The December 31, 2016, post-closing trial balance ($ in thousands) for Libby Corporation is presented below:...
The December 31, 2016, post-closing trial balance ($ in thousands) for Libby Corporation is presented below: Debits Credits   Cash 32,500   Investment (long-term) 75,000   Accounts receivable 50,000   Allowance for uncollectible accounts 10,500     Prepaid insurance 9,000   Inventories 200,000   Land 65,000   Buildings 240,000   Accumulated depreciation–buildings 70,000     Equipment 162,500   Accumulated depreciation–equipment 50,000   Patents (unamortized balance) 9,500   Accounts payable 47,500     Notes payable, due 2017 85,000     Interest payable 20,000     Bonds payable, due 2026 220,000     Common stock, no par, 36,000 shares authorized, issued, and outstanding 288,000     Retained...
Post-Closing Trial Balance An accountant prepared the following post-closing trial balance: Security Services Co. Post-Closing Trial...
Post-Closing Trial Balance An accountant prepared the following post-closing trial balance: Security Services Co. Post-Closing Trial Balance July 31, 2018 Debit Balances Credit Balances Cash 41,100 Accounts Receivable 317,400 Supplies 5,000 Equipment 162,750 Accumulated Depreciation - Equipment 73,300 Accounts Payable 82,500 Salaries Payable 5,500 Unearned Rent 12,000 Common Stock 65,000 Retained Earnings 287,950 879,250 173,250 Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct. If an amount box does...
The following is a December 31, 2016, post-closing trial balance for Almway Corporation.   Account Title Debits...
The following is a December 31, 2016, post-closing trial balance for Almway Corporation.   Account Title Debits Credits   Cash 47,000   Investments 112,000   Accounts receivable 61,000   Inventories 201,000   Prepaid insurance 8,000   Land 92,000   Buildings 421,000   Accumulated depreciation—buildings 101,000   Equipment 111,000   Accumulated depreciation—equipment 61,000   Patents (net of amortization) 11,000   Accounts payable 77,000   Notes payable 133,000   Interest payable 21,000   Bonds Payable 241,000   Common stock 303,000   Retained earnings 127,000      Totals 1,064,000 1,064,000     Additional information: 1. The investment account includes an investment in common stock...
The following is a December 31, 2018, post-closing trial balance for Georgetown, Inc. . Account Title...
The following is a December 31, 2018, post-closing trial balance for Georgetown, Inc. . Account Title Debits Credits Cash $ 45,000 Investments 110,000 Accounts receivable 60,000 Inventories 200,000 Prepaid insurance (for the next 9 months) 9,000 Land 90,000 Buildings 420,000 Accumulated depreciation—buildings $ 100,000 Equipment 110,000 Accumulated depreciation—equipment 60,000 Patents (net of amortization) 10,000 Accounts payable 75,000 Notes payable 130,000 Interest payable 20,000 Bonds Payable 240,000 Common stock 300,000 Retained earnings 129,000 Totals $ 1,054,000 $ 1,054,000 Additional information: The...
Blue Spruce Corp. prepares quarterly financial statements. The post-closing trial balance at December 31, 2016, is...
Blue Spruce Corp. prepares quarterly financial statements. The post-closing trial balance at December 31, 2016, is presented below. BLUE SPRUCE CORP. Post-Closing Trial Balance December 31, 2016 Debit       Credit Cash $21,390       Accounts Receivable 19,710       Allowance for Doubtful Accounts $1,060 Equipment 17,600       Accumulated Depreciation—Equipment 13,200 Buildings 88,000       Accumulated Depreciation—Buildings 13,200 Land 17,600       Accounts Payable 10,890 Common Stock 79,200 Retained Earnings 46,750 $164,300       $164,300 During the first quarter of 2017, the following transactions occurred: 1.  ...
Prepare a post closing trial balance
Prepare a post closing trial balance.  
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT