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.Statement of Cash Flows. Assets 31/12/2017 31/12/2016 Cash 81000 121500 Accounts receivable, net 79500 119250 Inventory...
.Statement of Cash Flows. Assets 31/12/2017 31/12/2016 Cash 81000 121500 Accounts receivable, net 79500 119250 Inventory 241500 362250 Land 270000 405000 Building 450000 675000 Accumulated depreciation—building -112500 -168750 Equipment 2347500 3521250 Accumulated depreciation—equipment -265500 -398250 Total of Assets 3091500 4637250 Liabilities & Equity Accounts payable 303000 454500 Bonds payable 675000 1012500 Capital stock, $10 par 1875000 2812500 Retained earnings 238500 357750 Total of Liabilities & Equity 3091500 4637250 Additional Data: 1. Net income for the year amounted to $163,500. 2. Cash dividends were paid amounting to 4% of par value. 3. Land was sold for $180,000. 4. Sharp sold equipment, which cost $337,500 and had accumulated depreciation of $135,000, for $172,500. Instructions Prepare a statement of cash flows using the indirect method.
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ekkarill92 answered 1 year agoRelated Solutions
ALL THE INFORMATION I HAVE IS STATED BELOW! 1.Statement of Cash Flows. Assets 31/12/2017 31/12/2016 Cash...
ALL THE INFORMATION I HAVE IS STATED BELOW!
1.Statement of Cash Flows.
Assets
31/12/2017
31/12/2016
Cash
$81,000
$54,000
Accounts receivable, net
$79,500
$85,500
Inventory
$241,500
$184,500
Land
$270,000
$427,500
Building
$450,000
$450,000
Accumulated depreciation—building
($112,500)
($90,000)
Equipment
$2,347,500
$1,350,000
Accumulated depreciation—equipment
($265,500)
($211,500)
Total of Assets
$3,091,500
$2,250,000
Liabilities & Equity
Accounts payable
$303,000
$225,000
Bonds payable
$675,000
$0
Capital stock, $10 par
$1,875,000
$1,875,000
Retained earnings
$238,500
$150,000
Total of Liabilities & Equity
$3,091,500
$2,250,000
Additional Data:
1. Net...
year 2016 current assets cash 8814 accounts receivable 22053 inventory 38422 total 69289 fixed assets net...
year 2016 current assets cash 8814 accounts receivable 22053
inventory 38422 total 69289 fixed assets net plant equipment 216790
total asset 286259 liabilities and owners equity current liability
accounts payable 42498 not payable 19064 total 61562 long term debt
25600 owners equity common stock and paid in surplus 39600
accumulated retain earnings 159497 total 199097 total liability and
owners equity 286259 finding common size
Illini Company, Inc. Balance Sheet as of 12/31/20X0 Assets Current Assets: Cash $1,500,000 Accounts receivable, net...
Illini Company, Inc.
Balance Sheet
as of 12/31/20X0
Assets
Current Assets:
Cash
$1,500,000
Accounts receivable, net
18,000
Inventory
50,000
Total current assets
1,568,000
Equipment
90,000
Goodwill
20,000
Total assets
$1,678,000
Liabilities and shareholders' equity
Shareholders' equity:
Common stock, 20,000 shares outstanding, $1 par
$20,000
Additional paid-in capital
280,000
Retained earnings
1,378,000
Total shareholders' equity
1,678,000
Total liabilities and shareholders' equity
$1,678,000
Note that all additional paid-in capital (APIC) sub accounts
(e.g., APIC-options...
CHENG INC. Comparative Balance Sheets December 31 Assets 2017 2016 Cash $118,000 $47,800 Accounts receivable 91,600...
CHENG INC.
Comparative Balance Sheets
December 31
Assets
2017
2016
Cash
$118,000
$47,800
Accounts receivable
91,600
32,200
Inventory
113,000
102,900
Prepaid expenses
29,400
26,000
Investments
141,000
113,500
Equipment
265,700
241,600
Accumulated depreciation-equipment
(46,000
)
(51,400
)
Total
$712,700
$512,600
Liabilities and Stockholders’ Equity
Accounts payable
$111,300
$67,900
Accrued expenses payable
16,100
17,000
Bonds payable
110,700
149,500
Common stock
219,500
174,200
Retained earnings
255,100
104,000
Total
$712,700
$512,600
CHENG INC.
Income Statement
For the Year Ended December 31, 2017
Sales revenue$391,900...
The Balance Sheet of the Illini as of 12/31/20X0: Assets Current Assets: Cash 1,500,000 Accounts receivable,...
The Balance Sheet of the Illini as of
12/31/20X0:
Assets
Current Assets:
Cash 1,500,000
Accounts receivable, net 18,000
Inventory 50,000
Total current assets 1,568,000
Equipment 90,000
Goodwill 20,000
Total assets $1,678,000
Liabilities and shareholders' equity
Shareholders' equity:
Common stock, 20,000 shares outstanding, $1 par 20,000
Additional paid-in capital 280,000
Retained earnings 1,378,000
Total shareholders' equity 1,678,000
Total liabilities and shareholders' equity 1,678,000
Note that all additional paid-in capital (APIC) sub accounts
(e.g., APIC-options and APIC-treasury stock), if any, are tracked...
The Balance Sheet of the Illini as of 12/31/20X0: Assets Current Assets: Cash 1,500,000 Accounts receivable,...
The Balance Sheet of the Illini as of
12/31/20X0:
Assets
Current Assets:
Cash 1,500,000
Accounts receivable, net 18,000
Inventory 50,000
Total current assets 1,568,000
Equipment 90,000
Goodwill 20,000
Total assets $1,678,000
Liabilities and shareholders' equity
Shareholders' equity:
Common stock, 20,000 shares outstanding, $1 par 20,000
Additional paid-in capital 280,000
Retained earnings 1,378,000
Total shareholders' equity 1,678,000
Total liabilities and shareholders' equity 1,678,000
Note that all additional paid-in capital (APIC) sub accounts
(e.g., APIC-options and APIC-treasury stock), if any, are tracked...
2020/12/31 2019/12/31 Current Assets: Cash $6,100 $7,100 Accounts Receivable 61,500 51,000 Inventory 44,800 63,900 Total Current...
2020/12/31 2019/12/31
Current Assets:
Cash $6,100 $7,100
Accounts Receivable 61,500 51,000
Inventory 44,800 63,900
Total Current Assets 112,400 122,000
Property, Plant, and Equipment 155,200 129,900
Less: Accumulated Depreciation (35,200) (24,800)
Land 80,600 67,700
Total Assets $313,000 $294,800
Current Liabilities:
Accounts Payable 45,800 39,800
Wages Payable 12,000 9,900
Long Term Notes Payable 68,100 78,800
Total Liabilities 125,900 128,500
Stockholders' Equity:
Common Stock 130,000 130,000
Retained Earnings 57,100 36,300
Total Stockholders' Equity 187,100 166,300
Total Liabilities & Stockholders' Equity $313,000
$294,800
Sales...
12/31/2019 12/31/2018 Change Cash 30,900 10,200 20,700 Accounts Receivable (net) 43,300 20,300 23,000 Inventory 35,000 42,000...
12/31/2019 12/31/2018 Change Cash 30,900 10,200 20,700 Accounts
Receivable (net) 43,300 20,300 23,000 Inventory 35,000 42,000
(7,000) Long-Term Investments 0 15,000 (15,000) Property, Plant
& Equipment 236,500 150,000 86,500 Accumulated Depreciation
(37,700) (25,000) (12,700) 308,000 212,500 Accounts Payable 17,000
26,500 (9,500) Accrued Liabilities 21,000 17,000 4,000 Long-Term
Notes Payable 70,000 50,000 20,000 Common stock 130,000 90,000
40,000 Retained earnings 70,000 29,000 41,000 308,000 212,500
Additional transaction data for 2019:
1. Net income for the year, $76,000.
2. Depreciation on plant...
Dec. 31, 2015 Dec. 31, 2014 Assets Cash and cash equivalents 129,852 593,175 Accounts receivable, net...
Dec. 31,
2015
Dec. 31,
2014
Assets
Cash and cash equivalents
129,852
593,175
Accounts receivable, net
433,638
279,835
Inventories
783,031
536,714
Prepaid expenses and other
current assets
152,242
87,177
Deferred income taxes
52,498
Total current assets
1,498,763
1,549,399
Property and equipment, net
538,531
305,564
Goodwill
585,181
123,256
Intangible assets, net
75,686
26,230
Deferred income taxes
92,157
33,570
Other long-term assets
78,582
57,064
Total assets
2,868,900
2,095,083
Liabilities and Stockholders
Equity
Accounts payable
200,460
210,432
Accrued expenses
192,935
147,681
Current maturities...
Dec. 31, 2015 Dec. 31, 2014 Assets Cash and cash equivalents 129,852 593,175 Accounts receivable, net...
Dec. 31,
2015
Dec. 31,
2014
Assets
Cash and cash equivalents
129,852
593,175
Accounts receivable, net
433,638
279,835
Inventories
783,031
536,714
Prepaid expenses and other
current assets
152,242
87,177
Deferred income taxes
52,498
Total current assets
1,498,763
1,549,399
Property and equipment, net
538,531
305,564
Goodwill
585,181
123,256
Intangible assets, net
75,686
26,230
Deferred income taxes
92,157
33,570
Other long-term assets
78,582
57,064
Total assets
2,868,900
2,095,083
Liabilities and Stockholders
Equity
Accounts payable
200,460
210,432
Accrued expenses
192,935
147,681
Current maturities...
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