Question

In: Accounting

The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as...

The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as follows:

Question not attempted.

1

Dec. 31, 20Y3

Dec. 31, 20Y2

2

Assets

3

Cash

$155,000.00

$150,000.00

4

Accounts receivable (net)

450,000.00

400,000.00

5

Inventories

770,000.00

750,000.00

6

Investments

0.00

100,000.00

7

Land

500,000.00

0.00

8

Equipment

1,400,000.00

1,200,000.00

9

Accumulated depreciation-equipment

(600,000.00)

(500,000.00)

10

Total assets

$2,675,000.00

$2,100,000.00

11

Liabilities and Stockholders’ Equity

12

Accounts payable (merchandise creditors)

$340,000.00

$300,000.00

13

Accrued expenses payable (operating expenses)

45,000.00

50,000.00

14

Dividends payable

30,000.00

25,000.00

15

Common stock, $4 par

700,000.00

600,000.00

16

Paid-in capital: Excess of issue price over par—common stock

200,000.00

175,000.00

17

Retained earnings

1,360,000.00

950,000.00

18

Total liabilities and stockholders’ equity

$2,675,000.00

$2,100,000.00

Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows:

a. The investments were sold for $175,000 cash.
b. Equipment and land were acquired for cash.
c. There were no disposals of equipment during the year.
d. The common stock was issued for cash.
e. There was a $500,000 credit to Retained Earnings for net income.
f. There was a $90,000 debit to Retained Earnings for cash dividends declared.

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities

The section of the statement of cash flows that reports the cash transactions affecting the determination of net income.

. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. Enter amounts that represent cash outflows as negative numbers using a minus sign.

Solutions

Expert Solution


Related Solutions

The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as...
The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as follows: 1 Dec. 31, 20Y3 Dec. 31, 20Y2 2 Assets 3 Cash $155,000.00 $150,000.00 4 Accounts receivable (net) 450,000.00 400,000.00 5 Inventories 770,000.00 750,000.00 6 Investments 0.00 100,000.00 7 Land 500,000.00 0.00 8 Equipment 1,400,000.00 1,200,000.00 9 Accumulated depreciation-equipment (600,000.00) (500,000.00) 10 Total assets $2,675,000.00 $2,100,000.00 11 Liabilities and Stockholders’ Equity 12 Accounts payable (merchandise creditors) $340,000.00 $300,000.00 13 Accrued expenses payable (operating expenses)...
The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as...
The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as follows: 1 Dec. 31, 20Y3 Dec. 31, 20Y2 2 Assets 3 Cash $626,640.00 $585,760.00 4 Accounts receivable (net) 226,900.00 208,390.00 5 Inventories 641,350.00 616,130.00 6 Investments 0.00 239,300.00 7 Land 328,730.00 0.00 8 Equipment 705,940.00 553,530.00 9 Accumulated depreciation-equipment (166,970.00) (148,000.00) 10 Total assets $2,362,590.00 $2,055,110.00 11 Liabilities and Stockholders’ Equity 12 Accounts payable (merchandise creditors) $425,140.00 $404,540.00 13 Accrued expenses payable (operating expenses)...
The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as...
The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as follows: 1 Dec. 31, 20Y3 Dec. 31, 20Y2 2 Assets 3 Cash $155,000.00 $150,000.00 4 Accounts receivable (net) 450,000.00 400,000.00 5 Inventories 770,000.00 750,000.00 6 Investments 0.00 100,000.00 7 Land 500,000.00 0.00 8 Equipment 1,400,000.00 1,200,000.00 9 Accumulated depreciation-equipment (600,000.00) (500,000.00) 10 Total assets $2,675,000.00 $2,100,000.00 11 Liabilities and Stockholders’ Equity 12 Accounts payable (merchandise creditors) $340,000.00 $300,000.00 13 Accrued expenses payable (operating expenses)...
The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as...
The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as follows: Dec. 31, 20Y3 Dec. 31, 20Y2 Assets Cash $262,580 $246,510 Accounts receivable (net) 95,120 88,540 Inventories 268,530 262,130 Investments 0 101,560 Land 137,730 0 Equipment 296,270 231,760 Accumulated depreciation—equipment (69,360) (62,500) Total assets $990,870 $868,000 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $179,350 $171,000 Accrued expenses payable (operating expenses) 17,840 22,570 Dividends payable 9,910 7,810 Common stock, $10 par 53,510 42,530 Paid-in...
The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as...
The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as follows: 1 Dec. 31, 20Y3 Dec. 31, 20Y2 2 Assets 3 Cash $626,170.00 $585,760.00 4 Accounts receivable (net) 227,840.00 208,880.00 5 Inventories 641,390.00 616,790.00 6 Investments 0.00 240,820.00 7 Land 327,380.00 0.00 8 Equipment 704,290.00 554,020.00 9 Accumulated depreciation-equipment (167,160.00) (148,930.00) 10 Total assets $2,359,910.00 $2,057,340.00 11 Liabilities and Stockholders’ Equity 12 Accounts payable (merchandise creditors) $424,670.00 $404,080.00 13 Accrued expenses payable (operating expenses)...
The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as...
The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as follows: 1 Dec. 31, 20Y3 Dec. 31, 20Y2 2 Assets 3 Cash $626,100.00 $585,190.00 4 Accounts receivable (net) 228,630.00 208,060.00 5 Inventories 641,030.00 617,620.00 6 Investments 0.00 239,830.00 7 Land 328,160.00 0.00 8 Equipment 705,110.00 553,850.00 9 Accumulated depreciation-equipment (166,840.00) (147,700.00) 10 Total assets $2,362,190.00 $2,056,850.00 11 Liabilities and Stockholders’ Equity 12 Accounts payable (merchandise creditors) $423,690.00 $404,660.00 13 Accrued expenses payable (operating expenses)...
The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as...
The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as follows: 1 Dec. 31, 20Y3 Dec. 31, 20Y2 2 Assets 3 Cash $625,080.00 $586,430.00 4 Accounts receivable (net) 228,260.00 209,470.00 5 Inventories 641,070.00 616,400.00 6 Investments 0.00 240,170.00 7 Land 327,640.00 0.00 8 Equipment 705,000.00 552,830.00 9 Accumulated depreciation-equipment (165,670.00) (148,610.00) 10 Total assets $2,361,380.00 $2,056,690.00 11 Liabilities and Stockholders’ Equity 12 Accounts payable (merchandise creditors) $425,090.00 $405,900.00 13 Accrued expenses payable (operating expenses)...
The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as...
The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as follows: 1 Dec. 31, 20Y3 Dec. 31, 20Y2 2 Assets 3 Cash $626,640.00 $585,760.00 4 Accounts receivable (net) 226,900.00 208,390.00 5 Inventories 641,350.00 616,130.00 6 Investments 0.00 239,300.00 7 Land 328,730.00 0.00 8 Equipment 705,940.00 553,530.00 9 Accumulated depreciation-equipment (166,970.00) (148,000.00) 10 Total assets $2,362,590.00 $2,055,110.00 11 Liabilities and Stockholders’ Equity 12 Accounts payable (merchandise creditors) $425,140.00 $404,540.00 13 Accrued expenses payable (operating expenses)...
The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as...
The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as follows: Dec. 31, 20Y3 Dec. 31, 20Y2 Assets Cash $306,450 $282,770 Accounts receivable (net) 111,020 101,560 Inventories 313,390 300,700 Investments 0 116,490 Land 160,740 0 Equipment 345,770 265,850 Accumulated depreciation—equipment (80,950) (71,690) Total assets $1,156,420 $995,680 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $209,310 $196,150 Accrued expenses payable (operating expenses) 20,820 25,890 Dividends payable 11,560 8,960 Common stock, $10 par 62,450 48,790 Paid-in...
The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as...
The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as follows: 1 Dec. 31, 20Y3 Dec. 31, 20Y2 2 Assets 3 Cash $625,680.00 $586,230.00 4 Accounts receivable (net) 228,100.00 208,850.00 5 Inventories 640,910.00 617,650.00 6 Investments 0.00 240,620.00 7 Land 328,090.00 0.00 8 Equipment 704,540.00 553,320.00 9 Accumulated depreciation-equipment (166,310.00) (147,840.00) 10 Total assets $2,361,010.00 $2,058,830.00 11 Liabilities and Stockholders’ Equity 12 Accounts payable (merchandise creditors) $425,280.00 $404,550.00 13 Accrued expenses payable (operating expenses)...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT