Question
In: Accounting
The comparative balance sheets of NCAA Corporation are the following: December 31 2020 2019 Cash $750,750...
The comparative balance sheets of NCAA Corporation are the following:
|
December 31 |
||
|
2020 |
2019 |
|
|
Cash |
$750,750 |
$487,500 |
|
Accounts receivable |
526,500 |
390,000 |
|
Inventory |
221,000 |
260,000 |
|
Investments |
0 |
130,000 |
|
Building |
0 |
975,000 |
|
Equipment |
2,730,000 |
780,000 |
|
Patent |
182,000 |
227,500 |
|
Totals |
$4,410,250 |
$3,250,000 |
|
Allowance for doubtful accounts |
$121,875 |
$162,500 |
|
Accumulated depreciation on equipment |
104,000 |
260,000 |
|
Accumulated depreciation on building |
0 |
227,500 |
|
Accounts payable |
195,000 |
130,000 |
|
Dividends payable |
0 |
227,500 |
|
Notes payable, short-term (nontrade) |
243,750 |
325,000 |
|
Long-term notes payable |
1,716,000 |
780,000 |
|
Common stock |
1,225,250 |
845,000 |
|
Retained earnings |
804,375 |
292,500 |
|
Totals |
$4,410,250 |
$3,250,000 |
Additional data related to 2020 are as follows:
1. Equipment that had cost $351,000 and was 80% depreciated at time of disposal was sold for $140,400.
2. $380,250 of the long-term note payable was paid by issuing common stock.
3. Cash dividends paid were $227,500.
4. On January 1, 2020, the building was completely destroyed by a flood. Insurance proceeds on the
building was $750,750 (after netting $15,015 taxes).
5. Investments (available-for-sale) were sold at $71,500 below their cost. The company has made similar sales and investments in the past.
6. A long-term note for $1,316,250 was issued for the acquisition of equipment.
Instructions: Prepare a statement of cash flows using the indirect method.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Aires Corporation Comparative Balance Sheets December 31, 2020 and 2019 Assets 2020 2019 Change Cash $...
Aires Corporation Comparative Balance Sheets December 31, 2020
and 2019 Assets 2020 2019 Change Cash $ 21,000 $ 54,000 Accounts
receivable (net) 421,000 480,000 Inventory 310,000 340,000 Prepaid
expenses 17,000 15,000 Long Term Investments 70,000 80,000 Land
400,000 300,000 Equipment 1,730,000 1,590,000 Accumulated
depreciation-equipment (610,000) (600,000) Patent 40,000 50,000
Total assets $2,399,000 $2,309,000 Liabilities Accounts payable $
328,000 $ 335,000 Accrued liabilities 171,000 170,000 Income taxes
payable 22,000 34,000 Bonds payable 410,000 700,000 Long-term note
payable 130,000 0 Total liabilities...
The comparative balance sheets for Pronghorn Corporation show the following information. December 31 2020 2019 Cash...
The comparative balance sheets for Pronghorn Corporation show
the following information.
December 31
2020
2019
Cash
$33,400
$12,900
Accounts receivable
12,200
10,000
Inventory
11,800
9,100
Available-for-sale debt investments
–0–
2,900
Buildings
–0–
29,800
Equipment
45,200
20,200
Patents
5,000
6,300
$107,600
$91,200
Allowance for doubtful accounts
$3,000
$4,600
Accumulated depreciation—equipment
2,000
4,500
Accumulated depreciation—building
–0–
5,900
Accounts payable
5,000
2,900
Dividends payable
–0–
4,900
Notes payable, short-term (nontrade)
3,000
4,000
Long-term notes payable
31,000
25,000
Common stock
43,000
33,000
Retained earnings...
The comparative balance sheets for Cullumber Corporation show the following information. December 31 2020 2019 Cash...
The comparative balance sheets for Cullumber Corporation show
the following information.
December 31
2020
2019
Cash
$33,600
$12,900
Accounts receivable
12,300
10,100
Inventory
12,200
8,900
Available-for-sale debt investments
–0–
3,000
Buildings
–0–
29,600
Equipment
45,200
19,900
Patents
5,100
6,200
$108,400
$90,600
Allowance for doubtful accounts
$2,900
$4,400
Accumulated depreciation—equipment
2,000
4,500
Accumulated depreciation—building
–0–
6,100
Accounts payable
5,100
3,000
Dividends payable
–0–
4,900
Notes payable, short-term (nontrade)
2,900
4,000
Long-term notes payable
31,000
25,000
Common stock
43,000
33,000
Retained earnings...
Marquez Corporation Comparative Balance Sheets December 31 2020 2019 Cash 15,200 17,700 Accounts receivable 25,200 22,300...
Marquez Corporation Comparative Balance Sheets December 31 2020
2019 Cash 15,200 17,700 Accounts receivable 25,200 22,300
Investments 20,000 16,000 Land 40,000 50,000 Equipment 20,000
20,000 Accumulated depreciation—equipment (14,000) (10,000) Total
Assets 106,400 116,000 Accounts payable 14,600 11,100 Bonds payable
10,000 30,000 Common stock 50,000 45,000 Retained earnings 31,800
29,900 Total Liabilities and Stockholders' Equity 106,400 116,000
Additional information: Net income was $20,000. Dividends declared
and paid were $18,100. Land that originally cost $10,000 was sold
for $4,500. No non-cash investing...
Shown are the comparative balance sheets of Dang Corporation for December 31, 2019 and 2018: December...
Shown are the comparative balance sheets of Dang Corporation for
December 31, 2019 and 2018:
December 31
2019
2018
Cash and cash equivalents ..................................
$ 350,000
$ 320,000
Accounts receivable
.............................................
327,600
356,000
Inventories
...........................................................
822,000
780,000
Available-for-sale securities
................................
0
200,000
Equipment
...........................................................
2,400,000
2,040,000
Accumulated depreciation ...................................
(700,000)
(760,000)
$3,199,600
$2,936,000
Accounts payable
...............................................
$ 459,000
$ 381,000
Bonds payable, due 2019 ...................................
0
400,000
Common stock, $20 par ......................................
1,800,000
1,600,000
Paid-in capital in excess of par ...........................
280,000
200,000
Retained...
Rojas Corporation’s comparative balance sheets are presented below. ROJAS CORPORATION Comparative Balance Sheets December 31 2020...
Rojas Corporation’s comparative balance sheets are presented
below.
ROJAS CORPORATION
Comparative Balance Sheets
December 31
2020
2019
Cash
$14,400
$10,000
Accounts receivable
20,800
23,000
Land
19,800
25,900
Buildings
70,300
70,300
Accumulated depreciation—buildings
(14,700
)
(10,600
)
Total
$110,600
$118,600
Accounts payable
$12,200
$27,600
Common stock
75,600
71,000
Retained earnings
22,800
20,000
Total
$110,600
$118,600
Additional information:
1.
Net income was $22,600. Dividends declared and paid were
$19,800.
2.
No noncash investing and financing activities occurred during
2020.
3.
The land...
Rodriquez Corporation’s comparative balance sheets are presented below: RODRIQUEZ CORPORATION Comparative Balance Sheets December 31 2020...
Rodriquez Corporation’s comparative balance sheets are presented
below:
RODRIQUEZ CORPORATION
Comparative Balance Sheets
December 31
2020
2019
Cash
$16,600
$17,700
Accounts receivable
25,400
22,500
Investments
20,150
15,850
Equipment
60,050
70,150
Accumulated depreciation—equipment
(14,150
)
(10,500
)
Total
$108,050
$115,700
Accounts payable
$14,450
$11,050
Bonds payable
10,800
30,200
Common stock
50,000
44,800
Retained earnings
32,800
29,650
Total
$108,050
$115,700
Additional information:
1.
Net income was $18,750. Dividends declared and paid were
$15,600.
2.
Equipment which cost $10,100 and had accumulated depreciation...
Rodriquez Corporation’s comparative balance sheets are presented below: RODRIQUEZ CORPORATION Comparative Balance Sheets December 31 2020...
Rodriquez Corporation’s comparative balance sheets are presented
below:
RODRIQUEZ CORPORATION
Comparative Balance Sheets
December 31
2020
2019
Cash
$16,700
$17,600
Accounts receivable
24,900
22,000
Investments
19,850
16,250
Equipment
59,950
69,950
Accumulated depreciation—equipment
(14,050
)
(10,300
)
Total
$107,350
$115,500
Accounts payable
$14,650
$11,050
Bonds payable
10,500
30,000
Common stock
49,900
44,900
Retained earnings
32,300
29,550
Total
$107,350
$115,500
Additional information:
1.
Net income was $18,650. Dividends declared and paid were
$15,900.
2.
Equipment which cost $10,000 and had accumulated depreciation...
Presented here are the comparative balance sheets of Hames Inc. at December 31, 2020 and 2019....
Presented here are the comparative balance sheets of Hames Inc.
at December 31, 2020 and 2019. Sales for the year ended December
31, 2020, totaled $1,700,000.
HAMES INC.
Balance Sheets
December 31, 2020 and 2019
2020
2019
Assets
Cash
$
63,000
$
57,000
Accounts receivable
285,000
266,000
Merchandise inventory
261,000
247,000
Total current assets
$
609,000
$
570,000
Land
109,000
82,000
Plant and equipment
375,000
330,000
Less: Accumulated depreciation
(195,000
)
(180,000
)
Total assets
$
898,000
$
802,000
Liabilities...
Presented here are the comparative balance sheets of Hames Inc. at December 31, 2020 and 2019....
Presented here are the comparative balance sheets of Hames Inc.
at December 31, 2020 and 2019. Sales for the year ended December
31, 2020, totaled $590,000.
Assets
2020
2019
Cash
$21,000
$19,000
Accounts receivable
78,000
72,000
Merchandise inventory
103,000
99,000
Total current assets
$202,000
$190,000
Land
50,000
40,000
Plant and equipment
125,000
110,000
Less: Accumulated depreciation
(65,000)
(60,000)
Total assets
$312,000
$280,000
Liabilities
Short-term debt
$18,000
$17,000
Accounts payable
$64,800
$75,000
Other accrued liabilities
$20,000
$18,000
Total current liabilities
$102,800...
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