Question

In: Accounting

Carla Vista Ltd., a private company reporting under ASPE, reported the following for the years ended...

Carla Vista Ltd., a private company reporting under ASPE, reported the following for the years ended May 31, 2021, and 2020.

CARLA VISTA LTD.
Balance Sheet
May 31
Assets 2021 2020
Cash $25,100 $46,750
Accounts receivable 88,650 78,750
Inventory 184,000 159,750
Prepaid expenses 5,900 7,400
Land 135,750 79,500
Equipment 319,000 199,000
Accumulated depreciation (77,200 ) (39,750 )
    Total assets $681,200 $531,400
Liabilities and Shareholders’ Equity
Accounts payable $42,850 $39,750
Dividends payable 7,400 5,900
Income taxes payable 3,100 6,900
Mortgage payable 131,000 79,750
Common shares 218,500 165,750
Retained earnings 278,350 233,350
    Total liabilities and shareholders’ equity $681,200 $531,400
Additional Information:
1. Profit for 2021 was $107,750.
2. Common shares were issued for $52,750.
3. Land with a cost of $52,750 was sold at a loss of $19,900.
4. Purchased land with a cost of $109,000 with a $57,750 down payment and financed the remainder with a mortgage note payable.
5. No equipment was sold during 2021.


Prepare a cash flow statement for the year using the indirect method

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

Coyote Ltd, a private company reporting under ASPE, reported the following for the years ended May...
Coyote Ltd, a private company reporting under ASPE, reported the following for the years ended May 31, 2017, and 2016 Coyote Ltd. Balance sheet May 31 Assets 2017 2016 Cash $12,600 $43,000 Accounts recievable $85,000 $76,000 Inventory $172,000 $160,000 Prepaid expenses $5,000 $7,500 Land $125,000 $75,000 Equipment $325,000 $190,000 Accumulated depreciation ($68250) ($40,000 Total assets $656,350 $511,500 Liability and Shareholder's equity Accounts payable $43,000 $38,000 Dividends payable $7,500 $5,000 Income taxes payable $2,500 $6,000 Mortgage payable $125,000 $80,000 Common shares...
Pharoah Ltd., a private company reporting under ASPE, reported the following for the years ended May...
Pharoah Ltd., a private company reporting under ASPE, reported the following for the years ended May 31, 2021, and 2020. PHAROAH LTD. Balance Sheet May 31 Assets 2021 2020 Cash $20,900 $43,250 Accounts receivable 83,750 75,250 Inventory 170,000 156,250 Prepaid expenses 4,500 6,000 Land 118,250 72,500 Equipment 305,000 185,000 Accumulated depreciation (63,200 ) (36,250 )     Total assets $639,200 $502,000 Liabilities and Shareholders’ Equity Accounts payable $40,750 $36,250 Dividends payable 6,000 4,500 Income taxes payable 1,700 5,500 Mortgage payable 117,000 76,250...
Pharoah Ltd., a private company reporting under ASPE, reported the following for the years ended May...
Pharoah Ltd., a private company reporting under ASPE, reported the following for the years ended May 31, 2021, and 2020. PHAROAH LTD. Balance Sheet May 31 Assets 2021 2020 Cash $24,200 $46,000 Accounts receivable 87,600 78,000 Inventory 181,000 159,000 Prepaid expenses 5,600 7,100 Land 132,000 78,000 Equipment 316,000 196,000 Accumulated depreciation (74,200 ) (39,000 )     Total assets $672,200 $525,100 Liabilities and Shareholders’ Equity Accounts payable $42,400 $39,000 Dividends payable 7,100 5,600 Income taxes payable 2,800 6,600 Mortgage payable 128,000 79,000...
Pharoah Homes Ltd., a private company reporting under ASPE, reported the following for the year ended...
Pharoah Homes Ltd., a private company reporting under ASPE, reported the following for the year ended September 30, 2021: 2021 2020 Land $198,000 $132,000 Building 231,000 231,000 Equipment 91,740 82,500 Accumulated depreciation 42,900 36,300 Dividends payable 6,600 13,200 Mortgage note payable 72,600 33,000 Common shares 158,500 102,400 Retained earnings 145,200 52,800 Depreciation expense 9,900 Gain on equipment sold 1,320 Profit 138,600 Additional information: 1. Equipment was purchased for $13,200. 2. Land was purchased for $23,100 cash and a mortgage note...
Question 3 Sunland Ltd., a private company reporting under ASPE, reported the following for the years...
Question 3 Sunland Ltd., a private company reporting under ASPE, reported the following for the years ended May 31, 2017 and 2016. SUNLAND LTD. Balance Sheet May 31 Assets 2017 2016 Cash $24,800 $46,500 Accounts receivable 88,300 78,500 Inventory 183,000 159,500 Prepaid expenses 5,800 7,300 Land 134,500 79,000 Equipment 318,000 198,000 Accumulated depreciation (76,200 ) (39,500 )     Total assets $678,200 $529,300 Liabilities and Shareholders’ Equity Accounts payable $42,700 $39,500 Dividends payable 7,300 5,800 Income taxes payable 3,000 6,800 Mortgage payable...
Type or paste question hereiole Ltd., a private company reporting under ASPE, reported the following for...
Type or paste question hereiole Ltd., a private company reporting under ASPE, reported the following for the years ended May 31, 2021, and 2020. ORIOLE LTD. Balance Sheet May 31 Assets 2021 2020 Cash $20,600 $43,000 Accounts receivable 83,400 75,000 Inventory 169,000 156,000 Prepaid expenses 4,400 5,900 Land 117,000 72,000 Equipment 304,000 184,000 Accumulated depreciation (62,200 ) (36,000 )     Total assets $636,200 $499,900 Liabilities and Shareholders’ Equity Accounts payable $40,600 $36,000 Dividends payable 5,900 4,400 Income taxes payable 1,600 5,400...
Carla Vista Shoes’ comparative balance sheet is presented below. Carla Vista reports under ASPE. CARLA VISTA...
Carla Vista Shoes’ comparative balance sheet is presented below. Carla Vista reports under ASPE. CARLA VISTA SHOES Balance Sheet December 31 Assets 2021 2020 Cash $25,380 $15,930 Accounts receivable 21,780 20,070 Long-term investments 20,700 14,400 Equipment 54,000 63,000 Accumulated depreciation—equipment (12,600 ) (9,000 ) Total $109,260 $104,400 Liabilities and Shareholders’ Equity Accounts payable $17,640 $9,990 Notes payable 9,000 27,000 Common shares 54,000 40,500 Retained earnings 28,620 26,910 Total $109,260 $104,400 Additional Information: 1. Profit was $25,470. Dividends declared and paid...
Ivanhoe Inc. is a private company reporting under ASPE. The following selected account balances were reported...
Ivanhoe Inc. is a private company reporting under ASPE. The following selected account balances were reported in Ivanhoe Inc.’s financial statements at year end: 2021 2020 Cash $ 18,225 $ 8,150 Buildings 829,500 728,000 Equipment 390,000 339,400 Land 88,000 47,250 Accumulated depreciation—buildings 301,500 284,750 Accumulated depreciation—equipment 118,000 88,250 Dividends payable 5,900 2,350 Mortgage payable 542,200 582,200 Notes payable 336,500 305,500 Common shares: 5,330 shares in 2021; 3,930 in 2020 535,500 406,500 Retained earnings 194,000 95,000 Cash dividends declared 21,500 7,200...
Burbon Ltd. is a private company reporting under ASPE. The adjusted trial balance at its fiscal...
Burbon Ltd. is a private company reporting under ASPE. The adjusted trial balance at its fiscal year end, December 31, 2021, is shown below: BURBON LTD. Adjusted Trial Balance December 31, 2021 Debit Credit Cash $ 25,000 Accounts Receivable 16,000 Inventory 333,000 Prepaid Expenses 24,000 Supplies 1,600 Equipment 37,500 Accounts Payable $ 36,000 Income tax payable 72,000 Unearned Revenue 86,000 Common shares (56,000 issued) 56,000 Retained Earnings (January 1, 2021) 19,900 Dividends 5,600 Sales 772,000 Cost of goods sold 445,000...
For the year ended December 31, 2018, Carla Vista Ltd. had the following transactions related to...
For the year ended December 31, 2018, Carla Vista Ltd. had the following transactions related to the purchase of property. Assume all transactions are for cash unless otherwise stated. Feb. 7 Purchased real estate for $ 1 million, paying $ 292,700 cash and signing a mortgage payable for the balance. The site had an old building on it and the current values of the land and building were $ 0.9 million and $ 101,400, respectively. The old building will be...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT