Question
In: Accounting
a comparative balance sheet for ALPHAinc at December 31,2017 is shown below. 2017 2016 Change cash...
a comparative balance sheet for ALPHAinc at December 31,2017 is shown below.
2017 2016 Change
cash 30,000 35,000 -5,000
accounts receivable 55,000 45,000 10,000
inventory 65,000 45,000 20,000
preppaid expense 15,000 25,000 -10,000
land 70,000 40,000 30,000
right of use of asset 100,000 0 100,000
equipment 90,000 75,000 15,000
accumulated depreciation -18,000 -8,000 -10,000
total 407,000 257,000 150,000
Accounts payable 65,000 52,000 13,000
accrued expense 15,000 18,000 3,000
notes payable 0 23,000 -23,000
bonds payable 30,000 0 30,000
lease liability 100,000 0 100,000
common stock($10par) 189,000 159,000 30,000
retained earnings 8,000 5,000 3,000
Total Liabilities and equity 407,000 257,000 150,000
Additional information and events:
a. land was acquired for $30,000 in exchange for common stock
b. equipment purchase was for cash
c. equipment costing $13,000 was sold for $3,000 the book value of this equipment was $ 6,000
d. Alpha entered in to a financial lease for an office building on december 31,2017 that the fair value was equal to the lease liability. the initial payment is due in january of 2018
e. cash dividends of $2,000 were declared and paid during the year.
f. net income was $5,000
Please help me prepare the operating, investing, and financial cash flow ....
Solutions
Expert Solution
| ALPHA Inc. | ||
| Statement of Cash Flows | ||
| For the Year Ended December 31, 2017 | ||
| Cash Flows from Operating Activities | ||
| Net income | 5000 | |
| Adjustments to reconcile net income to net cash provided by operations: | ||
| Depreciation expense [($18000 - ($8000 - $7000)] | 17000 | |
| Loss on sale of equipment ($6000 - $3000) | 3000 | |
| Increase in accounts receivable | -10000 | |
| Increase in inventory | -20000 | |
| Decrease in prepaid expenses | 10000 | |
| Increase in accounts payable | 13000 | |
| Decrease in accrued expenses payable | -3000 | 10000 |
| Net cash provided by operating activities | 15000 | |
| Cash Flows from Investing Activities | ||
| Purchase of equipment [$90000 - ($75000 - $13000)] | -28000 | |
| Sale proceeds from equipment | 3000 | |
| Net cash used by investing activities | -25000 | |
| Cash Flows from Financing Activities | ||
| Repayment of notes payable | -23000 | |
| Issuance of bonds payable | 30000 | |
| Payment of cash dividends | -2000 | |
| Net cash provided by financing activities | 5000 | |
| Net decrease in cash | -5000 | |
| Cash balance, December 31, 2016 | 35000 | |
| Cash balance, December 31, 2017 | 30000 | |
ekkarill92 answered 7 months agoRelated Solutions
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2016
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Accounts receivable
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66,000
Inventory
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189,000
Land
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110,000
Equipment
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164,000
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2016
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Accounts
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67,860
Inventory
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190,860
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111,860
Equipment
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201,860
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Liabilities
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$ 48,860
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below.
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Assets
2017
2016
Cash
$ 72,800
$ 22,000
Accounts receivable
83,260
67,460
Inventory
181,260
190,460
Land
72,260
111,460
Equipment
261,260
201,460
Accumulated Depreciation-Equipment
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Accounts payable
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214,000
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Net income for 2017 was $127,520. No gains...
The comparative balance sheet of Cromme Inc. for December 31, 2016 and 2015, is shown as...
The comparative balance sheet of Cromme Inc. for December 31,
2016 and 2015, is shown as follows:
1
Dec. 31, 2016
Dec. 31, 2015
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)...
The comparative balance sheet of Cromme Inc. for December 31, 2016 and 2015, is shown as...
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2016 and 2015, is shown as follows:
1
Dec. 31, 2016
Dec. 31, 2015
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 Cromme Inc. for December 31, 2016 and 2015, is shown as...
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2016 and 2015, is shown as follows:
1
Dec. 31, 2016
Dec. 31, 2015
2
Assets
3
Cash
$625,760.00
$585,920.00
4
Accounts receivable (net)
227,840.00
208,960.00
5
Inventories
641,760.00
617,120.00
6
Investments
0.00
240,000.00
7
Land
328,000.00
0.00
8
Equipment
705,120.00
553,120.00
9
Accumulated depreciation-equipment
(166,400.00)
(148,000.00)
10
Total assets
$2,362,080.00
$2,057,120.00
11
Liabilities and Stockholders’ Equity
12
Accounts payable (merchandise creditors)
$424,480.00
$404,960.00
13
Accrued expenses payable (operating expenses)...
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1
Dec. 31, 2016
Dec. 31, 2015
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 Cromme Inc. for December 31, 2016 and 2015, is shown as...
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2016 and 2015, is shown as follows:
1
Dec. 31, 2016
Dec. 31, 2015
2
Assets
3
Cash
$625,650.00
$586,340.00
4
Accounts receivable (net)
228,170.00
208,030.00
5
Inventories
641,480.00
617,130.00
6
Investments
0.00
240,290.00
7
Land
328,170.00
0.00
8
Equipment
706,070.00
552,300.00
9
Accumulated depreciation-equipment
(165,580.00)
(147,010.00)
10
Total assets
$2,363,960.00
$2,057,080.00
11
Liabilities and Stockholders’ Equity
12
Accounts payable (merchandise creditors)
$424,300.00
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Dec. 31, 2016
Dec. 31, 2015
2
Assets
3
Cash
$625,820.00
$586,050.00
4
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227,530.00
209,880.00
5
Inventories
641,480.00
616,920.00
6
Investments
0.00
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7
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327,510.00
0.00
8
Equipment
704,830.00
554,110.00
9
Accumulated depreciation-equipment
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Accounts payable (merchandise creditors)
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Jafan Retailing, Balance Sheet Statement December 31, 2016 & December 31, 2017 2016 2017 Cash $ ...
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Statement December 31, 2016 & December 31, 2017
2016
2017
Cash
$ 235,000
$ 400,000
Accounts Receivable
367,200
325,000
Inventory
450,000
500,200
Prepaid Expenses
120,000
160,000
Long-term investment
100,000
300,000
Equiptment (Net)
1,050,000
1,125,000
Total Assets
$ 2,322,200
$ 2,810,200
Accounts Payable
$ 421,000
$ 411,000
Salary Payable
134,000
180,000
Interest Payable
110,000
112,000
Bonds Payable
550,000
560,000
Common Shares...
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