Question

In: Accounting

Selected financial statement information and additional data for Jasmine Co. is presented below. Prepare a statement...

Selected financial statement information and additional data for Jasmine Co. is presented below. Prepare a statement of cash flows for the year ending December 31, 2020

December 31

2020 2019

Cash $65,000 $42,000

Accounts receivable (net) 144,200 84,000

Inventory 206,600 168,000

Land 21,000 58,800

Equipment…………………………………. 789,600 504,000

A/D- Eqp………....................................... 115,600 84,000

Accounts payable 86,000 50,400

Notes payable - short-term 29,400 67,200

Notes payable - long-term 302,400 168,000

Common stock 487,200 420,000

Retained earnings 205,800 67,200

*change in inventory is an operating activity*

Additional data for 2020:

1. Net income was $220,200.

2. Depreciation was $?

3. Land was sold at its original cost.

4. Dividends of $81,600 were paid.

5. Equipment was purchased for $84,000 cash.

6. A long-term note for $134,400 issued for equipment purchase.

7. New owners invested in company by purchasing 100 shares of Common stock for cash.

Solutions

Expert Solution



Related Solutions

Selected financial statement information and additional data for Stanislaus Co. is presented below. Prepare a statement...
Selected financial statement information and additional data for Stanislaus Co. is presented below. Prepare a statement of cash flows for the year ending December 31, 2020 and answer the question below and other questions from the same statement of cash flows. December 31 2019 2020 Cash........................................................ $39,000 $54,000 Accounts receivable (net)....................... 84,000 144,200 Inventory................................................. 168,000 206,600 Land......................................................... 61,800 32,000 Equipment............................................... 504,000 789,600 TOTAL.......................................... $856,800 $1,226,400 Accumulated depreciation...................... $84,000 $110,600 Accounts payable................................... 50,400 91,000 Notes payable - short-term.................... 67,200 29,400 Notes...
Selected financial statement information and additional data for Stanislaus Co. is presented below. Prepare a statement...
Selected financial statement information and additional data for Stanislaus Co. is presented below. Prepare a statement of cash flows for the year ending December 31, 2017.                                                                                                 December 31                                                                                     2016                            2017 Cash......................................................... $42,000                       $60,000 Accounts receivable (net)........................     84,000                       144,200 Inventory.................................................. 168,000                       206,600 Land.........................................................     58,800                         26,000 Equipment................................................ 504,000                       789,600 TOTAL......................................... $856,800                  $1,226,400 Accumulated depreciation....................... $84,000                     $110,600 Accounts payable....................................     50,400                         91,000 Notes payable - short-term......................     67,200                         29,400 Notes payable - long-term....................... 168,000                       302,400 Common stock........................................ 420,000                      ...
Selected financial statement information and additional data for Ronis Co. is presented below. Use this information...
Selected financial statement information and additional data for Ronis Co. is presented below. Use this information to answer the next (3) questions concerning in preparing a statement of cash flows for the year ending December 31, 2017. 2016                                             2017 Cash...........................................................        $60,000                                    $122,000 Accounts receivable (net)................................          67,000                                      100,000 Inventory....................................................        210,000                                      198,000 Land...........................................................        350,000                                      300,000 Equipment...................................................        385,000                                      405,000 Accumulated depreciation...............................     (280,000)                                   (260,000) TOTAL............................................     $792,000                                    $865,000 Accounts payable..........................................          42,000                                         40,000 Bonds payable - long-term...............................       ...
Selected financial statement information and additional data for Doble Siete Inc. is presented below. Prepare a...
Selected financial statement information and additional data for Doble Siete Inc. is presented below. Prepare a statement of cash flows for the year ending December 31, 2012                                                                                                                                 December 31                                                                                                                 2011                                       2012 Cash..........................................................     $42,000                                 $75,000 Accounts receivable (net)...........................       84,000                                 144,200 Inventory..................................................     168,000                                 201,600 Land..........................................................       58,800                                   16,000 Equipment.................................................     504,000                                789,600 TOTAL............................................ $856,800                           $1,226,400 Accumulated depreciation..........................     $84,000                              $115,600 Accounts payable.......................................       50,400                                   86,000 Notes payable - Short-term........................       67,200                                   29,400 Notes payable - Long-term.........................     168,000                                 302,400 Common stock...........................................     420,000                                 487,200 Retained earnings......................................       67,200                                205,800 TOTAL............................................ $856,800                            $1,226,400 Additional data for 2012: 1.    Net income was $240,200. 2.    Depreciation was $31,600. 3.    Land was sold at its original...
Selected financial statement information and additional data for Johnston Enterprises is presented below. Johnston Enterprises Statement...
Selected financial statement information and additional data for Johnston Enterprises is presented below. Johnston Enterprises Statement of Financial Position and Income Statement Data                                                                                           December 31,        December 31,                                                                                               2019           2018 Property, Plant, and Equipment                           HK$1,241,000     HK$ 1,122,000 Less: Accumulated Depreciation                             (477,000)           (442,000)                                                                                   764,000            680,000 Current Assets: Inventory                                                                391,000             340,000 Accounts Receivable                                            238,000                 306,000 Cash                                                                     154,000                 119,000 Total Current Assets                                     783,000                 765,000 Total Assets                                                         HK$1,547,000      HK$1,445,000 Equity: Share Capital–Ordinary                                 HK$ 510,000        HK$...
Selected financial statement information and additional data for Johnston Enterprises is presented below: Johnston Enterprises Balance...
Selected financial statement information and additional data for Johnston Enterprises is presented below: Johnston Enterprises Balance Sheet and Income Statement Data December 31, 2017 December 31, 2016 Current Assets:       Cash $170,300 $116,400       Accounts Receivable 226,300 306,200       Inventory 396,700 342,700             Total Current Assets 793,300 765,300 Property, Plant, and Equipment 1,283,200 1,148,000 Less: Accumulated Depreciation (460,400) (429,100) Total Assets 1,616,100 1,484,200 Current Liabilities:       Accounts Payable $189,000 $100,700       Notes Payable 48,100 66,300       Income Taxes Payable 85,900 76,100 Total Current Liabilities 323,000 243,100 Bonds...
Selected financial statement information and additional data for Johnston Enterprises is presented below: Johnston Enterprises Balance...
Selected financial statement information and additional data for Johnston Enterprises is presented below: Johnston Enterprises Balance Sheet and Income Statement Data December 31, 2017 December 31, 2016 Current Assets:       Cash $153,260 $117,200       Accounts Receivable 236,100 306,600       Inventory 397,700 343,800             Total Current Assets 787,060 767,600 Property, Plant, and Equipment 1,271,200 1,136,000 Less: Accumulated Depreciation (453,900) (420,900) Total Assets 1,604,360 1,482,700 Current Liabilities:       Accounts Payable $189,800 $100,100       Notes Payable 50,100 66,500       Income Taxes Payable 84,700 75,100 Total Current Liabilities 324,600 241,700 Bonds...
Selected financial statement information and additional data for Johnston Enterprises is presented below Johnston Enterprises Balance...
Selected financial statement information and additional data for Johnston Enterprises is presented below Johnston Enterprises Balance Sheet and Income Statement Data                                                                                           December 31,      December 31,                                                                                               2017                       2016___ Current Assets: Cash                                                                        $153,000               $119,000 Accounts Receivable                                                 238,000                 306,000 Inventory                                                                    391,000                 340,000 Total Current Assets                                            782,000                 765,000 Property, Plant, and Equipment                                1,241,000              1,122,000 Less: Accumulated Depreciation                                (476,000)               (442,000) Total Assets                                                             $1,547,000            $1,445,000 Current Liabilities: Accounts Payable                                                    $187,000               $102,000 Notes Payable                                                             51,000                   68,000 Income Taxes Payable                                         ...
Selected financial statement information and additional data for Johnston Enterprises is presented below Johnston Enterprises Balance...
Selected financial statement information and additional data for Johnston Enterprises is presented below Johnston Enterprises Balance Sheet and Income Statement Data                                                                                           December 31,      December 31,                                                                                               2017                       2016___ Current Assets: Cash                                                                        $153,000               $119,000 Accounts Receivable                                                 238,000                 306,000 Inventory                                                                    391,000                 340,000 Total Current Assets                                            782,000                 765,000 Property, Plant, and Equipment                                1,241,000              1,122,000 Less: Accumulated Depreciation                                (476,000)               (442,000) Total Assets                                                             $1,547,000            $1,445,000 Current Liabilities: Accounts Payable                                                    $187,000               $102,000 Notes Payable                                                             51,000                   68,000 Income Taxes Payable                                         ...
Prepare a balance sheet and cash flow statement using the selected financial statement information and additional...
Prepare a balance sheet and cash flow statement using the selected financial statement information and additional data for Stanislaus Co. presented below. Balance sheet    December 31 2015                                                                                                                                                       Cash..........................................................     $52,000                                                Accounts receivable (net)...........................       64,000                                                Inventory..................................................     178,000                                                Land..........................................................       78,800                                                Equipment.................................................     504,000                                                    TOTAL............................................ $876,800                                                Accumulated depreciation..........................     $94,000                                                Accounts payable.......................................       50,400                                                Notes payable - short-term........................       67,200                                                Notes payable - long-term..........................     178,000                                                Common stock...........................................     420,000                                                Retained earnings......................................       67,200                                                TOTAL............................................ $876,800                         ...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT