Question

In: Accounting

Nash Inc. Statement of Financial Position As at April 30 Assets 2020 2019 Cash 208,000 149,000...

Nash Inc.
Statement of Financial Position
As at April 30
Assets 2020 2019
Cash 208,000 149,000
Accounts receivable 115,000 94,000
Inventory 112,000 247,000
Prepaid operating expenses 22,000 13,000
Long term investments 186,000 83,000
Equipment 1,244,000 1,162,000
Less: Accumulated depreciation (369,000 ) (377,000 )
1,518,000 1,371,000
Liabilities and Shareholders' Equity
Accounts payable 52,000 66,000
Income tax payable 26,000 25,000
Bonds payable 676,000 765,000
Common shares 290,000 249,000
Retained earnings 474,000 266,000
1,518,000 1,371,000
Nash Inc.
Income Statement
For the year ended April 30, 2020
Sales revenue 1,144,000
Cost of goods sold 685,000
Gross profit 459,000
Operating expenses 225,000
Income from operations 234,000
Interest expense 4,900
Gain on disposal of equipment 3,700
Income before income tax 232,800
Income tax expense 18,650
Net income $214,150


ADDITIONAL INFORMATION:

Depreciation expense is included in “operating expenses.” All accounts payable transactions were related to the purchase of inventory.
During the year, a piece of equipment that originally cost $53,100 was sold for cash. The equipment was 70% depreciated at the time of the sale.
Long-term investments were purchased for cash during the year.


Prepare a statement of cash flows, in good form, for Nash Inc., using the direct method. Nash Inc. follows ASPE. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Solutions

Expert Solution


Related Solutions

RAMBLE CORPORATION Statement of Financial Position December 31 Assets 2020 2019 Cash $78,000 $34,800 Accounts receivable...
RAMBLE CORPORATION Statement of Financial Position December 31 Assets 2020 2019 Cash $78,000 $34,800 Accounts receivable 104,400 70,800 Inventory 159,600 97,200 FV-OCI investments in shares 75,600 100,800 Land 78,000 123,600 Equipment 468,000 516,000 Accumulated depreciation—equipment (140,400 ) (103,200 ) Goodwill 148,800 207,600         Total $972,000 $1,047,600 Liabilities and Shareholders’ Equity Accounts payable $14,400 $61,200 Dividends payable 18,000 38,400 Notes payable 264,000 402,000 Common shares 318,000 150,000 Retained earnings 345,600 340,800 Accumulated other comprehensive income 12,000 55,200         Total $972,000 $1,047,600 Additional information:...
Consolidated Statement of Financial Position For the year ended 30 September 2019 2019 2019 2018 2018...
Consolidated Statement of Financial Position For the year ended 30 September 2019 2019 2019 2018 2018 ASSETS Note ZMW’000s USD’000s ZMW’000s USD’000s Non-current assets Goodwill 13 166,801 12,636 166,801 13,628 Property, plant and equipment 14 2,841,824 215,290 2,902,221 237,110 Investment in associate 15(e) 12,376 938 15,412 1,259 Deferred tax asset 10(e) 56,525 4,282 47,854 3,910 3,077,526 233,146 3,132,288 255,907 Current assets Biological assets 16 170,417 12,910 181,674 14,843 Inventories 17 941,159 71,300 639,811 52,272 Trade and other receivables 18 98,025...
ASTRO Inc. Statement of Financial Position December 31, 2018             Assets                    
ASTRO Inc. Statement of Financial Position December 31, 2018             Assets                                                              Liabilities Cash                                      $259,000           Notes Payable 8%             $60,000 Inventory                                $6,000           Accounts Payable              $40,000 Prepaid Insurance                $3,000                      Total                                  $100,000 Supplies                                  $4,000           Common Stock $5 par   $140,000 Land                                       $6,000           Excess of par                      $60,000 Building        $480,000                                  Retained earnings           $418,000 Acc. Depr. ( $40,000)       $440,000                       Total                                    $618,000 Total Assets                         $718,000           Total Liabilities & Equity            $718,000 You are asked to prepare, in good financial form, a set...
ASTRO Inc. Statement of Financial Position December 31, 2018             Assets                    
ASTRO Inc. Statement of Financial Position December 31, 2018             Assets                                                              Liabilities Cash                                      $259,000           Notes Payable 8%             $60,000 Inventory                                $6,000           Accounts Payable              $40,000 Prepaid Insurance                $3,000                      Total                                  $100,000 Supplies                                  $4,000           Common Stock $5 par   $140,000 Land                                       $6,000           Excess of par                      $60,000 Building        $480,000                                  Retained earnings           $418,000 Acc. Depr. ( $40,000)       $440,000                       Total                                    $618,000 Total Assets                         $718,000           Total Liabilities & Equity            $718,000 You are asked to prepare, in good financial form, a set...
From the following account balances to 30 June 2020 prepare a statement of financial position in...
From the following account balances to 30 June 2020 prepare a statement of financial position in the narrative classified format. Note: you will need to determine the balance of the retained earnings.    Type of Account                                 $ Accounts Receivable                              46500 Provisions                              50000 Prepayments                              1200 Sales Revenue                            455000 Plant and Equipment                            220000 Other Current Assets                              11000 Borrowings                            120000 Interest on Borrowings E                              6000 Accumulated Depreciation                            48500 Accounts Payable                              26000 Share Capital                            450000 Land and Buildings                            339000 Inventory                              78000 Two Year Term...
ASTRO Inc. Statement of Financial Position December 31, 2018 Assets Liabilities Cash $259,000 Notes Payable 8%...
ASTRO Inc. Statement of Financial Position December 31, 2018 Assets Liabilities Cash $259,000 Notes Payable 8% $60,000 Inventory $6,000 Accounts Payable $40,000 Prepaid Insurance $3,000 Total $100,000 Supplies $4,000 Common Stock $5 par $140,000 Land $6,000 Excess of par $60,000 Building $480,000 Retained earnings $418,000 Acc. Depr. ( $40,000) $440,000 Total $618,000 Total Assets $718,000 Total Liabilities & Equity $718,000 You are asked to prepare, in good financial form, a set of financial statements for Saratoga Inc. for the quarter...
Steiner College’s statement of financial position for the year ended June 30, 2019, is presented here....
Steiner College’s statement of financial position for the year ended June 30, 2019, is presented here. Steiner is a private college.   STEINER COLLEGE   Statement of Financial Position   June 30, 2019   (amounts in thousands) Assets Cash and cash equivalents $ 734 Short-term investments 7,666 Tuition and fees receivable (net of doubtful accounts of $12) 230 Pledges receivable (net of doubtful accounts of $280) 5,872 Prepaid assets 1,364 Property, plant, and equipment (net of accumulated depreciation of $104,240) 281,404 Investments (at fair...
Peppermint Ltd went into voluntary liquidation on 30 June 2020. A statement of financial position prepared...
Peppermint Ltd went into voluntary liquidation on 30 June 2020. A statement of financial position prepared at that date was as follows: ------------------------------------------------------------------------------------------------------------------------ Peppermint Ltd Statement of Financial Position as at 30 June 2020 Current Assets Cash                                                                                                                         $11,000 Inventories                                                                                                                 85,700 Total Current Assets                                                                                               96,700 Non-current Assets Equipment                                                                                                               142,800 Land and Buildings                                                                                                   70,000 Total Non-current Assets                                                                                      212,800 Total Assets                                                                                                            309,500 Current Liabilities Accounts Payable                                                                                                      40,000 Total Current Liabilities                                                                                         40,000 Non-current Liabilities Mortgage (secured over Land and Buildings)                                                           80,000 Total Non-current Liabilities                                                                                ...
Spear Ltd reported the following information in its statement of financial position at 30 June 2020:...
Spear Ltd reported the following information in its statement of financial position at 30 June 2020:                    Plant                                                    $325 000                    Accumulated depreciation – plant        (75 000)                    Intangible assets                                    150 000                    Accumulated amortisation                    (50 000)                    Land                                                      150 000                    Total non-current assets                         500 000                    Cash                                                         25 000                    Inventory                                                  90000                    Total current assets                                115 000                    Total assets                                          $615 000                    Liabilities                                                 75 000                    Net assets                                         $540 000 At 30 June 2020, Spear Ltd...
GCA Ltd reported the following information in its statement of financial position at 30 June 2020:...
GCA Ltd reported the following information in its statement of financial position at 30 June 2020:                    Plant                                                                    $650,000                    Accumulated depreciation – plant                  (150,000)                    Intangible assets                                               300,000                    Accumulated amortisation                               (100,000)                    Land                                                                    300,000                    Total non-current assets                                  1,000,000                    Cash                                                                    50,000                    Inventory                                                             180,000                    Total current assets                                          230,000                    Total assets                                                       $1,230,000                    Liabilities                                                             150,000                    Net assets                                                          $1,080,000 At 30 June 2020, GCA Ltd analysed the internal and external sources of information that would indicate deterioration in the worth of its assets. It determined that there were indications of impairment. GCA Ltd calculated the recoverable amount of the assets...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT