The comparative balance sheets for 2016 and 2015 and the statement of income for 2016 are given below for Wright Company. Additional information from Wright's accounting records is provided also.
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WRIGHT COMPANY Comparative Balance Sheets December 31, 2016 and 2015 ($ in 000s) |
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| 2016 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash | $ | 103 | $ | 75 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts receivable | 116 | 120 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Short-term investment | 55 | 26 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory | 118 | 115 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Land | 86 | 105 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Buildings and equipment | 630 | 490 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Less: Accumulated depreciation | (169) | (120) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| $ | 939 | $ | 811 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable | $ | 35 | $ | 44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Salaries payable | 3 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest payable | 8 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax payable | 9 | 12 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes payable | 0 | 28 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bonds payable | 246 | 190 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock | 330 | 290 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Paid-in capital—excess of par | 173 | 145 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained earnings | 135 | 90 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| $ | 939 | $ | 811 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Additional information from the accounting records:
a. Land that originally cost $19,000 was sold for $15,000.
b. The common stock of Microsoft Corporation was purchased for $29,000 as a short-term investment not classified as a cash equivalent.
c. New equipment was purchased for $140,000 cash.
d. A $28,000 note was paid at maturity on January 1.
e. On January 1, 2016, bonds were sold at their $56,000 face value.
f. Common stock ($40,000 par) was sold for $68,000.
g. Net income was $90,000 and cash dividends of $45,000 were paid to shareholders.
Required:
Prepare the statement of cash flows of Wright Company for the year ended December 31, 2016. Present cash flows from operating activities by the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 5,000 should be entered as 5).
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In: Accounting
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The comparative balance sheets for 2016 and 2015 and the statement of income for 2016 are given below for Wright Company. Additional information from Wright's accounting records is provided also. |
|
WRIGHT COMPANY Comparative Balance Sheets December 31, 2016 and 2015 ($ in 000s) |
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| 2016 | 2015 | |||
| Assets | ||||
| Cash | $ | 103 | $ | 75 |
| Accounts receivable | 116 | 120 | ||
| Short-term investment | 55 | 26 | ||
| Inventory | 118 | 115 | ||
| Land | 86 | 105 | ||
| Buildings and equipment | 630 | 490 | ||
| Less: Accumulated depreciation | (169) | (120) | ||
| $ | 939 | $ | 811 | |
| Liabilities | ||||
| Accounts payable | $ | 35 | $ | 44 |
| Salaries payable | 3 | 6 | ||
| Interest payable | 8 | 6 | ||
| Income tax payable | 9 | 12 | ||
| Notes payable | 0 | 28 | ||
| Bonds payable | 246 | 190 | ||
| Shareholders' Equity | ||||
| Common stock | 330 | 290 | ||
| Paid-in capital—excess of par | 173 | 145 | ||
| Retained earnings | 135 | 90 | ||
| $ | 939 | $ | 811 | |
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WRIGHT COMPANY Income Statement For Year Ended December 31, 2016 ($ in 000s) |
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| Revenues: | ||||
| Sales revenue | $ | 520 | ||
| Expenses: | ||||
| Cost of goods sold | $ | 220 | ||
| Salaries expense | 73 | |||
| Depreciation expense | 49 | |||
| Interest expense | 18 | |||
| Loss on sale of land | 4 | |||
| Income tax expense | 66 | 430 | ||
| Net income | $ | 90 | ||
| Additional information from the accounting records: | |
| a. | Land that originally cost $19,000 was sold for $15,000. |
| b. |
The common stock of Microsoft Corporation was purchased for $29,000 as a short-term investment not classified as a cash equivalent. |
| c. | New equipment was purchased for $140,000 cash. |
| d. | A $28,000 note was paid at maturity on January 1. |
| e. | On January 1, 2016, bonds were sold at their $56,000 face value. |
| f. | Common stock ($40,000 par) was sold for $68,000. |
| g. | Net income was $90,000 and cash dividends of $45,000 were paid to shareholders. |
| Required: |
|
Prepare the statement of cash flows of Wright Company for the year ended December 31, 2016. Present cash flows from operating activities by the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 5,000 should be entered as 5).) |
In: Accounting
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The comparative balance sheets for 2016 and 2015 and the statement of income for 2016 are given below for Wright Company. Additional information from Wright's accounting records is provided also. |
|
WRIGHT COMPANY Comparative Balance Sheets December 31, 2016 and 2015 ($ in 000s) |
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| 2016 | 2015 | |||
| Assets | ||||
| Cash | $ | 79 | $ | 40 |
| Accounts receivable | 83 | 85 | ||
| Short-term investment | 33 | 12 | ||
| Inventory | 83 | 80 | ||
| Land | 58 | 70 | ||
| Buildings and equipment | 525 | 420 | ||
| Less: Accumulated depreciation | (127) | (85) | ||
| $ | 734 | $ | 622 | |
| Liabilities | ||||
| Accounts payable | $ | 29 | $ | 37 |
| Salaries payable | 4 | 7 | ||
| Interest payable | 4 | 2 | ||
| Income tax payable | 6 | 11 | ||
| Notes payable | 0 | 21 | ||
| Bonds payable | 162 | 120 | ||
| Shareholders' Equity | ||||
| Common stock | 265 | 220 | ||
| Paid-in capital—excess of par | 145 | 110 | ||
| Retained earnings | 119 | 94 | ||
| $ | 734 | $ | 622 | |
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WRIGHT COMPANY Income Statement For Year Ended December 31, 2016 ($ in 000s) |
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| Revenues: | ||||
| Sales revenue | $ | 370 | ||
| Expenses: | ||||
| Cost of goods sold | $ | 150 | ||
| Salaries expense | 49 | |||
| Depreciation expense | 42 | |||
| Interest expense | 11 | |||
| Loss on sale of land | 6 | |||
| Income tax expense | 52 | 310 | ||
| Net income | $ | 60 | ||
| Additional information from the accounting records: | |
| a. | Land that originally cost $12,000 was sold for $6,000. |
| b. |
The common stock of Microsoft Corporation was purchased for $21,000 as a short-term investment not classified as a cash equivalent. |
| c. | New equipment was purchased for $105,000 cash. |
| d. | A $21,000 note was paid at maturity on January 1. |
| e. | On January 1, 2016, bonds were sold at their $42,000 face value. |
| f. | Common stock ($45,000 par) was sold for $80,000. |
| g. | Net income was $60,000 and cash dividends of $35,000 were paid to shareholders. |
| Required: |
|
Prepare the statement of cash flows of Wright Company for the year ended December 31, 2016. Present cash flows from operating activities by the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 5,000 should be entered as 5).) |
In: Accounting
|
The comparative balance sheets for 2016 and 2015 and the statement of income for 2016 are given below for Wright Company. Additional information from Wright's accounting records is provided also. |
|
WRIGHT COMPANY Comparative Balance Sheets December 31, 2016 and 2015 ($ in 000s) |
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| 2016 | 2015 | |||
| Assets | ||||
| Cash | $ | 103 | $ | 75 |
| Accounts receivable | 116 | 120 | ||
| Short-term investment | 55 | 26 | ||
| Inventory | 118 | 115 | ||
| Land | 86 | 105 | ||
| Buildings and equipment | 630 | 490 | ||
| Less: Accumulated depreciation | (169) | (120) | ||
| $ | 939 | $ | 811 | |
| Liabilities | ||||
| Accounts payable | $ | 35 | $ | 44 |
| Salaries payable | 3 | 6 | ||
| Interest payable | 8 | 6 | ||
| Income tax payable | 9 | 12 | ||
| Notes payable | 0 | 28 | ||
| Bonds payable | 246 | 190 | ||
| Shareholders' Equity | ||||
| Common stock | 330 | 290 | ||
| Paid-in capital—excess of par | 173 | 145 | ||
| Retained earnings | 135 | 90 | ||
| $ | 939 | $ | 811 | |
|
WRIGHT COMPANY Income Statement For Year Ended December 31, 2016 ($ in 000s) |
||||
| Revenues: | ||||
| Sales revenue | $ | 520 | ||
| Expenses: | ||||
| Cost of goods sold | $ | 220 | ||
| Salaries expense | 73 | |||
| Depreciation expense | 49 | |||
| Interest expense | 18 | |||
| Loss on sale of land | 4 | |||
| Income tax expense | 66 | 430 | ||
| Net income | $ | 90 | ||
| Additional information from the accounting records: | |
| a. | Land that originally cost $19,000 was sold for $15,000. |
| b. |
The common stock of Microsoft Corporation was purchased for $29,000 as a short-term investment not classified as a cash equivalent. |
| c. | New equipment was purchased for $140,000 cash. |
| d. | A $28,000 note was paid at maturity on January 1. |
| e. | On January 1, 2016, bonds were sold at their $56,000 face value. |
| f. | Common stock ($40,000 par) was sold for $68,000. |
| g. | Net income was $90,000 and cash dividends of $45,000 were paid to shareholders. |
| Required: |
|
Prepare the statement of cash flows of Wright Company for the year ended December 31, 2016. Present cash flows from operating activities by the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 5,000 should be entered as 5).) |
In: Accounting
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The comparative balance sheets for 2016 and 2015 and the statement of income for 2016 are given below for Dux Company. Additional information from Dux’s accounting records is provided also. |
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DUX COMPANY Comparative Balance Sheets December 31, 2016 and 2015 ($ in 000s) |
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| 2016 | 2015 | |||
| Assets | ||||
| Cash | $ | 63 | $ | 35 |
| Accounts receivable | 59 | 77 | ||
| Dividends receivable | 2 | 1 | ||
| Inventory | 85 | 65 | ||
| Long-term investment | 45 | 25 | ||
| Land | 136 | 71 | ||
| Buildings and equipment | 210 | 280 | ||
| Less: Accumulated depreciation | (40) | (80) | ||
| $ | 560 | $ | 474 | |
| Liabilities | ||||
| Accounts payable | $ | 28 | $ | 50 |
| Salaries payable | 2 | 7 | ||
| Interest payable | 4 | 3 | ||
| Income tax payable | 22 | 23 | ||
| Notes payable | 65 | 0 | ||
| Bonds payable | 125 | 85 | ||
| Less: Discount on bonds | (17) | (33) | ||
| Shareholders' Equity | ||||
| Common stock | 225 | 215 | ||
| Paid-in capital—excess of par | 37 | 35 | ||
| Retained earnings | 92 | 89 | ||
| Less: Treasury stock | (23) | 0 | ||
| $ | 560 | $ | 474 | |
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DUX COMPANY Income Statement For Year Ended December 31, 2016 ($ in 000s) |
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| Revenues | ||||
| Sales revenue | $ | 333 | ||
| Dividend revenue | 6 | $ | 339 | |
| Expenses | ||||
| Cost of goods sold | 135 | |||
| Salaries expense | 40 | |||
| Depreciation expense | 35 | |||
| Interest expense | 23 | |||
| Loss on sale of building | 4 | |||
| Income tax expense | 32 | 269 | ||
| Net income | $ | 70 | ||
| Additional information from the accounting records: |
| a. | A building that originally cost $100,000, and which was three-fourths depreciated, was sold for $21,000. |
| b. | The common stock of Byrd Corporation was purchased for $20,000 as a long-term investment. |
| c. | Property was acquired by issuing a 14%, seven-year, $65,000 note payable to the seller. |
| d. | New equipment was purchased for $30,000 cash. |
| e. | On January 1, 2016, $40,000 of bonds were sold at face value. |
| f. |
On January 19, Dux issued a 4% stock dividend (1,000 shares). The market price of the $10 par value common stock was $12 per share at that time. |
| g. | Cash dividends of $55,000 were paid to shareholders. |
| h. |
On November 46,000 shares of common stock were repurchased as treasury stock at a cost of $23,000. |
| Required: |
|
Prepare the statement of cash flows for Dux Company using the indirect method. (Do not round intermediate calculations. Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands. (i.e., 10,000 should be entered as 10).)) |
In: Accounting
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The comparative balance sheets for 2016 and 2015 and the statement of income for 2016 are given below for Dux Company. Additional information from Dux's accounting records is provided also. |
|
DUX COMPANY Comparative Balance Sheets December 31, 2016 and 2015 ($ in 000s) |
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| 2016 | 2015 | |||
| Assets | ||||
| Cash | $ | 62 | $ | 35 |
| Accounts receivable | 57 | 62 | ||
| Dividends receivable | 5 | 4 | ||
| Inventory | 75 | 70 | ||
| Long-term investment | 45 | 40 | ||
| Land | 90 | 60 | ||
| Buildings and equipment | 291 | 300 | ||
| Less: Accumulated depreciation | (62) | (90) | ||
| $ | 563 | $ | 481 | |
| Liabilities | ||||
| Accounts payable | $ | 41 | $ | 73 |
| Salaries payable | 2 | 4 | ||
| Interest payable | 9 | 5 | ||
| Income tax payable | 5 | 8 | ||
| Notes payable | 30 | 0 | ||
| Bonds payable | 120 | 95 | ||
| Less: Discount on bonds | (5) | (6) | ||
| Shareholders' Equity | ||||
| Common stock | 210 | 200 | ||
| Paid-in capital—excess of par | 24 | 20 | ||
| Retained earnings | 137 | 82 | ||
| Less: Treasury stock (at cost) | (10) | 0 | ||
| $ | 563 | $ | 481 | |
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DUX COMPANY Income Statement For Year Ended December 31, 2016 ($ in 000s) |
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| Revenues | ||||
| Sales revenue | $ | 350 | ||
| Dividend revenue | 5 | $ | 355 | |
| Expenses | ||||
| Cost of goods sold | 195 | |||
| Salaries expense | 28 | |||
| Depreciation expense | 8 | |||
| Interest expense | 10 | |||
| Loss on sale of building | 3 | |||
| Income tax expense | 28 | 272 | ||
| Net income | $ | 83 | ||
| Additional information from the accounting records: |
| a. | A building that originally cost $48,000, and which was three-fourths depreciated, was sold for $9,000. |
| b. | The common stock of Byrd Corporation was purchased for $5,000 as a long-term investment. |
| c. | Property was acquired by issuing a (expression error)%, seven-year, $30,000 note payable to the seller. |
| d. | New equipment was purchased for $39,000 cash. |
| e. | On January 1, 2016, bonds were sold at their $25,000 face value. |
| f. |
On January 19, Dux issued a 5% stock dividend (1,000 shares). The market price of the $10 par value common stock was $14 per share at that time. |
| g. | Cash dividends of $14,000 were paid to shareholders. |
| h. |
On November 12, 1,000 shares of common stock were repurchased as treasury stock at a cost of $10,000. |
| Required: |
|
Prepare the statement of cash flows of Dux Company for the year ended December 31, 2016. Present cash flows from operating activities by the direct method. (Do not round your intermediate calculations. Enter your answers in thousands (i.e., 5,000 should be entered as 5). Amounts to be deducted should be indicated with a minus sign.) |
In: Accounting
This is an Insurancce Accounting Question
Excelsior Life Insurance Co. Ltd
The Company has 15 whole life policies
1) i. Five policies each has annual premium of $15,000.00 paid monthly. In 2016, 2 of these policies did not make the premium payment for November and 1 did not make the payment for December. They all however had adequate cash surrender values to cover the missing payments.
ii. Six of the other policies had $14,000.00 annual premium paid on a monthly basis. As at December 31st onlt 3 had paid the December Premium which was due on December 30th.
iii. The Premium on the remaining 4 policies with $25,000.00 annual premium each, were all paid when due
iv. The company pays out 4% of the premiums for reinsurance coverage.
2) i. Commissions due on all policies amounted to 10% of premiums; as at December 31st 90% of the commissions had been paid
ii.Commissions on the reinsurance ceded amounted to 2% of the reinsurance premiums paid; they are usually received 3 months in arrears
iii. Investment income earned for the year totalled $20,000.00; 30% has not yet been received.
iv. Management expenses allocated to the life portfolio amounted to $11,000.00 for the year
v. A claim of $50,000.00 was paid in respect of a policyholder who has died on November 18th 215
3. The closing fund balance increased by 2% to reach $22,000.00
Required:
1) Prepare journal entries for all transactions
2) Show the premium account (s) as at December 31st
3) Prepaare the revenue account for 2016
In: Accounting
Sources and use statement for 2017 and 2016 information
| Cash flow-financing activities | total | |||
|
Dividends to shareholders retained earnings Net income was 8630 |
2017 39935 |
2016 35519 |
dividends | |
| short term debt |
2017 2761 |
2016 1252 |
short term debt change | |
| long term debt |
2017 24267 |
2016 22349 |
long term debt change | |
| other L/T liabilities |
2017 2614 |
2016 2151 |
other L/T liabilities change | |
| common stock/PIC |
2017 10281 |
2016 9875 |
Common stock | |
| treasury stock |
2017 -48196 |
2016 -40194 |
treasury stock | |
| other equity |
2017 -566 |
2016 -867 |
other equity | |
| balance for financing | ||||
In: Finance
Let S be a subset of a vector space V . Show that span(S) = span(span(S)). Show that span(S) is the unique smallest linear subspace of V containing S as a subset, and that it is the intersection of all subspaces of V that contain S as a subset.
In: Advanced Math
Design a limiter circuit such that a ±20 V input sinusoidal wave is limited between +5 V and –3 V at the output. Use a single current limiting resistor and specify its value such that no diode experiences a current greater than 10 mA.
In: Electrical Engineering