The following are Flounder Corp.’s comparative balance sheet
accounts at December 31, 2020 and 2019, with a column showing the
increase (decrease) from 2019 to 2020.
|
COMPARATIVE BALANCE SHEETS |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
|
2020 |
2019 |
Increase |
|||||||
|
Cash |
$822,600 |
$700,100 |
$122,500 |
||||||
|
Accounts receivable |
1,139,300 |
1,157,900 |
(18,600 |
) |
|||||
|
Inventory |
1,835,600 |
1,726,700 |
108,900 |
||||||
|
Property, plant, and equipment |
3,276,300 |
2,980,900 |
295,400 |
||||||
|
Accumulated depreciation |
(1,165,600 |
) |
(1,047,400 |
) |
(118,200 |
) |
|||
|
Investment in Myers Co. |
312,200 |
272,500 |
39,700 |
||||||
|
Loan receivable |
251,900 |
— |
251,900 |
||||||
|
Total assets |
$6,472,300 |
$5,790,700 |
$681,600 |
||||||
|
Accounts payable |
$1,016,000 |
$949,400 |
$66,600 |
||||||
|
Income taxes payable |
30,200 |
49,700 |
(19,500 |
) |
|||||
|
Dividends payable |
79,200 |
99,100 |
(19,900 |
) |
|||||
|
Lease liabililty |
355,000 |
— |
355,000 |
||||||
|
Common stock, $1 par |
500,000 |
500,000 |
— |
||||||
|
Paid-in capital in excess of par—common stock |
1,501,300 |
1,501,300 |
— |
||||||
|
Retained earnings |
2,990,600 |
2,691,200 |
299,400 |
||||||
|
Total liabilities and stockholders’ equity |
$6,472,300 |
$5,790,700 |
$681,600 |
||||||
Additional information:
| 1. | On December 31, 2019, Flounder acquired 25% of Myers Co.’s common stock for $272,500. On that date, the carrying value of Myers’s assets and liabilities, which approximated their fair values, was $1,090,000. Myers reported income of $158,800 for the year ended December 31, 2020. No dividend was paid on Myers’s common stock during the year. | |
| 2. | During 2020, Flounder loaned $255,500 to TLC Co., an unrelated company. TLC made the first semiannual principal repayment of $3,600, plus interest at 10%, on December 31, 2020. | |
| 3. | On January 2, 2020, Flounder sold equipment costing $59,600, with a carrying amount of $37,800, for $39,900 cash. | |
| 4. | On December 31, 2020, Flounder entered into a capital lease for an office building. The present value of the annual rental payments is $355,000, which equals the fair value of the building. Flounder made the first rental payment of $60,100 when due on January 2, 2021. | |
| 5. | Net income for 2020 was $378,600. | |
| 6. | Flounder declared and paid the following cash dividends for 2020 and 2019. |
|
2020 |
2019 |
|||
|---|---|---|---|---|
|
Declared |
December 15, 2020 | December 15, 2019 | ||
|
Paid |
February 28, 2021 | February 28, 2020 | ||
|
Amount |
$79,200 | $99,100 |
Prepare a statement of cash flows for Flounder Corp. for the year
ended December 31, 2020, using the indirect method.
(Show amounts that decrease cash flow with either a -
sign e.g. -15,000 or in parenthesis e.g.
(15,000).)
In: Accounting
The following are Waterway Corp.’s comparative balance sheet
accounts at December 31, 2020 and 2019, with a column showing the
increase (decrease) from 2019 to 2020.
|
COMPARATIVE BALANCE SHEETS |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
|
2020 |
2019 |
Increase |
|||||||
|
Cash |
$807,900 |
$696,100 |
$111,800 |
||||||
|
Accounts receivable |
1,130,100 |
1,166,300 |
(36,200 |
) |
|||||
|
Inventory |
1,850,400 |
1,707,300 |
143,100 |
||||||
|
Property, plant, and equipment |
3,324,100 |
2,995,100 |
329,000 |
||||||
|
Accumulated depreciation |
(1,163,100 |
) |
(1,032,700 |
) |
(130,400 |
) |
|||
|
Investment in Myers Co. |
308,700 |
277,600 |
31,100 |
||||||
|
Loan receivable |
250,800 |
— |
250,800 |
||||||
|
Total assets |
$6,508,900 |
$5,809,700 |
$699,200 |
||||||
|
Accounts payable |
$1,019,400 |
$949,200 |
$70,200 |
||||||
|
Income taxes payable |
30,100 |
50,300 |
(20,200 |
) |
|||||
|
Dividends payable |
79,800 |
99,100 |
(19,300 |
) |
|||||
|
Lease liabililty |
389,500 |
— |
389,500 |
||||||
|
Common stock, $1 par |
500,000 |
500,000 |
— |
||||||
|
Paid-in capital in excess of par—common stock |
1,499,000 |
1,499,000 |
— |
||||||
|
Retained earnings |
2,991,100 |
2,712,100 |
279,000 |
||||||
|
Total liabilities and stockholders’ equity |
$6,508,900 |
$5,809,700 |
$699,200 |
||||||
Additional information:
| 1. | On December 31, 2019, Waterway acquired 25% of Myers Co.’s common stock for $277,600. On that date, the carrying value of Myers’s assets and liabilities, which approximated their fair values, was $1,110,400. Myers reported income of $124,400 for the year ended December 31, 2020. No dividend was paid on Myers’s common stock during the year. | |
| 2. | During 2020, Waterway loaned $289,200 to TLC Co., an unrelated company. TLC made the first semiannual principal repayment of $38,400, plus interest at 10%, on December 31, 2020. | |
| 3. | On January 2, 2020, Waterway sold equipment costing $60,500, with a carrying amount of $38,400, for $39,800 cash. | |
| 4. | On December 31, 2020, Waterway entered into a capital lease for an office building. The present value of the annual rental payments is $389,500, which equals the fair value of the building. Waterway made the first rental payment of $60,100 when due on January 2, 2021. | |
| 5. | Net income for 2020 was $358,800. | |
| 6. | Waterway declared and paid the following cash dividends for 2020 and 2019. |
|
2020 |
2019 |
|||
|---|---|---|---|---|
|
Declared |
December 15, 2020 | December 15, 2019 | ||
|
Paid |
February 28, 2021 | February 28, 2020 | ||
|
Amount |
$79,800 | $99,100 |
Prepare a statement of cash flows for Waterway Corp. for the year
ended December 31, 2020, using the indirect method.
(Show amounts that decrease cash flow with either a -
sign e.g. -15,000 or in parenthesis e.g.
(15,000).)
|
WATERWAY CORP. |
|---|
In: Accounting
On December 31, 2019, Little Corporation's Assets and Liabilities were $66,000 and $15,000 respectively. On December 31, 2020, the assets and liabilities were $94,000 and $28,000 respectively. During 2020, the company issued $7,000 of additional stock, and paid $3,000 of dividends. Determine the company’s net income for 2020.
In: Accounting
A theme throughout our course has been Phenotype because Protein. As we consider these examples we need to understand what the phenotype/product is, how a protein is responsible for it and what specifically is the protein targeted with the technology. So, what is the molecular product of golden rice? What is the protein targeted for this technology? 7-10 sentences.
In: Biology
In: Economics
Use the Internet and/or Strayer Library to research a publicly-traded company that manufactures technology products. Recommend one (1) approach that your selected company can take to lower either the direct labor or direct material costs of technology products while remaining competitive with global markets. Provide a rationale for your recommended approach.
In: Accounting
Information technology is at the centre of the information revolution. However, the role and impact of information technology in business can be complex and confusing.
Using practical examples from any one of the organisations selected in the question above, critically evaluate the usage and benefits of technological systems throughout the value chain to enhance operational excellence and competitive advantage of the business.
In: Accounting
In: Economics
As this is a newer trending technology in the financial industry and one that is being expanded upon. Block chain, being composed of current technologies, is poised to become a major technology with large social impacts. What is block chain and what are the security limitations? Write a five-page paper from scholarly sources and properly cite your writing.
In: Operations Management
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In: Operations Management