Problem 23-08
Comparative balance sheet accounts of Coronado Company are presented below.
|
CORONADO COMPANY |
||||
|
Debit Balances |
2020 |
2019 |
||
| Cash |
$69,600 |
$51,100 |
||
| Accounts Receivable |
156,500 |
130,000 |
||
| Inventory |
75,700 |
60,800 |
||
| Debt investments (available-for-sale) |
55,000 |
85,300 |
||
| Equipment |
69,600 |
47,800 |
||
| Buildings |
144,900 |
144,900 |
||
| Land |
39,600 |
25,200 |
||
| Totals |
$610,900 |
$545,100 |
||
|
Credit Balances |
||||
| Allowance for Doubtful Accounts |
$10,000 |
$8,000 |
||
| Accumulated Depreciation—Equipment |
20,800 |
14,100 |
||
| Accumulated Depreciation—Buildings |
37,000 |
27,900 |
||
| Accounts Payable |
66,500 |
59,800 |
||
| Income Taxes Payable |
11,900 |
10,000 |
||
| Long-Term Notes Payable |
62,000 |
70,000 |
||
| Common Stock |
310,000 |
260,000 |
||
| Retained Earnings |
92,700 |
95,300 |
||
| Totals |
$610,900 |
$545,100 |
||
Additional data:
| 1. | Equipment that cost $10,000 and was 60% depreciated was sold in 2020. | |
| 2. | Cash dividends were declared and paid during the year. | |
| 3. | Common stock was issued in exchange for land. | |
| 4. | Investments that cost $34,800 were sold during the year. | |
| 5. | There were no write-offs of uncollectible accounts during the year. |
Coronado’s 2020 income statement is as follows.
| Sales revenue |
$955,000 |
||||
| Less: Cost of goods sold |
601,700 |
||||
| Gross profit |
353,300 |
||||
| Less: Operating expenses (includes depreciation expense and bad debt expense) |
252,500 |
||||
| Income from operations |
100,800 |
||||
| Other revenues and expenses | |||||
| Gain on sale of investments |
$15,000 |
||||
| Loss on sale of equipment |
(2,900 |
) |
12,100 |
||
| Income before taxes |
112,900 |
||||
| Income taxes |
45,300 |
||||
| Net income |
$67,600 |
(a) Compute net cash provided by operating
activities under the direct method. (Enter negative
amounts using either a negative sign preceding the number e.g. -45
or parentheses e.g. (45).)
| Net cash flow from operating activities | $ |
(b) Prepare a statement of cash flows 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
Comparative balance sheet accounts of Splish Company are
presented below.
|
SPLISH COMPANY |
||||
|
Debit Balances |
2020 |
2019 |
||
| Cash |
$70,600 |
$50,500 |
||
| Accounts Receivable |
155,100 |
130,000 |
||
| Inventory |
75,600 |
61,100 |
||
| Debt investments (available-for-sale) |
55,100 |
84,300 |
||
| Equipment |
70,300 |
48,400 |
||
| Buildings |
144,400 |
144,400 |
||
| Land |
39,600 |
25,300 |
||
| Totals |
$610,700 |
$544,000 |
||
|
Credit Balances |
||||
| Allowance for Doubtful Accounts |
$10,000 |
$7,900 |
||
| Accumulated Depreciation—Equipment |
21,000 |
14,100 |
||
| Accumulated Depreciation—Buildings |
37,300 |
28,200 |
||
| Accounts Payable |
66,400 |
60,600 |
||
| Income Taxes Payable |
11,900 |
9,900 |
||
| Long-Term Notes Payable |
62,000 |
70,000 |
||
| Common Stock |
310,000 |
260,000 |
||
| Retained Earnings |
92,100 |
93,300 |
||
| Totals |
$610,700 |
$544,000 |
||
Additional data:
| 1. | Equipment that cost $10,100 and was 60% depreciated was sold in 2020. | |
| 2. | Cash dividends were declared and paid during the year. | |
| 3. | Common stock was issued in exchange for land. | |
| 4. | Investments that cost $34,600 were sold during the year. | |
| 5. | There were no write-offs of uncollectible accounts during the year. |
Splish’s 2020 income statement is as follows.
| Sales revenue |
$949,600 |
||||
| Less: Cost of goods sold |
600,500 |
||||
| Gross profit |
349,100 |
||||
| Less: Operating expenses (includes depreciation expense and bad debt expense) |
247,700 |
||||
| Income from operations |
101,400 |
||||
| Other revenues and expenses | |||||
| Gain on sale of investments |
$14,900 |
||||
| Loss on sale of equipment |
(3,100 |
) |
11,800 |
||
| Income before taxes |
113,200 |
||||
| Income taxes |
44,600 |
||||
| Net income |
$68,600 |
(a) Compute net cash provided by operating
activities under the direct method. (Enter negative
amounts using either a negative sign preceding the number e.g. -45
or parentheses e.g. (45).)
| Net cash flow from operating activities | $ |
(b) Prepare a statement of cash flows 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
Comparative balance sheet accounts of Carla Company are
presented below.
|
CARLA COMPANY |
||||
|
Debit Balances |
2020 |
2019 |
||
| Cash |
$69,900 |
$50,600 |
||
| Accounts Receivable |
154,800 |
130,300 |
||
| Inventory |
75,700 |
61,400 |
||
| Debt investments (available-for-sale) |
55,100 |
84,600 |
||
| Equipment |
69,300 |
48,400 |
||
| Buildings |
145,700 |
145,700 |
||
| Land |
40,200 |
25,200 |
||
| Totals |
$610,700 |
$546,200 |
||
|
Credit Balances |
||||
| Allowance for Doubtful Accounts |
$10,100 |
$7,900 |
||
| Accumulated Depreciation—Equipment |
21,000 |
14,000 |
||
| Accumulated Depreciation—Buildings |
36,800 |
28,100 |
||
| Accounts Payable |
65,600 |
59,500 |
||
| Income Taxes Payable |
12,000 |
10,100 |
||
| Long-Term Notes Payable |
62,000 |
70,000 |
||
| Common Stock |
310,000 |
260,000 |
||
| Retained Earnings |
93,200 |
96,600 |
||
| Totals |
$610,700 |
$546,200 |
||
Additional data:
| 1. | Equipment that cost $10,100 and was 60% depreciated was sold in 2020. | |
| 2. | Cash dividends were declared and paid during the year. | |
| 3. | Common stock was issued in exchange for land. | |
| 4. | Investments that cost $35,100 were sold during the year. | |
| 5. | There were no write-offs of uncollectible accounts during the year. |
Carla’s 2020 income statement is as follows.
| Sales revenue |
$943,500 |
||||
| Less: Cost of goods sold |
595,900 |
||||
| Gross profit |
347,600 |
||||
| Less: Operating expenses (includes depreciation expense and bad debt expense) |
247,500 |
||||
| Income from operations |
100,100 |
||||
| Other revenues and expenses | |||||
| Gain on sale of investments |
$14,900 |
||||
| Loss on sale of equipment |
(3,000 |
) |
11,900 |
||
| Income before taxes |
112,000 |
||||
| Income taxes |
45,500 |
||||
| Net income |
$66,500 |
(a) Compute net cash provided by operating
activities under the direct method. (Enter negative
amounts using either a negative sign preceding the number e.g. -45
or parentheses e.g. (45).)
| Net cash flow from operating activities | $ |
(b) Prepare a statement of cash flows 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
Comparative balance sheet accounts of Sweet Company are
presented below.
|
SWEET COMPANY |
||||
|
Debit Balances |
2020 |
2019 |
||
| Cash |
$69,600 |
$51,100 |
||
| Accounts Receivable |
156,500 |
130,000 |
||
| Inventory |
75,700 |
60,800 |
||
| Debt investments (available-for-sale) |
55,000 |
85,300 |
||
| Equipment |
69,600 |
47,800 |
||
| Buildings |
144,900 |
144,900 |
||
| Land |
39,600 |
25,200 |
||
| Totals |
$610,900 |
$545,100 |
||
|
Credit Balances |
||||
| Allowance for Doubtful Accounts |
$10,000 |
$8,000 |
||
| Accumulated Depreciation—Equipment |
20,800 |
14,100 |
||
| Accumulated Depreciation—Buildings |
37,000 |
27,900 |
||
| Accounts Payable |
66,500 |
59,800 |
||
| Income Taxes Payable |
11,900 |
10,000 |
||
| Long-Term Notes Payable |
62,000 |
70,000 |
||
| Common Stock |
310,000 |
260,000 |
||
| Retained Earnings |
92,700 |
95,300 |
||
| Totals |
$610,900 |
$545,100 |
||
Additional data:
| 1. | Equipment that cost $10,000 and was 60% depreciated was sold in 2020. | |
| 2. | Cash dividends were declared and paid during the year. | |
| 3. | Common stock was issued in exchange for land. | |
| 4. | Investments that cost $34,800 were sold during the year. | |
| 5. | There were no write-offs of uncollectible accounts during the year. |
Sweet’s 2020 income statement is as follows.
| Sales revenue |
$955,000 |
||||
| Less: Cost of goods sold |
601,700 |
||||
| Gross profit |
353,300 |
||||
| Less: Operating expenses (includes depreciation expense and bad debt expense) |
252,500 |
||||
| Income from operations |
100,800 |
||||
| Other revenues and expenses | |||||
| Gain on sale of investments |
$15,000 |
||||
| Loss on sale of equipment |
(2,900 |
) |
12,100 |
||
| Income before taxes |
112,900 |
||||
| Income taxes |
45,300 |
||||
| Net income |
$67,600 |
(a) Compute net cash provided by operating
activities under the direct method. (Enter negative
amounts using either a negative sign preceding the number e.g. -45
or parentheses e.g. (45).)
| Net cash flow from operating activities | $ |
(b) Prepare a statement of cash flows 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 Australian Commission on Safety and Quality in Healthcare
has identified hospital acquired malnutrition as one of 16
potential hospital acquired complications.
What opportunities and challenges does this raise for Food &
Nutrition Service Managers?
In: Nursing
A comparative statement of financial position for Ayayai
Corporation follows:
| AYAYAI CORPORATION Statement of Financial Position |
||||||
| December 31 | ||||||
| Assets | 2020 | 2019 | ||||
| Cash | $48,100 | $21,460 | ||||
| Accounts receivable | 64,380 | 43,660 | ||||
| Inventory | 98,420 | 59,940 | ||||
| FV-OCI investments in shares | 46,620 | 62,160 | ||||
| Land | 48,100 | 76,220 | ||||
| Equipment | 288,600 | 318,200 | ||||
| Accumulated depreciation—equipment | (86,580 | ) | (63,640 | ) | ||
| Goodwill | 91,760 | 128,020 | ||||
| Total | $599,400 | $646,020 | ||||
| Liabilities and Shareholders’ Equity | ||||||
| Accounts payable | $8,880 | $37,740 | ||||
| Dividends payable | 11,100 | 23,680 | ||||
| Notes payable | 162,800 | 247,900 | ||||
| Common shares | 196,100 | 92,500 | ||||
| Retained earnings | 213,120 | 210,160 | ||||
| Accumulated other comprehensive income | 7,400 | 34,040 | ||||
| Total | $599,400 | $646,020 | ||||
Additional information:
| 1. | Net income for the fiscal year ending December 31, 2020, was $14,060. | |
| 2. | In March 2020, a plot of land was purchased for future construction of a plant site. In November 2020, a different plot of land with original cost of $63,640 was sold for proceeds of $70,300. | |
| 3. | In April 2020, notes payable amounting to $103,600 were retired through the issuance of common shares. In December 2020, notes payable amounting to $18,500 were issued for cash. | |
| 4. | FV-OCI investments were purchased in July 2020 for a cost of $11,100. By December 31, 2020, the fair value of Ayayai’s portfolio of FV—OCI investments decreased to $46,620. No FV—OCI investments were sold in the year. | |
| 5. | On December 31, 2020, equipment with an original cost of $29,600 and accumulated depreciation to date of $8,880 was sold for proceeds of $15,540. No equipment was purchased in the year. | |
| 6. | Dividends on common shares of $23,680 and $11,100 were declared in December 2019 and December 2020, respectively. The 2019 dividend was paid in January 2020 and the 2020 dividend was paid in January 2021. Dividends paid are treated as financing activities. | |
| 7. | A loss on impairment was recorded in the year to reflect a decrease in the recoverable amount of goodwill. No goodwill was purchased or sold in the year. |
(a)
Prepare a statement of cash flows using the indirect method for
cash flows from operating activities. (Show amounts
that decrease cash flow with either a - sign e.g. -15,000 or in
parenthesis e.g. (15,000).)
In: Accounting
A comparative statement of financial position for Whispering
Winds Corporation follows:
|
WHISPERING WINDS CORPORATION Statement of Financial Position |
||||||
| December 31 | ||||||
| Assets | 2020 | 2019 | ||||
| Cash | $74,100 | $33,060 | ||||
| Accounts receivable | 99,180 | 67,260 | ||||
| Inventory | 151,620 | 92,340 | ||||
| FV-OCI investments in shares | 71,820 | 95,760 | ||||
| Land | 74,100 | 117,420 | ||||
| Equipment | 444,600 | 490,200 | ||||
| Accumulated depreciation—equipment | (133,380 | ) | (98,040 | ) | ||
| Goodwill | 141,360 | 197,220 | ||||
| Total | $923,400 | $995,220 | ||||
| Liabilities and Shareholders’ Equity | ||||||
| Accounts payable | $13,680 | $58,140 | ||||
| Dividends payable | 17,100 | 36,480 | ||||
| Notes payable | 250,800 | 381,900 | ||||
| Common shares | 302,100 | 142,500 | ||||
| Retained earnings | 328,320 | 323,760 | ||||
| Accumulated other comprehensive income | 11,400 | 52,440 | ||||
| Total | $923,400 | $995,220 | ||||
Additional information:
| 1. | Net income for the fiscal year ending December 31, 2020, was $21,660. | |
| 2. | In March 2020, a plot of land was purchased for future construction of a plant site. In November 2020, a different plot of land with original cost of $98,040 was sold for proceeds of $108,300. | |
| 3. | In April 2020, notes payable amounting to $159,600 were retired through the issuance of common shares. In December 2020, notes payable amounting to $28,500 were issued for cash. | |
| 4. | FV-OCI investments were purchased in July 2020 for a cost of $17,100. By December 31, 2020, the fair value of Whispering Winds’s portfolio of FV—OCI investments decreased to $71,820. No FV—OCI investments were sold in the year. | |
| 5. | On December 31, 2020, equipment with an original cost of $45,600 and accumulated depreciation to date of $13,680 was sold for proceeds of $23,940. No equipment was purchased in the year. | |
| 6. | Dividends on common shares of $36,480 and $17,100 were declared in December 2019 and December 2020, respectively. The 2019 dividend was paid in January 2020 and the 2020 dividend was paid in January 2021. Dividends paid are treated as financing activities. | |
| 7. | A loss on impairment was recorded in the year to reflect a decrease in the recoverable amount of goodwill. No goodwill was purchased or sold in the year. |
(a)
Prepare a statement of cash flows using the indirect method for
cash flows from operating activities. (Show amounts
that decrease cash flow with either a - sign e.g. -15,000 or in
parenthesis e.g. (15,000).)
In: Accounting
Java. Given an input file with each line representing a record of data and the first token (word) being the key that the file is sorted on, we want to load it and output the line number and record for any duplicate keys we encounter. Remember we are assuming the file is sorted by the key and we want to output to the screen the records (and line numbers) with duplicate keys. We are given a text file and have to use the scanner class to lod it
Your task is to
create a FindDuplicates class with the following:
Declaration of an instance variables for the String filename
non-default Constructor - creates an object for user passed filename argument
Accessor methods return the value of each instance variable
Mutator methods that allows th user to set each instance variable (no validation required),
a "getDuplicates()" method that reads from the file (until end-of-file) using Scanner class, finds duplicate records based on the first token on each line (the key), and returns as a String the record number and entire duplicate record one to a line (see above Sample output)
toString() - returns a String message with the value of the instance variable
Sample Output
Enter File Name: input1.txt
FileName:input1.txt
DUPLICATES
12 102380 CS US W 2.8 3.267 125
14 102395 PPCI US W 2.769 2.5 115
25 102567 PPCI US W 3.192 3.412 112
35 102912 CS US Z 3.81 3.667 88
44 103087 CS US Z 2.956 2.688 90
76 103944 CS US W 3.134 3.294 134
77 103944 CS US W 3.698 3.7 94
86 104046 CS US W 2.863 3.133 65
88 104047 CS US W 3.523 3.524 77
89 104047 CS US O 3.825 3.824 49
91 104048 CS US W 3.071 3 94
92 104048 CS US W 3.114 3.111 44
93 104048 CS US W 3.375 3.6 71
Press any key to continue . . .
In: Computer Science
2. Abacus Property Ltd also bought government bonds of the Kingdom of Enchancia for $2,000,333 accounted for using amortized cost on 1 January 2020. Due to uncertainty around royal succession, Abacus estimates that there is a 5% chance of default in the next 12 months which would result in a cash shortfall of $1,800,000 and a 10% chance of cash shortfall of $1,000,000. Record the appropriate journal entries for the year ending 31 December 2020.
3. Following from 2 above, explain how this differs from the measurement of most other accounting values and whether you view this as consistent with the conceptual framework.
In: Accounting
Gleason Enterprises issued 12%, 7-year, $2,630,000 par value
bonds that pay interest semiannually on October 1 and April 1. The
bonds are dated April 1, 2020, and are issued on that date. The
discount rate of interest for such bonds on April 1, 2020, is
14%.
Click here to view the factor table.
(For calculation purposes, use 5 decimal places as
displayed in the factor table provided.)
What cash proceeds did Gleason receive from issuance of the bonds?
(Round answer to 0 decimal places, e.g.
125.)
| Cash proceeds from issuance of the bonds |
In: Accounting