Homework Answers
1.
| Cash Flow Statement | ||||
| Direct Method | ||||
| Cash Flow from Operating Activities | ||||
| Cash collected from customers | $ 8,446,000 | =8454000+463000-471000 | ||
| Cash paid for Inventory | $ -6,495,000 | =-(6490000+213000-178000+570000-600000) | ||
| Cash paid for Operating Expenses | $ -1,325,000 | =-(1305000+70000-50000) | ||
| Cash paid for Interest | $ -6,000 | =-(24000+0-18000) | ||
| Cash paid for Income tax expense | $ -165,000 | =-(161000+14000-10000) | ||
| Cash used in Operating Activities | $ 455,000 | |||
| Cash flow from Investing Activities | ||||
| Sale of Equipment | $ 370,000 | =280000+90000 | ||
| Purchase of Equipment | $ -525,000 | =-(3105000-(3300000-720000)) | ||
| Net cash used In investing activities | $ -155,000 | |||
| Cash flow from Financing Activities | ||||
| Repaid Notes Payable | $ -50,000 | =150000-200000 | ||
| Dividend Paid | $ -172,000 | =-(425000+244000-497000) | ||
| Net cash used in financing activities | $ -222,000 | |||
| Increase in Cash | $ 78,000 | |||
| Opening Balance of Cash | $ 191,000 | |||
| Closing Balance of Cash | $ 269,000 | |||
2.
| Cash Flow Statement | ||||
| Indirect Method | ||||
| Cash Flow from Operating Activities | ||||
| Net Income | $ 244,000 | |||
| Adjustments | ||||
| Depreciation | $ 320,000 | |||
| Gain on sale of Equipment | $ -90,000 | |||
| Changes in Current Assets/ Current Liabilities | ||||
| Increase in Accounts Receivable | $ -8,000 | =463000-471000 | ||
| Increase in Prepaid Expenses | $ -20,000 | =50000-70000 | ||
| Decrease in Inventory | $ 30,000 | =600000-570000 | ||
| Decrease in Accounts Payable | $ -35,000 | =178000-213000 | ||
| Increase in Interest Payable | $ 18,000 | =18000-0 | ||
| Decrease in Income tax payable | $ -4,000 | =10000-14000 | ||
| Total Adjustments | $ 211,000 | |||
| Cash from Operating Activities | $ 455,000 | |||
3.
Cash from Operating Activities will remain same
Cash from Investing activities will change by $525000, Net cash
from investing activities = $370000
Cash from Financing Activities will remain same
Non Cash financing and investing activities will be
disclosed
Purchase of Equipment by issue of common stock $525000
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The following financial statements are available for Harbaugh Brothers, Inc. on December 31, 2017. Harbaugh Brothers,...
The comparative statements of financial position of Mikos Inc. as at December 31, 2017 and 2018,...
The comparative statements of
financial position of Mikos Inc. as at December 31, 2017 and 2018,
and its statement of earnings for the year ended December 31, 2018,
are presented below: MIKOS INC. Comparative Statements of Financial
Position December 31 2018 2017 Assets Cash $ 10,100 $ 18,100
Short-term investments 63,700 34,300 Accounts receivable 73,500
30,400 Inventories, at cost 56,200 41,100 Prepaid expenses 5,100
8,200 Land 49,400 75,500 Property, plant, and equipment, net
284,400 184,500 Intangible assets 25,100 30,200 $...
The following information has been reported by Laporte Inc. on its statements of financial position at...
The following information has been reported by Laporte Inc. on its statements of financial position at December 31, 2016 and 2017, and on its statement of earnings for the year ended December 31, 2017. Amounts are in millions of dollars: Statements of Financial Position 2017 Cash $ 118 Accounts receivable 48 Merchandise inventory Long-term investments Property, plant, and equipment Accumulated depreciation (92) 2016 $ 82 38 46 42 238 196 (110) Total assets $ 354 $ 284 $ Accounts payable...
The following information has been reported by Laporte Inc. on its statements of financial position at...
The following information has been reported by Laporte Inc. on its statements of financial position at December 31, 2016 and 2017, and on its statement of earnings for the year ended December 31, 2017 Amounts are in millions of dollars: Statements of Financial Position 2017 Cash $ 124 Accounts receivable 51 Merchandise inventory 45 Long-term investments Property, plant, and equipment Accumulated depreciation (95) 2016 $ 85 41 49 35 247 208 (113) Total assets $ 372 $305 $ 41 20...
Use the following financial statements and additional information. BARCELONA INC. Comparative Balance Sheets June 30, 2017...
Use the following financial statements and additional information. BARCELONA INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets $ 86,300 41,700 61,000 92,000 6,300 235, 300201,000 142,000 (39,000 (13,000) 78,000 66,000 5,000 153,000 $349,300 $330,000 Liabilities and Equity Accounts payable s 30,000 36, 00o 19,000 4,000 59,000 75,000 79,600 134,000 Wages payable Income taxes payable Total current liabilities Notes payable (long term)...
Data Table Press Exercise Equipment, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue...
Data Table Press Exercise Equipment, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue $ 717,000 340,000 377,000 Cost of Goods Sold Gross Profit Operating Expenses: Depreciation Expense $ 46,000 180,000 Other Operating Expenses Total Operating Expenses 226,000 $ 151,000 Net Income i Data Table Press Exercise Equipment, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash Accounts Receivable 18,000 $ 56,000 83,000 14,000 49,000 86,000 Merchandise Inventory Long-term Assets: Plant Assets...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets Ju...
The following financial statements and additional information
are reported.
IKIBAN INC.
Comparative Balance Sheets
June 30, 2019 and 2018
2019
2018
Assets
Cash
$
77,900
$
60,000
Accounts receivable, net
89,000
67,000
Inventory
79,800
110,500
Prepaid expenses
6,000
8,600
Total current assets
252,700
246,100
Equipment
140,000
131,000
Accum. depreciation—Equipment
(35,000
)
(17,000
)
Total assets
$
357,700
$
360,100
Liabilities and Equity
Accounts payable
$
41,000
$
54,000
Wages payable
7,600
18,200
Income taxes payable
5,000
7,000
Total current liabilities...
Audio City, Inc., is developing its annual financial statements at December 31. The statements are complete...
Audio City, Inc., is developing its annual financial statements
at December 31. The statements are complete except for the
statement of cash flows. The completed comparative balance sheets
and income statement are summarized below:
Current
Year
Previous
Year
Balance Sheet at December 31
Cash
$
40,000
$
47,400
Accounts Receivable
11,800
16,000
Inventory
17,200
16,000
Equipment
207,000
142,000
Accumulated Depreciation—Equipment
(48,000
)
(37,000
)
Total Assets
$
228,000
$
184,400
Accounts Payable
$
7,200
$
17,400
Salaries and Wages Payable...
IKIBAN INC Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets $ 94,900 96,500...
IKIBAN INC Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets $ 94,900 96,500 84,800 6,500 282,700 Cash $65,000 Accounts receivable, net Inventory Prepaid expenses 72,000 118,000 9,600 264,600 136,000 Total current assets Equipment Accum. depreciation-Equipment 145,000 (37,500) (19,500) $390,200 $381,100 Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable $ 46,000 8,100 61,500 19,200 8,000 88,700 81,000 5,500 Total current liabilities 59,600 Notes payable (long term) 51,000 110,600 Total liabilities 169,700 Equity Common stock,...
MONTGOMERY, INC Statement of Cash Flows (Indirect Method) For Year Ended December 31, 2018 Cash flows...
MONTGOMERY, INC Statement of Cash Flows (Indirect Method) For Year Ended December 31, 2018 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operations: Changes in current operating assets and liabilities Depreciation expense Decrease in accounts receivable Decrease in accounts payable Decrease in salaries payable Increase in inventory Net cash used in operating activities Cash flows from investing activities 0) Cash flows from financing activities 0 0 Cash balance at beginning of...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30,...
The following financial statements and additional information
are reported.
IKIBAN INC.
Comparative Balance Sheets
June 30, 2019 and 2018
2019
2018
Assets
Cash
$
74,900
$
65,000
Accounts receivable, net
96,500
72,000
Inventory
84,800
118,000
Prepaid expenses
6,500
9,600
Total current assets
262,700
264,600
Equipment
145,000
136,000
Accum. depreciation—Equipment
(37,500
)
(19,500
)
Total assets
$
370,200
$
381,100
Liabilities and Equity
Accounts payable
$
46,000
$
61,500
Wages payable
8,100
19,200
Income taxes payable
5,500
8,000
Total current liabilities...
The comparative statements of
financial position of Mikos Inc. as at December 31, 2017 and 2018,
and its statement of earnings for the year ended December 31, 2018,
are presented below: MIKOS INC. Comparative Statements of Financial
Position December 31 2018 2017 Assets Cash $ 10,100 $ 18,100
Short-term investments 63,700 34,300 Accounts receivable 73,500
30,400 Inventories, at cost 56,200 41,100 Prepaid expenses 5,100
8,200 Land 49,400 75,500 Property, plant, and equipment, net
284,400 184,500 Intangible assets 25,100 30,200 $...
The following information has been reported by Laporte Inc. on its statements of financial position at December 31, 2016 and 2017, and on its statement of earnings for the year ended December 31, 2017. Amounts are in millions of dollars: Statements of Financial Position 2017 Cash $ 118 Accounts receivable 48 Merchandise inventory Long-term investments Property, plant, and equipment Accumulated depreciation (92) 2016 $ 82 38 46 42 238 196 (110) Total assets $ 354 $ 284 $ Accounts payable...
The following information has been reported by Laporte Inc. on its statements of financial position at December 31, 2016 and 2017, and on its statement of earnings for the year ended December 31, 2017 Amounts are in millions of dollars: Statements of Financial Position 2017 Cash $ 124 Accounts receivable 51 Merchandise inventory 45 Long-term investments Property, plant, and equipment Accumulated depreciation (95) 2016 $ 85 41 49 35 247 208 (113) Total assets $ 372 $305 $ 41 20...
Use the following financial statements and additional information. BARCELONA INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets $ 86,300 41,700 61,000 92,000 6,300 235, 300201,000 142,000 (39,000 (13,000) 78,000 66,000 5,000 153,000 $349,300 $330,000 Liabilities and Equity Accounts payable s 30,000 36, 00o 19,000 4,000 59,000 75,000 79,600 134,000 Wages payable Income taxes payable Total current liabilities Notes payable (long term)...
Data Table Press Exercise Equipment, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue $ 717,000 340,000 377,000 Cost of Goods Sold Gross Profit Operating Expenses: Depreciation Expense $ 46,000 180,000 Other Operating Expenses Total Operating Expenses 226,000 $ 151,000 Net Income i Data Table Press Exercise Equipment, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash Accounts Receivable 18,000 $ 56,000 83,000 14,000 49,000 86,000 Merchandise Inventory Long-term Assets: Plant Assets...
The following financial statements and additional information
are reported.
IKIBAN INC.
Comparative Balance Sheets
June 30, 2019 and 2018
2019
2018
Assets
Cash
$
77,900
$
60,000
Accounts receivable, net
89,000
67,000
Inventory
79,800
110,500
Prepaid expenses
6,000
8,600
Total current assets
252,700
246,100
Equipment
140,000
131,000
Accum. depreciation—Equipment
(35,000
)
(17,000
)
Total assets
$
357,700
$
360,100
Liabilities and Equity
Accounts payable
$
41,000
$
54,000
Wages payable
7,600
18,200
Income taxes payable
5,000
7,000
Total current liabilities...
Audio City, Inc., is developing its annual financial statements
at December 31. The statements are complete except for the
statement of cash flows. The completed comparative balance sheets
and income statement are summarized below:
Current
Year
Previous
Year
Balance Sheet at December 31
Cash
$
40,000
$
47,400
Accounts Receivable
11,800
16,000
Inventory
17,200
16,000
Equipment
207,000
142,000
Accumulated Depreciation—Equipment
(48,000
)
(37,000
)
Total Assets
$
228,000
$
184,400
Accounts Payable
$
7,200
$
17,400
Salaries and Wages Payable...
IKIBAN INC Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets $ 94,900 96,500 84,800 6,500 282,700 Cash $65,000 Accounts receivable, net Inventory Prepaid expenses 72,000 118,000 9,600 264,600 136,000 Total current assets Equipment Accum. depreciation-Equipment 145,000 (37,500) (19,500) $390,200 $381,100 Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable $ 46,000 8,100 61,500 19,200 8,000 88,700 81,000 5,500 Total current liabilities 59,600 Notes payable (long term) 51,000 110,600 Total liabilities 169,700 Equity Common stock,...
MONTGOMERY, INC Statement of Cash Flows (Indirect Method) For Year Ended December 31, 2018 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operations: Changes in current operating assets and liabilities Depreciation expense Decrease in accounts receivable Decrease in accounts payable Decrease in salaries payable Increase in inventory Net cash used in operating activities Cash flows from investing activities 0) Cash flows from financing activities 0 0 Cash balance at beginning of...
The following financial statements and additional information
are reported.
IKIBAN INC.
Comparative Balance Sheets
June 30, 2019 and 2018
2019
2018
Assets
Cash
$
74,900
$
65,000
Accounts receivable, net
96,500
72,000
Inventory
84,800
118,000
Prepaid expenses
6,500
9,600
Total current assets
262,700
264,600
Equipment
145,000
136,000
Accum. depreciation—Equipment
(37,500
)
(19,500
)
Total assets
$
370,200
$
381,100
Liabilities and Equity
Accounts payable
$
46,000
$
61,500
Wages payable
8,100
19,200
Income taxes payable
5,500
8,000
Total current liabilities...
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