Homework Answers
| Statement of changes in WC | ||||
| Balance | Changes in WC | |||
| Last year | This Year | Increase | Decrease | |
| Current assets:- | ||||
| Cash | 3000 | 4700 | 1700 | |
| AR | 12000 | 11500 | -500 | |
| Inventories | 8000 | 9000 | 1000 | |
| Total CA | 23000 | 25200 | 2200 | |
| Current Liabilities: | ||||
| AP | 7000 | 4500 | -2500 | |
| Total CL | 7000 | 4500 | -2500 | |
| Net WC | 16000 | 20700 | ||
| Inc./dec. in WC | 4700 | |||
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Practice Questions 1. Your are given the following comparative Balance Sheet of M/s. Damodar Ltd., Particulars...
2. From the following Balance sheet of 'X' Ltd., you are required to prepare schedule of...
2. From the following Balance sheet of 'X' Ltd., you are required to prepare schedule of changes in working capital and statement of flow of funds. Particulars Dec. 31 Dec. 31st. 2008 2009 Assets- $ $ Land & Building 50,000 50,000 Plant 24,000 34,000 Inventories 9,000 7,000 Receivables 16,500 19,500 Cash and Bank 4,000 9,000 119,500 103,500 Capital and Liabilities Capital 80,000 85,000 Retained Earnings Payables 14,500 24,500 9,000 5,000 Mortgage 5,000 119,500 103,500
Cash Flows - Question 2 Consider the Johns Pty Ltd comparative balance sheet data below, as...
Cash Flows - Question 2 Consider the Johns Pty Ltd comparative balance sheet data below, as well as other information. Please calculate the net cash flows from operating activities for the 2010 calendar year, using the data below. Calendar year Cash at Bank Ac's Receivable Ac's Payable Prepaid Insurance Unearned revenues Interest payable Inventory 2009 $10,000 $6,000 $7,000 $10,000 $14,000 $8,000 $12,000 2010 $25,000 $9,000 $12,000 $6,000 $7,000 $4,000 $16,000 Motor vehicles Acc Dep'n Motor Vehicles $100,000 $40,000 $90,000 $55,000...
Acomparative balance sheet for Carson Company appears below: CARSON COMPANY Comparative Balance Sheet Dec. 31,2017 Dec....
Acomparative balance sheet for Carson Company appears below: CARSON COMPANY Comparative Balance Sheet Dec. 31,2017 Dec. 31, 2016 Assets Cash Accounts receivable Inventories Equipment Accumulated depreciation-equipment $18,000 25,000 45,000 70,000 (27,000) $131,000 Liabilities and Stockholders' Equity $33,000 14,000 25,000 78,000 (24,000) $126,000 Total assets Accounts payable Income taxes payable Bonds payable Common stock Retained earnings 31,000 24,000 20,000 25,000 31000 $131,000 s 43,000 20,000 10,000 25,000 28,000 Total liabilities and stockholders' equity Additional information: 1. Net income for the year...
Simon is an Australian resident taxpayer who has undertaken the following transactions during the tax year ending 30 June 2019. Item number Transaction Particulars 1 Sold car Purchased...
Simon is an Australian resident taxpayer who has undertaken the following transactions during the tax year ending 30 June 2019. Item number Transaction Particulars 1 Sold car Purchased on 1 March 2010 for $30,000. Sold on 20 April 2019 for $12,000 2 Sold painting Purchased on 1 January 2008 for $600. Sold on 3 February 2019 for $6,000 3 Shares sold in C Pty Ltd Purchased on 14 April 2013 for $10,000 and sold on 15 May 2019 for $20,000....
7 Use the following Baycraft Ltd. information for questions 7 through 10. Under the indirect method,...
7 Use the following Baycraft Ltd. information for questions 7 through 10. Under the indirect method, net cash provided by operating activities would be (10 Points) Net Income Depreciation Expense Payment of Dividends Increase in Accounts Receivable Collection of Notes Receivable Loss on Sale of Land $47,000 Decrease in Inventories 8.000 Increase in Accounts Payable 2,000 Acquisition of Equipment 4,000 Sale of Shares 6,000 Payment of Long-Term Debt 12,000 Proceeds from Sale of Land $ 2,000 7,000 24,000 3,000 9,000...
Comparative balance sheet statements of Irving Inc. are presented below: Irving Inc. COMPARATIVE BALANCE SHEET ACCOUNTS December 31, 2017 and 2016 December 31 Assets 2017 2016 Cash...
Comparative balance sheet statements of Irving Inc. are presented below: Irving Inc. COMPARATIVE BALANCE SHEET ACCOUNTS December 31, 2017 and 2016 December 31 Assets 2017 2016 Cash 25,000 20,000 Accounts receivable 45,500 48,000 Less: allowance for doubtful accounts (1,500) (1,000) Inventory 55,000 50,000 Dividend receivable 3,000 2,000 Investments 13,000 10,000 Land 70,000 40,000 Buildings & equipment 231,000 250,000 Less: accumulated depreciation (35,000) (50,000) Totals 406,000 369,000 Liabilities Accounts payable 13,000 20,000 Salaries payable 2,000 5,000 Interest payable 4,000 2,000 Income...
1 2 Complete the comparative income statement and balance sheet for Logic Company. (Input all...
1 2
Complete the comparative income statement and balance sheet for Logic Company. (Input all answers as positive values except decrease answers which should be indicated by a minus sign. Round your"percent" answers to the nearest hundredth percent.) LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 INCREASE (DECREASE Amount 2017 2016 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses $ 19,000 15,000 100 $ 18,000...
2. (25 Points) Comparative balance sheet statements of Irving Inc. are presented below Irving Inc COMPARATIVE...
2. (25 Points) Comparative balance sheet statements of Irving Inc. are presented below Irving Inc COMPARATIVE BALANCE SHEET ACCOUNTS December 31, 2017 and 2016 December 31 2016 S 20.000 48,000 (1,000) 50,000 2,000 10,000 40,000 250,000 (50,000) S369.000 2017 $ 25,000 45,500 (1,500) 55,000 3,000 13.000 70,000 231,000 (35,000) S406.000 Assets Cash Accounts Receivable Less: Allowance for Doubtful Accounts Iaventory Dividend Receivable Iavestments Land Buildings & Equip. Less Accumulatod depreciation Totals Liabilities Accounts Payable Salaries Payables Interest payable Income tax...
Use the following information for the next TWO questions: CPQ Corporation's most recent comparative Balance Sheet...
Use the following information for the next TWO questions: CPQ Corporation's most recent comparative Balance Sheet is as follows: Assets Cash Accounts receivable, net Prepaid expenses Sol How o Equipment 7 O Accumulated depreciation Total assets 12/31/17 $62,000 22,000 8,000 200,000 (40,000) $252,000 12/31/16 $75,000 25,000 10,000 190,000 (32,000) $268,000 Liabilities and Stockholders' Equity o Accounts payable Long-term notes payable Common stock Retained earnings Total liabilities and stockholders' equity $18,000 50,000 150,000 34,000 $252,000 $16,000 94,000 138,000 20,000 $268,000 No...
METRO COMPANY Comparative Balance Sheet Dec 31 2011 2010 Assets Cash Accounts receivable Inventories Prepaid expenses...
METRO COMPANY Comparative Balance Sheet Dec 31 2011 2010 Assets Cash Accounts receivable Inventories Prepaid expenses Investments Plant assets Accumulated depreciation Total $41,000 $23.000 26.000 34,000 25.000 15.000 7,500 7,500 2.500 2.500 50,000 78,000 -20.000 -24.000 $132.000 $136.000 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Paid in Capital in Excess of Par Retained earnings Total $15,000 $23,000 13,000 8,000 7,000 33,000 41.000 24.000 10,000 10,000 46.000 38.000 $132.000 $136.000 $360.000l METRO COMPANY Income Statement...
2. From the following Balance sheet of 'X' Ltd., you are required to prepare schedule of changes in working capital and statement of flow of funds. Particulars Dec. 31 Dec. 31st. 2008 2009 Assets- $ $ Land & Building 50,000 50,000 Plant 24,000 34,000 Inventories 9,000 7,000 Receivables 16,500 19,500 Cash and Bank 4,000 9,000 119,500 103,500 Capital and Liabilities Capital 80,000 85,000 Retained Earnings Payables 14,500 24,500 9,000 5,000 Mortgage 5,000 119,500 103,500
Cash Flows - Question 2 Consider the Johns Pty Ltd comparative balance sheet data below, as well as other information. Please calculate the net cash flows from operating activities for the 2010 calendar year, using the data below. Calendar year Cash at Bank Ac's Receivable Ac's Payable Prepaid Insurance Unearned revenues Interest payable Inventory 2009 $10,000 $6,000 $7,000 $10,000 $14,000 $8,000 $12,000 2010 $25,000 $9,000 $12,000 $6,000 $7,000 $4,000 $16,000 Motor vehicles Acc Dep'n Motor Vehicles $100,000 $40,000 $90,000 $55,000...
Acomparative balance sheet for Carson Company appears below: CARSON COMPANY Comparative Balance Sheet Dec. 31,2017 Dec. 31, 2016 Assets Cash Accounts receivable Inventories Equipment Accumulated depreciation-equipment $18,000 25,000 45,000 70,000 (27,000) $131,000 Liabilities and Stockholders' Equity $33,000 14,000 25,000 78,000 (24,000) $126,000 Total assets Accounts payable Income taxes payable Bonds payable Common stock Retained earnings 31,000 24,000 20,000 25,000 31000 $131,000 s 43,000 20,000 10,000 25,000 28,000 Total liabilities and stockholders' equity Additional information: 1. Net income for the year...
7 Use the following Baycraft Ltd. information for questions 7 through 10. Under the indirect method, net cash provided by operating activities would be (10 Points) Net Income Depreciation Expense Payment of Dividends Increase in Accounts Receivable Collection of Notes Receivable Loss on Sale of Land $47,000 Decrease in Inventories 8.000 Increase in Accounts Payable 2,000 Acquisition of Equipment 4,000 Sale of Shares 6,000 Payment of Long-Term Debt 12,000 Proceeds from Sale of Land $ 2,000 7,000 24,000 3,000 9,000...
1 2
Complete the comparative income statement and balance sheet for Logic Company. (Input all answers as positive values except decrease answers which should be indicated by a minus sign. Round your"percent" answers to the nearest hundredth percent.) LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 INCREASE (DECREASE Amount 2017 2016 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses $ 19,000 15,000 100 $ 18,000...
2. (25 Points) Comparative balance sheet statements of Irving Inc. are presented below Irving Inc COMPARATIVE BALANCE SHEET ACCOUNTS December 31, 2017 and 2016 December 31 2016 S 20.000 48,000 (1,000) 50,000 2,000 10,000 40,000 250,000 (50,000) S369.000 2017 $ 25,000 45,500 (1,500) 55,000 3,000 13.000 70,000 231,000 (35,000) S406.000 Assets Cash Accounts Receivable Less: Allowance for Doubtful Accounts Iaventory Dividend Receivable Iavestments Land Buildings & Equip. Less Accumulatod depreciation Totals Liabilities Accounts Payable Salaries Payables Interest payable Income tax...
Use the following information for the next TWO questions: CPQ Corporation's most recent comparative Balance Sheet is as follows: Assets Cash Accounts receivable, net Prepaid expenses Sol How o Equipment 7 O Accumulated depreciation Total assets 12/31/17 $62,000 22,000 8,000 200,000 (40,000) $252,000 12/31/16 $75,000 25,000 10,000 190,000 (32,000) $268,000 Liabilities and Stockholders' Equity o Accounts payable Long-term notes payable Common stock Retained earnings Total liabilities and stockholders' equity $18,000 50,000 150,000 34,000 $252,000 $16,000 94,000 138,000 20,000 $268,000 No...
METRO COMPANY Comparative Balance Sheet Dec 31 2011 2010 Assets Cash Accounts receivable Inventories Prepaid expenses Investments Plant assets Accumulated depreciation Total $41,000 $23.000 26.000 34,000 25.000 15.000 7,500 7,500 2.500 2.500 50,000 78,000 -20.000 -24.000 $132.000 $136.000 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Paid in Capital in Excess of Par Retained earnings Total $15,000 $23,000 13,000 8,000 7,000 33,000 41.000 24.000 10,000 10,000 46.000 38.000 $132.000 $136.000 $360.000l METRO COMPANY Income Statement...
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