Homework Answers
Answer-
| SANDHILL INDUSTRIES | ||
| STATEMENT OF CASH FLOWS (USING INDIRECT METHOD) | ||
| FOR THE YEAR ENDED | ||
| Particulars | Amount | |
| $ | ||
| Cash flow from operating activities | ||
| Net Income | 26433 | |
| Adjustments to reconcile net income to net cash provided by operating activities | ||
| Adjustment for non cash effects | ||
| Depreciation & amortization expense | 24622 | |
| Loss on disposal of equipment | 220 | |
| Change in operating assets & liabilities | ||
| Decrease in Accounts receivable | 1378 | |
| Increase in merchandise inventory | -3625 | |
| Increase in accounts payable | 4940 | |
| Net cash flow from operating activities (a) | 53968 | |
| Cash Flow from Investing activities | ||
| Sale of marketable securities | 13910 | |
| Sale of equipment | 919 | |
| Equipment purchased | -21772 | |
| Net cash Flow from Investing activities (b) | -6943 | |
| Cash Flow from Financing activities | ||
| Cash dividends paid | -3043 | |
| Common stock issued | 2151 | |
| Net cash Flow from Financing activities (c) | -892 | |
| Net Change in cash c=a+b+c | 46133 | |
| Beginning cash balance | 19100 | |
| Closing cash balance | 65233 | |
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*Exercise 13-11 The following items were gathered from Sandhill Industries' general ledger: Sale of marketable securities...
Exercise 13-11 The following items were gathered from Oriole Industries' general ledger: Sale of marketable securities...
Exercise 13-11 The following items were gathered from Oriole Industries' general ledger: Sale of marketable securities Depreciation and amortization expense Payment of cash dividends Proceeds from disposal of equipment Loss on disposal of equipment Net income Beginning Cash balance Purchase of equipment Decrease in Accounts Receivable Proceeds from issuing common stock Increase in Inventory Increase in Accounts Payable Ending Cash balance $ 14,310 24,272 3,333 889 230 25,643 19,980 21,832 1,548 2,311 3,585 4,700 65,133 Using the indirect method, construct...
Exercise D13-11 The following items were gathered from Sunland Industries general ledger: Sale of marketable securities...
Exercise D13-11 The following items were gathered from Sunland Industries general ledger: Sale of marketable securities Depreciation and amortization expense Payment of cash dividends Proceeds from disposal of equipment Loss on disposal of equipment Net income Beginning Cash balance Purchase of equipment Decrease in Accounts Receivable Proceeds from issuing common stock Increase in Inventory Increase in Accounts Payable Ending Cash balance 13,940 170 19,310 21,132 1,238 2,281 63,843 Using the indirect method, construct Sunland Industries statement of cash flows. (Show...
Exercise 13-6 The three accounts shown below appear in the general ledger of Herrick Corp. during...
Exercise 13-6 The three accounts shown below appear in the general ledger of Herrick Corp. during 2015. Equipment Debit Credit Date Jan. 1 July 31 Sept. 2 Nov. 10 Balance Purchase of equipment Cost of equipment constructed Cost of equipment sold 68,580 53,070 Balance 160,810 229,390 282,460 234,050 48,410 Credit Date Jan. 1 Nov. 10 Dec. 31 Accumulated Depreciation Equipment Debit Balance Accumulated depreciation on equipment sold 31,430 Depreciation for year Balance 70,330 38,900 66,640 27,740 Retained Earnings Debit Credit...
The following three accounts appear in the general ledger of Herrick Corp. during 2020. Equipment Date...
The following three accounts appear in the general ledger of
Herrick Corp. during 2020.
Equipment
Date
Debit
Credit
Balance
Jan. 1
Balance
159,600
July 31
Purchase of equipment
71,200
230,800
Sept. 2
Cost of equipment constructed
52,500
283,300
Nov. 10
Cost of equipment sold
48,300
235,000
Accumulated Depreciation—Equipment
Date
Debit
Credit
Balance
Jan. 1
Balance
70,500
Nov. 10
Accumulated depreciation on equipment sold
30,200
40,300
Dec. 31
Depreciation for year
23,800
64,100
Retained Earnings
Date
Debit
Credit
Balance
Jan. 1...
The following three accounts appear in the general ledger of Herrick Corp. during 2020. Equipment Date Debi...
The following three accounts appear in the general ledger of
Herrick Corp. during 2020.
Equipment
Date
Debit
Credit
Balance
Jan. 1
Balance
158,600
July 31
Purchase of equipment
69,800
228,400
Sept. 2
Cost of equipment constructed
54,400
282,800
Nov. 10
Cost of equipment sold
49,500
233,300
Accumulated Depreciation—Equipment
Date
Debit
Credit
Balance
Jan. 1
Balance
69,800
Nov. 10
Accumulated depreciation on equipment sold
31,700
38,100
Dec. 31
Depreciation for year
23,400
61,500
Retained Earnings
Date
Debit
Credit
Balance
Jan. 1...
The following three accounts appear in the general ledger of Ivanhoe Company during 2022. Equipment Date...
The following three accounts appear in the general ledger of Ivanhoe Company during 2022. Equipment Date Debit Credit Balance Jan. 1 Balance 104,000 July 31 Purchase of equipment 45,500 149,500 Sept. 2 Cost of equipment constructed 34,450 183,950 Nov. 10 Cost of equipment sold 31,850 152,100 Credit Date Jan. 1 Nov. 10 Dec. 31 Accumulated Depreciation-Equipment Debit Balance Accumulated depreciation on equipment sold 10,400 Depreciation for year Balance 46,150 35,750 53,950 Retained Earnings Debit Credit Date Jan. 1 Aug. 23...
Gutierrez Company reported net income of $190,100 for 2017. Gutierrez also reported depreciation expense of $46,700...
Gutierrez Company reported net income of $190,100 for 2017.
Gutierrez also reported depreciation expense of $46,700 and a loss
of $4,600 on disposal of equipment. The comparative balance sheet
shows an decrease in accounts receivable of $12,500 for the year, a
$14,500 increase in accounts payable, and a $4,600 decrease in
prepaid expenses.
Prepare the operating activities section of the statement of cash
flows for 2017. Use the indirect method. (Show amounts
that decrease cash flow with either a -...
The three accounts shown below appear in the general ledger of Herrick Corp. during 2017. From...
The three accounts shown below appear in the general ledger of
Herrick Corp. during 2017.
From the postings in the accounts, indicate how the information
is reported on a statement of cash flows using the indirect method.
The loss on disposal of equipment was $4,100. (Hint: Cost
of equipment constructed is reported in the investing activities
section as a decrease in cash of $52,300.) (Show
amounts that decrease cash flow with either a - sign e.g. -15,000
or in parenthesis...
Exercise 13-4 Gutierrez Company reported net income of $194,700 for 2017. Gutierrez also reported depreciation expense...
Exercise 13-4 Gutierrez Company reported net income of $194,700 for 2017. Gutierrez also reported depreciation expense of $47,700 and a loss of $4,900 on disposal of equipment. The comparative balance sheet shows an decrease in accounts receivable of $19,900 for the year, a $21,900 increase in accounts payable, and a $3,200 decrease in prepaid expenses Prepare the operating activities section of the statement of cash flows for 2017. Use the indirect method. (Show amounts that decrease cash flow with either...
these are the box choices to choose from (fill out accordingly please) Question 2 The following...
these are the box choices to choose from (fill out accordingly
please)
Question 2 The following three accounts appear in the general ledger of Herrick Corp. during 2020. Equipment Debit Credit Date Jan. 1 July 31 Sept. 2 Nov. 10 Balance Purchase of equipment Cost of equipment constructed Cost of equipment sold 71,900 55,000 Balance 160,000 231,900 286,900 238,700 48,200 Date Credit Jan. 1 Nov. 10 Dec. 31 Accumulated Depreciation-Equipment Debit Balance Accumulated depreciation on equipment sold 30,700 Depreciation for...
Exercise 13-11 The following items were gathered from Oriole Industries' general ledger: Sale of marketable securities Depreciation and amortization expense Payment of cash dividends Proceeds from disposal of equipment Loss on disposal of equipment Net income Beginning Cash balance Purchase of equipment Decrease in Accounts Receivable Proceeds from issuing common stock Increase in Inventory Increase in Accounts Payable Ending Cash balance $ 14,310 24,272 3,333 889 230 25,643 19,980 21,832 1,548 2,311 3,585 4,700 65,133 Using the indirect method, construct...
Exercise D13-11 The following items were gathered from Sunland Industries general ledger: Sale of marketable securities Depreciation and amortization expense Payment of cash dividends Proceeds from disposal of equipment Loss on disposal of equipment Net income Beginning Cash balance Purchase of equipment Decrease in Accounts Receivable Proceeds from issuing common stock Increase in Inventory Increase in Accounts Payable Ending Cash balance 13,940 170 19,310 21,132 1,238 2,281 63,843 Using the indirect method, construct Sunland Industries statement of cash flows. (Show...
Exercise 13-6 The three accounts shown below appear in the general ledger of Herrick Corp. during 2015. Equipment Debit Credit Date Jan. 1 July 31 Sept. 2 Nov. 10 Balance Purchase of equipment Cost of equipment constructed Cost of equipment sold 68,580 53,070 Balance 160,810 229,390 282,460 234,050 48,410 Credit Date Jan. 1 Nov. 10 Dec. 31 Accumulated Depreciation Equipment Debit Balance Accumulated depreciation on equipment sold 31,430 Depreciation for year Balance 70,330 38,900 66,640 27,740 Retained Earnings Debit Credit...
The following three accounts appear in the general ledger of
Herrick Corp. during 2020.
Equipment
Date
Debit
Credit
Balance
Jan. 1
Balance
159,600
July 31
Purchase of equipment
71,200
230,800
Sept. 2
Cost of equipment constructed
52,500
283,300
Nov. 10
Cost of equipment sold
48,300
235,000
Accumulated Depreciation—Equipment
Date
Debit
Credit
Balance
Jan. 1
Balance
70,500
Nov. 10
Accumulated depreciation on equipment sold
30,200
40,300
Dec. 31
Depreciation for year
23,800
64,100
Retained Earnings
Date
Debit
Credit
Balance
Jan. 1...
The following three accounts appear in the general ledger of
Herrick Corp. during 2020.
Equipment
Date
Debit
Credit
Balance
Jan. 1
Balance
158,600
July 31
Purchase of equipment
69,800
228,400
Sept. 2
Cost of equipment constructed
54,400
282,800
Nov. 10
Cost of equipment sold
49,500
233,300
Accumulated Depreciation—Equipment
Date
Debit
Credit
Balance
Jan. 1
Balance
69,800
Nov. 10
Accumulated depreciation on equipment sold
31,700
38,100
Dec. 31
Depreciation for year
23,400
61,500
Retained Earnings
Date
Debit
Credit
Balance
Jan. 1...
The following three accounts appear in the general ledger of Ivanhoe Company during 2022. Equipment Date Debit Credit Balance Jan. 1 Balance 104,000 July 31 Purchase of equipment 45,500 149,500 Sept. 2 Cost of equipment constructed 34,450 183,950 Nov. 10 Cost of equipment sold 31,850 152,100 Credit Date Jan. 1 Nov. 10 Dec. 31 Accumulated Depreciation-Equipment Debit Balance Accumulated depreciation on equipment sold 10,400 Depreciation for year Balance 46,150 35,750 53,950 Retained Earnings Debit Credit Date Jan. 1 Aug. 23...
Gutierrez Company reported net income of $190,100 for 2017.
Gutierrez also reported depreciation expense of $46,700 and a loss
of $4,600 on disposal of equipment. The comparative balance sheet
shows an decrease in accounts receivable of $12,500 for the year, a
$14,500 increase in accounts payable, and a $4,600 decrease in
prepaid expenses.
Prepare the operating activities section of the statement of cash
flows for 2017. Use the indirect method. (Show amounts
that decrease cash flow with either a -...
The three accounts shown below appear in the general ledger of
Herrick Corp. during 2017.
From the postings in the accounts, indicate how the information
is reported on a statement of cash flows using the indirect method.
The loss on disposal of equipment was $4,100. (Hint: Cost
of equipment constructed is reported in the investing activities
section as a decrease in cash of $52,300.) (Show
amounts that decrease cash flow with either a - sign e.g. -15,000
or in parenthesis...
Exercise 13-4 Gutierrez Company reported net income of $194,700 for 2017. Gutierrez also reported depreciation expense of $47,700 and a loss of $4,900 on disposal of equipment. The comparative balance sheet shows an decrease in accounts receivable of $19,900 for the year, a $21,900 increase in accounts payable, and a $3,200 decrease in prepaid expenses Prepare the operating activities section of the statement of cash flows for 2017. Use the indirect method. (Show amounts that decrease cash flow with either...
these are the box choices to choose from (fill out accordingly
please)
Question 2 The following three accounts appear in the general ledger of Herrick Corp. during 2020. Equipment Debit Credit Date Jan. 1 July 31 Sept. 2 Nov. 10 Balance Purchase of equipment Cost of equipment constructed Cost of equipment sold 71,900 55,000 Balance 160,000 231,900 286,900 238,700 48,200 Date Credit Jan. 1 Nov. 10 Dec. 31 Accumulated Depreciation-Equipment Debit Balance Accumulated depreciation on equipment sold 30,700 Depreciation for...
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