Homework Answers
| SARASOTA INC. |
| Statement of cash flow(partial) |
| For the year ended december 31,2018 |
| Cash flows from financing activities | |
| New mortgage loan recieved | 70,000 |
| Principal payments of mortgage loan paid | (6,000) |
| Cash receipts from issuance of common shares | 45,000 |
| Dividends paid in cash | (15,000) |
| Net cash provided by financing activities | 94,000 |
Cash receipts from issuance of common shares=(120,000-75,000)
=45,000
Dividends paid= opening retained earning+ net income-closing net income
=60,000+90,000-135,000
=15,000
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Below is selected information for Sarasota Inc. for December 31. During 2018, a new mortgage loan...
Snowcross, Inc. identified the following selected transactions that occurred during the year ended December 31, 2018....
Snowcross, Inc. identified the following selected transactions
that occurred during the year ended December 31, 2018.
Identify any non-cash transactions that occurred during the
year, and show how they would be reported in the non-cash investing
and financing activities section of the statement of cash
flows.
Snowcross, Inc. identified the following selected transactions that occurred during the year ended December 31, 2018: (Click the icon to view the transactions.) Identify any non-cash transactions that occurred during the year, and show...
New Tab The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 2018 and...
New Tab The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 2018 and 2017, is as follows: Dec. 31, Dec. 31, 2048 2017 Assets Cash $85,800 Accounts receivable (net) 131,840 Inventories 188,350 7,670 $105,370 142,050 176,050 5,340 315,430 (77,360) Prepaid expenses Equipment Accumulated depreciation equipment Total assets (99,750) $697,570 $666,880 $146,490 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Mortgage note payable Common stock, $1 par Paid-in capital: Excess of issue price over par-common stock 0 22,000...
Accountants for Morston, Inc. have assembled the following data for the year ended December 31, 2018...
Accountants for Morston, Inc. have assembled the following data for the year ended December 31, 2018 in (Click the icon to view the current accounts.) Click the icon to view the transaction data.) Prepare Morston's statement of cash flows using the indirect method. Include an accompanying schedule of non-cash investing and financing activities. Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use a minus sign or parentheses for amounts that result in...
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 $...
Sarasota Inc., a greeting card company that follows ASPE, had the following statements prepared as at December 31, 2020:...
Sarasota Inc., a greeting card company that follows ASPE, had the following statements prepared as at December 31, 2020: SARASOTA INC. Comparative Statement of Financial Position December 31 2020 2019 Cash $46,780 $25,140 Accounts receivable 57,860 51,040 Inventory 40,080 60,160 Prepaid rent 5,260 4,130 Equipment 162,550 130,040 Accumulated depreciation–equipment (35,260 ) (25,130 ) Goodwill 22,000 58,000 Total assets $299,270 $303,380 Accounts payable $46,050 $40,040 Income tax payable 4,080 6,160 Salaries and wages payable 8,140 4,140 Short–term loans payable 7,860 10,040...
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 comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is...
The comparative balance sheet of Yellow Dog Enterprises Inc. at
December 31, 20Y8 and 20Y7, is as follows:
Additional data obtained from the income statement and from an
examination of the accounts in the ledger for 20Y8 are as
follows:
A. Net income, $190,000.
B. Depreciation reported on the income statement, $115,000.
C. Equipment was purchased at a cost of $395,000 and fully
depreciated equipment costing $75,000 was discarded, with no
salvage realized.
D. The mortgage note payable was not...
Statement of Cash Flows—Indirect Method The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y...
Statement of Cash Flows—Indirect Method
The comparative balance sheet of Yellow Dog Enterprises Inc. at
December 31, 20Y8 and 20Y7, is as follows:
Dec. 31, 20Y8
Dec. 31, 20Y7
Assets
Cash
$86,670
$105,980
Accounts receivable (net)
133,170
142,880
Merchandise inventory
190,240
177,080
Prepaid expenses
7,750
5,370
Equipment
387,530
317,280
Accumulated depreciation-equipment
(100,760)
(77,810)
Total assets
$704,600
$670,780
Liabilities and Stockholders'
Equity
Accounts payable (merchandise creditors)
$147,970
$140,190
Mortgage note payable
0
201,230
Common stock, $1 par
22,000
14,000
Paid-in capital:...
The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows:
The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows:1Dec. 31, 20Y8Dec. 31, 20Y72Assets3Cash$95,000.00$110,000.004Accounts receivable (net)260,000.00280,000.005Inventories520,000.00450,000.006Prepaid expenses15,000.005,000.007Equipment1,130,000.00800,000.008Accumulated depreciation-equipment(235,000.00)(190,000.00)9Total assets$1,785,000.00$1,455,000.0010Liabilities and Stockholders’ Equity11Accounts payable (merchandise creditors)$100,000.00$75,000.0012Mortgage note payable 0.00500,000.0013Common stock, $10 par500,000.00200,000.0014Paid-in capital in excess of par—common stock400,000.00100,000.0015Retained earnings785,000.00580,000.0016Total liabilities and stockholders’ equity$1,785,000.00$1,455,000.00Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows:a. Net income, $250,000.b. Depreciation reported on the income statement,...
Required information [The following information applies to the questions displayed below.] Milea Inc. experienced the following...
Required information
[The following information applies to the questions
displayed below.]
Milea Inc. experienced the following events in 2018, its first
year of operations:
Received $15,500 cash from the issue of common stock.
Performed services on account for $45,000.
Paid the utility expense of $1,300.
Collected $31,530 of the accounts receivable.
Recorded $8,700 of accrued salaries at the end of the
year.
Paid a $1,250 cash dividend to the stockholders.
Prepare the income statement. MILEA INC. Income Statement For the...
Snowcross, Inc. identified the following selected transactions
that occurred during the year ended December 31, 2018.
Identify any non-cash transactions that occurred during the
year, and show how they would be reported in the non-cash investing
and financing activities section of the statement of cash
flows.
Snowcross, Inc. identified the following selected transactions that occurred during the year ended December 31, 2018: (Click the icon to view the transactions.) Identify any non-cash transactions that occurred during the year, and show...
New Tab The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 2018 and 2017, is as follows: Dec. 31, Dec. 31, 2048 2017 Assets Cash $85,800 Accounts receivable (net) 131,840 Inventories 188,350 7,670 $105,370 142,050 176,050 5,340 315,430 (77,360) Prepaid expenses Equipment Accumulated depreciation equipment Total assets (99,750) $697,570 $666,880 $146,490 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Mortgage note payable Common stock, $1 par Paid-in capital: Excess of issue price over par-common stock 0 22,000...
Accountants for Morston, Inc. have assembled the following data for the year ended December 31, 2018 in (Click the icon to view the current accounts.) Click the icon to view the transaction data.) Prepare Morston's statement of cash flows using the indirect method. Include an accompanying schedule of non-cash investing and financing activities. Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use a minus sign or parentheses for amounts that result in...
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 $...
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 comparative balance sheet of Yellow Dog Enterprises Inc. at
December 31, 20Y8 and 20Y7, is as follows:
Additional data obtained from the income statement and from an
examination of the accounts in the ledger for 20Y8 are as
follows:
A. Net income, $190,000.
B. Depreciation reported on the income statement, $115,000.
C. Equipment was purchased at a cost of $395,000 and fully
depreciated equipment costing $75,000 was discarded, with no
salvage realized.
D. The mortgage note payable was not...
Statement of Cash Flows—Indirect Method
The comparative balance sheet of Yellow Dog Enterprises Inc. at
December 31, 20Y8 and 20Y7, is as follows:
Dec. 31, 20Y8
Dec. 31, 20Y7
Assets
Cash
$86,670
$105,980
Accounts receivable (net)
133,170
142,880
Merchandise inventory
190,240
177,080
Prepaid expenses
7,750
5,370
Equipment
387,530
317,280
Accumulated depreciation-equipment
(100,760)
(77,810)
Total assets
$704,600
$670,780
Liabilities and Stockholders'
Equity
Accounts payable (merchandise creditors)
$147,970
$140,190
Mortgage note payable
0
201,230
Common stock, $1 par
22,000
14,000
Paid-in capital:...
Required information
[The following information applies to the questions
displayed below.]
Milea Inc. experienced the following events in 2018, its first
year of operations:
Received $15,500 cash from the issue of common stock.
Performed services on account for $45,000.
Paid the utility expense of $1,300.
Collected $31,530 of the accounts receivable.
Recorded $8,700 of accrued salaries at the end of the
year.
Paid a $1,250 cash dividend to the stockholders.
Prepare the income statement. MILEA INC. Income Statement For the...
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