Selected data for Kris Corporation’s comparative balance sheets for Year 1 and Year 2 are as...
Selected data for Kris Corporation’s comparative balance sheets for Year 1 and Year 2 are as follows:
| Year 1 | Year 2 | |||||||
| Assets | ||||||||
| Cash | $ | 100,000 | $ | (50,000) | ||||
| Accounts receivable (net) | 50,000 | 100,000 | ||||||
| Inventory | 100,000 | 250,000 | ||||||
| Equipment (net) | 300,000 | 350,000 | ||||||
| Total assets | $ | 550,000 | $ | 650,000 | ||||
| Liabilities and Equity | ||||||||
| Accounts payable | $ | 150,000 | 100,000 | |||||
| Income taxes payable | 80,000 | 30,000 | ||||||
| Bonds payable | 100,000 | 80,000 | ||||||
| Common stock | 100,000 | 200,000 | ||||||
| Retained earnings | 120,000 | 240,000 | ||||||
| Total liabilities and Equity | $ | 550,000 | $ | 650,000 | ||||
The change in the equipment balance would be recorded on the statement of cash flows as:
A) a decrease of $50,000 under investing activities.
B) an increase of $50,000 under investing activities.
C) a decrease of $150,000 under investing activities.
D) an increase of $150,000 under operating activities.
Homework Answers
Dear student....Thank you for using homeworklib....correct answer is A) a decrease of $50,000 under investing activities.
Equipment has increased by 50,000 (350,000 - 300,000) which means cash has been spent.... Thus $50,000 would be recorded as cash used in investing activities....
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Selected data for Kris Corporation’s comparative balance sheets
for Year 1 and Year 2 are as...
Selected data for Kris Corporation’s comparative balance sheets for Year 1 and Year 2 are as...
Selected data for Kris Corporation’s comparative balance sheets for Year 1 and Year 2 are as follows: Year 1 Year 2 Assets Cash $ 100,000 $ (50,000) Accounts receivable (net) 50,000 100,000 Inventory 100,000 250,000 Equipment (net) 300,000 350,000 Total assets $ 550,000 $ 650,000 Liabilities and Equity Accounts payable $ 150,000 100,000 Income taxes payable 80,000 30,000 Bonds payable 100,000 80,000 Common stock 100,000 200,000 Retained earnings 120,000 240,000 Total liabilities and Equity $ 550,000 $ 650,000 The change...
Selected data for Kris Corporation’s comparative balance sheets for Year 1 and Year 2 are as...
Selected data for Kris Corporation’s comparative balance sheets for Year 1 and Year 2 are as follows: Year 1 Year 2 Assets Cash $ 100,000 $ (50,000) Accounts receivable (net) 50,000 100,000 Inventory 100,000 250,000 Equipment (net) 300,000 350,000 Total assets $ 550,000 $ 650,000 Liabilities and Equity Accounts payable $ 150,000 100,000 Income taxes payable 80,000 30,000 Bonds payable 100,000 80,000 Common stock 100,000 200,000 Retained earnings 120,000 240,000 Total liabilities and Equity $ 550,000 $ 650,000 1. The...
Selected data for Kris Corporation’s comparative balance sheets for Year 1 and Year 2 are as...
Selected data for Kris Corporation’s comparative balance sheets for Year 1 and Year 2 are as follows: Year 1 Year 2 Assets Cash $ 100,000 $ (50,000) Accounts receivable (net) 50,000 100,000 Inventory 100,000 250,000 Equipment (net) 300,000 350,000 Total assets $ 550,000 $ 650,000 Liabilities and Equity Accounts payable $ 150,000 100,000 Income taxes payable 80,000 30,000 Bonds payable 100,000 80,000 Common stock 100,000 200,000 Retained earnings 120,000 240,000 Total liabilities and Equity $ 550,000 $ 650,000 The change...
Selected data for Kris Corporation’s comparative balance sheets for Year 1 and Year 2 are as...
Selected data for Kris Corporation’s comparative balance sheets for Year 1 and Year 2 are as follows: Year 1 Year 2 Assets Cash $ 100,000 $ (50,000 ) Accounts receivable (net) 50,000 100,000 Inventory 100,000 250,000 Equipment (net) 300,000 350,000 Total assets $ 550,000 $ 650,000 Liabilities and Equity Accounts payable $ 150,000 100,000 Income taxes payable 80,000 30,000 Bonds payable 100,000 80,000 Common stock 100,000 200,000 Retained earnings 120,000 240,000 Total liabilities and Equity $ 550,000 $ 650,000 The...
Selected data for Kris Corporation’s comparative balance sheets for Year 1 and Year 2 are as...
Selected data for Kris Corporation’s comparative balance sheets for Year 1 and Year 2 are as follows: Year 1 Year 2 Assets Cash $ 100,000 $ (50,000 ) Accounts receivable (net) 50,000 100,000 Inventory 100,000 250,000 Equipment (net) 300,000 350,000 Total assets $ 550,000 $ 650,000 Liabilities and Equity Accounts payable $ 150,000 100,000 Income taxes payable 80,000 30,000 Bonds payable 100,000 80,000 Common stock 100,000 200,000 Retained earnings 120,000 240,000 Total liabilities and Equity $ 550,000 $ 650,000 The...
Selected data for Kris Corporation’s comparative balance sheets for Year 1 and Year 2 are as...
Selected data for Kris Corporation’s comparative balance sheets for Year 1 and Year 2 are as follows: Year 1 Year 2 Assets Cash $ 100,000 $ (50,000 ) Accounts receivable (net) 50,000 100,000 Inventory 100,000 250,000 Equipment (net) 300,000 350,000 Total assets $ 550,000 $ 650,000 Liabilities and Equity Accounts payable $ 150,000 100,000 Income taxes payable 80,000 30,000 Bonds payable 100,000 80,000 Common stock 100,000 200,000 Retained earnings 120,000 240,000 Total liabilities and Equity $ 550,000 $ 650,000 Using...
Statement of Cash Flows Demonstration Problem The following comparative balance sheets are for Dells Corporation as...
Statement of Cash Flows Demonstration Problem The following comparative balance sheets are for Dells Corporation as of June 30, 2010, and June 30, 2017. Also provided is the statement of income and retained earnings for the year ended June 30, 2018, with additional data. Dells Company Comparative Balance Sheet June 30, 2018 and 2017 Assets 2018 2017 Increase/Decrease) Current Assets: Cash $30,000M $80,000 - L (550,000) — K Accounts Receivable, net 160,000 100,000 60,000 Merchandise Inventory 100,000 30,000 Prepaid Rent...
Kapow, Inc. Comparative Balance Sheet December 31, 2017 and 2016 2017 2016 $ 200,000 550,000 50,000...
Kapow, Inc. Comparative Balance Sheet December 31, 2017 and 2016 2017 2016 $ 200,000 550,000 50,000 $800,000 $100,000 500,000 50,000 $650,000 Assets Total Current Assets Property, Plant, and Equipment, Net Other Assets Total Assets Liabilities Total Current Liabilities Long-term Liabilities Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity $150,000 350,000 500,000 $100,000 250,000 350,000 300,000 $800,000 300,000 $650,000 Perform a vertical analysis of Kapow's balance sheet for each year. (Round to one decimal plac
Rojas Corporation’s comparative balance sheets are presented below. ROJAS CORPORATION Comparative Balance Sheets December 31 2020...
Rojas Corporation’s comparative balance sheets are presented
below.
ROJAS CORPORATION
Comparative Balance Sheets
December 31
2020
2019
Cash
$14,500
$10,700
Accounts receivable
20,800
23,800
Land
19,600
26,300
Buildings
70,100
70,100
Accumulated depreciation—buildings
(15,000
)
(10,700
)
Total
$110,000
$120,200
Accounts payable
$11,800
$28,300
Common stock
75,000
73,400
Retained earnings
23,200
18,500
Total
$110,000
$120,200
Additional information:
1.
Net income was $22,800. Dividends declared and paid were
$18,100.
2.
No noncash investing and financing activities occurred during
2020.
3.
The land...
Using horizontal analysis, perpare a Comparative Balance Sheet. Robust Robots, Inc. Comparative Balance Sheet December 31,...
Using horizontal analysis, perpare a Comparative Balance
Sheet.
Robust Robots, Inc. Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Assets Current Assets: Cash Accounts Receivable, net Merchandise Inventory Supplies Prepaid Insurance Total Current Assets $ $ $ $ $ $ 65,000 150,000 135,000 9,700 30,000 389,700 $ $ $ $ $ $ 80,000 100,000 70,000 500 10,000 260,500 Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation - Equipment Total Property, plant, and Equipment Total Assets $ $ $...
Statement of Cash Flows Demonstration Problem The following comparative balance sheets are for Dells Corporation as of June 30, 2010, and June 30, 2017. Also provided is the statement of income and retained earnings for the year ended June 30, 2018, with additional data. Dells Company Comparative Balance Sheet June 30, 2018 and 2017 Assets 2018 2017 Increase/Decrease) Current Assets: Cash $30,000M $80,000 - L (550,000) — K Accounts Receivable, net 160,000 100,000 60,000 Merchandise Inventory 100,000 30,000 Prepaid Rent...
Kapow, Inc. Comparative Balance Sheet December 31, 2017 and 2016 2017 2016 $ 200,000 550,000 50,000 $800,000 $100,000 500,000 50,000 $650,000 Assets Total Current Assets Property, Plant, and Equipment, Net Other Assets Total Assets Liabilities Total Current Liabilities Long-term Liabilities Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity $150,000 350,000 500,000 $100,000 250,000 350,000 300,000 $800,000 300,000 $650,000 Perform a vertical analysis of Kapow's balance sheet for each year. (Round to one decimal plac
Rojas Corporation’s comparative balance sheets are presented
below.
ROJAS CORPORATION
Comparative Balance Sheets
December 31
2020
2019
Cash
$14,500
$10,700
Accounts receivable
20,800
23,800
Land
19,600
26,300
Buildings
70,100
70,100
Accumulated depreciation—buildings
(15,000
)
(10,700
)
Total
$110,000
$120,200
Accounts payable
$11,800
$28,300
Common stock
75,000
73,400
Retained earnings
23,200
18,500
Total
$110,000
$120,200
Additional information:
1.
Net income was $22,800. Dividends declared and paid were
$18,100.
2.
No noncash investing and financing activities occurred during
2020.
3.
The land...
Using horizontal analysis, perpare a Comparative Balance
Sheet.
Robust Robots, Inc. Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Assets Current Assets: Cash Accounts Receivable, net Merchandise Inventory Supplies Prepaid Insurance Total Current Assets $ $ $ $ $ $ 65,000 150,000 135,000 9,700 30,000 389,700 $ $ $ $ $ $ 80,000 100,000 70,000 500 10,000 260,500 Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation - Equipment Total Property, plant, and Equipment Total Assets $ $ $...
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