Homework Answers
| Answer | ||
| Statement of Cash Flows-Indirect Method | ||
| For the Year Ended December 31, Year 2 | ||
| Cash flows from operating activities: | ||
| Net income | $ 19,303 | |
| Adjustments to reconcile net income to | ||
| net cash provided by operating activities: | ||
| Depreciation expense | $ 3,872 | |
| Gain on sale of Equipment | -$ 500 | |
| Loss on disposal of land | $ 70 | |
| Increase in Accounts receivable | -$ 845 | |
| Increase in inventory | -$ 405 | |
| Decrease in accounts payable | -$ 1,577 | |
| $ 615 | ||
| Net cash from Operating Activities | $ 19,918 | |
| Cash flows from investing activities: | ||
| Cash received for sale of Equipment | $ 18,321 | |
| Cash used on purchase of Equipment | -$ 6,920 | |
| Cash received for sale of Land | $ 3,100 | |
| Net cash from Investing Activities | $ 14,501 | |
| Cash flows from financing activities: | ||
| Dividends paid | -$ 9,652 | |
| Repayment of long term debts | -$ 3,632 | |
| Net cash from Financing Activities | -$ 13,284 | |
| Net change in cash during the year | $ 21,135 | |
| Add: Beginning cash balance | $ 2,635 | |
| Ending cash balance | $ 23,770 | |
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The comparative balance sheets and income statements for Jordan Company follow: Balance Sheets As of December...
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Year 1 The comparative balance sheets and income statements for Gypsy Company follow: Balance Sheets As...
Year 1 The comparative balance sheets and income statements for Gypsy Company follow: Balance Sheets As of December 31 Year 2 Assets Cash $ 32,500 Accounts receivable 4,750 Inventory 11,200 Equipment 45,000 Accumulated depreciation equipment (17,800) Land 28,000 Total assets $103,650 Liabilities and equity Accounts payable (inventory) $ 3,750 Long-term debt 5,800 Common stock 47,000 Retained earnings 47,100 Total liabilities and equity $103,650 $ 16,300 2,800 9,800 52,000 (21,800) 12,000 $ 71,100 $ 4,900 7,800 25,000 33,400 $ 71,100 Income...
The comparative balance sheets for Spicer Company as of December 31 are presented below. Spicer Company...
The comparative balance sheets for Spicer Company as of December
31 are presented below. Spicer Company Comparative Balance Sheets
December 31 Assets 2022 2021 Cash $ 68,000 $ 45,000 Accounts
receivable 50,000 58,000 Inventory 151,450 142,000 Prepaid expenses
15,280 21,000 Land 145,000 130,000 Buildings 200,000 200,000
Accumulated depreciation—buildings (60,000 ) (40,000 ) Equipment
225,000 155,000 Accumulated depreciation—equipment (45,000 )
(35,000 ) Total $749,730 $676,000 Liabilities and Stockholders’
Equity Accounts payable $ 44,730 $ 36,000 Bonds payable 300,000
300,000 Common stock,...
Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This...
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Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given...
Comparative balance sheets for 2018 and 2017 and a statement of
income for 2018 are given below for Metagrobolize Industries.
Additional information from the accounting records of Metagrobolize
also is provided.
METAGROBOLIZE INDUSTRIES
Comparative Balance Sheets
December 31, 2018 and 2017
($ in 000s)
2018
2017
Assets
Cash
$
560
$
370
Accounts receivable
710
370
Inventory
860
440
Land
700
670
Building
900
900
Less: Accumulated depreciation
(200
)
(160
)
Equipment
3,400
3,230
Less: Accumulated depreciation
(343
)...
Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This...
Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year Assets Cash $ 7 $ 11 Accounts receivable 309 229 Inventory 158 196 Prepaid expenses 9 5 Total current assets 483 441 Property, plant, and equipment 509 430 Less accumulated depreciation (86 ) (71 ) Net property, plant, and equipment 423 359 Long-term investments 27 33 Total assets $ 933 $ 833 Liabilities and Stockholders' Equity Accounts payable $ 304 $...
The comparative balance sheets and income statements for Gypsy Company follow. Additional Data 1. During Year...
The comparative balance sheets and income statements for Gypsy
Company follow.
Additional Data
1. During Year 2, the company sold equipment for $18,549; it
had originally cost $28,500. Accumulated depreciation on this
equipment was $10,601 at the time of the sale. Also, the company
purchased equipment for $6,530 cash.
2. The company sold land that had cost $4,490. This land was
sold for $4,400, resulting in the recognition of a $90 loss. Also,
common stock was issued in exchange for...
Comparative financial statements for Weaver Company follow Weaver Company Comparative Balance Sheet at December 31 This...
Comparative financial statements for Weaver Company follow Weaver Company Comparative Balance Sheet at December 31 This Year Last Year 14 470 $ 21 310 205 165 658 629 18 $1,181 $1,034 Assets Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Common stock...
Exercise 17-8 Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets December...
Exercise 17-8 Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 Cash $73,400 $33,100 Accounts receivable 85,800 71,200 Inventory 170,200 187,000 Land 72,800 101,000 Equipment 260,600 200,800 Accumulated depreciation -equipment (66,100) (33,900) Total $596,700 $559,200 Liabilities and Stockholders' Equity Accounts payable $35,000 $47,500 Bonds payable 151,400 203,400 Common stock ($1 par) 217,600 174,100 Retained earnings 192,700 134,200 Total $596,700 $559,200 Additional information: 1. Net income for 2017 was $103,600. 2. Cash...
Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This...
Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year $ $ 13 670 30 410 -Book 255 prences Assets Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Common stock Retained earnings Total...
Year 1 The comparative balance sheets and income statements for Gypsy Company follow: Balance Sheets As of December 31 Year 2 Assets Cash $ 32,500 Accounts receivable 4,750 Inventory 11,200 Equipment 45,000 Accumulated depreciation equipment (17,800) Land 28,000 Total assets $103,650 Liabilities and equity Accounts payable (inventory) $ 3,750 Long-term debt 5,800 Common stock 47,000 Retained earnings 47,100 Total liabilities and equity $103,650 $ 16,300 2,800 9,800 52,000 (21,800) 12,000 $ 71,100 $ 4,900 7,800 25,000 33,400 $ 71,100 Income...
The comparative balance sheets for Spicer Company as of December
31 are presented below. Spicer Company Comparative Balance Sheets
December 31 Assets 2022 2021 Cash $ 68,000 $ 45,000 Accounts
receivable 50,000 58,000 Inventory 151,450 142,000 Prepaid expenses
15,280 21,000 Land 145,000 130,000 Buildings 200,000 200,000
Accumulated depreciation—buildings (60,000 ) (40,000 ) Equipment
225,000 155,000 Accumulated depreciation—equipment (45,000 )
(35,000 ) Total $749,730 $676,000 Liabilities and Stockholders’
Equity Accounts payable $ 44,730 $ 36,000 Bonds payable 300,000
300,000 Common stock,...
Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year $ 28 294 152 8 482 509 (83) 426 26 $ 934 $ 13 231 196 5 445 431 (70) 361 32 $838 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total...
Comparative balance sheets for 2018 and 2017 and a statement of
income for 2018 are given below for Metagrobolize Industries.
Additional information from the accounting records of Metagrobolize
also is provided.
METAGROBOLIZE INDUSTRIES
Comparative Balance Sheets
December 31, 2018 and 2017
($ in 000s)
2018
2017
Assets
Cash
$
560
$
370
Accounts receivable
710
370
Inventory
860
440
Land
700
670
Building
900
900
Less: Accumulated depreciation
(200
)
(160
)
Equipment
3,400
3,230
Less: Accumulated depreciation
(343
)...
The comparative balance sheets and income statements for Gypsy
Company follow.
Additional Data
1. During Year 2, the company sold equipment for $18,549; it
had originally cost $28,500. Accumulated depreciation on this
equipment was $10,601 at the time of the sale. Also, the company
purchased equipment for $6,530 cash.
2. The company sold land that had cost $4,490. This land was
sold for $4,400, resulting in the recognition of a $90 loss. Also,
common stock was issued in exchange for...
Comparative financial statements for Weaver Company follow Weaver Company Comparative Balance Sheet at December 31 This Year Last Year 14 470 $ 21 310 205 165 658 629 18 $1,181 $1,034 Assets Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Common stock...
Exercise 17-8 Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 Cash $73,400 $33,100 Accounts receivable 85,800 71,200 Inventory 170,200 187,000 Land 72,800 101,000 Equipment 260,600 200,800 Accumulated depreciation -equipment (66,100) (33,900) Total $596,700 $559,200 Liabilities and Stockholders' Equity Accounts payable $35,000 $47,500 Bonds payable 151,400 203,400 Common stock ($1 par) 217,600 174,100 Retained earnings 192,700 134,200 Total $596,700 $559,200 Additional information: 1. Net income for 2017 was $103,600. 2. Cash...
Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year $ $ 13 670 30 410 -Book 255 prences Assets Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Common stock Retained earnings Total...
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