Homework Answers
| Posner Company | ||
| Statement of cash flows | ||
| For the year ended December 31, 2018 | ||
| Cash flows from operating activities | ||
| Net Income | $ 129,000 | |
| Adjustments to reconcile net income: | ||
| Depreciation expense | $ 26,000 | |
| Gain on sale of investment | $ (4,000) | |
| Decrease in accounts receivable | $ 11,000 | |
| Increase in Inventory | $ (8,500) | |
| Increase in accounts payable | $ 18,700 | |
| $ 43,200 | ||
| Net cash provided by operating activities | $ 172,200 | |
| Cash flows from investing activities | ||
| Purchase of equipment | $ (183,200) | |
| Sale of investment | $ 74,000 | |
| Net cash used by investing activities | $ (109,200) | |
| Cash flows from financing activities | ||
| Cash paid to retire bonds | $ (100,000) | |
| Cash received from issuance of common stock | $ 65,000 | |
| Dividends paid | $ (25,000) | |
| Net cash used in financing activities | $ (60,000) | |
| Net increase in cash and cash equivalents | $ 3,000 | |
| Cash and cash equivalents at beginning of period | $ 50,000 | |
| Cash and cash equivalents at end of period | $ 53,000 | |
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Question 22 The comparative balance sheets of Posner Company, for Years 1 and 2 ended December 31, 2018 appear bel...
Calculator The comparative balance sheets of Posner Company, for Years 1 and 2 ended December 31,...
Calculator The comparative balance sheets of Posner Company, for Years 1 and 2 ended December 31, appear below in condensed form: Year 2 Year 1 Assets Cash $50,000 $53,000 37,000 108,500 48,000 Accounts receivable (net) Inventories Investments Equipment Accumulated depreciation-equipment Total assets 573,200 (142,000) $629,700 100,000 70,000 450,000 (176,000) $542,000 $ 62,500 Liabilities and Stockholders' Equity Accounts payable Bonds payable, due Year 2 Common stock, $10 par Paid-in capital in excess of par-common stock Retained earnings Total liabilities and stockholders'...
**Prepare a statement of cash flow, using the direct method and separately, the indirect method of...
**Prepare a statement of cash flow, using the direct method and separately, the indirect method of reporting cash flows from operating activities: The comparative balance sheets of Posner Company, for Years 1 and 2 ended December 31, appear below in condensed form: Cash Year 2 $ 53,000 Year 1 $ 50,000 Accounts receivable (net) 37,000 48,000 Inventories 108,500 100,000 Investments — 70,000 Equipment 573,200 450,000 Accumulated depreciation—equipment (142,000) (176,000) $629,700 $542,000 Accounts payable $ 62,500 $ 43,800 Bonds payable, due...
Here are comparative balance sheets for Velo Company. Velo Company Comparative Balance Sheets December 31 Assets...
Here are comparative balance sheets for Velo Company.
Velo Company
Comparative Balance Sheets
December 31
Assets
2020
2019
Cash
$72,800
$33,200
Accounts receivable
86,500
70,700
Inventory
170,200
187,000
Land
72,700
100,700
Equipment
260,700
200,600
Accumulated depreciation—equipment
(65,700
)
(33,500
)
Total
$597,200
$558,700
Liabilities and Stockholders’ Equity
Accounts payable
$35,400
$46,500
Bonds payable
149,800
203,300
Common stock ($1 par)
218,000
173,000
Retained earnings
194,000
135,900
Total
$597,200
$558,700
Additional information:
1.
Net income for 2020 was $103,600.
2.
Cash dividends...
Instructions: Please prepare a proper Statement of Cash Flows for Reynolds Company using the Indirect Method...
Instructions: Please prepare a proper Statement of Cash Flows for Reynolds Company using the Indirect Method in either Word or Excel. Handwritten copies will not be accepted! This assignment can be completed in teams of two. Please submit one copy per team and include names on the submission. The balance sheets for Reynolds Company for the years ended December 31, 2019 and 2018, are as follows: 2019 2018 Cash $53,000 $50,000 Accounts receivable (net) 37,000 48,000 Inventories 108,500 100,000 Investments...
38. The comparative balance sheet of ConnieJo Company, for December 31, Years I and 2 ended...
38. The comparative balance sheet of ConnieJo Company, for December 31, Years I and 2 ended December 31 appears below in condensed form: Year 2 Year 45,000 $53,500 Cash 51,300 Accounts receivable (net) Inventories Investments Equipment Accumulated depreciation-equipment 147,200 135.000 60,000 493,000 375,000 113.700) (128,000) $622800 $553.500 $61,500 $42,600 Accounts payable Bonds payable, due Year 4 Common stock, $10 par Paid-in capital in excess of par-common stock Retained earnings 100,000 250,000 200,000 50,000 236.300 160.900 $622,800 $553,500 The income statement...
Velo Company Comparative Balance Sheets December 31 Assets 2020 2019 Cash $72,800 $33,200 Accounts receivable 86,500...
Velo Company
Comparative Balance Sheets
December 31
Assets
2020
2019
Cash
$72,800
$33,200
Accounts receivable
86,500
70,700
Inventory
170,200
187,000
Land
72,700
100,700
Equipment
260,700
200,600
Accumulated depreciation—equipment
(65,700
)
(33,500
)
Total
$597,200
$558,700
Liabilities and Stockholders’ Equity
Accounts payable
$35,400
$46,500
Bonds payable
149,800
203,300
Common stock ($1 par)
218,000
173,000
Retained earnings
194,000
135,900
Total
$597,200
$558,700
Additional information:
1.
Net income for 2020 was $103,600.
2.
Cash dividends of $45,500 were declared and paid.
3.
Bonds...
Spicer Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings...
Spicer Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total 2017 2016 $ 45,000 58,000 142,000 21,000 130,000 200,000 68,000 50,000 151,450 15,280 145,000 200,000 (60,000) (40,000) 225,000 (45,000) (35,000) 155,000 $749,730 $676,000 Liabilities and Stockholders Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total $44,730 300,000 200,000 205,000 749,730 $676,000 $ 36,000 300,000 160,000 180,000 Additional information: 1. Operating expenses include depreciation expense of...
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,...
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...
Comparative balance sheets for Byron Manufacturing as of December 31, 20Y8 and 20Y7 are shown. Complete...
Comparative balance sheets for Byron Manufacturing as of December 31, 20Y8 and 20Y7 are shown. Complete the Changes column to determine net cash flows during the year. Byron Manufacturing Balance Sheets As of December 31, 20Y8 and 20Y7 Assets 20Y8 20Y7 Current assets: Cash 5,390 9,420 Accounts receivable 10,410 9,060 Inventory 19,880 18,520 Total current assets 35,680 37,000 Property, plant, and equipment Building 500,000 500,000 Equipment 279,000 272,200 779,000 772,200 Accumulated depreciation (147,550) (119,900) Net property, plant, and equipment 631,450 ...
Calculator The comparative balance sheets of Posner Company, for Years 1 and 2 ended December 31, appear below in condensed form: Year 2 Year 1 Assets Cash $50,000 $53,000 37,000 108,500 48,000 Accounts receivable (net) Inventories Investments Equipment Accumulated depreciation-equipment Total assets 573,200 (142,000) $629,700 100,000 70,000 450,000 (176,000) $542,000 $ 62,500 Liabilities and Stockholders' Equity Accounts payable Bonds payable, due Year 2 Common stock, $10 par Paid-in capital in excess of par-common stock Retained earnings Total liabilities and stockholders'...
Here are comparative balance sheets for Velo Company.
Velo Company
Comparative Balance Sheets
December 31
Assets
2020
2019
Cash
$72,800
$33,200
Accounts receivable
86,500
70,700
Inventory
170,200
187,000
Land
72,700
100,700
Equipment
260,700
200,600
Accumulated depreciation—equipment
(65,700
)
(33,500
)
Total
$597,200
$558,700
Liabilities and Stockholders’ Equity
Accounts payable
$35,400
$46,500
Bonds payable
149,800
203,300
Common stock ($1 par)
218,000
173,000
Retained earnings
194,000
135,900
Total
$597,200
$558,700
Additional information:
1.
Net income for 2020 was $103,600.
2.
Cash dividends...
Instructions: Please prepare a proper Statement of Cash Flows for Reynolds Company using the Indirect Method in either Word or Excel. Handwritten copies will not be accepted! This assignment can be completed in teams of two. Please submit one copy per team and include names on the submission. The balance sheets for Reynolds Company for the years ended December 31, 2019 and 2018, are as follows: 2019 2018 Cash $53,000 $50,000 Accounts receivable (net) 37,000 48,000 Inventories 108,500 100,000 Investments...
38. The comparative balance sheet of ConnieJo Company, for December 31, Years I and 2 ended December 31 appears below in condensed form: Year 2 Year 45,000 $53,500 Cash 51,300 Accounts receivable (net) Inventories Investments Equipment Accumulated depreciation-equipment 147,200 135.000 60,000 493,000 375,000 113.700) (128,000) $622800 $553.500 $61,500 $42,600 Accounts payable Bonds payable, due Year 4 Common stock, $10 par Paid-in capital in excess of par-common stock Retained earnings 100,000 250,000 200,000 50,000 236.300 160.900 $622,800 $553,500 The income statement...
Velo Company
Comparative Balance Sheets
December 31
Assets
2020
2019
Cash
$72,800
$33,200
Accounts receivable
86,500
70,700
Inventory
170,200
187,000
Land
72,700
100,700
Equipment
260,700
200,600
Accumulated depreciation—equipment
(65,700
)
(33,500
)
Total
$597,200
$558,700
Liabilities and Stockholders’ Equity
Accounts payable
$35,400
$46,500
Bonds payable
149,800
203,300
Common stock ($1 par)
218,000
173,000
Retained earnings
194,000
135,900
Total
$597,200
$558,700
Additional information:
1.
Net income for 2020 was $103,600.
2.
Cash dividends of $45,500 were declared and paid.
3.
Bonds...
Spicer Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total 2017 2016 $ 45,000 58,000 142,000 21,000 130,000 200,000 68,000 50,000 151,450 15,280 145,000 200,000 (60,000) (40,000) 225,000 (45,000) (35,000) 155,000 $749,730 $676,000 Liabilities and Stockholders Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total $44,730 300,000 200,000 205,000 749,730 $676,000 $ 36,000 300,000 160,000 180,000 Additional information: 1. Operating expenses include depreciation expense of...
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,...
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...
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