Homework Answers
Correct Answer:
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Vaughn Manufacturing |
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Statement of Cash Flows-Indirect Method |
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For the Year ended December 31st 2022 |
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A. Cash Flows from Operating Activity |
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Net Income |
$ 51,480.00 |
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Adjustments to reconcile net income to net cash flows from Operating Activities |
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Income statement items not affecting cash |
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Depreciation expense |
36900 |
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Changes In Current Operating Assets Liabilities |
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decrease in Accounts Receivable |
$ 4,320.00 |
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decrease in inventory |
$ 2790 |
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Increase in Accounts Payable |
$ 5130 |
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Decrease in Income tax payable |
$ (3,510.00) |
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$ 45,630.00 |
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Net cash flow from Operating activities |
$ 97,110.00 |
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B. Cash flows from Investing Activities |
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Sale of Land |
$ 93,600.00 |
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Purchase Of Land |
$ (72,900.00) |
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Net Cash Used in Investing activities |
$ 20,700.00 |
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C. Cash Flows from Financing activities |
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Issued common stock |
$ 144,000.00 |
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redemption of bonds payable |
$ (59,400.00) |
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Dividends Paid |
$ (34,200.00) |
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Cash flows from Financing activities |
$ 50,400.00 |
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Net Increase (Decrease) in Cash [A+B+C] |
$ 168,210.00 |
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Cash at the beginning |
$ 21,600.00 |
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Cash at the end |
$ 189,810.00 |
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End of answer.
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The following information is available for Vaughn Manufacturing for the year ended December 31, 2022. Beginning...
Wildhorse Company’s income statement for the year ended December 31, 2017, contained the following condensed information...
Wildhorse Company’s income statement for the year ended December
31, 2017, contained the following condensed information.
Service revenue
$836,000
Operating expenses (excluding depreciation)
$626,000
Depreciation expense
60,000
Loss on sale of equipment
26,000
712,000
Income before income taxes
124,000
Income tax expense
40,000
Net income
$84,000
Wildhorse’s balance sheet contained the following comparative data
at December 31.
2017
2016
Accounts receivable
$38,000
$53,000
Accounts payable
41,000
30,000
Income taxes payable
4,100
8,400
(Accounts payable pertains to operating expenses.)
Prepare the...
The current sections of Ayayai Corp.’s balance sheets at December 31, 2021 and 2022, are presented...
The current sections of Ayayai Corp.’s balance sheets at
December 31, 2021 and 2022, are presented here. Ayayai Corp.’s net
income for 2022 was $457,200. Depreciation expense was $75,600.
2022
2021
Current assets
Cash
$111,600
$ 160,200
Accounts receivable
153,000
124,200
Inventory
140,400
111,600
Prepaid expenses
30,600
34,200
Total current assets
$435,600
$430,200
Current liabilities
Accrued expenses payable
$ 10,800
$ 28,800
Accounts payable
158,400
129,600
Total current liabilities
$169,200
$ 158,400
Prepare the net cash provided by operating activities...
The current sections of Ayayai Corp.’s balance sheets at December 31, 2021 and 2022, are presented...
The current sections of Ayayai Corp.’s balance sheets at
December 31, 2021 and 2022, are presented here. Ayayai Corp.’s net
income for 2022 was $457,200. Depreciation expense was $75,600.
2022
2021
Current assets
Cash
$111,600
$ 160,200
Accounts receivable
153,000
124,200
Inventory
140,400
111,600
Prepaid expenses
30,600
34,200
Total current assets
$435,600
$430,200
Current liabilities
Accrued expenses payable
$ 10,800
$ 28,800
Accounts payable
158,400
129,600
Total current liabilities
$169,200
$ 158,400
Prepare the net cash provided by operating activities...
The following information is available for Indigo Corporation for the year ended December 31, 2022. Beginning...
The following information is available for Indigo Corporation for the year ended December 31, 2022. Beginning cash balance $ 40,800 Accounts payable increase 9,690 Depreciation expense 69,700 Accounts receivable decrease 8,160 Inventory decrease 5,270 Net income 97,240 Cash received for sale of land at book value 176,800 Cash dividends paid 64,600 Income taxes payable decrease 6,630 Cash used to purchase land 137,700 Cash used to redeem bonds 112,200 Cash received from issuing stock 272,000 Prepare a statement of cash flows...
The following information is available for Sheridan Company for the year ended December 31, 2022. Beginning...
The following information is available for Sheridan Company for the year ended December 31, 2022. Beginning cash balance $ 12,000 Accounts payable increase 2,850 Depreciation expense 20,500 Accounts receivable decrease 2,400 Inventory decrease 1,550 Net income 28,600 Cash received for sale of land at book value 52,000 Cash dividends paid 19,000 Income taxes payable decrease 1,950 Cash used to purchase land 40,500 Cash used to redeem bonds 33,000 Cash received from issuing stock 80,000 Prepare a statement of cash flows...
The following information is available for Coronado Industries for the year ended December 31, 2022. Beginning...
The following information is available for Coronado Industries for the year ended December 31, 2022. Beginning cash balance $ 18,000 Accounts payable increase 4,275 Depreciation expense 30,750 Accounts receivable decrease 3,600 Inventory decrease 2,325 Net income 42,900 Cash received for sale of land at book value 78,000 Cash dividends paid 28,500 Income taxes payable decrease 2,925 Cash used to purchase land 60,750 Cash used to redeem bonds 49,500 Cash received from issuing stock 120,000 Prepare a statement of cash flows...
The following information is available for Larkspur Corporation for the year ended December 31, 2022. Beginning...
The following information is available for Larkspur Corporation for the year ended December 31, 2022. Beginning cash balance $40,000 Accounts payable decrease 3,200 Depreciation expense 84,000 Accounts receivable increase 9,400 Inventory increase 12,300 Net income 257,000 Cash received for sale of land at book value 40,000 Sales revenue 745,000 Cash dividends paid 11,900 Income tax payable increase 4,000 Cash used to purchase building 140,500 Cash used to purchase treasury stock 30,100 Cash received from issuing bonds 269,000 Prepare a statement...
The following information is available for Bramble Corp. for the year ended December 31, 2022. Beginning...
The following information is available for Bramble Corp. for the year ended December 31, 2022. Beginning cash balance Accounts payable decrease Depreciation expense Accounts receivable increase Inventory increase Net Income Cash received for sale of land at book value Cash dividends paid Income taxes payable increase Cash used to purchase building Cash used to purchase treasury stock Cash received from issuing bonds $36.000 2.960 129,600 6,560 8,800 227,280 28,000 9,600 3,760 231,200 20,800 160,000 Prepare a statement of cash flows...
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...
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...
Wildhorse Company’s income statement for the year ended December
31, 2017, contained the following condensed information.
Service revenue
$836,000
Operating expenses (excluding depreciation)
$626,000
Depreciation expense
60,000
Loss on sale of equipment
26,000
712,000
Income before income taxes
124,000
Income tax expense
40,000
Net income
$84,000
Wildhorse’s balance sheet contained the following comparative data
at December 31.
2017
2016
Accounts receivable
$38,000
$53,000
Accounts payable
41,000
30,000
Income taxes payable
4,100
8,400
(Accounts payable pertains to operating expenses.)
Prepare the...
The current sections of Ayayai Corp.’s balance sheets at
December 31, 2021 and 2022, are presented here. Ayayai Corp.’s net
income for 2022 was $457,200. Depreciation expense was $75,600.
2022
2021
Current assets
Cash
$111,600
$ 160,200
Accounts receivable
153,000
124,200
Inventory
140,400
111,600
Prepaid expenses
30,600
34,200
Total current assets
$435,600
$430,200
Current liabilities
Accrued expenses payable
$ 10,800
$ 28,800
Accounts payable
158,400
129,600
Total current liabilities
$169,200
$ 158,400
Prepare the net cash provided by operating activities...
The current sections of Ayayai Corp.’s balance sheets at
December 31, 2021 and 2022, are presented here. Ayayai Corp.’s net
income for 2022 was $457,200. Depreciation expense was $75,600.
2022
2021
Current assets
Cash
$111,600
$ 160,200
Accounts receivable
153,000
124,200
Inventory
140,400
111,600
Prepaid expenses
30,600
34,200
Total current assets
$435,600
$430,200
Current liabilities
Accrued expenses payable
$ 10,800
$ 28,800
Accounts payable
158,400
129,600
Total current liabilities
$169,200
$ 158,400
Prepare the net cash provided by operating activities...
The following information is available for Bramble Corp. for the year ended December 31, 2022. Beginning cash balance Accounts payable decrease Depreciation expense Accounts receivable increase Inventory increase Net Income Cash received for sale of land at book value Cash dividends paid Income taxes payable increase Cash used to purchase building Cash used to purchase treasury stock Cash received from issuing bonds $36.000 2.960 129,600 6,560 8,800 227,280 28,000 9,600 3,760 231,200 20,800 160,000 Prepare a statement of cash flows...
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...
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...
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