Homework Answers
Solution
| Pharoah Company | ||
| Cash Flow Statement | ||
| For the ended december 31, 2022 | ||
| Cash Flow from Operating Activities: | ||
| Net Income | $ 340,076.00 | |
| Adjustments to reconcile net income to | ||
| Net cash flow from operating activities | ||
| Depreciation expense | $ 102,300.00 | |
| Loss on disposal of plant asset | $ 16,500.00 | |
| Increase in Accounts receivables | $ (109,560.00) | |
| Increase in Inventory | $ (21,230.00) | |
| Increase in prepaid insurance | $ (5,280.00) | |
| Increase in accounts payable | $ 76,340.00 | |
| Decrease in accrued expenses payable | $ (9,900.00) | |
| $ 49,170.00 | ||
| A. Cash Flow from Operating Activities | $ 389,246.00 | |
| Cash Flow from Investing Activities: | ||
| Purchase of plant asset | $ (220,000.00) | |
| Sale of plant asset | $ 3,300.00 | |
| Purchase of Investment | $ (63,800.00) | |
| B. Cash flow from Investing Activities | $ (280,500.00) | |
| Cash Flow from Financing Activities: | ||
| Dividend paid | $ (57,266.00) | |
| Redemption of bonds | $ (79,200.00) | |
| Sale of common stock | $ 99,000.00 | |
| C. Cash Flow from Financing Activities | $ (37,466.00) | |
| Increase (Decrease) in cash [A+B+C] | $ 71,280.00 | |
| Add: cash at the beginning of the year | $ 106,480.00 | |
| Cash at the end of the year | $ 177,760.00 | |
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Pharoah Company Comparative Balance Sheets December 31 Assets 2022 $177,760 2021 $ 106,480 Cash Accounts receivable...
Pharoah Company reported the following information for 2022. Pharoah Company Comparative Balance Sheets December 31 Assets...
Pharoah Company reported the following information for 2022. Pharoah Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $41,300 $25,200 43,400 15,400 Accounts receivable Inventory Prepaid expenses Change Increase/Decrease $16,100 Increase 28,000 Increase 30,800 Increase 1,400 Increase 10,500 Decrease 30,800 -0- 4,200 2,800 Land 38,500 49,000 140,000 140,000 -0- (14,700) (9,800) Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment 128,100 47,600 4,900 Increase 80,500 Increase 12,600 Increase (19,600) (7.000) $392,000 $263,200 Totals $30,100 $28,000 0 7,000 Liabilities and Stockholders' Equity Accounts...
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...
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...
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...
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...
Blossom Company reported the following information for 2022. Blossom Company Comparative Balance Sheets December 31 Change...
Blossom Company reported the following information for 2022. Blossom Company Comparative Balance Sheets December 31 Change Increase/Decrease Assets 2022 2021 Cash $165,200 173,600 123,200 $100,800 61,600 $64,400 Increase 112,000 Increase Accounts receivable Inventory -0- 123,200 Increase Prepaid expenses 16,800 11,200 5,600 Increase Land 154,000 196,000 42,000 Decrease Buildings 560,000 560,000 -0- Accumulated depreciation-buildings (58,800) (39,200) 19,600 Increase Equipment 512,400 (78,400) 190,400 (28,000) 322,000 Increase 50,400 Increase Accumulated depreciation-equipment Totals $1,568,000 $1,052,800 Liabilities and Stockholders' Equity Accounts payable $120,400 $112,000 $8,400...
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,...
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...
need this ASAP please! Bridgeport Corp. Comparative Balance Sheets December 31 Assets 2021 Cash $ 129,280...
need
this ASAP please!
Bridgeport Corp. Comparative Balance Sheets December 31 Assets 2021 Cash $ 129,280 $ 77,440 Accounts receivable 140,480 60,800 Inventory 180,000 Prepaid expenses 45,440 164,560 41,600 174,400 Long-term investments 220,800 Plant assets 456,000 388,000 Accumulated depreciation (80,000) $1,092,000 (83,200 ) $823,600 Total Liabilities and Stockholders' Equity Accounts payable $ 163,200 $ 107,680 Accrued expenses payable 26,400 Bonds payable 176,000 352,000 33,600 233,600 280,000 Common stock Retained earnings 374,400 $1.092.000 Total 168.720 $823,600 Bridgeport Corp. Income Statement Data...
Pharoah Company reported the following information for 2022. Pharoah Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $41,300 $25,200 43,400 15,400 Accounts receivable Inventory Prepaid expenses Change Increase/Decrease $16,100 Increase 28,000 Increase 30,800 Increase 1,400 Increase 10,500 Decrease 30,800 -0- 4,200 2,800 Land 38,500 49,000 140,000 140,000 -0- (14,700) (9,800) Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment 128,100 47,600 4,900 Increase 80,500 Increase 12,600 Increase (19,600) (7.000) $392,000 $263,200 Totals $30,100 $28,000 0 7,000 Liabilities and Stockholders' Equity Accounts...
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...
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...
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...
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...
Blossom Company reported the following information for 2022. Blossom Company Comparative Balance Sheets December 31 Change Increase/Decrease Assets 2022 2021 Cash $165,200 173,600 123,200 $100,800 61,600 $64,400 Increase 112,000 Increase Accounts receivable Inventory -0- 123,200 Increase Prepaid expenses 16,800 11,200 5,600 Increase Land 154,000 196,000 42,000 Decrease Buildings 560,000 560,000 -0- Accumulated depreciation-buildings (58,800) (39,200) 19,600 Increase Equipment 512,400 (78,400) 190,400 (28,000) 322,000 Increase 50,400 Increase Accumulated depreciation-equipment Totals $1,568,000 $1,052,800 Liabilities and Stockholders' Equity Accounts payable $120,400 $112,000 $8,400...
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,...
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...
need
this ASAP please!
Bridgeport Corp. Comparative Balance Sheets December 31 Assets 2021 Cash $ 129,280 $ 77,440 Accounts receivable 140,480 60,800 Inventory 180,000 Prepaid expenses 45,440 164,560 41,600 174,400 Long-term investments 220,800 Plant assets 456,000 388,000 Accumulated depreciation (80,000) $1,092,000 (83,200 ) $823,600 Total Liabilities and Stockholders' Equity Accounts payable $ 163,200 $ 107,680 Accrued expenses payable 26,400 Bonds payable 176,000 352,000 33,600 233,600 280,000 Common stock Retained earnings 374,400 $1.092.000 Total 168.720 $823,600 Bridgeport Corp. Income Statement Data...
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