The most recent balance sheet and income statement of Penaloza Corporation appear below: Comparative Balance Sheet...
The most recent balance sheet and income statement of Penaloza Corporation appear below:
Comparative Balance Sheet
Ending Beginning
Balance Balance
Assets:
Cash and cash equivalents............... $47 $39
Accounts receivable......................... 49 55
Inventory.......................................... 36 39
Property, plant and equipment......... 474 370
Less accumulated depreciation........ 250 218
Total assets..................................... $356 $285
Liabilities and stockholders' equity:
Accounts payable.......................... $36 $35
Accured liabilities.......................... 27 25
Income taxes payable.................... 36 44
Bonds payable............................... 88 80
Common stock.............................. 45 40
Retained earnings........................ 124 61
Total liabilities and equity.............. $356 $285
Income Statement
Sales............................................................. $773
Cost of goods sold....................................... 468
Gross margin.............................................. 305
Selling and admin. expense...................... 189
Net opening income................................. 116
Income taxes........................................... 35
Net Income............................................. $81
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: |
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1. The net cash provided by (used in) operating activities for
the year was:
|
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2. The net cash provided by (used in) investing activities for
the year was:
|
|
3. The net cash provided by (used in) financing activities for
the year was:
Data from Dunshee Corporation's most recent balance sheet appear below: Year 2 Year 1 Current assets: Cash................... $130 $100 Accounts receivable..... 270 290 Inventory...................... 90 110 Prepaid expenses........ 10 10 Total current assets..... $500 $510 Total current liabilities.... $230 $220 Sales on account in Year 2 ammounted to $1,170 and the cost of goods sold was $730.
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Homework Answers
(1). Net Cash provided by operating activites in the year = A. $117
|
Net profit |
81 |
|
Add:- Depreciation |
32 |
|
Other Adjustments |
|
|
Add Increase in Accounts payable |
1 |
|
Add Increase in Accrued liabilites |
2 |
|
Add Decrease in Accounts receivables |
6 |
|
Add Decrease Inventory |
3 |
|
Less Decrease tax payable |
-8 |
|
Net cash flow from operating activities |
117 |
(2). Net cash used in Investing acivities for the year are C.$(104)
Purchase of Property,Plant and equipment = $(104)
(3). Net cash used in financing activites for the year are C.$(5).
Cash dividend paid = $(18)
Common stock issued = $5
Bonds payable issued = $8
Total Financing activities = $(5)
(4). Working capital at the end of the year 2 = Current assets - Current liabilites
= $500 - $230 = $270 (C).
Note:- More than 3 subparts are asked and first 4 are answered.
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