1 2 3 12 13 14 15 16 17 18 4 5 Accounts Receivable 6 Inventory 7 Equipment 8 Accumulated depreciation-equipment 9 10 11 19 20 31 32 33 34 1 2 3 21 22 Cost of goods sold 23 Operating expenses 24 Interest expense 25 26 27 4 5 6 7 9 15 16 17 18 19 1 2 3 4 5 28 29 Additional information: 30 1. During the year equipment originally costing $20,000 was sold for $8,000 cash 2. All depreciation expense, of $14,500, is in the operating expenses. 8 Accumulated Depr-Dec 31, 2019 6 7 8 9 10 11 12 Assets Cash 10 Add: Depreciation Expense 11 Accumulated Depr-Dec 31, 2020 12 13 14 17 18 Total 19 20 21 Liabilities and Stockholder's Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total Sales Less: 22 Loss on sale of equipment Income taxes Net income 27 28 A Equipment-Computations Equipment - Dec 31, 2019 Add: Equipment purchased Deduct: Equipment sold Equipment - Dec 31, 2020 13 14 15 Cashflow from Investing Activites 16 Equipment sold Less: Acc depr on Equipment sold NBV of Equipment sold Loss on sale of Equipment Proceeds from sale of Equipment YARDLEY COMPANY STATEMENT OF CASHFLOWS FOR THE YEAR ENDED DEC 31, 2020 Cashflow from Operating Activites Net Income Net Cash provided by operating activities Net cash provided by operating activities Yardley Company Comparative Balance Sheet December 31 Net cash used by investing activities Cashflow from Financing Activites 23 24 Net cash provided by financing activities 25 26 Net increase in cash Yardley Company Income Statement For the Year Ended December 31, 2020 Cash at the beginning of the period Cash at the end of the period 2020 $38,000 30,000 27,000 60,000 -29,000 $126,000 B $24,000 7,000 27,000 18,000 50,000 $126,000 C Notes: $20,000 14,000 20,000 78,000 -24,000 $108,000 $15,000 8,000 33,000 14,000 38,000 $108,000 2019 Incr/(Decr) $175,000 24,000 3,000 2,500 5,500 D From table above From table above D Notes: $18,000 $16,000 $7,000 -$18,000 -$5,000 $18,000 From Balance Sheet Calculate & take to investing activity From additional info, Take to table below From Balance Sheet E $9,000 -$1,000 -$6,000 $4,000 $12,000 $18,000 From Balance Sheet From additional info, take to operating activity Calculate & Take to table below From Balance Sheet A. From income statement $242,000 210,000 Calculate Calculate & take to operating activity From additional info, take to investing activity $32,000 Adjustments to Net Income: a. depreciation, gainloss on sale of assets b. changes to current assets c. changes to current liability B-Sum of adjustments to NI C=A+B E From FA Sheet From FA Sheet D-Sum of CF from Investing Changes to Long Term Liabilities And Common Stock Compute as change in Retained Earnings E=Sum of CF from Financing F=C+D+E G-From Balance Sheet H=F+G. Check if this ties to Balance Sheet
1 2 3 12 13 14 15 16 17 18 4 5 Accounts Receivable 6 Inventory 7 Equipment 8 Accumulated depreciation-equipment 9 10 11 19 20 31 32 33 34 1 2 3 21 22 Cost of goods sold 23 Operating expenses 24 Interest expense 25 26 27 4 5 6 7 9 15 16 17 18 19 1 2 3 4 5 28 29 Additional information: 30 1. During the year equipment originally costing $20,000 was sold for $8,000 cash 2. All depreciation expense, of $14,500, is in the operating expenses. 8 Accumulated Depr-Dec 31, 2019 6 7 8 9 10 11 12 Assets Cash 10 Add: Depreciation Expense 11 Accumulated Depr-Dec 31, 2020 12 13 14 17 18 Total 19 20 21 Liabilities and Stockholder's Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total Sales Less: 22 Loss on sale of equipment Income taxes Net income 27 28 A Equipment-Computations Equipment - Dec 31, 2019 Add: Equipment purchased Deduct: Equipment sold Equipment - Dec 31, 2020 13 14 15 Cashflow from Investing Activites 16 Equipment sold Less: Acc depr on Equipment sold NBV of Equipment sold Loss on sale of Equipment Proceeds from sale of Equipment YARDLEY COMPANY STATEMENT OF CASHFLOWS FOR THE YEAR ENDED DEC 31, 2020 Cashflow from Operating Activites Net Income Net Cash provided by operating activities Net cash provided by operating activities Yardley Company Comparative Balance Sheet December 31 Net cash used by investing activities Cashflow from Financing Activites 23 24 Net cash provided by financing activities 25 26 Net increase in cash Yardley Company Income Statement For the Year Ended December 31, 2020 Cash at the beginning of the period Cash at the end of the period 2020 $38,000 30,000 27,000 60,000 -29,000 $126,000 B $24,000 7,000 27,000 18,000 50,000 $126,000 C Notes: $20,000 14,000 20,000 78,000 -24,000 $108,000 $15,000 8,000 33,000 14,000 38,000 $108,000 2019 Incr/(Decr) $175,000 24,000 3,000 2,500 5,500 D From table above From table above D Notes: $18,000 $16,000 $7,000 -$18,000 -$5,000 $18,000 From Balance Sheet Calculate & take to investing activity From additional info, Take to table below From Balance Sheet E $9,000 -$1,000 -$6,000 $4,000 $12,000 $18,000 From Balance Sheet From additional info, take to operating activity Calculate & Take to table below From Balance Sheet A. From income statement $242,000 210,000 Calculate Calculate & take to operating activity From additional info, take to investing activity $32,000 Adjustments to Net Income: a. depreciation, gainloss on sale of assets b. changes to current assets c. changes to current liability B-Sum of adjustments to NI C=A+B E From FA Sheet From FA Sheet D-Sum of CF from Investing Changes to Long Term Liabilities And Common Stock Compute as change in Retained Earnings E=Sum of CF from Financing F=C+D+E G-From Balance Sheet H=F+G. Check if this ties to Balance Sheet
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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number b) on teh first image is the same as the second picture. the second picture is almost complte, just need to fill out the yellow cells. The number c) of the first picture will be complte witn the a) and b).
Can you help me?
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Can yous show me what formulas and the calculations for the follwoing;
1) How did you get to the 2,000? What formulas?
Decrease in Income Tax Payable | $ (1,000) | $ 2,000 |
2) Net cash provided by operating activities
3) Net cash used by investing activities
4) Net cash provided by financing activities
5) Net increase in cash
6) Cash at the end of the period
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