5.17. A company's statement of financial position at the end of 2018 included the following items.2018LandBuildingsAccum. Depr.-buildingsEquipmentAccum. Depr.- equipmentPatentsLong-term investmentCurrent assetsTotal assetsBond payableCurrent liabiltiesShare capital -ordinaryTreasury sharesRetained earningsTotal Liabilities and EquityThe following information is available for 2019.1. Net income was $55,00030,000120,000(30,000)90,000(11,000)40,000Instructions:235,000474,000a. Prepare a statement of cash flows for 2019.b. Prepare a statement of financial postiion at the end of 2019.100,000150,000180,0002. Equipment (cost $20,000 and accumulated depreciation 8,000) was sold for 9,000.3. Depreciation expense was $4,000 on the building and $9,000 on equipment44,000474,0004. Patent amortization was $2,500.5. Current assets other than cash increased by $25,000. Current liabilities increased by $13,000.6. An addition to the building was completed at a cost of $27,000.7. A long-term investment in debt securities was purchased for $16,000.8. Bonds payable of $50,000 were issued.9. Cash dividends of $25,000 were declared and paid.10. Treasury shares were purchased at a cost of $11,000.

Cash flow statement: This is the statement that shows the cash inflow and outflow. This statement is…

5.17. A company's statement of financial position at the end of 2018 included the following items. 2018 Land Buildings Accum. Depr.-buildings Equipment Accum. Depr.- equipment Patents Long-term investment Current assets Total assets Bond payable Current liabilties Share capital -ordinary Treasury shares Retained earnings Total Liabilities and Equity 30,000 120,000 (30,000) 90,000 (11,000) 40,000 4. Patent amortization was $2,500. 235,000 474,000 100,000 150,000 180,000 44,000 474,000 The following information is available for 2019. 1. Net income was $55,000 2. Equipment (cost $20,000 and accumulated depreciation 8,000) was sold for 9,000. 3. Depreciation expense was $4,000 on the building and $9,000 on equipment 5. Current assets other than cash increased by $25,000. Current liabilities increased by $13,000. 6. An addition to the building was completed at a cost of $27,000. 7. A long-term investment in debt securities was purchased for $16,000. 8. Bonds payable of $50,000 were issued.

5.17. A company's statement of financial position at the end of 2018 included the following items. 2018 Land Buildings Accum. Depr.-buildings Equipment Accum. Depr.- equipment Patents Long-term investment Current assets Total assets Bond payable Current liabilties Share capital -ordinary Treasury shares Retained earnings Total Liabilities and Equity 30,000 120,000 (30,000) 90,000 (11,000) 40,000 4. Patent amortization was $2,500. 235,000 474,000 100,000 150,000 180,000 44,000 474,000 The following information is available for 2019. 1. Net income was $55,000 2. Equipment (cost $20,000 and accumulated depreciation 8,000) was sold for 9,000. 3. Depreciation expense was $4,000 on the building and $9,000 on equipment 5. Current assets other than cash increased by $25,000. Current liabilities increased by $13,000. 6. An addition to the building was completed at a cost of $27,000. 7. A long-term investment in debt securities was purchased for $16,000. 8. Bonds payable of $50,000 were issued.

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Question

5.17. A company's statement of financial position at the end of 2018 included the following items.
2018
Land
Buildings
Accum. Depr.-buildings
Equipment
Accum. Depr.- equipment
Patents
Long-term investment
Current assets
Total assets
Bond payable
Current liabilties
Share capital -ordinary
Treasury shares
Retained earnings
Total Liabilities and Equity
The following information is available for 2019.
1. Net income was $55,000
30,000
120,000
(30,000)
90,000
(11,000)
40,000
Instructions:
235,000
474,000
a. Prepare a statement of cash flows for 2019.
b. Prepare a statement of financial postiion at the end of 2019.
100,000
150,000
180,000
2. Equipment (cost $20,000 and accumulated depreciation 8,000) was sold for 9,000.
3. Depreciation expense was $4,000 on the building and $9,000 on equipment
44,000
474,000
4. Patent amortization was $2,500.
5. Current assets other than cash increased by $25,000. Current liabilities increased by $13,000.
6. An addition to the building was completed at a cost of $27,000.
7. A long-term investment in debt securities was purchased for $16,000.
8. Bonds payable of $50,000 were issued.
9. Cash dividends of $25,000 were declared and paid.
10. Treasury shares were purchased at a cost of $11,000.

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