A company had comparative balance sheets and income statement for the year 2010 as follows:Balance SheetsJan. 1, 2010$ 120Cash.Accounts receivableInventory.Prepaid insurance.Total current assets..Plant and equipment..Accumulated depreciation.Total assets..Dec 31, 2010$ 1701902402062016020040520$ 400(120)$ 500(140)280360S 800$ 980Accounts payable.Income taxes payable..Total current liabilities.Long-term debt.Capital stock.Retained earnings.Total liabilities and equity.$ 27040310120$ 30050350150220260S 980170200S 800Income Statement for Year 2010Sales .Expenses:Cost of goods sold..Depreciation ..Insurance.Loss (gain) on sale of equipment..Other expenses..Income before taxes..Income taxes..$1,000$ 6005030(20)15081019080$ 110Net income.The cost of equipment sold during 2010 (on which a gain of $20 was recognized) was $50.6) Cash provided by operating activities during the year 2010 amounted to:A) $170B) $150C) $130D) $120E) $100

Cash Flow Statement:- It is a statement showing inflow and outflow of cash during the period of…

A company had comparative balance sheets and income statement for the year 2010 as follows: Balance Sheets Dec 31, 2010 Jan. 1, 2010 $ 120 160 200 40 520 $ 170 190 240 20 620 Cash. Accounts receivable . Inventory .. Prepaid insurance. Total current assets.. Plant and equipment. Accumulated depreciation.. Total assets.. $ 400 (120) 280 S 800 $ 500 360 S 980 (140) $ 270 40 310 $ 300 50 350 Accounts payable. Income taxes payable. Total current liabilities. Long-term debt. Capital stock. Retained earnings. Total liabilities and equity. 150 220 260 S 980 120 170 200 S 800 Income Statement for Year 2010 Sales. Expenses: Cost of goods sold. Depreciation. Insurance. Loss (gain) on sale of equipment.. Other expenses.. Income before taxes. Income taxes. Net income. $1,000 $ 600 50 30 (20) 150 810 190 80 $ 110 The cost of equipment sold during 2010 (on which a gain of $20 was recognized) was $50. 6) Cash provided by operating activities during the year 2010 amounted to: A) $170 B) $150 C) $130 D) $120 E) $100

A company had comparative balance sheets and income statement for the year 2010 as follows: Balance Sheets Dec 31, 2010 Jan. 1, 2010 $ 120 160 200 40 520 $ 170 190 240 20 620 Cash. Accounts receivable . Inventory .. Prepaid insurance. Total current assets.. Plant and equipment. Accumulated depreciation.. Total assets.. $ 400 (120) 280 S 800 $ 500 360 S 980 (140) $ 270 40 310 $ 300 50 350 Accounts payable. Income taxes payable. Total current liabilities. Long-term debt. Capital stock. Retained earnings. Total liabilities and equity. 150 220 260 S 980 120 170 200 S 800 Income Statement for Year 2010 Sales. Expenses: Cost of goods sold. Depreciation. Insurance. Loss (gain) on sale of equipment.. Other expenses.. Income before taxes. Income taxes. Net income. $1,000 $ 600 50 30 (20) 150 810 190 80 $ 110 The cost of equipment sold during 2010 (on which a gain of $20 was recognized) was $50. 6) Cash provided by operating activities during the year 2010 amounted to: A) $170 B) $150 C) $130 D) $120 E) $100

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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