GolfGear & More, Inc., is a regional and online golf equipment retailer. The company reported the following for the current year: Purchased a long-term investment for cash, $18,000. Paid cash dividend, $12,500. Sold equipment for $8,500 cash (cost, $26,000, accumulated depreciation, $17,500). Issued shares of no-par stock, 400 shares at $12 per share cash. Net income was $22,700. Depreciation expense was $3,50o. Its comparative balance sheet is presented below. Balances 12/31/Current 12/31/Prior Balances Year 19,500 27,000 78,000 18,000 91,000 (18,500) 215,000 $ 14,500 2,000 5,500 59,000 Year 22,500 27,000 70,500 Cash Accounts receivable Merchandise inventory Investments Equipnent Accumulated depreciation 117,000 (32,500) 204,500 $ 19,500 3,500 3,500 59,000 Total Accounts pay able Wages payable Income taxes payable Notes payable Common stock and additional paid-in capital Retained earnings Total 104,800 100,000 29, 200 $215,000 19,000 $204,500 Required: 1. Complete a T-account worksheet. Answer is not complete. Cash Operating Net income 22,700 O 7.500 O Inventory Depreciation expense 3,500 O 5.000 O Accounts payable Wages payable Income taxes payable 2,000 O 1.500 Net cash provided by operating activities 14,200 Investing Sale of equipment 8,500 18,000 OPurchase investment 9.500 Net cash used in investing activities Financing Proceeds from stock issuance 4,800 O 12,500 O Net cash used in financing activities (3,000) O Net decrease in cash and cash equivalents 7,700
GolfGear & More, Inc., is a regional and online golf equipment retailer. The company reported the following for the current year: Purchased a long-term investment for cash, $18,000. Paid cash dividend, $12,500. Sold equipment for $8,500 cash (cost, $26,000, accumulated depreciation, $17,500). Issued shares of no-par stock, 400 shares at $12 per share cash. Net income was $22,700. Depreciation expense was $3,50o. Its comparative balance sheet is presented below. Balances 12/31/Current 12/31/Prior Balances Year 19,500 27,000 78,000 18,000 91,000 (18,500) 215,000 $ 14,500 2,000 5,500 59,000 Year 22,500 27,000 70,500 Cash Accounts receivable Merchandise inventory Investments Equipnent Accumulated depreciation 117,000 (32,500) 204,500 $ 19,500 3,500 3,500 59,000 Total Accounts pay able Wages payable Income taxes payable Notes payable Common stock and additional paid-in capital Retained earnings Total 104,800 100,000 29, 200 $215,000 19,000 $204,500 Required: 1. Complete a T-account worksheet. Answer is not complete. Cash Operating Net income 22,700 O 7.500 O Inventory Depreciation expense 3,500 O 5.000 O Accounts payable Wages payable Income taxes payable 2,000 O 1.500 Net cash provided by operating activities 14,200 Investing Sale of equipment 8,500 18,000 OPurchase investment 9.500 Net cash used in investing activities Financing Proceeds from stock issuance 4,800 O 12,500 O Net cash used in financing activities (3,000) O Net decrease in cash and cash equivalents 7,700
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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i just need the value that is marked with a red x
Transcribed Image Text:GolfGear & More, Inc., is a regional and online golf equipment retailer. The company reported the following for the current year:
Purchased a long-term investment for cash, $18,000.
Paid cash dividend, $12,500.
Sold equipment for $8,500 cash (cost, $26,000, accumulated depreciation, $17,500).
Issued shares of no-par stock, 400 shares at $12 per share cash.
Net income was $22,700.
Depreciation expense was $3,50o.
Its comparative balance sheet is presented below.
Balances
12/31/Current 12/31/Prior
Balances
Year
19,500
27,000
78,000
18,000
91,000
(18,500)
215,000
$ 14,500
2,000
5,500
59,000
Year
22,500
27,000
70,500
Cash
Accounts receivable
Merchandise inventory
Investments
Equipnent
Accumulated depreciation
117,000
(32,500)
204,500
$ 19,500
3,500
3,500
59,000
Total
Accounts pay able
Wages payable
Income taxes payable
Notes payable
Common stock and additional paid-in
capital
Retained earnings
Total
104,800
100,000
29, 200
$215,000
19,000
$204,500
Transcribed Image Text:Required:
1. Complete a T-account worksheet.
Answer is not complete.
Cash
Operating
Net income
22,700 O
7.500 O Inventory
Depreciation expense
3,500 O
5.000 O Accounts payable
Wages payable
Income taxes payable
2,000 O
1.500
Net cash provided by operating activities
14,200
Investing
Sale of equipment
8,500
18,000 OPurchase investment
9.500
Net cash used in investing activities
Financing
Proceeds from stock issuance
4,800 O
12,500 O
Net cash used in financing activities
(3,000) O Net decrease in cash and cash equivalents
7,700
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