Additional information from the accounting recordsa. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2024.b. During 2024, equipment with a cost of $270,000 (90% depreciated) was sold.c. The statement of shareholders equity reveals reductions of $170,000 and $425,000 for stock dividends and cash dividends,respectively.Required:Prepare the statement of cash flows for Metagrobolize Industries using the indirect methodNote: Enter your answers in thousands (i.e., 10,000 should be entered as 10).) Amounts to be deducted should be indicated with aminus sign.METAGROBOLIZE INDUSTRIESStatement of Cash FlowsFor year ended December 31, 2024($ in 000s)Cash flows from operating activitiesNet incomeAdjustments for noncash effectsChanges in operating assets and liabilitiesNet cash flows from operating activitiesCash flows from investing activities$ Comparative balance sheets for 2024 and 2023 and a statement of income for 2024 are given below for Metagrobolize Industries.Additional information from the accounting records of Metagrobolize also is provided.AssetsCashAccounts receivableInventoryLandBuildingLess: Accumulated depreciationMETAGROBOLIZE INDUSTRIESComparative Balance SheetsDecember 31, 2024 and 2023($ in thousands)EquipmentLess: Accumulated depreciation.PatentLiabilitiesAccounts payable.Accrued liabilities.Lease liability-landiShareholders EquityCommon stockPaid-in capital-excess of parRetained earningsRevenuesExpensesSales revenueGain on sale of land.2024Cost of goods soldDepreciation expense-buildingDepreciation expense-equipmentLoss on sale of equipmentAmortization of patent.Operating expensesNet income$ 400430580550900(250)2,700(409)1,400$ 6,301$ 680190130METAGROBOLIZE INDUSTRIESIncome StatementFor the Year Ended December 31, 2024($ in thousands)3,1605001,641$6,301$ 2,608508804027210100550Additional information from the accounting records2023$ 170230370545900(210)2,390(380)1,500$5,515$48011503,0004901,430.$5,515$ 2,6581,852$ 806pt of $30.000 on the finance leace liahilitu are nairl parh lanan 1 heninning in 2024

Additional information from the accounting records a. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2024. b. During 2024, equipment with a cost of $270,000 (90% depreciated) was sold. c. The statement of shareholders equity reveals reductions of $170,000 and $425,000 for stock dividends and cash dividends, respectively. Required: Prepare the statement of cash flows for Metagrobolize Industries using the indirect method Note: Enter your answers in thousands (i.e., 10,000 should be entered as 10).) Amounts to be deducted should be indicated with a minus sign. METAGROBOLIZE INDUSTRIES Statement of Cash Flows For year ended December 31, 2024 (5 in 000s) Cash flows from operating activities Net income Adjustments for noncash effects Changes in operating assets and liabilities Net cash flows from operating activities Cash flows from investing activities $

Additional information from the accounting records a. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2024. b. During 2024, equipment with a cost of $270,000 (90% depreciated) was sold. c. The statement of shareholders equity reveals reductions of $170,000 and $425,000 for stock dividends and cash dividends, respectively. Required: Prepare the statement of cash flows for Metagrobolize Industries using the indirect method Note: Enter your answers in thousands (i.e., 10,000 should be entered as 10).) Amounts to be deducted should be indicated with a minus sign. METAGROBOLIZE INDUSTRIES Statement of Cash Flows For year ended December 31, 2024 (5 in 000s) Cash flows from operating activities Net income Adjustments for noncash effects Changes in operating assets and liabilities Net cash flows from operating activities Cash flows from investing activities $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

As part of your analysis, you are required to investigate Insignia Corporation Limited’s cash flows. Required: Using the financial statement provided: Calculate the following for 2020: Operating Cash Flow Net Capital Spending Change in Net Working Capital
1. Calculate the cash operating cycle of Stone Limited for the year ended 30 April, 2018 and 2019.2. Calculate the comparative ratios for Stone limited for the year ended 30 April 2019. (to two decimal places where appropriate).3. Based on the result of the previous year end and the industry average. Draft a report addressed to the Board of Directors of Stone Limited analysing the performance of the company for the year 2019
The following is the comparative balance sheet of Manish Ltd. Prepare a Cash Flow Statement for the year ended 31 December, 2016 from the details given below: Liabilities Assets 31st Dec., 31st Dec., 2015 31st Dec., 31st Dec., 2015 2016 2016 Share Capital Reserves & Surplus 730,000 755,000 Long-term loans Current Liabilities Fixed assets 760,000 792,500 Depreciation 717,500 27,500 Inventory Accounts 740,000 740,000 720,000 30,000 715,000 26,000 740,000 735,000 20,000 734,000 Receivable Dividend Provision 78,000 マ1,05,000 1,59,000 Cash 72,500 725,000 そ1,05,000 マ1,59,000 The Income statement for Manish Ltd. for the year ended 31 December 2015 shows the following information: Amount(*) 1,45,000 99,000 12,500 8,000 Sales Cost of Sales Tax provisions Dividend provided
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances:Accounts Debit CreditCash $ 42,700Accounts Receivable 44,500Supplies 7,500Equipment 64,000Accumulated Depreciation $ 9,000Accounts Payable 14,600Common Stock, $1 par value 10,000Additional Paid-in Capital 80,000Retained Earnings 45,100Totals $ 158,700 $ 158,700During January 2021, the following transactions occur:January 2 Issue an additional 2,000 shares of $1 par value common stock for $40,000.January 9 Provide services to customers on account, $14,300.January 10 Purchase…
Gojo Company had the following transactions involving current assets and current liabilities during February 2021. Feb 3 Collected accounts receivable of $15,000. 7 Purchased equipment for $23,000 cash. 14 Paid accounts payable of S12,000. 18 Declared cash dividends, $4,000. The dividend will be paid next month. Additional information: As of 1* February 2020, current assets were $120,000 and current liabilities were $40,000. Required: 1) Compute the current ratio as of the beginning of the month. 2) Compute the current ratio after evaluating the effect of each transaction (Consider the effect of each transaction continuously). Did Gojo Company's current ratio improve, deteriorate, or hold steady after each transaction? Show detailed workings to support your answer.
The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 Net sales Cost of goods sold Gross profit Expenses: Operating expenses. Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds $852,000 27,000 7,400 12,000 42,000 $3,006,000 1,944,000 1,062,000 940, 400 $ 121,600 VIRTUAL GAMING SYSTEMS Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable. Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Balance Sheets December 31 2021 $180,000 75,000 99,000 11,400 99,000 204,000 264,000 (63,000) $869,400 $ 60,000 4,800 12,000 279,000 294,000 219,600 2020 $138,000 54,000 129,000…
Bramble Inc., had the following condensed balance sheet at the end of operations for 2019. BRAMBLE INC.BALANCE SHEETDECEMBER 31, 2019 Cash $8,500 Current liabilities $15,000 Current assets other than cash 29,100 Long-term notes payable 25,700 Equity invesments 19,900 Bonds payable 25,000 Plant assets (net) 66,800 Common stock 75,000 Land 39,700 Retained earnings 23,300 $164,000 $164,000 During 2020, the following occurred. 1. A tract of land was purchased for $9,100. 2. Bonds payable in the amount of $15,000 were redeemed at par. 3. An additional $9,900 in common stock was issued at par. 4. Dividends totaling $9,300 were paid to stockholders. 5. Net income was $30,500 after allowing depreciation of $13,700. 6. Land was purchased through the issuance of $22,400 in bonds. 7. Bramble Inc. sold part of its investment portfolio for $13,000. This transaction resulted in a gain…
The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents $ 5,000Accounts receivable (net) 20,000Inventory 60,000Property, plant, and equipment (net) 120,000Accounts payable 44,000Salaries payable 15,000Paid-in capital 100,000 The only asset not listed is short-term investments. The only liabilities not listed are $30,000 notes payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.5:1.Required:Determine the following…
Please input numbers in boxes below based on data provided for year 2018. Current assets - current liabilities = net working capital
chill Company purchased treasury stock with a cost of $216,000 during 2020. During the year, the company paid dividends of $220,000 and issued bonds payable for proceeds of $650,000. Cash flows from financing activities for 2020 total a. $214,000 net cash inflow. b. $256,000 net cash inflow. c. $260,000 net cash outflow. d. $244,000 net cash inflow.
The below transactions are for Jenolan Ltd. for the year ended 30 June 2022. 1. Net profit for the year was $3 500 000. 2. At a meeting in May 20220, the directors resolved to transfer the amounts specified below from retained earnings to: (a) contingencies reserve, $2 000 000, and (b) general reserve, $800 000. 3. Three years ago, the company had established an exchange fluctuation reserve with $9 000 000 from its retained earnings account, but now that it had withdrawn from international trade, the directors resolved that this reserve was no longer required. 4. An interim dividend of $400 000 had been paid in January 2022. 5. At the June 2022 meeting the directors declared a final dividend of $600 000 to be paid in 3 months’ time. Note: The beginning balance of the Retained Earnings account was $3 600 000. Required: Based on the information above, show the Retained Earnings for the firm at 30 June 2022 in a narrative form.