Assets Cash Accounts receivable Inventory Prepaid expenses FV-OCI investments MARTINEZ INC. Statement of Financial Position June 30, 2020 Equipment Accumulated depreciation-equipment Total Liabilities and Shareholders' Equity Accounts payable Income tax payable Dividends payable Long-term notes payable Common shares Retained earnings Accumulated other comprehensive income Total June 30 2020 $ 20,000 85,200 103,600 2,100 47,100 178,000 2019 $ 40,000 75,300 101,500 5.500 45.200 159,000 (35,600) (24,100) $ 400,400 $ 402,400 $ 112,000 $ 96,500 2,100 3.600 4,200 83,600 32,000 156,500 10,000 0 121,500 25,500 147,200 8,100 $ 400,400 $ 402,400 Additional information: 1. 2. Martinez follows IFRS. Assume that interest is treated as an operating activity for purposes of the statement of cash flows. 5. Operating expenses include $11,500 in depreciation expense. There were no disposals of equipment during the year. 3. 4. Common shares were issued for cash. During the year, Martinez acquired $8,300 of equipment in exchange for long-term notes payable. Cash Flows from Operating Activities Net Income /(Loss) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Expense Increase in Accounts Receivable Increase in Inventory Decrease in Prepaid Expenses Increase in Accounts Payable Decrease in Income Taxes Payable v Net Cash Provided by Operating Activities ✓ Cash Flows from Investing Activities Purchase of Equipment ✓ Net Cash used by Investing Activities Cash Flows from Financing Activities $ 11,500 -9,900 -2100 3400 15,500 -1.500 19,000 $ 20,500 16.900 3.600 19,000
Assets Cash Accounts receivable Inventory Prepaid expenses FV-OCI investments MARTINEZ INC. Statement of Financial Position June 30, 2020 Equipment Accumulated depreciation-equipment Total Liabilities and Shareholders' Equity Accounts payable Income tax payable Dividends payable Long-term notes payable Common shares Retained earnings Accumulated other comprehensive income Total June 30 2020 $ 20,000 85,200 103,600 2,100 47,100 178,000 2019 $ 40,000 75,300 101,500 5.500 45.200 159,000 (35,600) (24,100) $ 400,400 $ 402,400 $ 112,000 $ 96,500 2,100 3.600 4,200 83,600 32,000 156,500 10,000 0 121,500 25,500 147,200 8,100 $ 400,400 $ 402,400 Additional information: 1. 2. Martinez follows IFRS. Assume that interest is treated as an operating activity for purposes of the statement of cash flows. 5. Operating expenses include $11,500 in depreciation expense. There were no disposals of equipment during the year. 3. 4. Common shares were issued for cash. During the year, Martinez acquired $8,300 of equipment in exchange for long-term notes payable. Cash Flows from Operating Activities Net Income /(Loss) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Expense Increase in Accounts Receivable Increase in Inventory Decrease in Prepaid Expenses Increase in Accounts Payable Decrease in Income Taxes Payable v Net Cash Provided by Operating Activities ✓ Cash Flows from Investing Activities Purchase of Equipment ✓ Net Cash used by Investing Activities Cash Flows from Financing Activities $ 11,500 -9,900 -2100 3400 15,500 -1.500 19,000 $ 20,500 16.900 3.600 19,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Please help me finish the rest of the question. Show me how to calculate and solve the remaining. (NOT GRADED so dont reject please)
Transcribed Image Text:Assets
Cash
Accounts receivable
Inventory
Prepaid expenses
FV-OCI investments
Equipment
Accumulated depreciation-equipment
Total
MARTINEZ INC.
Statement of Financial Position
June 30, 2020
Liabilities and Shareholders' Equity
Accounts payable
Income tax payable
Dividends payable
Long-term notes payable
Common shares
Retained earnings
Accumulated other comprehensive income
Total
June 30
2020
$
20,000
85,200
103,600
2,100
47,100
178,000
$ 112,000
2,100
4,200
83,600
32,000
(35,600 )
$ 400,400 $ 402,400
156,500
10.000
2019
$ 400,400
$
40.000
75,300
101,500
5,500
45,200
159,000
(24,100 )
$ 96,500
3,600
0
121,500
25,500
147,200
8,100
$ 402,400
Additional information:
1.
2.
3.
4.
5.
Martinez follows IFRS. Assume that interest is treated as an operating activity for purposes of the statement of cash
flows.
Operating expenses include $11,500 in depreciation expense.
There were no disposals of equipment during the year.
Common shares were issued for cash.
During the year, Martinez acquired $8,300 of equipment in exchange for long-term notes payable.
Cash Flows from Operating Activities
Net Income /(Loss)
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation Expense
Increase in Accounts Receivable V
Increase in Inventory
Decrease in Prepaid Expenses
Increase in Accounts Payable
Decrease in Income Taxes Payable
Net Cash Provided by Operating Activities ✓
Cash Flows from Investing Activities
Purchase of Equipment
Net Cash used by Investing Activities
V
Cash Flows from Financing Activities
11,500
-9,900
-2100
3400
15,500
-1,500
19,000
20,500
16,900
3,600
19,000
![Net Cash Provided by Operating Activities
Cash Flows from Investing Activities
Purchase of Equipment
Net Cash used by Investing Activities
Cash Flows from Financing Activities
Issuance of Common Shares
Payment of Cash Dividends
Decrease in Income Taxes Payable V
During the year, equipment with a cost of $
Cash paid during the year for interest $
19,000
][
3,600
19,000
was purchased in exchange for a note payable.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F12853227-ed74-459b-9403-391381d96b3b%2Ff294694a-40ed-43cf-bd69-81441ae4b26c%2Fyl6lkv_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Net Cash Provided by Operating Activities
Cash Flows from Investing Activities
Purchase of Equipment
Net Cash used by Investing Activities
Cash Flows from Financing Activities
Issuance of Common Shares
Payment of Cash Dividends
Decrease in Income Taxes Payable V
During the year, equipment with a cost of $
Cash paid during the year for interest $
19,000
][
3,600
19,000
was purchased in exchange for a note payable.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education