Assets:Current Assets:cashaccounts receivable (net)InventoryWalf Corporations balance sheetLandplant and equipmentless: accumulated depreciationNet plant and equipmentTOTAL ASSETSLIABILITIES AND SHAREHOLDERS EQUITYAccounts payablesbond payablescommon stockretained earningstotal liabilities and share holders equityDuring 20xx, the following occurred1. net income was $91, 0002. bonds were retired by issuing new common stock3. no equipment was sold4. cash dividends were paidIII20600055000DEC 31, 20XXRequired:Prepare a statement of cash flows for the Walf Corporations54500648001422006000015100047250070011800017000015750047250015800033000DEC 31,20XW17,400522001493008700012500043090037000158000130000105900430900

The cash flow statement is part of the financial statements of the company. It is prepared at the…

Answered: Assets: Current Assets: cash accounts…

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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Classify each of the following items as: Inflow or Outflow. If neither, indicate Not Applicable. Particulars Amount Classification 1 Cash +600 2 Accounts Payable -1,200 3 Notes Payable +800 4 Long-term Debt -2,500 5 Inventory +400 6 Building +600 7 Accounts Receivable -900 8 Net Profits +700 9 Depreciation +200 10 Repurchase of shares of stock +500 11 Cash Dividends +300 12 Sale of Stock +1,300 13 Transportation Equipment -500 14 Treasury Stock -300 15 Ordinary Shares +1,500
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Cash Flow Statment Problem no 03
The following items were gathered from Rindt Industries’ general ledger: Sale of marketable securities $ 14,000 Depreciation and amortization expense 24,262 Payment of cash dividends 3,543 Proceeds from disposal of equipment 819 Loss on disposal of equipment 150 Net income 26,043 Beginning Cash balance 19,600 Purchase of equipment 21,632 Decrease in Accounts Receivable 1,048 Proceeds from issuing common stock 2,241 Increase in Inventory 3,465 Increase in Accounts Payable 4,650 Ending Cash balance 64,173 Using the indirect method, construct Rindt Industries’ statement of cash flows. (Show amounts that decrease cash flow with either a - sign, e.g. -15,000 or in parentheses, e.g. (15,000).)
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Balance Sheet December 31 Assets Cash Inventory Equipment Accounts receivable Less: Accumulated depreciation $ 21,000 520,000 142,500 $ 624,000 78,000 546,000 Total assets $ 1,229,500 Liabilities and Equity Liabilities Accounts payable Loan payable Taxes payable (due March 15) $ 355,000 11,000 88,000 454,000 Equity Common stock Retained earnings $ 474,500 301,000 775,500 Total liabilities and equity $ 1,229,500 To prepare a master budget for January, February, and March, use the following information. a. The company's single product is purchased for $30 per unit and resold for $58 per unit. The inventory level of 4,750 units on December 31 is more than management's desired level, which is 20% of the next month's budgeted sales units. Budgeted sales are January, 6,500 units; February, 9,000 units; March, 11,000 units; and April, 10,000 units. All sales are on credit. b. Cash receipts from sales are budgeted as follows: January, $233,100; February, $722,857; March, $519,245. c. Cash…
Aa.1
Pure Company purchased 70% of the ordinary shares of Gold Company on January 1, Year 6, for $484,800 when the latter company's accumulated depreciation, ordinary shares, and retained earnings were $76,000, $500,000 and $41,600, respectively. Non-controlling interest was valued at $196,900 by an independent business valuator at the date of acquisition. On this date, an appraisal of the assets of Gold disclosed the following differences: Land Plant and equipment Inventory Land Plant and equipment Less accumulated depreciation The plant and equipment had an estimated life of 20 years on this date. The statements of financial position of Pure and Gold, prepared on December 31, Year 11, follow: Carrying amount $ 161, 000 708, 000 134, 000 Patent (net of amortization) Investment in Gold Co. shares (equity method) Investment in Gold Co. bonds Inventory Accounts receivable Cash Ordinary shares Retained earnings Bonds payable (due Year 20) Accounts payable Fair value $ 212, 000 783, 000 117,000…
THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in millions except par value) December 31, ASSETS Current Assets Cash and cash equivalents Short-term investments Total Cash, Cash Equivalents and Short-Term Investments Marketable securities Trade accounts receivable, less allowances of $516 and $516, respectively Inventories Prepaid expenses and other current assets Total Current Assets 2022 $9,519 1,043 10,562 1,069 3,487 4,233 3,240 22,591 2021 $9.684 1,242 10,926 1,099 3,512 3,414 2.994 22,545 If we find out that the beverage industry estimates that for 2022 15% of Gross Receivables may not be collected, and this has been a pretty good estimate for the past couple of years. By how much is Coca Cola artificially overstating their 2022 net income? Round your answer to one decimal place. For example, an answer of $73.22 million is simply $3.2 Question 4 of 10
Says it is incomplete, can not solve the last few gaps
Cash Flow from Operating Activities Prior Year Activity for Seville Corporation: Accounts payable increase $13,500 Accounts receivable increase 6,000 Accrued liabilities decrease 4,500 Amortization expense 9,000 Cash balance, January 1 33,000 Cash balance, December 31 22,500 Cash paid as dividends 43,500 Cash paid to purchase land 135,000 Cash paid to retire bonds payable at par 90,000 Cash received from issuance of common stock 52,500 Cash received from sale of equipment 25,500 Depreciation expense 43,500 Gain on sale of equipment 6,000 Inventory decrease 19,500 Net income 114,000 Prepaid expenses increase 3,000 Using the information above, calculate Seville Corporation's cash flow from operating activities.
The following are comparative balance sheets for Bramble Company. Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total Additional information: 1. 2. 3. 4. BRAMBLE Company Comparative Balance Sheets December 31 5. 6. 7. 2022 $73,500 86,200 169,600 73,300 259,600 (66,400) $595,800 $35,300 151,500 217,200 191,800 $595,800 2021 $32,900 70,600 187,200 101,200 200,700 (33,900) $558,700 $46,600 203,000 174,700 134,400 $558,700 Net income for 2022 was $101,500. Depreciation expense was $32,500. Cash dividends of $44,100 were declared and paid. Bonds payable with a carrying value of $51,500 were redeemed for $51,500 cash. Common stock was issued at par for $42,500 cash. No equipment was sold during 2022. Land was sold for its book value. Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash…

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