H1.Account Sharp Screen Films, Incorporated, is developing its annual financial statements at December 31, current year. The statements arecomplete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarizedas follows:Balance sheet at December 31CashAccounts receivableMerchandise inventoryProperty and equipmentLess: Accumulated depreciationAccounts payableWages payableNote payable, long-term .Common stock and additional paid-in capitalRetained earningsIncome statement for current yearSalesCost of goods soldDepreciation expenseOther expensesNet incomeAdditional Data:a. Bought equipment for cash, $60,950.b. Paid $16,020 on the long-term note payable.c. Issued new shares of stock for $36,400 cash..Current Year Prior Year$70,85019,75025,950214,150(63,400)$ 267,300$13,5004,50060,180104,20084,920$ 267,300$ 213,000110,00015,45044,800$42,750d. Dividends of $830 were declared and paid.e. Other expenses all relate to wages.1. Accounts payable includes only inventory purchases made on credit.$ 66,20025,95020,800153,200(47,950)$ 218,200$ 23,0007,40076,20067,80043,000$218,200Required:1. Prepare the statement of cash flows using the direct method for the year ended December 31, current year.Note: List cash outflows as negative amounts.***AlautCheck my work SHARP SCREEN FILMS, INCORPORATEDStatement of Cash FlowsFor the Year Ended December 31, Current YearCash flows from operating activities:Cash flows from investing activities:Cash flows from financing activities:

The cash flow statement is prepared to record the cash flow from various activities during the…

Answered: Balance sheet at December 31 Cash…

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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Required: 1. Prepare the statement of cash flows using the indirect method for the year ended December 31, current year. Note: List cash outflows as negative amounts. SHARP SCREEN FILMS, INCORPORATED Statement of Cash Flows For the Year Ended December 31, Current Year Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities: Cash flows from investing activities: Cash flows from financing activities:
Vishnu
W BGP Electrical Supply is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment. Less: Accumulated depreciation Accounts payable Accrued wages expense Note payable, long-term Common stock and additional paid-in capital. Retained earnings Income statement for current year Sales Cost of goods sold Other expenses Net income Additional Data: Current Year Prior Year $ 29,400 $ 37,300 32,700 28,900 38,300 100,800 (25,300) 42,000 121,500 (30,700) $ 202,800 $36,700 1,400 44,500 89,600 30,600 $ 202,800 Cash flows from operating activities: $ 123,000 73,000 38,100 $ 11,900 BGP ELECTRICAL SUPPLY Statement of Cash Flows For the Year Ended December 31, Current Year $ 172,100 a. Bought equipment for cash, $20,700. b. Paid $6,300 on the…
Operating activities: Net earnings Non-cash items Add: Depreciation LAURENT COMPANY Statement of Cash Flows For the year 31 December 20X8 Changes to working ital: Add: Decrease in accounts receivable Less: Increase in accounts payable Less: Increase in inventory Investing activities: Decrease in long-term bank loan Purchase of long-term investment Financing activities: Sold long-term investment Paid cash dividend Net change in cash Opening cash Closing cash Chemisie ہے
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Sharp Screen Films, Inc., Is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized as follows: Corrent Taar ier Ter Balance sheet at December 31 $ 65,650 16,250 23,350 210,550 (60,400) $255,400 $ 10,300 3,300 61,600 100,300 79,900 $255,400 $ 64,500 23,350 18,600 152,000 (46,250) $212,200 $ 20,400 3,600 72,500 66,400 49,300 $212,200 Cash Accounts receivable Merchandige inventory Property and equipment Less: Accumulated depreciation Accounts payable Wages payable Note payable, long-term Common stock and additional paid-in capital Retained earnings acome statement for current year $200,000 97,000 14,150 43,500 $ 45,350 Sales Cost of goods sold Depreciation expense Dther expenses Het income ional Data: Bought equipment for cash, $58,550. Paid $10,900 on the long-term note payable. ssued new shares of stock for $33,900 cash.…
Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity Current Year $ 26,536 73,177 92,006 8,463 236,486 $ 436,668 $ 110,905 83,735 163,500 78,528 $ 436,668 1 Year Ago Exercise 13-6 (Algo) Common-size percents LO P2 $ 30,416 52,701 71,730 8,063 213,528 $ 376,438 $ 64,254 86,581 163,500 62,103 $ 376,438 For both the current year and one year ago, compute the following ratios: 2 Years Ago $ 32,337 42,689 45,004 3,629 199,741 $ 323,400 $ 43,543 70,757 163,500 45,600 $ 323,400 1. Express the balance sheets in common-size percents. 2. Assuming annual sales have not changed in the last three years, is the change…
Exercise 17-7 (Algo) Analyzing liquidity LO P3 (1-a) Compute the current ratio for each of the three years. (1-b) Did the current ratio improve or worsen over the three-year period? (2-a) Compute the acid-test ratio for each of the three years. (2-b) Did the acid-test ratio improve or worsen over the three-year period? Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2A Required 2B Compute the current ratio for each of the three years. Current Year: 1 Year Ago: 2 Years Ago: Numerator: 1 1 1 1 1 Current Ratio Denominator:
(1) Debt and equity ratios. (2-a) Compute debt-to-equity ratio for the current year and one year ago. (2-b) Based on debt-to-equity ratio, does the company have more or less debt in the current year versus one year ago? (3-a) Times interest earned. (3-b) Based on times interest earned, is the company more or less risky for creditors in the Current Year versus 1 Year Ago? Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 2B Required 3A Required 3B Compute debt and equity ratio for the current year and one year ago. Current Year: 1 Year Ago: Current Year: 1 Year Ago: Numerator: Numerator: Debt Ratio 1 1 Equity Ratio 1 1 1 1 Required 1 Denominator: Denominator: = = = Required 2A > Debt Ratio Debt ratio % % Equity Ratio Equity ratio % %
Use the following financial statements and additional information. Assets Cash STREAMLINE INCORPORATED Comparative Balance Sheets June 30, 2021 and 2020 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable. Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity STREAMLINE INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 2021 $ 100,200 73,000 63,000 4,900 241,100 147,000 (36,000) $ 352,100 $ 26,000 7,000 4,700 37,700 33,000 70,700 240,000 41,400 $ 352,100 $ 66,000 74,000 195,200 136,000 (12,000) $319,200 $ 772,000…
Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 Assets Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Weaver Company Income Statement For This Year Ended December 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of investments Loss on sale of equipment Income before taxes Income taxes Net income Weaver Company Statement of Cash Flows-Indirect Method (partial) Net income Adjustments to convert net income to a cash…

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