BGP Electrical Supply is developing its annual financial statements at December 31, current year. The statements are complete exceptfor the statement of cash flows. The completed comparative balance sheets and income statement are summarized:Balance sheet at December 31CashAccounts receivableMerchandise inventoryProperty and equipmentLess: Accumulated depreciationAccounts payableAccrued wages expenseNote payable, long-termCommon stock and additional paid-in capital.Retained earningsIncome statement for current yearSalesCost of goods soldOther expensesNet incomeAdditional Data:a. Bought equipment for cash, $20,700.b. Paid $6,300 on the long-term note payable.c. Issued new shares of stock for $16,700 cash.Current Year$ 37,30032,70042,000121,500(30,700)$ 202,800$36,7001,40044,50089,60030,600$ 202,800$ 123,00073,00038,100$ 11,900Earthen Van Ended DPrior YearX Answer is not complete.BGP ELECTRICAL SUPPLYStatement of Cash Flows$ 29,40028,90038,300100,800(25,300)d. No dividends were declared or paid.e. Other expenses included depreciation, $5,400; wages, $20,200; taxes, $6,500; other, $6,000.f. Accounts payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes orother expenses, assume that these expenses were fully paid in cash.$ 172,100$ 27,9001,80050,80072,90018,700$ 172,100Required:1. Prepare the statement of cash flows for the year ended December 31, current year, using the indirect method.Note: List cash outflows as negative amounts.< Prev5 of 7#Next > X Answer is not complete.BGP ELECTRICAL SUPPLYStatement of Cash FlowsFor the Year Ended December 31, Current YearCash flows from operating activities:Net incomeAdjustments to reconcile net income to net cash providedby operating activities:Depreciation expenseIncrease in accounts receivableIncrease in merchandise inventoryIncrease in accounts payableDecrease in accrued wages expenseCash flows from investing activities:Cash payments to purchase property and equipmentNet cash used in investing activitiesCash flows from financing activities:Cash payments on long-term noteCash receipts from issuing stockNet cash provided by financing activitiesNet increase in cash during the yearCash balance, January 1, current yearCash balance, December 31, current year›>00000›>3$5,400✔(3,800)✓(3,700) ✔8,800(400)(20,700)+(6,300)16,700S 11,900S6,30018,200(20,700)10,4007,90029,40037,300< Prev5 of 7

The cash flow statement is the one of the financial statements of the business. The activities of cash flow statement are classified as operating activities, investing activities and financing activities.BGP ELECTRICAL SUPPLY Statement of Cash Flows For the year Ended December 31, Current year Cash flows from operating activities: Net income $11,900 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense (30,700 – 25,300) 5,400 Increase in account receivables (3,800) Increase in merchandise inventory (3,700) Increase in accounts payable 8,800 Decrease in accrued wages expense (400) 6,300 Net cash provided by operating activities 18,200 Cash flows from investing activities: Cash payments for PPE (20,700) Net cash used in investing activities (20,700) Cash flows from financing activities: Cash payments on long term note (6,300) Cash receipts from issuing stock 16,700 Net cash provided by financing activities 10,400 Net increase in cash during the year 7,900 Cash balance, Jan 1, current year 29,400 Cash balance, Jan 31, current year $37,300

Business

Accounting

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 Current Year Prior Year $ 29,400 $ 37,300 32,700 28,900 42,000 38,300 100,800 121,500 (30,700) (25,300) $ 202,800 $36,700 1,400 44,500 89,600 30,600 $ 202,800 $ 123,000 73,000 38,100 11.000 $ 172,100 $ 27,900 1,800 50,800 72,900 18,700 $ 172,100

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 Current Year Prior Year $ 29,400 $ 37,300 32,700 28,900 42,000 38,300 100,800 121,500 (30,700) (25,300) $ 202,800 $36,700 1,400 44,500 89,600 30,600 $ 202,800 $ 123,000 73,000 38,100 11.000 $ 172,100 $ 27,900 1,800 50,800 72,900 18,700 $ 172,100

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

Huluduey Corporation's comparative balance sheet for current assets and liabilities was as follows: Line Item Description Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $17,500 $12,500 Inventory 51,650 44,200 Accounts payable 8,480 5,100 Dividends payable 9,480 6,100 Adjust net income of $75,800 for changes in operating assets and liabilities to arrive at net cash flows from operating activities.
Refer to the following selected financial information from Texas Electronics. Compute the company's accounts receivable turnover for Year 2. Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets Accounts payable Net sales Cost of goods sold Year 2 Year 1 $ 38,300 $ 33,050 98,000 64,000 89,500 83,500 125,000 129,000 12,900 10,500 392,000 342,000 109,400 111,800 715,000 680,000 394,000 379,000
The following financial statements apply to Adams Company: ADAMS COMPANY Income Statements for the Years Ending December 31 Year 1 $180,400 Revenues Expenses Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense Total expenses Net income Assets Current assets Cash Marketable securities Accounts receivable Inventories Prepaid expenses Total current assets Plant and equipment (net) Intangibles Total assets Liabilities and Stockholders Equity Liabilities Current liabilities Accounts payable Other Total current liabilities Bonds payable Total liabilities $ 220,800 Stockholders equity Common stock (49,000 shares) 124, 600 20,200 10,000 2.100 20,400 177,300 $ 43,500 ADAMS COMPANY Balance Sheets As of December 31 F Retained earnings Total stockholders equity Total liabilities and stockholders' equity 102, 100 18.200 9,000 2,100 17,600 149,000 $ 31,400 $ 5,100 1,800 36,000 101, 200 4,800 148,900 107,000 20,600 $ 276,500 $38,200 16,500…
The following information comes from the accounting records of Wildhorse Ltd.: Statement of Financial Position Assets Cash Accounts receivable Inventory Capital assets (net) Other assets Liabilities and shareholders' equity Accounts payable Long-term debt Common shares Retained earnings Statement of Income Sales Cost of goods sold Other expenses Income tax Net income (a1) Sales Cost of goods sold Gross margin Other expenses Income taxes Net income Current ratio Quick ratio A/R turnover Average collection period Inventory turnover 2022 Days to sell inventory $34,900 101,700 164,000 639,000 345,000 $149,000 300,000 779,000 757,000 402,000 $1,284,600 $1,341,000 $1,556,000 56,600 254,160 2022 21,180 17,000 $4,180 100 % 74 % $1,284,600 $1,341,000 26 % $1,059,000 $1.199,000 783,660 24 % 1.6 % 0.39 % 2022 2023 $32,000 3.2 119,000 9.5 195,000 Based on the above information, analyze the changes in the company's profitability and liquidity, in addition to the management of accounts receivable…
Har
Subject: acounting
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…
What is the Cash balance for January 1, current year (it’s highlighted) using that info