Birtle Corporation reports the following statement of financial position information for 2017 and 2018. BIRTLE CORPORATION 2017 and 2018 Statement of Financial Position Assets Liabilities and Owners’ Equity 2017 2018 2017 2018 Current assets Current liabilities Cash $ 9,279 $ 11,173 Accounts payable $ 41,060 $ 43,805 Accounts receivable 23,683 25,760 Notes payable 16,157 16,843 Inventory 42,636 46,915 Total $ 75,598 $ 83,848 Total $ 57,217 $ 60,648 Long-term debt $ 40,000 $ 35,000 Fixed assets Owners’ equity Net plant and equipment $ 272,047 $ 297,967 Common stock and paid-in surplus $ 50,000 $ 50,000 Retained earnings 200,428 236,167 Total $ 250,428 $ 286,167 Total assets $ 347,645 $ 381,815 Total liabilities and owners’ equity $ 347,645 $ 381,815 For each account on Birtle Corporation’s statement of financial position, show the change in the account during 2018 and note whether this change was a source or use of cash. (If there is no action select "None" from the dropdown options. Do not leave any empty spaces; input a 0 wherever it is required. Negative answers should be indicated by a minus sign. Omit $ sign in your response.) 2017 Change Sources/Uses 2018 Assets Current assets Cash $ 9,279 $ - $ 11,173 Accounts receivable 23,683 25,760 Inventory 42,636 46,915 Total $ 75,598 $ $ 83,848 Fixed assets Net plant and equipment $ 272,047 $ $ 297,967 Total assets $ 347,645 $ $ 381,815 Liabilities and Owners’ Equity Current liabilities Accounts payable $ 41,060 $ $ 43,805 Notes payable 16,157 16,843 Total $ 57,217 $ $ 60,648 Long-term debt $ 40,000 $ $ 35,000 Owners' equity Common stock and paid-in surplus $ 50,000 $ $ 50,000 Accumulated retained earnings 200,428 236,167 Total $ 250,428 $ $ 286,167 Total liabilities and owners' equity $ 347,645 $

Birtle Corporation reports the following statement of financial position information for 2017 and 2018. BIRTLE CORPORATION 2017 and 2018 Statement of Financial Position Assets Liabilities and Owners’ Equity 2017 2018 2017 2018 Current assets Current liabilities Cash $ 9,279 $ 11,173 Accounts payable $ 41,060 $ 43,805 Accounts receivable 23,683 25,760 Notes payable 16,157 16,843 Inventory 42,636 46,915 Total $ 75,598 $ 83,848 Total $ 57,217 $ 60,648 Long-term debt $ 40,000 $ 35,000 Fixed assets Owners’ equity Net plant and equipment $ 272,047 $ 297,967 Common stock and paid-in surplus $ 50,000 $ 50,000 Retained earnings 200,428 236,167 Total $ 250,428 $ 286,167 Total assets $ 347,645 $ 381,815 Total liabilities and owners’ equity $ 347,645 $ 381,815 For each account on Birtle Corporation’s statement of financial position, show the change in the account during 2018 and note whether this change was a source or use of cash. (If there is no action select "None" from the dropdown options. Do not leave any empty spaces; input a 0 wherever it is required. Negative answers should be indicated by a minus sign. Omit $ sign in your response.) 2017 Change Sources/Uses 2018 Assets Current assets Cash $ 9,279 $ - $ 11,173 Accounts receivable 23,683 25,760 Inventory 42,636 46,915 Total $ 75,598 $ $ 83,848 Fixed assets Net plant and equipment $ 272,047 $ $ 297,967 Total assets $ 347,645 $ $ 381,815 Liabilities and Owners’ Equity Current liabilities Accounts payable $ 41,060 $ $ 43,805 Notes payable 16,157 16,843 Total $ 57,217 $ $ 60,648 Long-term debt $ 40,000 $ $ 35,000 Owners' equity Common stock and paid-in surplus $ 50,000 $ $ 50,000 Accumulated retained earnings 200,428 236,167 Total $ 250,428 $ $ 286,167 Total liabilities and owners' equity $ 347,645 $

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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Birtle Corporation reports the following statement of financial position information for 2017 and 2018.

BIRTLE CORPORATION 2017 and 2018 Statement of Financial Position
Assets		Liabilities and Owners’ Equity
	2017		2018		2017	2018
Current assets							Current liabilities
Cash	$	9,279		$	11,173		Accounts payable	$	41,060	$	43,805
Accounts receivable		23,683			25,760		Notes payable		16,157		16,843
Inventory		42,636			46,915
Total	$	75,598		$	83,848		Total	$	57,217	$	60,648
							Long-term debt	$	40,000	$	35,000
Fixed assets							Owners’ equity
Net plant and equipment	$	272,047		$	297,967		Common stock and paid-in surplus	$	50,000	$	50,000
							Retained earnings		200,428		236,167
							Total	$	250,428	$	286,167
Total assets	$	347,645		$	381,815		Total liabilities and owners’ equity	$	347,645	$	381,815

For each account on Birtle Corporation’s statement of financial position, show the change in the account during 2018 and note whether this change was a source or use of cash. (If there is no action select "None" from the dropdown options. Do not leave any empty spaces; input a 0 wherever it is required. Negative answers should be indicated by a minus sign. Omit $ sign in your response.)

	2017		Change	Sources/Uses	2018
Assets
Current assets
Cash	$	9,279		$		-	$	11,173
Accounts receivable		23,683						25,760
Inventory		42,636						46,915
Total	$	75,598		$			$	83,848

Fixed assets
Net plant and equipment	$	272,047		$			$	297,967
Total assets	$	347,645		$			$	381,815
Liabilities and Owners’ Equity
Current liabilities
Accounts payable	$	41,060		$			$	43,805
Notes payable		16,157						16,843
Total	$	57,217		$			$	60,648
Long-term debt	$	40,000		$			$	35,000
Owners' equity
Common stock and paid-in surplus	$	50,000		$			$	50,000
Accumulated retained earnings		200,428						236,167
Total	$	250,428		$			$	286,167
Total liabilities and owners' equity	$	347,645		$

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