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Calliope Corporation Balance Sheets ASSETS: Dec. 31, 2020 Dec. 31, 2019 Cash $ 340,000 $ 180,000 Investments 55,000 145,000 Accounts Receivable 58,000 65,000 Inventory 115,000 95,000 Prepaid Rent 20,000 15,000 Property & Equipment, net 217,000 250,000 Patents, net 90,000 25,000 Total Assets $ 895,000 $ 775,000 LIABILITIES & STOCKHOLDERS' EQUITY: Accounts Payable Wages Payable $ 125,000 $ 131,000 15,000 10,000 Unearned Revenue 8,000 12,000 Notes Payable 325,000 175,000 Common Stock & APIC 300,000 300,000 Treasury Stock Retained Earnings (125,000) (25,000) 247,000 $ 895,000 172,000 Total Liabilities & Stockholders' Equity $ 775,000 Calliope Corporation Income Stmt For the Year Ended Dec 31, 2020 Additional information about the 2020 transactions: The company sold investments that had an initial cost of $90,00o for $100,000 cash. Sales Cost of Goods Sold Depreciation Expense Amortization Expense Rent Expense Wages Expense Other Operating Expenses Operating Income $1,640,000 910,000 > The company purchased new PP&E for $47,000 cash. 70,000 10,000 > The company purchased a patent for $75,000 cash. 80,000 > The company sold some of its PP&E for $4,000 cash. 220,000 The PP&E that was sold had an initial cost of 185,000 $130,000 and Accumulated Depreciation of $120,000. 165,000 nterest Expense 10,000 > The company borrowed $150,000 from a bank. Loss on Sale of PP&E 6,000 Gain on Sale of Investments 10,000 The company declared and paid $35,000 in dividends. Income before taxes 159,000 ncome Tax Expense 49,000 The company spent $100,000 repurchasing its stock. Net Income $ 110,000

Calliope Corporation Balance Sheets ASSETS: Dec. 31, 2020 Dec. 31, 2019 Cash $ 340,000 $ 180,000 Investments 55,000 145,000 Accounts Receivable 58,000 65,000 Inventory 115,000 95,000 Prepaid Rent 20,000 15,000 Property & Equipment, net 217,000 250,000 Patents, net 90,000 25,000 Total Assets $ 895,000 $ 775,000 LIABILITIES & STOCKHOLDERS' EQUITY: Accounts Payable Wages Payable $ 125,000 $ 131,000 15,000 10,000 Unearned Revenue 8,000 12,000 Notes Payable 325,000 175,000 Common Stock & APIC 300,000 300,000 Treasury Stock Retained Earnings (125,000) (25,000) 247,000 $ 895,000 172,000 Total Liabilities & Stockholders' Equity $ 775,000 Calliope Corporation Income Stmt For the Year Ended Dec 31, 2020 Additional information about the 2020 transactions: The company sold investments that had an initial cost of $90,00o for $100,000 cash. Sales Cost of Goods Sold Depreciation Expense Amortization Expense Rent Expense Wages Expense Other Operating Expenses Operating Income $1,640,000 910,000 > The company purchased new PP&E for $47,000 cash. 70,000 10,000 > The company purchased a patent for $75,000 cash. 80,000 > The company sold some of its PP&E for $4,000 cash. 220,000 The PP&E that was sold had an initial cost of 185,000 $130,000 and Accumulated Depreciation of $120,000. 165,000 nterest Expense 10,000 > The company borrowed $150,000 from a bank. Loss on Sale of PP&E 6,000 Gain on Sale of Investments 10,000 The company declared and paid $35,000 in dividends. Income before taxes 159,000 ncome Tax Expense 49,000 The company spent $100,000 repurchasing its stock. Net Income $ 110,000

FINANCIAL ACCOUNTING
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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Use the information on Page 1 to calculate the following cash received and cash paid amounts. a) How much cash did Calliope collect from customers in 2020? b) How much cash did Calliope pay for inventory in 2020? How much cash did Calliope pay for interest in 2020? d) How much cash did Calliope pay for wages in 2020? e) How much cash did Calliope pay for rent in 2020?
Transcribed Image Text:Use the information on Page 1 to calculate the following cash received and cash paid amounts. a) How much cash did Calliope collect from customers in 2020? b) How much cash did Calliope pay for inventory in 2020? How much cash did Calliope pay for interest in 2020? d) How much cash did Calliope pay for wages in 2020? e) How much cash did Calliope pay for rent in 2020?
Calliope Corporation Balance Sheets ASSETS: Dec. 31, 2020 Dec. 31, 2019 Cash $ 340,000 $ 180,000 Investments 55,000 145,000 Accounts Receivable 58,000 65,000 Inventory 115,000 95,000 Prepaid Rent Property & Equipment, net 20,000 15,000 217,000 250,000 Patents, net 90,000 25,000 Total Assets $ 895,000 $ 775,000 LIABILITIES & STOCKHOLDERS' EQUITY: Accounts Payable $ 125,000 $ 131,000 Wages Payable 15,000 10,000 Unearned Revenue 8,000 12,000 Notes Payable 325,000 175,000 Common Stock & APIC 300,000 300,000 Treasury Stock Retained Earnings (125,000) (25,000) 247,000 172,000 Total Liabilities & Stockholders' Equity $ 895,000 $ 775,000 Calliope Corporation Income Stmt For the Year Ended Dec 31, 2020 Additional information about the 2020 transactions: > The company sold investments that had an initial cost of $90,00o for $100,000 cash. Sales $1,640,000 Cost of Goods Sold 910,000 > The company purchased new PP&E for $47,000 Depreciation Expense 70,000 cash. Amortization Expense 10,000 > The company purchased a patent for $75,000 cash. Rent Expense 80,000 > The company sold some of its PP&E for $4,000 cash. Wages Expense Other Operating Expenses 220,000 The PP&E that was sold had an initial cost of 185,000 Operating Income Interest Expense $130,000 and Accumulated Depreciation of $120,000. 165,000 10,000 > The company borrowed $150,000 from a bank. Loss on Sale of PP&E 6,000 Gain on Sale of Investments 10,000 > The company declared and paid $35,000 in dividends. Income before taxes 159,000 Income Tax Expense 49,000 The company spent $100,000 repurchasing its stock. Net Income $ 110,000
Transcribed Image Text:Calliope Corporation Balance Sheets ASSETS: Dec. 31, 2020 Dec. 31, 2019 Cash $ 340,000 $ 180,000 Investments 55,000 145,000 Accounts Receivable 58,000 65,000 Inventory 115,000 95,000 Prepaid Rent Property & Equipment, net 20,000 15,000 217,000 250,000 Patents, net 90,000 25,000 Total Assets $ 895,000 $ 775,000 LIABILITIES & STOCKHOLDERS' EQUITY: Accounts Payable $ 125,000 $ 131,000 Wages Payable 15,000 10,000 Unearned Revenue 8,000 12,000 Notes Payable 325,000 175,000 Common Stock & APIC 300,000 300,000 Treasury Stock Retained Earnings (125,000) (25,000) 247,000 172,000 Total Liabilities & Stockholders' Equity $ 895,000 $ 775,000 Calliope Corporation Income Stmt For the Year Ended Dec 31, 2020 Additional information about the 2020 transactions: > The company sold investments that had an initial cost of $90,00o for $100,000 cash. Sales $1,640,000 Cost of Goods Sold 910,000 > The company purchased new PP&E for $47,000 Depreciation Expense 70,000 cash. Amortization Expense 10,000 > The company purchased a patent for $75,000 cash. Rent Expense 80,000 > The company sold some of its PP&E for $4,000 cash. Wages Expense Other Operating Expenses 220,000 The PP&E that was sold had an initial cost of 185,000 Operating Income Interest Expense $130,000 and Accumulated Depreciation of $120,000. 165,000 10,000 > The company borrowed $150,000 from a bank. Loss on Sale of PP&E 6,000 Gain on Sale of Investments 10,000 > The company declared and paid $35,000 in dividends. Income before taxes 159,000 Income Tax Expense 49,000 The company spent $100,000 repurchasing its stock. Net Income $ 110,000
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