1 2 3 12 13 14 15 16 17 18 4 5 Accounts Receivable 6 Inventory 7 Equipment 8 Accumulated depreciation-equipment 9 10 11 19 20 31 32 33 34 1 2 3 21 22 Cost of goods sold 23 Operating expenses 24 Interest expense 25 26 27 4 5 6 7 9 15 16 17 18 19 1 2 3 4 5 28 29 Additional information: 30 1. During the year equipment originally costing $20,000 was sold for $8,000 cash 2. All depreciation expense, of $14,500, is in the operating expenses. 8 Accumulated Depr-Dec 31, 2019 6 7 8 9 10 11 12 Assets Cash 10 Add: Depreciation Expense 11 Accumulated Depr-Dec 31, 2020 12 13 14 17 18 Total 19 20 21 Liabilities and Stockholder's Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total Sales Less: 22 Loss on sale of equipment Income taxes Net income 27 28 A Equipment-Computations Equipment - Dec 31, 2019 Add: Equipment purchased Deduct: Equipment sold Equipment - Dec 31, 2020 13 14 15 Cashflow from Investing Activites 16 Equipment sold Less: Acc depr on Equipment sold NBV of Equipment sold Loss on sale of Equipment Proceeds from sale of Equipment YARDLEY COMPANY STATEMENT OF CASHFLOWS FOR THE YEAR ENDED DEC 31, 2020 Cashflow from Operating Activites Net Income Net Cash provided by operating activities Net cash provided by operating activities Yardley Company Comparative Balance Sheet December 31 Net cash used by investing activities Cashflow from Financing Activites 23 24 Net cash provided by financing activities 25 26 Net increase in cash Yardley Company Income Statement For the Year Ended December 31, 2020 Cash at the beginning of the period Cash at the end of the period 2020 $38,000 30,000 27,000 60,000 -29,000 $126,000 B $24,000 7,000 27,000 18,000 50,000 $126,000 C Notes: $20,000 14,000 20,000 78,000 -24,000 $108,000 $15,000 8,000 33,000 14,000 38,000 $108,000 2019 Incr/(Decr) $175,000 24,000 3,000 2,500 5,500 D From table above From table above D Notes: $18,000 $16,000 $7,000 -$18,000 -$5,000 $18,000 From Balance Sheet Calculate & take to investing activity From additional info, Take to table below From Balance Sheet E $9,000 -$1,000 -$6,000 $4,000 $12,000 $18,000 From Balance Sheet From additional info, take to operating activity Calculate & Take to table below From Balance Sheet A. From income statement $242,000 210,000 Calculate Calculate & take to operating activity From additional info, take to investing activity $32,000 Adjustments to Net Income: a. depreciation, gainloss on sale of assets b. changes to current assets c. changes to current liability B-Sum of adjustments to NI C=A+B E From FA Sheet From FA Sheet D-Sum of CF from Investing Changes to Long Term Liabilities And Common Stock Compute as change in Retained Earnings E=Sum of CF from Financing F=C+D+E G-From Balance Sheet H=F+G. Check if this ties to Balance Sheet

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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Question

number b) on teh first image is the same as the second picture. the second picture is almost complte, just need to fill out the yellow cells. The number c) of the first picture will be complte witn the a) and b). 

 

Can you help me?

A)
B)
C)
1
2
3
4
5
6
7
Accounts Receivable
Inventory
Equipment
8 Accumulated depreciation-equipment
9
10
11
12
13
14
15
Common stock
16 Retained earnings
17 Total
18
19
33
34
1
2
10
11
12
13
14
15
16
17
18
19
1
2
3
20
21
22
23
24 Interest expense
25
26
27
28
29 Additional information:
30 1. During the year equipment originally costing $20,000 was sold for $8,000 cash
31
2 All depreciation expense, of $14,500, is in the operating expenses.
32
3 Equipment - Dec 31, 2019
4 Add: Equipment purchased
4
5
5 Deduct: Equipment sold
6
Equipment - Dec 31, 2020
7
8 Accumulated Depr- Dec 31, 2019
9
6
7
8
Assets
Cash
9
10
11
Total
14
15
16
17
18
19
Liabilities and Stockholder's Equity
Accounts payable
Income taxes payable
Bonds payable
Sales
Less:
Cost of goods sold
Operating expenses
25
26
Loss on sale of equipment
Income taxes
Net income
Equipment - Computations
Add: Depreciation Expense
Accumulated Depr- Dec 31, 2020
Equipment sold
Less: Acc depr on Equipment sold
NBV of Equipment sold
Loss on sale of Equipment
Proceeds from sale of Equipment
A
12
13 Net cash provided by operating activities
YARDLEY COMPANY
STATEMENT OF CASHFLOWS
FOR THE YEAR ENDED DEC 31, 2020
Cashflow from Operating Activites
Net Income
Net Cash provided by operating activities
Yardley Company
Comparative Balance Sheet
December 31
Cashflow from Investing Activites
Net cash used by investing activities
20 Cashflow from Financing Activites
21
22
23
24 Net cash provided by financing activities
Yardley Company
Income Statement
For the Year Ended December 31, 2020
Net increase in cash
27 Cash at the beginning of the period
28 Cash at the end of the period
$38,000
30,000
27,000
60,000
-29,000
$126,000
B
2020
$24,000
7,000
27,000
18,000
50,000
$126,000
С
C
Notes:
$20,000
14,000
20,000
78,000
-24.000
$108,000
$15,000
8,000
33,000
14,000
38,000
$108,000
2019
$175,000
24,000
3,000
2,500
5,500
D
From table above
From table above
D
Notes:
Incr/(Decr)
$18,000
$16,000
$7,000
E
-$18,000
-$5,000
$18,000
$9,000
-$1,000
-$6,000
$4.000
From Balance Sheet
Calculate & take to investing activity
From additional info, Take to table below
From Balance Sheet
A. From income statement
$12,000
$18,000
From Balance Sheet
From additional info, take to operating activity
Calculate & Take to table below
From Balance Sheet
$242,000
210,000
Calculate
Calculate & take to operating activity
From additional info, take to investing activity
$32,000
B-Sum of adjustments to NI
C=A+B
Adjustments to Net Income:
a. depreciation, gainloss on sale of assets
b. changes to current assets
c. changes to current liability
From FA Sheet
From FA Sheet
DSum of CF from Investing
E
Changes to Long Term Liabilities
And Common Stock
F
Compute as change in Retained Earnings
E = Sum of CF from Financing
F = C+D+E
G-From Balance Sheet
H=F+G. Check if this ties to Balance Sheet
Transcribed Image Text:A) B) C) 1 2 3 4 5 6 7 Accounts Receivable Inventory Equipment 8 Accumulated depreciation-equipment 9 10 11 12 13 14 15 Common stock 16 Retained earnings 17 Total 18 19 33 34 1 2 10 11 12 13 14 15 16 17 18 19 1 2 3 20 21 22 23 24 Interest expense 25 26 27 28 29 Additional information: 30 1. During the year equipment originally costing $20,000 was sold for $8,000 cash 31 2 All depreciation expense, of $14,500, is in the operating expenses. 32 3 Equipment - Dec 31, 2019 4 Add: Equipment purchased 4 5 5 Deduct: Equipment sold 6 Equipment - Dec 31, 2020 7 8 Accumulated Depr- Dec 31, 2019 9 6 7 8 Assets Cash 9 10 11 Total 14 15 16 17 18 19 Liabilities and Stockholder's Equity Accounts payable Income taxes payable Bonds payable Sales Less: Cost of goods sold Operating expenses 25 26 Loss on sale of equipment Income taxes Net income Equipment - Computations Add: Depreciation Expense Accumulated Depr- Dec 31, 2020 Equipment sold Less: Acc depr on Equipment sold NBV of Equipment sold Loss on sale of Equipment Proceeds from sale of Equipment A 12 13 Net cash provided by operating activities YARDLEY COMPANY STATEMENT OF CASHFLOWS FOR THE YEAR ENDED DEC 31, 2020 Cashflow from Operating Activites Net Income Net Cash provided by operating activities Yardley Company Comparative Balance Sheet December 31 Cashflow from Investing Activites Net cash used by investing activities 20 Cashflow from Financing Activites 21 22 23 24 Net cash provided by financing activities Yardley Company Income Statement For the Year Ended December 31, 2020 Net increase in cash 27 Cash at the beginning of the period 28 Cash at the end of the period $38,000 30,000 27,000 60,000 -29,000 $126,000 B 2020 $24,000 7,000 27,000 18,000 50,000 $126,000 С C Notes: $20,000 14,000 20,000 78,000 -24.000 $108,000 $15,000 8,000 33,000 14,000 38,000 $108,000 2019 $175,000 24,000 3,000 2,500 5,500 D From table above From table above D Notes: Incr/(Decr) $18,000 $16,000 $7,000 E -$18,000 -$5,000 $18,000 $9,000 -$1,000 -$6,000 $4.000 From Balance Sheet Calculate & take to investing activity From additional info, Take to table below From Balance Sheet A. From income statement $12,000 $18,000 From Balance Sheet From additional info, take to operating activity Calculate & Take to table below From Balance Sheet $242,000 210,000 Calculate Calculate & take to operating activity From additional info, take to investing activity $32,000 B-Sum of adjustments to NI C=A+B Adjustments to Net Income: a. depreciation, gainloss on sale of assets b. changes to current assets c. changes to current liability From FA Sheet From FA Sheet DSum of CF from Investing E Changes to Long Term Liabilities And Common Stock F Compute as change in Retained Earnings E = Sum of CF from Financing F = C+D+E G-From Balance Sheet H=F+G. Check if this ties to Balance Sheet
A1
2222
21
23
3 Y
24
25
26
100%
1 Equipment - Computations
2
3 Equipment - Dec 31, 2019
4 Add: Equipment purchased
5
Deduct: Equipment sold
6
Equipment - Dec 31, 2020
7
8
9
10
11
12
13
14
15
16
17
18
19
20
O View only
fx Equipment - Computations
A
Accumulated Depr- Dec 31, 2019
Add: Depreciation Expense
Deduct: Acc Depr on Equipment sold
Accumulated Depr- Dec 31, 2020
Equipment sold
Less: Acc depr on Equipment sold
NBV of Equipment sold
Loss on sale of Equipment
Proceeds from sale of Equipment
B
$78,000
$20,000
$60,000
$24,000
$14,500
$29,000
$20,000
$2,500
$8,000
C
Notes:
D
From Balance Sheet
Calculate & take to investing activity
From additional info, Take to table below
Fro Balan Sh
From Balance Sheet
From additional info, take to operating activity
Calculate & Take to table below
From Balance Sheet
From table above
From table above
Calculate
Calculate & take to operating activity
From additional info, take to investing activity
E
Transcribed Image Text:A1 2222 21 23 3 Y 24 25 26 100% 1 Equipment - Computations 2 3 Equipment - Dec 31, 2019 4 Add: Equipment purchased 5 Deduct: Equipment sold 6 Equipment - Dec 31, 2020 7 8 9 10 11 12 13 14 15 16 17 18 19 20 O View only fx Equipment - Computations A Accumulated Depr- Dec 31, 2019 Add: Depreciation Expense Deduct: Acc Depr on Equipment sold Accumulated Depr- Dec 31, 2020 Equipment sold Less: Acc depr on Equipment sold NBV of Equipment sold Loss on sale of Equipment Proceeds from sale of Equipment B $78,000 $20,000 $60,000 $24,000 $14,500 $29,000 $20,000 $2,500 $8,000 C Notes: D From Balance Sheet Calculate & take to investing activity From additional info, Take to table below Fro Balan Sh From Balance Sheet From additional info, take to operating activity Calculate & Take to table below From Balance Sheet From table above From table above Calculate Calculate & take to operating activity From additional info, take to investing activity E
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Follow-up Question

Can yous show me what formulas and the calculations for the follwoing; 

1) How did you get to the 2,000? What formulas?

Decrease in Income Tax Payable  $     (1,000)  $      2,000

 

2) Net cash provided by operating activities

3) Net cash used by investing activities

4) Net cash provided by financing activities

5) Net increase in cash

6) Cash at the end of the period

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