Cash and cash equivalents, December 31 prior year-end Cash and cash equivalents, December 31 current year-end Cash received as interest Cash paid for salaries Bonds payable retired by issuing common stock (no gain or loss on retirement) Cash paid to retire long-term notes payable Cash received from sale of equipment Land purchased by issuing long-term notes payable Cash paid for store equipment Cash dividends paid. Cash paid for other expenses Cash received from customers Cash paid for inventory $ 46,000 129,352 4,600 133,400 145,000 230,000 112,700 84,100 43,700 27,600 73,600 892,400 464,048 Use the above information about Ferron Company to prepare a complete statement of cash flows (direct method for the current year ended December 31. Use a note disclosure for any noncash investing and financing activities. (Amounts to be deducted should be indicated with a minus sign.)

Cash and cash equivalents, December 31 prior year-end Cash and cash equivalents, December 31 current year-end Cash received as interest Cash paid for salaries Bonds payable retired by issuing common stock (no gain or loss on retirement) Cash paid to retire long-term notes payable Cash received from sale of equipment Land purchased by issuing long-term notes payable Cash paid for store equipment Cash dividends paid. Cash paid for other expenses Cash received from customers Cash paid for inventory $ 46,000 129,352 4,600 133,400 145,000 230,000 112,700 84,100 43,700 27,600 73,600 892,400 464,048 Use the above information about Ferron Company to prepare a complete statement of cash flows (direct method for the current year ended December 31. Use a note disclosure for any noncash investing and financing activities. (Amounts to be deducted should be indicated with a minus sign.)

Name: Cash and cash equivalents, December 31 prior year-endCash and cash eq
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Description: Cash and cash equivalents, December 31 prior year-endCash and cash equivalents, December 31 current year-endCash received as interestCash paid for salaries.Bonds payable retired by issuing common stock (no gain or loss on retirement)Cash paid to ret

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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Cash Accounts receivable Equipment, net Land Total assets Percent change = Compute the annual dollar changes and percent changes for each of the following items. Note: Decreases should be entered with a minus sign. Round your percentage answers to one decimal place. Cash Accounts receivable Equipment, net Land Total assets $ Current Year $ 11,700 62,000 60,000 99,500 $ 233,200 $ Prior Year $ 14,600 27,500 53,000 74,000 $ 169,100 Horizontal Analysis - Calculation of Percent Change I Numerator: Current Year Prior Year S 11,700 14,600 62,000 27,500 60,000 53,000 99,500 74,000 233,200 $ 169,100 Denominator: Dollar Change Percent Chang
Statement of Cash Flows The following is a list of the items for Lombardo Company's 2019 statement of cash flows: a. depreciation expense, $4,300 b. proceeds from sale of land, $5,500 c. payment of dividends, $5,000 d. net income, $8,000 e. conversion of bonds to common stock, $7,000 f. increase in accounts payable, $3,000 Required: Prepare the statement of cash flows. Use a minus sign to indicate cash outflows, a decrease in cash or cash payments. LOMBARDO COMPANY Statement of Cash Flows For Year Ended December 31, 2019 Operating Activities: Net income Adjustment for noncash income items: Add: Depreciation expense Less: Gain on sale of land Adjustments for cash flow effects from working capital items: g. proceeds from issuance of note, $6,100 h. gain on sale of land, $1,900 i. payment for purchase of building, $13,000 j. increase in accounts receivable, $2,800 k. ending cash balance, $14,000 Tunne 8,000 4,300 -1,900 0.000 ✓
3 ook rences Exercise 16-21B (Algo) Direct: Preparing statement of cash flows and supporting note LO P5 Cash and cash equivalents, December 31 prior year-end Cash and cash equivalents, December 31 current year-end Cash received as interest Cash paid for salaries Bonds payable retired by issuing common stock (no gain or loss on retirement) Cash paid to retire long-term notes payable Cash received from sale of equipment Land purchased by issuing long-term notes payable Cash paid for store equipment Cash dividends paid Cash paid for other expenses Cash received from customers Cash paid for inventory FERRON COMPANY Statement of Cash Flows For Year Ended December 31 Use the above information about Ferron Company to prepare a complete statement of cash flows (direct method) for the current year ended December 31. Use a note disclosure for any noncash investing and financing activities. Note: Amounts to be deducted should be indicated with a minus sign. Cash flows from operating activities $…
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Balance Sheet at December 31 Cash Accounts Receivable Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Notes Payable (long-terel Common Stock Retained Earnings Total Liabilities and Stockholders' F Equity Income Statement Service Revenue Salaries and Wages Expense Depreciation Expense Income Tax Expense Net Income HEADS UP COMPANY Statement of Cash Flows For the Year Ended December 21 Cash Flows from Operating Activities Cash Collected from Customers Clash Paid for Income Tax Cash Paid for Salaries and Wages to Employees Cash Paid for Other Operating Expenses Activities Net Cash Provided by Operating Additional Data: a Bought new hockey equipment for cash, $470 b Borrowed $1000 cash from the bank during the year c Accounts Payable includes only purchases of services made on credit for operating purposes. Because there are no liability accounts relating to income tax, assume that this expense was fully paid in cash Required: 1.…
balances 1-1-2020 cash account receivable supplies equipment (purchased 1-1-2019) accumelated depreciation unearned service revenues note payable (12% issued 31-12-2019 for 3 years) shared capital balance retained earning transactions during 2020 supplies purchased for cash services performed (1/3 of it on account) salaries expense for cash rent expenses for cash utilities expense for cash additional investment by owners for cash dividends paid for cash information relate to adjusting entries (31-12-2020) accrued salaries unpaid supplies on hand 31-12-2020 2/3 of unearned service revenues become earned do not forget adjusting entries for depreciation & interest answer the following questions relate to 31-12-2020: (رقم الطالب الجامعي)your student id | what is the total debit on the trial balance what is the total credit on adjusted trial balance what is the total debit on after closing trial balance what is the total expenses that will appear in 2020 income statement what is the total…
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Cash Flows from Financing Activities: Payment of short-term debt Payment of notes payable Proceeds from Issuance of long-term debt Proceeds from Issuance of common stock Payment of cash dividends on common stock Net cash provided by financing activities Net decrease in cash for the year Assets Cash Accounts receivable Merchandise inventory Total current assets Land Buildings Less: Accumulated depreciation Total land and buildings Total assets Liabilities Accounts payable Short-term deb HARRIS INC. Balance Sheet At December 31, 2019 Notes payable Total current liabilities Long-term debt Stockholders' Equity Common stock, no par Retained earnings Total Stockholders' Equity Total liabilities and Stockholders Equity Required A Required B Accote: Current st Cash Accounts receivable Merchandise inventory Totalcument assets Noncurent assets: Land Buildings Less: Accumulated depreciation Total noncurent assets Total assets Liabilities and stockholders' Equity: Current liabilities: Accounts…
January February March Sales $100,000 $121,000 $165,000 Manufacturing costs 42,000 52,000 59,000 Selling and administrative expenses 29,000 33,000 36,000 Capital expenditures 40,000 The company expects to sell about 15% of its merchandise for cash. Of sales on account, 65% are expected to be collected in full in the month following the sale and the remainder the following month. Depreciation, insurance, and property tax expense represent $8,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in June, and the annual property taxes are paid in October. Of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following month. All sales and administrative expenses are paid in the month incurred. Current assets as of January 1 include cash of $38,000, marketable securities of $54,000, and accounts receivable of $116,000 ($88,000 from December sales and $28,000 from November…
Boston Accounting Services provides accounting services to small businesses. The following data relate to the preparation of a master budget for January 2017. 1. At the end of 2016, the company's general ledger indicated the following balances: Cash Accounts receivable Equipment (net) Total $ 62,000 48,000 80,000 $190,000 Accounts payable Note payable Common stock Retained earnings $ 40,000 10,000 50,000 90,000 $190,000 2. Revenue in December 2016 was $80,000, and revenue budgeted for January 2017 is $70,000. 3. Forty percent of revenue is collected in the month earned, and 60 percent is collected in the subsequent month. The receivable balance at the end of 2016 reflects revenue earned in December 2016. 4. Monthly expenses (excluding interest expense) are budgeted as follows: salaries, $50,000; rent, $3,000; depreciation of equipment, $3,000; utilities, $1,000; other, $2,000. REQUIRED Complete the following budgets: 5. Expenses are paid in the month incurred. Purchases of equipment…