Missing amounts from financial statementsThe financial statements at the end of Wolverine Realty's first month of operations are as follows:by analyzing the interrelationships among the four financial statements, determine the proper amounts for the missing items. Use theminus sign to indicate cash outflows, cash payments, and decreases in cash in the Statement of Cash Flows.Fees earnedExpenses:Wages expenseRent expenseSupplies expenseUtilities expenseMiscellaneous expenseTotal expensesNet incomeWolverine RealtyIncome StatementFor the Month Ended April 30, 20Y0Net incomeBalances, April 1, 20Y0Issued common stockDividendsWolverine RealtyStatement of Stockholders EquityFor the Month Ended April 30, 20Y0Balances, April 30, 2010CommonStock$309.000106,000$020,00023.000RetainedEarnings125.000(491,000)$268.000$Total50125,000 DividendsBalances, April 30, 20YOCashSuppliesLandTotal assetsWolverine RealtyBalance SheetApril 30, 20Y0AssetsLiabilitiesAccounts payableCommon stockRetained earningsTotal stockholders' equityTotal liabilities and stockholders' equityStockholders' EquityCash flows from (used for) operating activities:Cash received from customersCash paid for expenses and to creditorsWolverine RealtyStatement of Cash FlowsFor the Month Ended April 30, 2010Net cash flows from operating activitiesCash flows from (used for) investing activities:Cash paid for landCash flows from (used for) financing activities:Cash received from issuing common stockNet increase (decrease) in cashCash balance, April 1, 2010Cash paid for dividendsNet cash flows from financing activities125,000$380,000125,000$461,50014,500147,000$105,000(400,500)00

Name: Missing amounts from financial statementsThe financial statements at
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: Missing amounts from financial statementsThe financial statements at the end of Wolverine Realty's first month of operations are as follows:by analyzing the interrelationships among the four financial statements, determine the proper amounts for the

Particulars Amount($)Amount($)Fees earned$754000Expenses:Wages expense$309,000Rent…

Business

Accounting

Cash Supplies Land Total assets Accounts payable Wolverine Realty Balance Sheet April 30, 20Y0 Assets Liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Wolverine Realty Statement of Cash Flows For the Month Ended April 30, 2010 Cash flows from (used for) operating activities: Cash received from customers Cash paid for expenses and to creditors Net cash flows from operating activities Cash flows from (used for) investing activities: Cash paid for land $380,000 Cash flows from (used for) financing activities: Cash received from issuing common stock Cash paid for dividends Net cash flows from financing activities Net increase (decrease) in cash Cash balance, April 1, 2010 $461,500 14,500 147,000 $105,000 (400,500) 00

Cash Supplies Land Total assets Accounts payable Wolverine Realty Balance Sheet April 30, 20Y0 Assets Liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Wolverine Realty Statement of Cash Flows For the Month Ended April 30, 2010 Cash flows from (used for) operating activities: Cash received from customers Cash paid for expenses and to creditors Net cash flows from operating activities Cash flows from (used for) investing activities: Cash paid for land $380,000 Cash flows from (used for) financing activities: Cash received from issuing common stock Cash paid for dividends Net cash flows from financing activities Net increase (decrease) in cash Cash balance, April 1, 2010 $461,500 14,500 147,000 $105,000 (400,500) 00

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

Using the information given below calculate the cash flow from financing for Year 2. Year 1 Year 2 Cash 10.0 20.0 Receivables 30.0 35.0 Net property plant and equipment 50.0 60.0 Total assets 90.0 115.0 Payables 10.0 20.0 Debt 30.0 10.0 Common stock 5.0 15.0 Retained earnings 45.0 70.0 Total liabilities and equity 90.0 115.0 Net income 32.0 48.0 Select one: (53.0) (33.0) 13.0 (13.0)
Use the following excerpts from Yardley Company's financial information. Dec. 31, 2018 Dec. 31, 2017 Cash $245,100 $225,000 Accounts Receivable 38,350 35,350 Merchandise Inventory 59,900 58,700 Land 165,000 65,000 Plant Assets 170,000 170,000 Accumulated Depreciation (49,000) (37,000) Total Assets $629,350 $517,050 Accounts Payable $29,100 $27,300 15,500 12,000 Accured Liabilities 45,000 20,000 Common Stock 539,750 457,750 Retained Earnings $629,350 $517,050 Total Liabilities and Equity Additional Information: $95,000 Net Income for 2018 12,000 Depreciation Expense for 2018 100,000 Land Purchased, for Cash 25,000 Stock Issued in Exchange for Cash, At Pat Value 13,000 Dividend Declared and Paid Prepare a statement of cash flows (indirect method) for the year 2018. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments. Yardley Company
Prepare a statement of cash flows for year 1
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 ✓
Cash Received from: Sales to customers Interest on investment Collection of note receivable Sale of investments Issuance of notes payable Sale of long-term asset Issuance of equity Cash Paid for: Purchase of inventory Interest on notes payable Purchase of equipment Salaries to employees Operating expenses Dividends to stockholders Purchase of supplies Income and property taxes Purchase of property Repurchase of stock $ 475,000 6,000 50,000 30,000 202,000 40,000 228,000 $ 33,000 5,000 18,000 140,000 25,000 20,000 3,000 11,000 400,000 8,000 The balance of cash at the beginning of 2024 was $220,000. दे Required: Prepare a statement of cash flows for the year for Shepa Incorporated, (Hint. For operating, investing, and financing activities, list the inflows and subtract the outflows to calculate net cash flows for each type of activity.) Note: Amounts to be deducted should be indicated with a minus sign.
ans in txt form
Statement of Cash Flows The comparative balance sheet of Orange Angel Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Dec. 31, Dec. 31, 20Y8 20Y7 Cash Accounts receivable (net) Merchandise inventory Assets Prepaid expenses Equipment Accumulated depreciation-equipment Total assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Mortgage note payable Common stock, $1 par Excess of paid-in capital over par Retained earnings Total liabilities and stockholders' equity $53,650 $66,100 82,440 89,100 117,780 110,440 4,800 3,350 239,920 197,870 (62,380) (48,530) $436,210 $418,330 $91,600 0 14,000 203,000 127,610 $436,210 $87,430 125,500 9,000 118,000 78,400 $418,330 Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: a. Net income, $125,980. b. Depreciation reported on the income statement, $30,270. c. Equipment was purchased at a cost of $58,470, and fully depreciated…
Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. Assets Cash Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, $2 par value GOLDEN CORPORATION Comparative Balance Sheets December 31 Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation)…
C. Cash Flow Statement Prepare a Cash Flow Statement for Red Company for the year ended December 31, 2021. Red Company Balance Sheets December 31, ASSETS LIABILITIES AND EQUITY a. b. C. Cash Accounts receivable Inventory Investments (long-term) Land Equipment. Accumulated depreciation d. e. f. Accounts payable Salaries payable Dividends payable Common stock, $10 par Paid-in capital in excess of par Retained earnings Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense Other information: Other operating expenses Total operating expenses Other income: Gain on sale of long-term investments Income before income tax Income tax expense Net income 2021 $ 186,800 250,000 293,000 0 Equipment was acquired for $78,000. Land was purchased for $290,000. The investments were sold for $190,000. 290,000 735,200 (221,800) $ 1,533,200 Red Company Income Statement Year Ended December 31, 2021 $164,800 13,400 33,200 200,000 640,000 481.800 $ 1,533,200 2020 $ 115,600 247,000…
Net cash flow from financing activities please
Sale of investments Cash collections from customers Cash purchase of used equipment Depreciation expense $ 6,500 17,200 5,700 2,100 Compute cash flows from investing activities using the above company information. Note: Amounts to be deducted should be indicated by a minus sign. Investing Activities
5 Required information Exercise 12-10A (Algo) Determining cash flows from investing activities LO 12-3 [The following information applies to the questions displayed below.] The following accounts and corresponding balances were drawn from Delsey Company's Year 2 and Year 1 year-end balance sheets: Account Title Investment securities Machinery Land Year 2 $ 103,400 521,300 145, 100 Year 1 $ 114,400 425, 100 91,800 Other information drawn from the accounting records: 1. Delsey incurred a $1,330 loss on the sale of investment securities during Year 2. 2. Old machinery with a book value of $4,130 (cost of $25,010 minus accumulated depreciation of $20,880) was sold. The income statement showed a gain on the sale of machinery of $4,980, 3. Delsey did not sell land during the year.