Compartative Balance sheet for FRS Inc as of December 31st 2018a. Net Income was $120,000 for 2018b. Cash Dividend of $10,000 was declared and paidc. Common stock was issued at $16,000 in cashd. No equipment was sold during 2018, but land was sold at coste. Prepare a statement of cash flows for 2018 using the indirect methodVariance20172018ΤΥΡΕASSETSCash130,000164,000Accounts Receivable15,00025,000InventoryLand65,00083,000420,000400,000EquipmentAccum Dep- EquipTOTAL316,000341,000(11,000)(22,000)945,000981,000LIABILITIES& STOCKHOLDERS EQUITYAccounts PayableBonds PayableCommon Stock ($1 par)Retained Earnings175,000160,000400,000325,000200,000216,000280,000170,000TOTAL945,000981,000Net IncomeCash Dividends120,00010,000120,000NET INCOMEOPERATING ACTIVITI ESNet Cash provided by OperatingINVESTING ACTIVITI ESNet Cash used by InvestingFINANCING ACTIVITIESNet Cash used by FinancingNET INCREASE IN CASH

Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and…

Answered: Compartative Balance sheet for FRS Inc…

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 attached financial statements below and the additional information to prepare a Statement of Cash Flows using the indirect method. Mistletoe Inc. Statement of Financial Position As at December 31st, 2021 Assets 2021 2020 Current Cash $78,200 $39,000 FVPL Investments 110,600 54,000 Accounts receivable 144,000 72,000 Allowance for doubtful accounts (32,000) (21,000) Inventory 90,000 117,000 Total current assets $390,800 $261,000 Long-Term Assets Land $180,000 $144,000 Buildings 315,000 270,000 Equipment 264,000 185,000 Accumulated depreciation (130,000) (164,000) Total long-term assets 629,000 435,000 Total assets $1,019,800 $696,000 Liabilities and Shareholders’ Equity Current liabilities Accounts payable $45,000 $72,000 Income tax payable 32,400…
Statement of Cash Flows—Indirect Method The following balances are available for Chrisman Company: December 31 2017 2016 Cash $14,400 $18,000 Accounts receivable 36,000 27,000 Inventory 28,600 47,800 Prepaid rent 16,200 10,800 Land 135,000 135,000 Plant and equipment 720,000 540,000 Accumulated depreciation (117,000) (54,000) Totals $833,200 $724,600 Accounts payable $21,600 $18,000 Income taxes payable 5,400 9,000 Short-term notes payable 63,000 45,000 Bonds payable 135,000 180,000 Common stock 360,000 270,000 Retained earnings 248,200 202,600 Totals $833,200 $724,600 Bonds were retired during 2017 at face value, plant and equipment were acquired for cash, and common stock was issued for cash. Depreciation expense for the year was $63,000. Net income was reported at $45,600. Required: 1. Prepare a statement of cash flows for 2017 using the indirect method in the Operating Activities…
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Please prepare cash flow statement for the year ended 31 Dec 2018, show T-Account of Retained earning, Dividend payable, Dividend at 31 Dec 2018
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Question Content Area Comprehensive: Balance Sheet from Statement of Cash Flows Mills Company prepared the following balance sheet at the beginning of 2016: Balance SheetJanuary 1, 2016 Assets Liabilities and Shareholders' Equity Cash $ 1,000 Accounts payable $ 4,000 Accounts receivable (net) 3,900 Salaries payable 1,100 Inventory 4,700 Total Liabilities $ 5,100 Land 9,800 Common stock, $10 par 13,500 Buildings and equipment 68,900 Additional paid-in capital 11,200 Less: Accumulated depreciation (14,100) Retained earnings 44,400 Total Assets $ 74,200 Total Liabilities and Shareholders' Equity $74,200 At the end of 2016, Mills prepared the following statement of cash flows: Statement of Cash FlowsFor Year Ended December 31, 2016 Operating Activities: Net income $ 5,400 Adjustments for differences between income flowsand cash flows from operating activities: Add: Depreciation expense 1,900 Decrease in…
Statement of cash flows for the following: The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as follows: 1 Dec. 31, 20Y3 Dec. 31, 20Y2 2 Assets 3 Cash $155,000.00 $150,000.00 4 Accounts receivable (net) 450,000.00 400,000.00 5 Inventories 770,000.00 750,000.00 6 Investments 0.00 100,000.00 7 Land 500,000.00 0.00 8 Equipment 1,400,000.00 1,200,000.00 9 Accumulated depreciation-equipment (600,000.00) (500,000.00) 10 Total assets $2,675,000.00 $2,100,000.00 11 Liabilities and Stockholders’ Equity 12 Accounts payable (merchandise creditors) $340,000.00 $300,000.00 13 Accrued expenses payable (operating expenses) 45,000.00 50,000.00 14 Dividends payable 30,000.00 25,000.00 15 Common stock, $4 par 700,000.00 600,000.00 16 Paid-in capital in excess of par—common stock 200,000.00…
Calculate the cash operating cycle of Stone Limited for the year ended 30 April, 2018 and 2019.
Determining Cash Flows from Financing Activities Nichols Inc. reported the following amounts on its balance sheet at the end of 2019 and 2018 for equity: 12/31/2019 12/31/2018 Common stock $210,000 $135,000 Retained earnings 495,300 412,800 Required: Assume that Nichols did not retire any stock during 2019, it reported $105,610 of net income for 2019, and any dividends declared were paid in cash. Determine the amounts Nichols would report in the financing section of the statement of cash flows. Issuance of common stock $fill in the blank 1 Payment of dividends $fill in the blank 2
Financing Activities on the Statement of Cash Flows Cosmat Inc. reported net income of $128,000 for 20Y9. The liability and equity accounts from the company’s comparative balance sheet are as follows: Dec. 31, 20Y9 Dec. 31, 20Y8 Accounts payable $57,920 $53,810 Dividends payable 20,000 16,000 Bonds payable 290,000 450,000 Common stock, $10 par value 180,000 120,000 Paid-in capital in excess of par—common stock 328,000 232,000 Retained earnings 488,000 375,000 During the year, the company retired bonds payable at their face amount, declared dividends of $15,000, and issued 6,000 shares of common stock for $26 per share. Prepare the Cash Flows from (used for) Financing Activities section of the statement of cash flows. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Cosmat Inc.Statement of Cash Flows (partial) Cash flows from (used for)…

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