Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $103 $32 Accounts receivable (net) 58 40 Inventories 37 22 Land 84 93 Equipment 47 35 Accumulated depreciation-equipment (13) (7) Total Assets $316 $215 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $40 $32 Dividends payable 6 Common stock, $1 par 21 10 Excess of paid-in capital over par 54 25 Retained earnings 195 148 Total liabilities and stockholders' equity $316 $215 The following additional information is taken from the records: 1. Land was sold for $23. 2. Equipment was acquired for cash. 3. There were no disposals of equipment during the year. 4. The common stock was issued for cash. 5. There was a $68 credit to Retained Earnings for net income. 6. There was a $21 debit to Retained Earnings for cash dividends declared. a. Prepare a statement of cash flows, using the indirect method of presenting Cash flows from (used for) operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.

Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $103 $32 Accounts receivable (net) 58 40 Inventories 37 22 Land 84 93 Equipment 47 35 Accumulated depreciation-equipment (13) (7) Total Assets $316 $215 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $40 $32 Dividends payable 6 Common stock, $1 par 21 10 Excess of paid-in capital over par 54 25 Retained earnings 195 148 Total liabilities and stockholders' equity $316 $215 The following additional information is taken from the records: 1. Land was sold for $23. 2. Equipment was acquired for cash. 3. There were no disposals of equipment during the year. 4. The common stock was issued for cash. 5. There was a $68 credit to Retained Earnings for net income. 6. There was a $21 debit to Retained Earnings for cash dividends declared. a. Prepare a statement of cash flows, using the indirect method of presenting Cash flows from (used for) operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.

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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Accounts payable 919 Accounts receivable 631 Accumulated depreciation 1,813 Cash 729 Common stock 1,387 Cost of goods sold 7,578 Current portion of long-term debt 24 Depreciation expense 108 Dividends 13 Goodwill and other long-term assets 2,627 Income tax expense 24 Income taxes payable 12 Interest expense 54 Interest revenue 11 Inventories 930 Long-term liabilities 1,585 Prepaid expenses and other current assets 65 Property and equipment 2,389 Retained earnings 825 Sales 9,710 Selling, general, and administrative expenses 2,276 Unearned revenue 990 Wages payable 148 Prepare the balance sheet.
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Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $159 $51 Accounts receivable (net) 90 63 Inventories 57 35 Land 129 143 Equipment 73 55 Accumulated depreciation-equipment (20) (10) Total Assets $488 $337 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $61 $51 Dividends payable 10 - Common stock, $1 par 32 16 Paid-in capital: Excess of issue price over par—common stock 81 39 Retained earnings 304 231 Total liabilities and stockholders' equity $488 $337 The following additional information is taken from the records: Land was sold for $35. Equipment was acquired for cash. There were no disposals of equipment during the year. The common stock was issued for cash. There was a $105 credit to Retained Earnings for net income. There was a $32 debit to Retained Earnings for cash dividends declared. a. Prepare a statement of cash flows, using the indirect method of…
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2 Skipped eBook Balance sheet: Cash Accounts receivable (net) Inventory Property & equipment (net) Other assets Total assets Current liabilities Long-term debt (interest rate: 10%) Capital stock ($10 par value) Additional paid-in capital Retained earnings Total liabilities and stockholders' equity Income statement: Sales revenue (1/3 on credit) Cost of goods sold. Operating expenses Net income Other data: Per share stock price at end of current year Average income tax rate Dividends declared and paid in current year Blue Water $ 42,800 47,000 90,000 167,000 85,800 S 432,600 S 90,000 77,600 160,600 30,800 73,600 $ 432,600 $ 420,000 (232,000) (164,600) S 23,400 S 23.8 30% $ 34,800 Prime Fish $ 19,200 36,400 50,800 422,600 323,000 $ 852,000 $76,000 63,600 530,000 107,800 74,600 $ 852,000 $ 784,000 (401,800) (312,800) $ 69,400 $ $ 157,000 33 30% Both companies are in the fish catching and manufacturing business. Both have been in business approximately 10 years, and each has had steady…
Required information [The following information applies to the questions displayed below] 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 GOLDEN CORPORATION Comparative Balance Sheets December 31 Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable. Income taxes payable. Total current liabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity GOLDEN CORPORATION Income Statement For Current Year Ended…
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Comparative Balance Sheet Ending Beginning Balance Balance Assets: Current assets: Cash and cash equivalents $ 42 $ 43 Accounts receivable 75 74 Inventory 54 52 Total current assets 171 169 Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment 612 515 243 276 369 239 Total assets $ 540 $ 408 Liabilities and stockholders' equity: Current liabilities: Accounts payable $ 49 $ 53 Accrued liabilities 26 25 Income taxes payable 54 58 Total current liabilities 129 136 Bonds payable 61 55 Total liabilities 190 191 Stockholders' equity: Common stock 36 35 Retained earnings Total stockholders' equity 314 182 350 217 Total liabilities and stockholders' equity $ 540 $ 408