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Spreadsheet and Statement Total Liabilities and Shareholders' Equity $3,200 $3,990 The following 2016 information is avallable for Stewart Company: Partial additional information: • The equipment that was sold for cash had cost $400 and had a book value of $300. • Land that was sold brought a cash price of $530. • Fifty shares of stock were issued at par. Condensed Income Statement for 2016 Sales $9,000 Cost of goods sold (6,000) Required: Other expenses (2.000) Making whatever additional assumptions that are necessary, Loss on sale of equipment (260) Gain on sale of land 1. Prepare a spreadsheet to support a 2016 statement of cash flows for Stewart. If an amount is zero, enter "o". 400 Net income $1,140 STEWART COMPANY Cash Flows Worksheet For Year Ended December 31, 2016 Worksheet Worksheet Comparative Balance Sheets Balances Balances Balances Entries Entries December 31, December 31, 12/31/2015 12/31/2016 Change Debit Credit Debits 2015 2016 Cash Cash $700 $1,130 Noncash Accounts: Accounts receivable 450 310 Accounts receivable Inventory 350 400 Inventory Land 300 500 Land Equipment 1,600 1,800 Equipment Less: Accumulated depreciation (200) (150) Totals Total Assets $3,200 $3,990 Credits Accumulated depreciation Accounts payable $600 $750 Accounts payable Bonds payable (due 1/1/2018) 1,000 1,000 Bonds pay. (due 1/1/2021) Common stock, $10 par 900 1,400 Common stock, $10 par Retained earnings 700 840 Retained earnings

Spreadsheet and Statement Total Liabilities and Shareholders' Equity $3,200 $3,990 The following 2016 information is avallable for Stewart Company: Partial additional information: • The equipment that was sold for cash had cost $400 and had a book value of $300. • Land that was sold brought a cash price of $530. • Fifty shares of stock were issued at par. Condensed Income Statement for 2016 Sales $9,000 Cost of goods sold (6,000) Required: Other expenses (2.000) Making whatever additional assumptions that are necessary, Loss on sale of equipment (260) Gain on sale of land 1. Prepare a spreadsheet to support a 2016 statement of cash flows for Stewart. If an amount is zero, enter "o". 400 Net income $1,140 STEWART COMPANY Cash Flows Worksheet For Year Ended December 31, 2016 Worksheet Worksheet Comparative Balance Sheets Balances Balances Balances Entries Entries December 31, December 31, 12/31/2015 12/31/2016 Change Debit Credit Debits 2015 2016 Cash Cash $700 $1,130 Noncash Accounts: Accounts receivable 450 310 Accounts receivable Inventory 350 400 Inventory Land 300 500 Land Equipment 1,600 1,800 Equipment Less: Accumulated depreciation (200) (150) Totals Total Assets $3,200 $3,990 Credits Accumulated depreciation Accounts payable $600 $750 Accounts payable Bonds payable (due 1/1/2018) 1,000 1,000 Bonds pay. (due 1/1/2021) Common stock, $10 par 900 1,400 Common stock, $10 par Retained earnings 700 840 Retained earnings

FINANCIAL ACCOUNTING
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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Spreadsheet and Statement Total Liabilities and Shareholders' Equity $3,200 $3,990 The following 2016 information is available for Stewart Company: Partial additional information: The equipment that was sold for cash had cost $400 and had a book value of $300. Land that was sold brought a cash price of $530. Fifty shares of stock were issued at par. Condensed Income Statement for 2016 Sales $9,000 Cost of goods sold (6,000) Required: Other expenses (2,000) Making whatever additional assumptions that are necessary, Loss on sale of equipment (260) Gain on sale of land 400 1. Prepare a spreadsheet to support a 2016 statement of cash flows for Stewart. If an amount is zero, enter "0". Net income $1,140 STEWART COMPANY Cash Flows Worksheet For Year Ended December 31, 2016 Worksheet Worksheet Comparative Balance Sheets Balances Balances Balances Entries Entries December 31, December 31, 12/31/2015 12/31/2016 Change Debit Credit Debits 2015 2016 Cash Cash $700 $1,130 Noncash Accounts: Accounts receivable 450 310 Accounts receivable Inventory 350 400 Inventory Land 300 500 Land Equipment 1,600 1,800 Equipment Less: Accumulated depreciation (200) (150) Totals Total Assets $3,200 $3,990 Credits Accumulated depreciation Accounts payable $600 $750 Accounts payable Bonds payable (due 1/1/2018) 1,000 1,000 Bonds pay. (due 1/1/2021) Common stock, $10 par 900 1,400 Common stock, $10 par Retained earnings 700 840 Retained earnings
Transcribed Image Text:Spreadsheet and Statement Total Liabilities and Shareholders' Equity $3,200 $3,990 The following 2016 information is available for Stewart Company: Partial additional information: The equipment that was sold for cash had cost $400 and had a book value of $300. Land that was sold brought a cash price of $530. Fifty shares of stock were issued at par. Condensed Income Statement for 2016 Sales $9,000 Cost of goods sold (6,000) Required: Other expenses (2,000) Making whatever additional assumptions that are necessary, Loss on sale of equipment (260) Gain on sale of land 400 1. Prepare a spreadsheet to support a 2016 statement of cash flows for Stewart. If an amount is zero, enter "0". Net income $1,140 STEWART COMPANY Cash Flows Worksheet For Year Ended December 31, 2016 Worksheet Worksheet Comparative Balance Sheets Balances Balances Balances Entries Entries December 31, December 31, 12/31/2015 12/31/2016 Change Debit Credit Debits 2015 2016 Cash Cash $700 $1,130 Noncash Accounts: Accounts receivable 450 310 Accounts receivable Inventory 350 400 Inventory Land 300 500 Land Equipment 1,600 1,800 Equipment Less: Accumulated depreciation (200) (150) Totals Total Assets $3,200 $3,990 Credits Accumulated depreciation Accounts payable $600 $750 Accounts payable Bonds payable (due 1/1/2018) 1,000 1,000 Bonds pay. (due 1/1/2021) Common stock, $10 par 900 1,400 Common stock, $10 par Retained earnings 700 840 Retained earnings
Totals Cash Flow From Operating Activities Net income Add: Decrease in accounts receivable Add: Loss on sale of equipment Add: Depreciation expense Add: Increase in accounts payable Less: Increase in inventory Less: Gain on sale of land Cash Flows From Investing Activities Proceeds from sale of land Payment for purchase of land Proceeds from sale of equipment Adjustments for cash flow effects from working capital items: Payment for purchase of equipment Cash Flows From Financing Activities Proceeds from issuance of common stock Payment of dividends Net increase in cash Investing Activities: Totals 2. Prepare the statement of cash flows. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments. STEWART COMPANY Statement of Cash Flows For Year Ended December 31, 2016 Operating Activities: Financing Activities: Adjustment for noncash income items: Cash, January 1, 2016 Cash, December 31, 2016
Transcribed Image Text:Totals Cash Flow From Operating Activities Net income Add: Decrease in accounts receivable Add: Loss on sale of equipment Add: Depreciation expense Add: Increase in accounts payable Less: Increase in inventory Less: Gain on sale of land Cash Flows From Investing Activities Proceeds from sale of land Payment for purchase of land Proceeds from sale of equipment Adjustments for cash flow effects from working capital items: Payment for purchase of equipment Cash Flows From Financing Activities Proceeds from issuance of common stock Payment of dividends Net increase in cash Investing Activities: Totals 2. Prepare the statement of cash flows. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments. STEWART COMPANY Statement of Cash Flows For Year Ended December 31, 2016 Operating Activities: Financing Activities: Adjustment for noncash income items: Cash, January 1, 2016 Cash, December 31, 2016
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