statement are provided below, along with additional information. Current Year Balance Sheet at December 31 Cash Accounts Receivable Equipment Less: Accumulated Depreciation Accounts Payable Wages Payable Long-Term Bank Loan Payable Contributed Capital Retained Earnings Income Statement (current year). Lessons Revenue Wages Expense Depreciation Expense Income Tax Expense Net Income $ 6,000 1,000 5,500 (1,500) $11,000 $ 500 500 1,500 5,000 3,500 $11,000 $37,500 35,000 250 1,000 $1,250 Additional notes: a. Bought new hockey equipment for cash, $500. b. Borrowed $1,000 cash from the bank during the year. Account Re Prior Year $4,000 1,750 5,000 (1,250) $ 9,500 $ 1,000 750 500 5,000 2,250 $ 9,500

statement are provided below, along with additional information. Current Year Balance Sheet at December 31 Cash Accounts Receivable Equipment Less: Accumulated Depreciation Accounts Payable Wages Payable Long-Term Bank Loan Payable Contributed Capital Retained Earnings Income Statement (current year). Lessons Revenue Wages Expense Depreciation Expense Income Tax Expense Net Income $ 6,000 1,000 5,500 (1,500) $11,000 $ 500 500 1,500 5,000 3,500 $11,000 $37,500 35,000 250 1,000 $1,250 Additional notes: a. Bought new hockey equipment for cash, $500. b. Borrowed $1,000 cash from the bank during the year. Account Re Prior Year $4,000 1,750 5,000 (1,250) $ 9,500 $ 1,000 750 500 5,000 2,250 $ 9,500

Name: ncesRequirea:1. Prepare the statement of cash flows for the year ende
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Description: ncesRequirea:1. Prepare the statement of cash flows for the year ended December 31 using the direct method. (Amounts to be deducted should beindicated by a minus sign.)HEADS UP COMPANYStatement of Cash FlowsFor the Year Ended December 31Cash flows f

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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The Cash and Accounts Receivable end-of-year balances for a company are provided below. Current Year Prior Year Cash $45,537 $35,300 Accounts receivable (net) 35,900 71,800 Based on this information, what is the amount and percentage of increase or decrease that would be shown with horizontal analysis? Enter a decrease using a minus sign before the amount and the percentage. Account Dollar Change Percent Change Cash $fill in the blank 1 fill in the blank 2 % Accounts Receivable $fill in the blank 4 fill in the blank 5 % increase,decrease
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If Accounts receivable increase by R.O.100,000. Income reported the income statement for the year was R.O.2,800,000. Excluding of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is Select one: a. R.O.3,500,000b. R.O.2,800,000 c R.O.2,700,000 d. R.O.2,900,000
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Year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Inventory Prepaid rent Current Year 1 Year Ago 2 Years Ago $ 26,725 77,457 $ 31,858 95,459 8,436 240,403 30,967 41,290 43,529 52,503 73,671 8,200 220,389 3,372 193,642 $ 312,800 $ 42,115 69,129 162,500 Machinery, net Total assets $ 448,480 $ 386,621 Liabilities and Equity Accounts payable $ 110,555 Long-term notes payable 83,471 $ 65,992 88,034 Common stock 162,500 Retained earnings 91,954 162,500 70,095 39,056 Total liabilities and equity $ 448,480 $ 386,621 $ 312,800 Complete this question by entering your answers in the tabs below. Required 3A Required 3B Compute times interest earned for the current year and one year ago. Current Year 1 Year Ago Times Interest Earned Choose Numerator: / Choose Denominator: I II 11 Times interest earned times times
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1. The balance sheet of Ysabel coffee shop for selected years is presented below: Cash Accounts Receivables, net Inventories Prepaid Rent Total Current Assets Equipment and Fixtures Less: Accumulated Depreciation Total Fixed Assets TOTAL ASSETS Accounts Payable Notes Payable Accruals Total Current Liabilities Long-term Debt Owner's Capital TOTAL LIABILITIES AND CAPITAL .Year 2 299,896 ? 500,009 44 Page 1,894,559 220,000 1.280,961 406,728 409,000 631,980 1,905,966 808,000 Year 1 219,000 aft 66,094 227,713 400,000 1,287,157 281,581 gibt sich seat 540,000 671,870 2,002,624 889,000 REQUIRED: a..Complete the balance sheet. b. Prepare a common-size balance sheet for each year. c. Prepare a trend analysis using Year 1 as a base. d. Discuss orally in front of the class, in what can you say about the coffee shop's performance based on your assessment. Individual presentation
Days' cash on hand Financial statement data for years ending December 31 for Newton Company follow: 20Y9 20Y8 Cash (end of year) $25,500 $24,250 Short-term investments (end of year) 8,270 9,460 Operating expenses 60,135 63,780 Depreciation expense 13,225 11,400 Determine the days’ cash on hand for 20Y8 and 20Y9. Assume 365 days in a year. Round all calculations to one decimal place. Days’ Cash on Hand 20Y8: fill in the blank 1 66 days 20Y9: fill in the blank 2 days
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Comment on the Cash flows from operating activities R756 000; Increase in receivables (R396 000) and Cash flows from investing activities (R1 368 000)
W BGP Electrical Supply is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment. Less: Accumulated depreciation Accounts payable Accrued wages expense Note payable, long-term Common stock and additional paid-in capital. Retained earnings Income statement for current year Sales Cost of goods sold Other expenses Net income Additional Data: Current Year Prior Year $ 29,400 $ 37,300 32,700 28,900 38,300 100,800 (25,300) 42,000 121,500 (30,700) $ 202,800 $36,700 1,400 44,500 89,600 30,600 $ 202,800 Cash flows from operating activities: $ 123,000 73,000 38,100 $ 11,900 BGP ELECTRICAL SUPPLY Statement of Cash Flows For the Year Ended December 31, Current Year $ 172,100 a. Bought equipment for cash, $20,700. b. Paid $6,300 on the…