The balance sheet data of Blossom Company at the end of 2025 and 2024 are shown below.20252024Cash$7,500$9,900Accounts receivable (net)80,50087,700Merchandise inventory85,80079,600Prepaid expenses9,00012,000Equipment171,500145,500Accumulated depreciation-equipment(45,100)(36,500)Land30,20050,100Total assets$339,400 $348,300Accounts payable$45,200$57,600Accrued expenses11,1009,000Notes payable-bank, short-term-0-49,100Bonds payable19,900-0-Common stock, $1 par181,000161,000Retained earnings82,20071,600Total liabilities and shareholders' equity$339,400$348,300Equipment was purchased for $20,000 in exchange for common stock, par $20,000, during the year; all other equipment purchasedwas for cash. Land was sold for $31,700. Cash dividends of $7,100 were declared and paid during the year.Compute net cash provided (used) by: (Show amounts that decrease cash flow with either a - sign e.g. -12,000 or in parenthesise.g. (12,000).)(a)Net cashby operating activities. $(b)Net cashby investing activities.$(c)Net cashby financing activities.$

Balance sheets typically list a company's assets, liabilities, and shareholders' equity at a…

Answered: The balance sheet data of Blossom…

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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Prepare a cash flow statement for Perkins Limited for year ended 30june 2022
Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2024 Net sales $1,625,000 Expenses: Cost of goods sold $980,000 Operating expenses 490,000 Depreciation expense 43,000 Income tax expense 33,000 Total expenses 1,546,000 Net income $79,000 PEACH COMPUTER Selected Balance Sheet Data December 31 2024 2023 Increase (I) or Decrease (D) Cash $95,000 $81,500 $13,500 (I) Accounts receivable 46,700 52,500 5,800 (D) Inventory 68,000 51,500 16,500 (I) Prepaid rent 2,300 3,600 1,300 (D) Accounts payable 38,000 33,500 4,500 (I) Income tax payable 4,300 6,500 2,200 (D) Required:Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct method. (Amounts to be deducted should be indicated with a minus sign.)
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Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2024 Net sales $1,625,000 Expenses: Cost of goods sold $980,000 Operating expenses 490,000 Depreciation expense 43,000 Income tax expense 33,000 Total expenses 1,546,000 Net income $79,000 PEACH COMPUTER Selected Balance Sheet Data December 31 2024 2023 Increase (I) or Decrease (D) Cash $95,000 $81,500 $13,500 (I) Accounts receivable 46,700 52,500 5,800 (D) Inventory 68,000 51,500 16,500 (I) Prepaid rent 2,300 3,600 1,300 (D) Accounts payable 38,000 33,500 4,500 (I) Income tax payable 4,300 6,500 2,200 (D) Required:Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct method. (Amounts to be deducted should be indicated with a minus sign.)
Crane Company's income statement for the year ended December 31, 2025, contained the following condensed information. Service revenue Operating expenses (excluding depreciation) $621,000 Depreciation expense Loss on sale of equipment Income before income taxes Income tax expense Net income $849,000 60,000 27,000 708,000 141,000 40,000 $101,000 Crane's balance sheet contained the following comparative data at December 31. 2025 2024 Accounts receivable $36,000 $52,000 Accounts payable 43,000 32,000 Income taxes payable 4,100 8.200 (Accounts payable pertains to operating expenses.) Prepare the operating activities section of the statement of cash flows using the direct method. CRANE COMPANY Partial Statement of Cash Flows
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Using the financial statements and notes provided below, prepare a cash flow analysis for the Penelope Company for 2019. Penelope Company Income Statement For the Year Ended December 31, 2019 $2,467,000 1,285,000 1,182,000 Revenues Cost of Goods Sold Gross Margin Operating Expenses: Selling Expenses Administrative Expenses Depreciation Total Operating Expenses Operating Income 230,000 94,000 15,000 339,000 843,000 Other Items: Loss on Sale of Patent (11,000) (42,000) (53,000) 790,000 316,000 $474,000 Interest Expense Other Items Net Income Before Taxes Тахes Net Income After Taxes A review of the notes to the financial statements revealed the following information: 1. Dividends of $210,000 were declared and paid during the year. 2. Selling Expenses include charges of $10,000 for the amortization of trademarks. 3. During 2019 the company sold the only patent that had been reflected on its balance sheet at the beginning of the year. Hint: Consider the beginning balance in the Patent…
he comparative statements of financial position for Marwa Ltd. at December 31, 2024 and 2023, are presented below: Comparative Statements of Financial Position As at December 31 2024 2023 Cash $13,000 $ 59,500 Accounts receivable 38,000 23,000 Merchandise inventory 13,000 20,500 Prepaid expenses 7,000 8,000 Property, plant, and equipment, net 1,065,000 649,000 Total assets $ 1,136,000 $760,000 Accounts payable $ 26,500 $ 22,500 Income tax payable 9,000 17,000 Notes payable, due Nov. 1, 2025 25,500 55, 500 Share capital 183,000 153,000 Retained earnings 892,000 512,000 Total liabilities and shareholders' equity $ 1, 136, 000 $ 760,000 The statement of earnings for 2024 showed the following information: Sales $ 2,600,000 Gross profit 1,600,000 Operating expenses (includes depreciation of $51,000) 750,000 Interest expense 30,000 Income tax expense 175,000 As well, property, plant, and equipment were acquired for $490,000 cash during 2024. Also during 2024, property, plant, and equipment…
Ore
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Illies Corporation's comparative balance sheet appears below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Current assets: Cash and cash equivalents $ 56,000 $ 49,000 Accounts receivable 35,000 38,600 Inventory 83,000 86,600 Total current assets 174,000 174,200 Property, plant, and equipment 406,000 371,000 Less accumulated depreciation 188,000 148,000 Net property, plant, and equipment 218,000 223,000 Total assets $ 392,000 $ 397,200 Liabilities and stockholders' equity: Current liabilities: Accounts payable $ 34,000 $ 36,600 Accrued liabilities 70,000 76,600 Income taxes payable 67,200 58,000 Total current liabilities 171,200 171,200 Bonds payable 98,000 110,000 Total liabilities 269,200 281,200 Stockholders’ equity: Common stock 47,000 38,000…

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