The comparative balance sheet of Hirayama Industries Inc. for December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash Accounts receivable (net) Inventories Land Equipment Accumulated depreciation-equipment $171 97 61 139 78 (21) $525 Total Assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable Common stock, $1 par Excess of paid-in capital over par Retained earnings Total liabilities and stockholders' equity The following additional information is taken from the records: 1. Land was sold for $50. 2. Equipment was acquired for cash. 3. There were no disposals of equipment during the year. 4. The common stock was issued for cash. $66 11 35 80 333 $525 $56 70 38 159 61 (11) $373 $56 18 44 255 $373 5. There was a $113 credit to Retained Earnings for net income. 6. There was a $35 debit to Retained Earnings for cash dividends declared.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
The comparative balance sheet of Hirayama Industries Inc. for December 31, 20Y2 and 20Y1, is as follows:
Dec. 31, 20Y2
Dec. 31, 20Y1
Assets
Cash
Accounts receivable (net)
Inventories
Land
Equipment
Accumulated depreciation-equipment
$171
97
61
139
78
(21)
$525
Total Assets
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)
Dividends payable
Common stock, $1 par
Excess of paid-in capital over par
Retained earnings
Total liabilities and stockholders' equity
The following additional information is taken from the records:
1. Land was sold for $50.
2. Equipment was acquired for cash.
3. There were no disposals of equipment during the year.
4. The common stock was issued for cash.
$66
11
35
80
333
$525
$56
70
38
159
61
(11)
$373
$56
18
44
255
$373
5. There was a $113 credit to Retained Earnings for net income.
6. There was a $35 debit to Retained Earnings for cash dividends declared.
Transcribed Image Text:The comparative balance sheet of Hirayama Industries Inc. for December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash Accounts receivable (net) Inventories Land Equipment Accumulated depreciation-equipment $171 97 61 139 78 (21) $525 Total Assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable Common stock, $1 par Excess of paid-in capital over par Retained earnings Total liabilities and stockholders' equity The following additional information is taken from the records: 1. Land was sold for $50. 2. Equipment was acquired for cash. 3. There were no disposals of equipment during the year. 4. The common stock was issued for cash. $66 11 35 80 333 $525 $56 70 38 159 61 (11) $373 $56 18 44 255 $373 5. There was a $113 credit to Retained Earnings for net income. 6. There was a $35 debit to Retained Earnings for cash dividends declared.
Statement of Cash Flows
For the Year Ended December 31, 20Y2
Cash flows from (used for) operating activities:
Adjustments to reconcile net income to net cash flows from (used for) operating activities:
Changes in current operating assets and liabilities:
Net cash flow from operating activities
Cash flows from (used for) investing activities:
Net cash flow from investing activities
Cash flows from (used for) financing activities:
Net cash flows from financing activities
Cash balance, January 1, 20Y2
Cash balance, December 31, 20Y2
Q00 000 00 00
0 0 0000
Previous
Transcribed Image Text:Statement of Cash Flows For the Year Ended December 31, 20Y2 Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flows from (used for) operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities Cash flows from (used for) investing activities: Net cash flow from investing activities Cash flows from (used for) financing activities: Net cash flows from financing activities Cash balance, January 1, 20Y2 Cash balance, December 31, 20Y2 Q00 000 00 00 0 0 0000 Previous
Expert Solution
steps

Step by step

Solved in 3 steps with 2 images

Blurred answer
Knowledge Booster
Balance Sheet Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education