The following information is from a new business Assets Liabilities $250,000 $122,000 296,000 153,000 220,000 #5,300 End of Year 1 End of Year 2 End of Year 3 Owner's Equity $125,000 143,000 134,700 Comment on the year-to-year changes in the accounts and possible sources and uses of funds (how were the funds obtained and used) End of Year It Asset financed by End of Year 21 Asset financed by End of Year 31 Assets of s withdrawals) nof used to and combination of and combination of of laboties. Company also had combination of bud (or amat net income oft by large

The following information is from a new business Assets Liabilities $250,000 $122,000 296,000 153,000 220,000 #5,300 End of Year 1 End of Year 2 End of Year 3 Owner's Equity $125,000 143,000 134,700 Comment on the year-to-year changes in the accounts and possible sources and uses of funds (how were the funds obtained and used) End of Year It Asset financed by End of Year 21 Asset financed by End of Year 31 Assets of s withdrawals) nof used to and combination of and combination of of laboties. Company also had combination of bud (or amat net income oft by large

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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Question Content Area The following information relates to the Maxwell Company for 2020: Gain on sale of land $800 Bond payable premium amortization 300 Decrease in accounts payable 700 Increase in prepaid expenses 100 Net income 9,400 Purchased equipment 15,000 Increase in salaries payable 400 Proceeds from sale of land 7,000 Decrease in inventories 2,100 Payment of dividends 1,600 Depreciation expense 1,000 Required: Compute net cash provided by operating activities for the Maxwell Company for 2020. Net cash provided by operating activities
Office buildings and equipment, net value Total property, plant, and equipment Intangible assets: Goodwill Total assets Current liabilities: Total current liabilities Long-term liabilities: Total liabilities Paid-in capital: Total paid-in capital Total stockholders' equity Total liabilities and Stockholders' Equity Liabilities Stockholders' Equity $ 2,740,000 11,174,000 700,000 13,500,000
Statement of Cash Flows The following is a list of the items for Lombardo Company's 2019 statement of cash flows: a. depreciation expense, $4,300 b. proceeds from sale of land, $5,500 c. payment of dividends, $5,000 d. net income, $8,000 e. conversion of bonds to common stock, $7,000 f. increase in accounts payable, $3,000 Required: Prepare the statement of cash flows. Use a minus sign to indicate cash outflows, a decrease in cash or cash payments. LOMBARDO COMPANY Statement of Cash Flows For Year Ended December 31, 2019 Operating Activities: Net income Adjustment for noncash income items: Add: Depreciation expense Less: Gain on sale of land Adjustments for cash flow effects from working capital items: g. proceeds from issuance of note, $6,100 h. gain on sale of land, $1,900 i. payment for purchase of building, $13,000 j. increase in accounts receivable, $2,800 k. ending cash balance, $14,000 Tunne 8,000 4,300 -1,900 0.000 ✓
I. Operating ActivitiesNet income $ 50,000II. Long-Term Investing ActivitiesAdditions to property, plant, and equipment $ (250,000)III. Financing ActivitiesNet cash provided by financing activities $ 170,000IV. SummaryNet decrease in cash (30,000)Cash and equivalents at beginning of the year 55,000Cash and equivalents at the end of the year $ 25,000If accruals increased by $25,000, receivables and inventories increased by $100,000, and depreciation and amortization totaled $10,000, what was the firm’s net income?
The following information is from Lacy's Inc. $ millions Prior Fiscal Year Current Fiscal Year Net Year-End Assets Revenue Income $21,330 14,403 $18,955 $1,070 a. Compute the asset turnover ratio for the current fiscal year. b. Compute the return on assets ratio for the current fiscal year. Numerator a. Asset Turnover Ratio $ Check b. Return on Assets Ratio $ Numerator Denominator / $ Denominator / $ || Result Result
Arrangement of the Income Statement Powers Wrecking Service demolishes old buildings and other structures and sells the salvaged materials. During 2019, Powers had $425,000 of revenue from demolition services and $137,000 of revenue from salvage sales. Powers also had $1,575 of interest income from investments. Powers incurred $243,200 of wages expense, $24,150 of depreciation expense, $48,575 of supplies expense, $84,000 of rent expense, $17,300 of miscellaneous expense, and $43,900 of income taxes expense.
Statement of Cash Flows The following is a list of the items for Lombardo Company's 2019 statement of cash flows: a. depreciation expense, $4,300 b. proceeds from sale of land, $5,500 c. payment of dividends, $5,000 d. net income, $8,000 e. conversion of bonds to common stock, $7,000 k. ending cash balance, $14,000 f. increase in accounts payable, $3,000 Required: Prepare the statement of cash flows. Use a minus sign to indicate cash outflows, a decrease in cash or cash payments. LOMBARDO COMPANY Statement of Cash Flows For Year Ended December 31, 2019 Operating Activities: Net income Adjustment for noncash income items: Add: Depreciation expense g. proceeds from issuance of note, $6,100 h. gain on sale of land, $1,900 i. payment for purchase of building, $13,000 j. increase in accounts receivable, $2,800 Adjustments for cash flow effects from working capital items:
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Answer is complete but not entirely correct. VILLAGE OF SEASIDE PINES ENTERPRISE FUND Reconciliation of Operating Income to Net Cash Provided by Operating Activities For the year ended December 31, 2024 Operating Loss Adjustments: Depreciation Expense Increase in Accounts Payable Increase in Accounts Receivable (net) Increase in Due From Other Funds Increase in Supplies Inventory Net Cash Provided (Used) by Operating Activities x x X $ (39,000) $ 49,000 108,000 (14,400) (17,300) (18,900) 98,000
Required information E12-13 (Algo) (Supplement B) Computing and Reporting Cash Flow Effects of Sale of Plant and Equipment [The following information applies to the questions displayed below.] During two recent years, Perez Construction, Inc., disposed of the following plant and equipment: Year 1 $ 76,200 Plant and equipment (at cost) Accumulated depreciation on equipment disposed of Cash received Gain (loss) on sale E12-13 Part 1 42,785 20,264 (13, 151) Year 2 $15,900 4,973 14,563 3,636 Required: 1. Determine the cash flow from the sale of property for each year that would be reported in the investing activities section of the cash flow statement. (List cash outflows as negative amounts.)
how did you get these numbers ? Year 2022: Weighted-Average accumulated expenditure Date Amount Capitalization period Weighted Average Accumulated Expenditures 1-Jan-22 $8,100,000 9/9 $8,100,000 31-Jan-22 $450,000 8/9 $400,000 30-Apr-22 $783,000 5/9 $435,000 31-Aug-22 $1,080,000 1/9 $120,000 Total $10,413,000 $9,055,000