Working Papers, Chapters 1-17 for Warren/Reeve/Duchac's Accounting, 26th and Financial Accounting, 14th
26th Edition
ISBN: 9781305392373
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Question
Chapter 1, Problem 1.7BPE
To determine
Statement of
To prepare: Statement of cash flows of ST Service for the year ended August 31, 2016
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Calculate the cash flow from operating activity
Preparing the direct method statement of cash flows
Red Toy Company reported the following comparative balance sheet:
Requirements
Compute the collections from customers during 2018 for Red Toy Company. Sales Revenue totaled $134,000.
Compute the payments for inventory during 2018. Cost of Goods Sold was $79,000.
Statement of Cash Flows
The balance sheet of Beach Bum Company for December 31, 2017 and 2018, is as follows:
Beach Bum Company
Balance Sheet
December 31, 2017 and 2018
Assets
2017
2018
Cash
$140,350
95,900
Accounts receivable (net)
95,300
102,300
Inventories
165,200
157,900
Prepaid expenses
6,240
5,860
Investment (long-term)
35,700
84,700
Land
75,000
90,000
Buildings
375,000
260,000
Accumulated depreciation – buildings
(71,300)
(58,300)
Machinery and equipment
428,300
428,300
Accumulated depreciation – machinery and equipment
(148,500)
(138,000)
Patents
58,000
65,000
Total Assets
$1,159,290
$1,093,660
Liabilities and Stockholders’ Equity
Accounts Payable (Merchandise Creditors)
43,500
46,700
Accrued expenses payable (operating expenses)
14,000
12,500
Income taxes payable
7,900
8,400
Dividends payable
14,000
10,000
Mortgage note…
Chapter 1 Solutions
Working Papers, Chapters 1-17 for Warren/Reeve/Duchac's Accounting, 26th and Financial Accounting, 14th
Ch. 1 - Name some users of accounting information.Ch. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Josh Reilly is the owner of Dispatch Delivery...Ch. 1 - On July 12, Reliable Repair Service extended an...Ch. 1 - Prob. 6DQCh. 1 - Describe the difference between an account...Ch. 1 - A business had revenues of 679,000 and operating...Ch. 1 - A business had revenues of 640,000 and operating...Ch. 1 - The financial statements are interrelated. (a)...
Ch. 1 - Prob. 1.1APECh. 1 - Prob. 1.1BPECh. 1 - Accounting equation Brock Hahn is the owner and...Ch. 1 - Accounting equation Fritz Evans is the owner and...Ch. 1 - Transactions Arrowhead Delivery Service is owned...Ch. 1 - Transactions Interstate Delivery Service is owned...Ch. 1 - Income statement The revenues and expenses of...Ch. 1 - Prob. 1.4BPECh. 1 - Statement of owners equity Using the income...Ch. 1 - Prob. 1.5BPECh. 1 - Balance sheet Using the following data for Ousel...Ch. 1 - Prob. 1.6BPECh. 1 - Prob. 1.7APECh. 1 - Prob. 1.7BPECh. 1 - Ratio of liabilities to owners equity The...Ch. 1 - Prob. 1.8BPECh. 1 - Types of businesses The following is a list of...Ch. 1 - Prob. 1.2EXCh. 1 - Prob. 1.3EXCh. 1 - Prob. 1.4EXCh. 1 - Prob. 1.5EXCh. 1 - Prob. 1.6EXCh. 1 - Accounting equation Annie Rasmussen is the owner...Ch. 1 - Asset, liability, and owners equity items Indicate...Ch. 1 - Effect of transactions on accounting equation...Ch. 1 - Effect of transactions on accounting equation a.A...Ch. 1 - Effect of transactions on owner's equity Indicate...Ch. 1 - Transactions The following selected transactions...Ch. 1 - Nature of transactions Teri West operates her own...Ch. 1 - Net income and owner's withdrawals The income...Ch. 1 - Net income and owner's equity for four businesses...Ch. 1 - Balance sheet items From the following list of...Ch. 1 - Income statement items Based on the data presented...Ch. 1 - Prob. 1.18EXCh. 1 - Income statement Dairy Services was organized on...Ch. 1 - Missing amounts from balance sheet and income...Ch. 1 - Prob. 1.21EXCh. 1 - Financial statements Each of the following items...Ch. 1 - Statement of cash flows Indicate whether each of...Ch. 1 - Prob. 1.24EXCh. 1 - Financial statements We-Sell Realty, organized...Ch. 1 - Ratio of liabilities to stockholders equity The...Ch. 1 - Ratio of liabilities to stockholders equity Lowes...Ch. 1 - Transactions On April 1 of the current year,...Ch. 1 - Prob. 1.2APRCh. 1 - Financial statements Seth Feye established...Ch. 1 - Transactions; financial statements On July 1,...Ch. 1 - Transactions; financial statements DLite Dry...Ch. 1 - Prob. 1.6APRCh. 1 - Transactions Amy Austin established an insurance...Ch. 1 - Financial statements The amounts of the assets and...Ch. 1 - Financial statements Jose Loder established Bronco...Ch. 1 - Transactions; financial statements On April 1,...Ch. 1 - Transactions; financial statements Bevs Dry...Ch. 1 - Prob. 1.6BPRCh. 1 - Peyton Smith enjoys listening to all types of...Ch. 1 - Prob. 1.1CPCh. 1 - Prob. 1.2CPCh. 1 - Prob. 1.3CP
Knowledge Booster
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
- The financial statements for Romeo and Company follow. Assume that the additional investment and the withdrawals were in the form of cash. Required Prepare a statement of cash flows for the year ended December 31, 2018. Check Figure Net cash flows from operating activities, 172,000arrow_forwardUse the following excerpts from Algona Companys financial statements to determine cash received from customers in 2018.arrow_forwardUse the following excerpts from Brownstone Companys financial statements to determine cash received from customers in 2018.arrow_forward
- Financial data for Otto Company follow: a. Compute the ratio of cash to monthly cash expenses. b. Interpret the results computed in (a).arrow_forwardSpreadsheet and Statement of Cash Flows The following information was taken from Lamberson Company's accounting records: Account Balances Account Titles January 1,2016 December 31,2016 Debits Cash $ 1,400 $ 2,400 Accounts Receivable (net) 2,800 2,690 Marketable Securities (at cost) 1,700 3,000 Allowance for Change in Value 500 800 Inventories 8,100 7,910 Prepaid Items 1,300 1,710 Investments (long-term) 7,000 5,400 Land 15,000 15,000 Buildings and Equipment 32,000 46,200 Discount on Bonds Payable — 290 $69,800 $85,400 Credits Accumulated Depreciation $16,000 $16,400 Accounts Payable 3,800 4,150 Income Taxes Payable 2,400 2,504 Wages Payable 1,100 650 Interest Payable — 400 Note Payable (long-term) 3,500 — 12% Bonds Payable — 10,000 Deferred Taxes Payable 800 1,196 Convertible Preferred Stock, $100 par 9,000 — Common Stock, $10 par 14,000 21,500 Additional Paid-in Capital 8,700 13,700 Unrealized Increase in Value of…arrow_forwardRequirement: Prepare the statement of cash flows. Use the direct method of presenting cash flows from operating activities. I. Problem 1: Aling Dorry's cash balance on January 1, 2017 was P20,000. The following were the transactions that affected cash during the period: a. Collections from customers for the sale of goods, P580,000 b. Cash receipt from loan obtained from a bank, P180,000 c. Cash receipt from additional investment by owner, P20,000 d. Payments to suppliers for the purchase of inventory, P120,000 e. Payments for employees salaries, P140,000 f. Payments for rent expense, P70,000 g. Payments for utilities expense, P20,000 h. Payments for the acquisition of equipment, P200,000 i. Cash disbursements for drawings by owner, P60,000 II. State whether the following accounts is used added or deducted on the accrual basis profit. a. Depreciation expense _________________________ b. Losses on sale of PPE ________________________ c. Increase in inventory ________________________…arrow_forward
- Use the following excerpts from Zowleski Company's financial information to prepare a statement of cash flows (indire method) for the year 2018. Dec. 31, 2018 Dec. 31, 2017 $ 92,300 22,000 140,000 180,000 (25,000) 409,300 $ 85,000 22,900 131,000 150,000 (21,000) 367,900 Cash Account Receivable Merchandise Inventory Plant Assets Accumulated Depreciation Total Assets Accounts Payable Notes Payable Common Stock Retained Earnings Total Liabilities and Equity 18,500 135,500 20,000 235,300 409,300 21,000 120,000 20,000 206,900 367,900 Additional information: Net income for 2018 Depreciation expense for 2018 (accumulated depreciation increase) Plant assets purchased (plant assets increase), financed by note Notes payable increased by amount of plant asset purchase Notes payable decreased by amount of principal note payments 28,400 4,000 30,000 30,000 14,500arrow_forwardUse the following information from Coconut Company's financial statements to prepare the operating activities section of the statement of cash flows (indirect method) for the year 2018. Dec. 31, 2018 Dec. 31, 2017 Cash Accounts Receivable Inventory Prepaid Rent Accounts Payable $201,000 22,000 33,750 6,000 19,500 $175,000 21.500 30,500 2,000 28,750 Additional information: 55,000 11,500 Net income Depreciation expense HTML Editor B IUA▼A▼1 E三三 x V反 G . 三E ¶ T 12pt EPEarrow_forwardPROBLEM: Tagaytay Company's summary of cash records show the following for the year 2022, its first year of operation: CASH Transactions Debit Credit Cash receipts 1,280,000 Cash Disbursements 825.000 December 31 balances 455.000 You are contacted by the management to compute its net income using the accrual basis of accounting. During the process of preparation, the following were identified by you that will impact your computation: 1. Property, plant and equipment are depreciated on a straight line basis. Annual depreciation is P 105,000. 2. Prepaid insurance of P 18,000 was recognized as expense when it was paid. P 12,000 of the balance relates to year 2023. 3. The entire amount of P 120,000 which was received as advance rental for office space in its building was recognized as rent income when received. P 70,000 of the amount will be earned in 2023. 4. Employees are due P 28,000 at the end of 2022. 5. Uncollected interest from investment at the end of 2022 is P 31.700. 6. It is…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
Financial Accounting: The Impact on Decision Make...AccountingISBN:9781305654174Author:Gary A. Porter, Curtis L. NortonPublisher:Cengage Learning
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage LearningPrinciples of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Financial Accounting: The Impact on Decision Make...
Accounting
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
The KEY to Understanding Financial Statements; Author: Accounting Stuff;https://www.youtube.com/watch?v=_F6a0ddbjtI;License: Standard Youtube License