The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal year, is as follows: Additional data obtained from the records of Prime Sports Gear are as follows: a. Net income for 2013 was $121,610. b. Depreciation reported on income statement for 2013 was $46,500. c. Purchased $165,000 of new equipment, putting $90,000 cash down and issuing $75,000 of bonds for the balance. d. Old equipment originally costing $19,500, with accumulated depreciation of $7,950, was sold for $8,000. e. Retired $60,000 of bonds. f. Declared cash dividends of $64,000. g. Issued 1,500 shares of common stock at $27 cash per share. You have been asked to prepare a statement of cash flows for Prime Sports Gear for 2013. Review the worksheet called CASHFLOW that has been provided to assist you in preparing the statement. The worksheet has been designed so that as you make entries in columns D and F, column G will be automatically updated. For example, FORMULA1 should be entered as =B17+D17 – F17. Columns C and E are to be used to enter letter references for each of the debit and credit entries on the worksheet.

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Answer 1

Textbook Question

Chapter 14, Problem 1R

The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal year, is as follows:

Chapter 14, Problem 1R, The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal

Additional data obtained from the records of Prime Sports Gear are as follows:

a. Net income for 2013 was $121,610.
b. Depreciation reported on income statement for 2013 was $46,500.
c. Purchased $165,000 of new equipment, putting $90,000 cash down and issuing $75,000 of bonds for the balance.
d. Old equipment originally costing $19,500, with accumulated depreciation of $7,950, was sold for $8,000.
e. Retired $60,000 of bonds.
f. Declared cash dividends of $64,000.
g. Issued 1,500 shares of common stock at $27 cash per share.

You have been asked to prepare a statement of cash flows for Prime Sports Gear for 2013. Review the worksheet called CASHFLOW that has been provided to assist you in preparing the statement. The worksheet has been designed so that as you make entries in columns D and F, column G will be automatically updated. For example, FORMULA1 should be entered as =B17+D17–F17. Columns C and E are to be used to enter letter references for each of the debit and credit entries on the worksheet.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Expert Solution & Answer

To determine

Prepare the statement of cash flow for Incorporation PSG and review the worksheet.

Explanation of Solution

Prepare the statement of cash flow for Incorporation PSG and review the worksheet.

Excel Applications for Accounting Principles, Chapter 14, Problem 1R , additional homework tip 1

Excel Applications for Accounting Principles, Chapter 14, Problem 1R , additional homework tip 2

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Textbook Question

Chapter 14, Problem 1R

The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal year, is as follows:

Chapter 14, Problem 1R, The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal

Additional data obtained from the records of Prime Sports Gear are as follows:

a. Net income for 2013 was $121,610.
b. Depreciation reported on income statement for 2013 was $46,500.
c. Purchased $165,000 of new equipment, putting $90,000 cash down and issuing $75,000 of bonds for the balance.
d. Old equipment originally costing $19,500, with accumulated depreciation of $7,950, was sold for $8,000.
e. Retired $60,000 of bonds.
f. Declared cash dividends of $64,000.
g. Issued 1,500 shares of common stock at $27 cash per share.

You have been asked to prepare a statement of cash flows for Prime Sports Gear for 2013. Review the worksheet called CASHFLOW that has been provided to assist you in preparing the statement. The worksheet has been designed so that as you make entries in columns D and F, column G will be automatically updated. For example, FORMULA1 should be entered as =B17+D17–F17. Columns C and E are to be used to enter letter references for each of the debit and credit entries on the worksheet.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Expert Solution & Answer

To determine

Prepare the statement of cash flow for Incorporation PSG and review the worksheet.

Explanation of Solution

Prepare the statement of cash flow for Incorporation PSG and review the worksheet.

Excel Applications for Accounting Principles, Chapter 14, Problem 1R , additional homework tip 1

Excel Applications for Accounting Principles, Chapter 14, Problem 1R , additional homework tip 2

Table (1)

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Answer 3

Textbook Question

Chapter 14, Problem 1R

The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal year, is as follows:

Chapter 14, Problem 1R, The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal

Additional data obtained from the records of Prime Sports Gear are as follows:

a. Net income for 2013 was $121,610.
b. Depreciation reported on income statement for 2013 was $46,500.
c. Purchased $165,000 of new equipment, putting $90,000 cash down and issuing $75,000 of bonds for the balance.
d. Old equipment originally costing $19,500, with accumulated depreciation of $7,950, was sold for $8,000.
e. Retired $60,000 of bonds.
f. Declared cash dividends of $64,000.
g. Issued 1,500 shares of common stock at $27 cash per share.

You have been asked to prepare a statement of cash flows for Prime Sports Gear for 2013. Review the worksheet called CASHFLOW that has been provided to assist you in preparing the statement. The worksheet has been designed so that as you make entries in columns D and F, column G will be automatically updated. For example, FORMULA1 should be entered as =B17+D17–F17. Columns C and E are to be used to enter letter references for each of the debit and credit entries on the worksheet.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Expert Solution & Answer

To determine

Prepare the statement of cash flow for Incorporation PSG and review the worksheet.

Explanation of Solution

Prepare the statement of cash flow for Incorporation PSG and review the worksheet.

Excel Applications for Accounting Principles, Chapter 14, Problem 1R , additional homework tip 1

Excel Applications for Accounting Principles, Chapter 14, Problem 1R , additional homework tip 2

Table (1)

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Answer 4

Textbook Question

Chapter 14, Problem 1R

The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal year, is as follows:

Chapter 14, Problem 1R, The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal

Additional data obtained from the records of Prime Sports Gear are as follows:

a. Net income for 2013 was $121,610.
b. Depreciation reported on income statement for 2013 was $46,500.
c. Purchased $165,000 of new equipment, putting $90,000 cash down and issuing $75,000 of bonds for the balance.
d. Old equipment originally costing $19,500, with accumulated depreciation of $7,950, was sold for $8,000.
e. Retired $60,000 of bonds.
f. Declared cash dividends of $64,000.
g. Issued 1,500 shares of common stock at $27 cash per share.

You have been asked to prepare a statement of cash flows for Prime Sports Gear for 2013. Review the worksheet called CASHFLOW that has been provided to assist you in preparing the statement. The worksheet has been designed so that as you make entries in columns D and F, column G will be automatically updated. For example, FORMULA1 should be entered as =B17+D17–F17. Columns C and E are to be used to enter letter references for each of the debit and credit entries on the worksheet.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Expert Solution & Answer

To determine

Prepare the statement of cash flow for Incorporation PSG and review the worksheet.

Explanation of Solution

Prepare the statement of cash flow for Incorporation PSG and review the worksheet.

Excel Applications for Accounting Principles, Chapter 14, Problem 1R , additional homework tip 1

Excel Applications for Accounting Principles, Chapter 14, Problem 1R , additional homework tip 2

Table (1)

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Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

Prepare the statement of cash flow for Incorporation PSG and review the worksheet.

Explanation of Solution

Prepare the statement of cash flow for Incorporation PSG and review the worksheet.

Excel Applications for Accounting Principles, Chapter 14, Problem 1R , additional homework tip 1

Excel Applications for Accounting Principles, Chapter 14, Problem 1R , additional homework tip 2

Table (1)

Answer 8

Expert Solution & Answer

To determine

Prepare the statement of cash flow for Incorporation PSG and review the worksheet.

Explanation of Solution

Prepare the statement of cash flow for Incorporation PSG and review the worksheet.

Excel Applications for Accounting Principles, Chapter 14, Problem 1R , additional homework tip 1

Excel Applications for Accounting Principles, Chapter 14, Problem 1R , additional homework tip 2

Table (1)

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

Prepare the statement of cash flow for Incorporation PSG and review the worksheet.

Answer 12

Explanation of Solution

Prepare the statement of cash flow for Incorporation PSG and review the worksheet.

Excel Applications for Accounting Principles, Chapter 14, Problem 1R , additional homework tip 1

Excel Applications for Accounting Principles, Chapter 14, Problem 1R , additional homework tip 2

Table (1)

Answer 13

Ch. 14 - The comparative balance sheet of Prime Sports...Ch. 14 - The comparative balance sheet of Prime Sports...Ch. 14 - In the space provided on the next page, prepare a...Ch. 14 - Suppose that an audit of Prime Sports Gear...Ch. 14 - Prob. 5R

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