Working Papers, Chapters 1-17 for Warren/Reeve/Duchac’s Accounting, 27th and Financial Accounting, 15th
27th Edition
ISBN: 9781337272155
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Textbook Question
Chapter 16, Problem 16.3BPR
Statement of
The comparative
| Dec. 31, 20Y2 | Dec. 31, 20Y1 | |
| Assets | ||
| Cash | $ 300,600 | $ 337,800 |
| 704,400 | 609,600 | |
| Inventories | 918,600 | 865,800 |
| Prepaid expenses | 18,600 | 26,400 |
| Land | 990,000 | 1,386,000 |
| Buildings | $1,980,000 | $ 990,000 |
| Accumulated |
(397,200) | (366,000) |
| Equipment | 660,600 | 529,800 |
| Accumulated depreciation—equipment | (133,200) | (162,000) |
| Total assets | $5,042,400 | $4,217,400 |
| Liabilities and |
||
| Accounts payable | $ 594,000 | $ 631,200 |
| Income taxes payable | 26,400 | 21,600 |
| Bonds payable | 330,000 | 0 |
| Common stock, $20 par | 320,000 | 180,000 |
| Paid in capital: Excess of issue price over par—common stock | 950,000 | 810,000 |
| 2,822,000 | 2,574,600 | |
| Total liabilities and stockholders' equity | $5,042,400 | $4,217,400 |
The noncurrent asset, noncurrent liability, and stockholders’ equity accounts for 20Y2 are as follows:
Instructions
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.
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Statement of Cash Flows—Direct Method
The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is as follows:
Dec. 31, 20Y6
Dec. 31, 20Y5
Assets
Cash
$277,770
$258,990
Accounts receivable (net)
100,630
93,020
Inventories
284,060
275,390
Investments
0
106,700
Land
145,700
0
Equipment
313,410
243,490
Accumulated depreciation-equipment
(73,370)
(65,660)
Total assets
$1,048,200
$911,930
Liabilities and Stockholders' Equity
Accounts payable
$189,720
$179,650
Accrued expenses payable
18,870
23,710
Dividends payable
10,480
8,210
Common stock, $10 par
56,600
44,680
Paid-in capital: Excess of issue price over par-common stock
212,780
124,020
Retained earnings
559,750
531,660
Total liabilities and stockholders’ equity
$1,048,200
$911,930
The income statement for the year ended December 31, 20Y6, is as follows:
Sales
$1,566,470
Cost of…
Statement of Cash Flows—Indirect Method
The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows:
Dec. 31, 20Y2
Dec. 31, 20Y1
Assets
Cash
$ 858,550
$ 923,880
Accounts receivable (net)
781,280
712,600
Inventories
1,184,800
1,090,360
Prepaid expenses
27,470
32,620
Land
295,340
446,450
Buildings
1,365,090
841,380
Accumulated depreciation-buildings
(386,350)
(360,590)
Equipment
480,790
424,980
Accumulated depreciation-equipment
(132,220)
(148,530)
Total assets
$4,474,750
$3,963,150
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)
$ 850,200
$ 897,180
Bonds payable
250,590
0
Common stock, $20 par
295,000
109,000
Paid-in capital: Excess of issue price over par-common stock
708,000
522,000
Retained earnings
2,370,960
2,434,970
Total liabilities and stockholders’ equity
$4,474,750…
Statement of Cash Flows—Direct Method
The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is as follows:
Dec. 31, 20Y6
Dec. 31, 20Y5
Assets
Cash
$234,050
$216,220
Accounts receivable (net)
84,790
77,660
Inventories
239,340
229,910
Investments
0
89,080
Land
122,770
0
Equipment
264,080
203,280
Accumulated depreciation-equipment
(61,820)
(54,820)
Total assets
$883,210
$761,330
Liabilities and Stockholders' Equity
Accounts payable
$159,860
$149,980
Accrued expenses payable
15,900
19,790
Dividends payable
8,830
6,850
Common stock, $10 par
47,690
37,310
Excess of paid-in capital over par
179,290
103,540
Retained earnings
471,640
443,860
Total liabilities and stockholders’ equity
$883,210
$761,330
The income statement for the year ended December 31, 20Y6, is as follows:
Sales
$1,406,850
Cost of merchandise sold
579,300
Gross…
Chapter 16 Solutions
Working Papers, Chapters 1-17 for Warren/Reeve/Duchac’s Accounting, 27th and Financial Accounting, 15th
Ch. 16 - Prob. 1DQCh. 16 - Prob. 2DQCh. 16 - A corporation issued 2,000,000 of common stock in...Ch. 16 - A retail business, using the accrual method of...Ch. 16 - Prob. 5DQCh. 16 - A long-term investment in bonds with a cost of...Ch. 16 - A corporation issued 2,000,000 of 20-year bonds...Ch. 16 - Fully depreciated equipment costing 50,000 is...Ch. 16 - Prob. 9DQCh. 16 - Name five common major classes of operating cash...
Ch. 16 - Prob. 16.1APECh. 16 - Prob. 16.1BPECh. 16 - Adjustments to net incomeindirect method Ripley...Ch. 16 - Prob. 16.2BPECh. 16 - Changes in current operating assets and...Ch. 16 - Changes in current operating assets and...Ch. 16 - Prob. 16.4APECh. 16 - Prob. 16.4BPECh. 16 - Land transactions on the statement of cash flows...Ch. 16 - Land transactions on the statement of cash flows...Ch. 16 - Prob. 16.6APECh. 16 - Prob. 16.6BPECh. 16 - Cash payments for merchandisedirect method The...Ch. 16 - Cash payments for merchandisedirect method The...Ch. 16 - Prob. 16.8APECh. 16 - Prob. 16.8BPECh. 16 - Prob. 16.1EXCh. 16 - Effect of transactions on cash flows State the...Ch. 16 - Classifying cash flows Identify the type of cash...Ch. 16 - Cash flows from operating activitiesindirect...Ch. 16 - Cash flows from operating activitiesindirect...Ch. 16 - Prob. 16.6EXCh. 16 - Prob. 16.7EXCh. 16 - Determining cash payments to stockholders The...Ch. 16 - Reporting changes in equipment on statement of...Ch. 16 - Prob. 16.10EXCh. 16 - Reporting land transactions on statement of cash...Ch. 16 - Prob. 16.12EXCh. 16 - Reporting land acquisition for cash and mortgage...Ch. 16 - Reporting issuance and retirement of longterm debt...Ch. 16 - Prob. 16.15EXCh. 16 - Prob. 16.16EXCh. 16 - Prob. 16.17EXCh. 16 - Statement of cash flowsindirect method The...Ch. 16 - Prob. 16.19EXCh. 16 - Prob. 16.20EXCh. 16 - Determining selected amounts for cash flows from...Ch. 16 - Prob. 16.22EXCh. 16 - Cash flows from operating activitiesdirect method....Ch. 16 - Prob. 16.24EXCh. 16 - Free cash flow The financial statement for Nike,...Ch. 16 - Free cash flow Lovato Motors Inc. has cash flows...Ch. 16 - Statement of cash flowsindirect method The...Ch. 16 - Prob. 16.2APRCh. 16 - Statement of cash flowsindirect method The...Ch. 16 - Prob. 16.4APRCh. 16 - Prob. 16.5APRCh. 16 - Prob. 16.1BPRCh. 16 - Statement of cash flowsindirect method The...Ch. 16 - Statement of cash flowsindirect method The...Ch. 16 - Statement of cash flowsdirect method The...Ch. 16 - Statement of cash flowsdirect method applied to PR...Ch. 16 - Ethics in Action Lucas Hunter, president of...Ch. 16 - Prob. 16.3CPCh. 16 - Using the statement of cash flows You are...Ch. 16 - Dillip Lachgar is the president and majority...
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