
Worksheet for statement of
To Prepare: To prepare a worksheet in good form for the statement of cash flows.
Given Information: Comparative
Particulars |
2017 ($) |
2016 ($) |
Cash |
16,500 |
21,000 |
Short-term investments |
25,000 |
19,000 |
43,000 |
45,000 |
|
Allowance for doubtful accounts |
(1,800) |
(2,000) |
Prepaid expenses |
4,200 |
2,500 |
Inventory |
81,500 |
65,000 |
Land |
50,000 |
50,000 |
Buildings |
125,000 |
73,500 |
(30,000) |
(23,000) |
|
Equipment |
53,000 |
46,000 |
Accumulated depreciation—equipment |
(19,000) |
(15,500) |
Delivery equipment |
39,000 |
39,000 |
Accumulated depreciation—delivery equipment |
(22,000) |
(20,500) |
Patents |
15,000 |
0 |
|
379,400 |
300,000 |
|
|
|
Accounts payable |
26,000 |
16,000 |
Short-term notes payable (trade) |
4,000 |
6,000 |
Accrued payables |
3,000 |
4,600 |
Mortgage payable |
73,000 |
53,400 |
Bonds payable |
50,000 |
62,500 |
Capital stock |
140,000 |
102,000 |
Paid-in capital in excess of par |
10,000 |
4,000 |
73,400 |
51,500 |
|
|
379,400 |
300,000 |

Want to see the full answer?
Check out a sample textbook solution
Chapter 23 Solutions
Intermediate Accounting 16E Binder Ready Version With Wiley Plus Blackboard
- On August 1, 2019, Rockwell Logistics purchased a truck for $75,000. The truck has a useful life of 6 years and a residual value of $7,500. The truck is depreciated using the straight- line method. What is the depreciation expense for 2019?arrow_forwardWhat was ball's cost of goods manufactured for the month?arrow_forwardProvide correct answer this financial accounting questionarrow_forward
- Subject: general accounting questionarrow_forwardGeneral Accountingarrow_forwardLakeshore Retailers estimates bad debts as 2% of net sales but is switching to the aging method, which indicates 6% of overdue accounts are uncollectible. If total accounts receivable is $150,000, with $40,000 overdue, compute bad debt under both methods.arrow_forward
- Answer the following requirements on these accounting questionarrow_forwardFletcher Company constructs custom outdoor decks. Fletcher budgets that they will build 18 decks during the month of May at a price of $15,750 per deck. The actual number of decks built by Fletcher during May was 22 decks at a price of $16,200 per deck. What is the Sales Volume Variance for May?arrow_forwardOn September 1, your business had a beginning cash balance of $500. Your sales for August were $800, and your sales for September totaled $1,000. During September, you paid $200 in cash expenses and paid off $350 of accounts payable. Your accounts receivable collection period is 30 days. What is your firm's beginning cash balance on October 1?arrow_forward
- Franklin Company had a beginning raw materials inventory of $9,500. During the period, the company purchased $52,000 of raw materials on account. If the ending balance in raw materials was $7,000, what is the amount of raw materials transferred to work in process inventory? I. $54,500 II. $50,500 III. $44,000 IV. $52,000arrow_forwardOn January 2, 20X1, Fairmont Industries, which uses the Units of Production (UOP) depreciation method, purchases a machine for $20,000. The company estimates that the machine will have a useful life of 18,000 machine hours and a salvage value of $2,000. You are given the following usage data: . 20X13,500 hours 20X2 2,700 hours = . 20X3 = 6,500 hours • 20X44,300 hours What is the depreciation expense for 20X4?arrow_forwardFinancial accounting questionarrow_forward
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education





