Kayak and canoes example
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The cash flow statement summarizes the cash inflows and outflows for Canoes and Kayaks for the year ended 30 June 2014. It shows a net cash inflow from operating activities of $27,640, a net cash outflow from investing activities of $29,800, and a net cash outflow from financing activities of $4,600, resulting in an overall decrease in cash of $6,760 for the year.
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The Blackbeard Company Ltd provided the following information in reg.pdf
The Blackbeard Company Ltd provided the following information in regard to its operations for
the year ended 30 June 2014:
Cash Book Summary
Opening balance
$20,000
Accounts Payable
$40,000
Accounts receivable
100,000
Bills Payable (suppliers)
20,000
Bills Receivable (suppliers)
20,000
Interest paid
60,000
Debenture Issue
400,000
Operating expenses
180,000
Dividends received
20,000
Salaries & wages
200,000
Interest received
40,000
Current tax payable
80,000
Motor vehicles
60,000
Plant & machinery
100,000
Share capital
200,000
Dividend paid
120,000
Balance c/d
60,000
860,000
860,000
Balance b/d
60,000
Required:
(a) Net cash used in operating activities; (b) Net cash used in investing activities; (c) Net cash
from financing activities;
(d) Net increase/(decrease) in cash and cash equivalents.
Please use the following format
Statement of Cash Flows for Blackbeard Company
For the Financial Year Ended 30 June 2014
( i ) Cash flows from Operating Activities
Inflows/
Inflows/
(Outflows)
(Outflows)
Net cash used in operating activities
( ii ) Cash flows from Investing Activities
Net cash used in Investing Activities
( iii ) Cash flows from Financing Activities
Cash Book Summary
Opening balance
$20,000
Accounts Payable
$40,000
Accounts receivable
100,000
Bills Payable (suppliers)
20,000
Bills Receivable (suppliers)
20,000
Interest paid
60,000
Debenture Issue
400,000
Operating expenses
180,000
Dividends received
20,000
Salaries & wages
200,000
Interest received
40,000
Current tax payable
80,000
Motor vehicles
60,000
Plant & machinery
100,000
Share capital
200,000
Dividend paid
120,000
Balance c/d
60,000
860,000
860,000
Balance b/d
60,000
Solution
Statement of Cash flows for Blackbeard Company For the Financial Year Ended 30
June 2014 (i) Cash flow from Operating Activities Inflows/(outflows)
Inflows/(outflows) Accounts Receivable $ 1,00,000 Bills Receivable (suppliers)
$ 20,000 Accounts Payable $ -40,000 Bills Payable(suppliers) $ -
20,000 Operating expense $ -1,80,000 Salaries and wages $ -2,00,000
Current Tax Payable $ -80,000 Dividend received $ 20,000 Interest
received $ 40,000 Net Cash used in Operating Activties $ -3,40,000
(ii) Cash flow from Investing Activities Sales of Motor Vehicle
$ 60,000 Purchase of Plant and Machinery $ -1,00,000 Net Cash
from Investing Actiivties $ -40,000 (iii) Cash flow from Financing activities
Debenture issue $ 4,00,000 Share capital $ 2,00,000 Interest
paid $ -60,000 Dividend paid $ -1,20,000 Net Cash from
financing actiivties $ 4,20,000 Net Increase /(decrease) in cash and cash
equivalent $ 40,000 Cash at the Beginning of the period $ 20,000 Cash at the
end of the period $ 60,000.
Solution Manual For Accounting 28th Edition by Carl S. Warren, Christine Joni...
Solution Manual For Accounting 28th Edition by Carl S. Warren, Christine Jonick Verified Chapter's 1 - 26 Complete.
Solution Manual For Accounting 28th Edition by Carl S. Warren, Christine Jonick Verified Chapter's 1 - 26 Complete.
1Calculation of amount of retained earnings as of July 1 Cash.pdf
1
Calculation of amount of retained earnings as of July 1 :
Cash
$ 45,000
Add: Accounts Receivable
$ 93,000
Add: Supplies
$ 7,000
Add: Land
$ 75,000
Total Assets
$ 220,000
Less: Accounts Payable
$ (40,000)
Less: Common Stock
$ (60,000)
Retained earnings as of July 1
$ 120,000
2
Worksheet for calculation of Accounts Balances:
Assets
Liability
Equity
Cash
Accounts Receivable
Supplies
Land
Accounts Payable
Common Stock
Retained earnings
July 1, 2016 Balance
$ 45,000
$ 93,000
$ 7,000
$ 75,000
$ 40,000
$ 60,000
$ 120,000
A
$ 35,000
$ 35,000
B
$ (50,000)
$ 50,000
C
$ 32,125
$ 32,125
D
$ (6,000)
$ (6,000)
E
$ 2,500
$ 2,500
F
$ (22,800)
$ (22,800)
G
$ 84,750
$ 84,750
H
$ 29,500
$ (29,500)
I (7500+2500+1300+2700)
$ (14,000)
$ (14,000)
J
$ 88,000
$ (88,000)
K
$ (3,600)
$ (3,600)
L
$ (12,000)
$ (12,000)
July 31, 2016 Balance
$ 95,325
$ 89,750
$ 5,900
$ 125,000
$ 49,200
$ 95,000
$ 171,775
3
Income statement for the month ended July 31, 2016
Revenue:
Dry cleaning revenue (32125+84750)
$ 116,875
Expenses:
Rent Expense
$ 6,000
Dry cleaning expense
$ 29,500
Wages expense
$ 7,500
Truck expense
$ 2,500
Utilities expense
$ 1,300
Miscellaneous expense
$ 2,700
Supplies Expense
$ 3,600
$ 53,100
Net income
$ 63,775
4
Retained earnings statement for the month ended July 31, 2016
Retained earnings as on July 1, 2016
$ 120,000
Add: Net income
$ 63,775
Less: Dividend
$ (12,000)
Retained earnings as on July 31, 2016
$ 171,775
1
Calculation of amount of retained earnings as of July 1 :
Cash
$ 45,000
Add: Accounts Receivable
$ 93,000
Add: Supplies
$ 7,000
Add: Land
$ 75,000
Total Assets
$ 220,000
Less: Accounts Payable
$ (40,000)
Less: Common Stock
$ (60,000)
Retained earnings as of July 1
$ 120,000
2
Worksheet for calculation of Accounts Balances:
Assets
Liability
Equity
Cash
Accounts Receivable
Supplies
Land
Accounts Payable
Common Stock
Retained earnings
July 1, 2016 Balance
$ 45,000
$ 93,000
$ 7,000
$ 75,000
$ 40,000
$ 60,000
$ 120,000
A
$ 35,000
$ 35,000
B
$ (50,000)
$ 50,000
C
$ 32,125
$ 32,125
D
$ (6,000)
$ (6,000)
E
$ 2,500
$ 2,500
F
$ (22,800)
$ (22,800)
G
$ 84,750
$ 84,750
H
$ 29,500
$ (29,500)
I (7500+2500+1300+2700)
$ (14,000)
$ (14,000)
J
$ 88,000
$ (88,000)
K
$ (3,600)
$ (3,600)
L
$ (12,000)
$ (12,000)
July 31, 2016 Balance
$ 95,325
$ 89,750
$ 5,900
$ 125,000
$ 49,200
$ 95,000
$ 171,775
3
Income statement for the month ended July 31, 2016
Revenue:
Dry cleaning revenue (32125+84750)
$ 116,875
Expenses:
Rent Expense
$ 6,000
Dry cleaning expense
$ 29,500
Wages expense
$ 7,500
Truck expense
$ 2,500
Utilities expense
$ 1,300
Miscellaneous expense
$ 2,700
Supplies Expense
$ 3,600
$ 53,100
Net income
$ 63,775
4
Retained earnings statement for the month ended July 31, 2016
Retained earnings as on July 1, 2016
$ 120,000
Add: Net income
$ 63,775
Less: Dividend
$ (12,000)
Retained earnings as on July 31, 2016
$ 171,775
Solution
1
Calculation of amount of retained earnings as of July 1 :
Cash
$ 45,000
Add: Accounts Receivable
$ 93,000
Add: Supplies
$ 7,000
Add: Land
$ 7.
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This document provides examples of calculating surplus capital for various partnership scenarios. It shows how to prepare statements of surplus capital by taking the capital of each partner as the base to distribute any excess amounts. For the first example, the statement shows Partner C has a first surplus of Rs. 10,000 and Partners B and C have second surpluses of Rs. 30,000 and Rs. 40,000 respectively. The document then provides multiple additional examples of calculating surplus capital in different partner situations.
Solutions to Problem 5-41 (Brigham)
This document contains examples of using financial calculators and formulas to calculate present value, future value, interest rates, payment amounts, and other time value of money concepts for various cash flows over time. It shows inputs and outputs for calculations involving simple and compound interest, annuities, perpetuities, and cash flows with non-periodic payments. The examples demonstrate calculations for nominal and effective interest rates as well as adjustments needed for annuity due versus ordinary annuity calculations.
Umut ariyan 16
This document contains financial information for Umut Ariyan, a civil engineering student. It shows money in from various sources like funding, own funds, and income from sales from January to December. The total money in is over 8 million Turkish Lira. Money out includes loan repayments and personal drawings totaling 24,000 Turkish Lira. The balance steadily increases from an opening balance with the closing balance being over 1.5 million Turkish Lira by December.
NC Monthly Cash Request
This document is a cash request form submitted by a Neighborhood Council to the Department of Neighborhood Empowerment. It includes a budget breakdown by category with columns for the annual budget, cash received to date, cash requested for the current month, and remaining budget balance. Signatures from the treasurer and another signer are required to approve the cash release. Additional comments may be provided by both the department and neighborhood council.
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CFS Exercise 1.doc
The document provides cash transaction information for two businesses - Rendezvous Partnership and The Sprite Way Ltd. - and asks to prepare cash flow statements for each business for the year ended 2014 based on the information given. It also asks to describe the overall cash position of each business and explain why their cash has increased or decreased during the period.
Cash flow statement exercise 2
The cash flow statements show that Los Huevos Ltd had negative cash flows in 2013 but positive cash flows in 2014. Cash balances increased from $-12720 to $-4200 due to positive operating cash flows of $12220 and financing cash flows of $13300 in 2014. To further improve cash flows, the company could use machinery for longer, reduce drawings, and reduce salary expenses. A cash flow statement serves to evaluate a business's ability to generate cash flows, service debts, and expand operations. It is possible for a business to be profitable but have negative cash flows or vice versa due to the impact of investing and financing activities.
The Blackbeard Company Ltd provided the following information in reg.pdf
The Blackbeard Company Ltd provided the following information in regard to its operations for
the year ended 30 June 2014:
Cash Book Summary
Opening balance
$20,000
Accounts Payable
$40,000
Accounts receivable
100,000
Bills Payable (suppliers)
20,000
Bills Receivable (suppliers)
20,000
Interest paid
60,000
Debenture Issue
400,000
Operating expenses
180,000
Dividends received
20,000
Salaries & wages
200,000
Interest received
40,000
Current tax payable
80,000
Motor vehicles
60,000
Plant & machinery
100,000
Share capital
200,000
Dividend paid
120,000
Balance c/d
60,000
860,000
860,000
Balance b/d
60,000
Required:
(a) Net cash used in operating activities; (b) Net cash used in investing activities; (c) Net cash
from financing activities;
(d) Net increase/(decrease) in cash and cash equivalents.
Please use the following format
Statement of Cash Flows for Blackbeard Company
For the Financial Year Ended 30 June 2014
( i ) Cash flows from Operating Activities
Inflows/
Inflows/
(Outflows)
(Outflows)
Net cash used in operating activities
( ii ) Cash flows from Investing Activities
Net cash used in Investing Activities
( iii ) Cash flows from Financing Activities
Cash Book Summary
Opening balance
$20,000
Accounts Payable
$40,000
Accounts receivable
100,000
Bills Payable (suppliers)
20,000
Bills Receivable (suppliers)
20,000
Interest paid
60,000
Debenture Issue
400,000
Operating expenses
180,000
Dividends received
20,000
Salaries & wages
200,000
Interest received
40,000
Current tax payable
80,000
Motor vehicles
60,000
Plant & machinery
100,000
Share capital
200,000
Dividend paid
120,000
Balance c/d
60,000
860,000
860,000
Balance b/d
60,000
Solution
Statement of Cash flows for Blackbeard Company For the Financial Year Ended 30
June 2014 (i) Cash flow from Operating Activities Inflows/(outflows)
Inflows/(outflows) Accounts Receivable $ 1,00,000 Bills Receivable (suppliers)
$ 20,000 Accounts Payable $ -40,000 Bills Payable(suppliers) $ -
20,000 Operating expense $ -1,80,000 Salaries and wages $ -2,00,000
Current Tax Payable $ -80,000 Dividend received $ 20,000 Interest
received $ 40,000 Net Cash used in Operating Activties $ -3,40,000
(ii) Cash flow from Investing Activities Sales of Motor Vehicle
$ 60,000 Purchase of Plant and Machinery $ -1,00,000 Net Cash
from Investing Actiivties $ -40,000 (iii) Cash flow from Financing activities
Debenture issue $ 4,00,000 Share capital $ 2,00,000 Interest
paid $ -60,000 Dividend paid $ -1,20,000 Net Cash from
financing actiivties $ 4,20,000 Net Increase /(decrease) in cash and cash
equivalent $ 40,000 Cash at the Beginning of the period $ 20,000 Cash at the
end of the period $ 60,000.
Solution Manual For Accounting 28th Edition by Carl S. Warren, Christine Joni...
Solution Manual For Accounting 28th Edition by Carl S. Warren, Christine Jonick Verified Chapter's 1 - 26 Complete.
Solution Manual For Accounting 28th Edition by Carl S. Warren, Christine Jonick Verified Chapter's 1 - 26 Complete.
1Calculation of amount of retained earnings as of July 1 Cash.pdf
1
Calculation of amount of retained earnings as of July 1 :
Cash
$ 45,000
Add: Accounts Receivable
$ 93,000
Add: Supplies
$ 7,000
Add: Land
$ 75,000
Total Assets
$ 220,000
Less: Accounts Payable
$ (40,000)
Less: Common Stock
$ (60,000)
Retained earnings as of July 1
$ 120,000
2
Worksheet for calculation of Accounts Balances:
Assets
Liability
Equity
Cash
Accounts Receivable
Supplies
Land
Accounts Payable
Common Stock
Retained earnings
July 1, 2016 Balance
$ 45,000
$ 93,000
$ 7,000
$ 75,000
$ 40,000
$ 60,000
$ 120,000
A
$ 35,000
$ 35,000
B
$ (50,000)
$ 50,000
C
$ 32,125
$ 32,125
D
$ (6,000)
$ (6,000)
E
$ 2,500
$ 2,500
F
$ (22,800)
$ (22,800)
G
$ 84,750
$ 84,750
H
$ 29,500
$ (29,500)
I (7500+2500+1300+2700)
$ (14,000)
$ (14,000)
J
$ 88,000
$ (88,000)
K
$ (3,600)
$ (3,600)
L
$ (12,000)
$ (12,000)
July 31, 2016 Balance
$ 95,325
$ 89,750
$ 5,900
$ 125,000
$ 49,200
$ 95,000
$ 171,775
3
Income statement for the month ended July 31, 2016
Revenue:
Dry cleaning revenue (32125+84750)
$ 116,875
Expenses:
Rent Expense
$ 6,000
Dry cleaning expense
$ 29,500
Wages expense
$ 7,500
Truck expense
$ 2,500
Utilities expense
$ 1,300
Miscellaneous expense
$ 2,700
Supplies Expense
$ 3,600
$ 53,100
Net income
$ 63,775
4
Retained earnings statement for the month ended July 31, 2016
Retained earnings as on July 1, 2016
$ 120,000
Add: Net income
$ 63,775
Less: Dividend
$ (12,000)
Retained earnings as on July 31, 2016
$ 171,775
1
Calculation of amount of retained earnings as of July 1 :
Cash
$ 45,000
Add: Accounts Receivable
$ 93,000
Add: Supplies
$ 7,000
Add: Land
$ 75,000
Total Assets
$ 220,000
Less: Accounts Payable
$ (40,000)
Less: Common Stock
$ (60,000)
Retained earnings as of July 1
$ 120,000
2
Worksheet for calculation of Accounts Balances:
Assets
Liability
Equity
Cash
Accounts Receivable
Supplies
Land
Accounts Payable
Common Stock
Retained earnings
July 1, 2016 Balance
$ 45,000
$ 93,000
$ 7,000
$ 75,000
$ 40,000
$ 60,000
$ 120,000
A
$ 35,000
$ 35,000
B
$ (50,000)
$ 50,000
C
$ 32,125
$ 32,125
D
$ (6,000)
$ (6,000)
E
$ 2,500
$ 2,500
F
$ (22,800)
$ (22,800)
G
$ 84,750
$ 84,750
H
$ 29,500
$ (29,500)
I (7500+2500+1300+2700)
$ (14,000)
$ (14,000)
J
$ 88,000
$ (88,000)
K
$ (3,600)
$ (3,600)
L
$ (12,000)
$ (12,000)
July 31, 2016 Balance
$ 95,325
$ 89,750
$ 5,900
$ 125,000
$ 49,200
$ 95,000
$ 171,775
3
Income statement for the month ended July 31, 2016
Revenue:
Dry cleaning revenue (32125+84750)
$ 116,875
Expenses:
Rent Expense
$ 6,000
Dry cleaning expense
$ 29,500
Wages expense
$ 7,500
Truck expense
$ 2,500
Utilities expense
$ 1,300
Miscellaneous expense
$ 2,700
Supplies Expense
$ 3,600
$ 53,100
Net income
$ 63,775
4
Retained earnings statement for the month ended July 31, 2016
Retained earnings as on July 1, 2016
$ 120,000
Add: Net income
$ 63,775
Less: Dividend
$ (12,000)
Retained earnings as on July 31, 2016
$ 171,775
Solution
1
Calculation of amount of retained earnings as of July 1 :
Cash
$ 45,000
Add: Accounts Receivable
$ 93,000
Add: Supplies
$ 7,000
Add: Land
$ 7.
Acc 290 final exam guide
This document provides a guide for an ACC 290 final exam, including 24 multiple choice questions covering various accounting concepts. The questions assess understanding of financial statements, accounting principles like accrual vs cash basis, adjusting entries, inventory valuation methods, and accounting for sales. Correct answers are provided at the given URL. The questions cover a range of foundational accounting topics that would be relevant for an introductory financial accounting exam.
B PROBLEMSP23-1B (L02,4) (SCF—Indirect Method) The followi.docx
B PROBLEMS
P23-1B (L02,4) (SCF—Indirect Method) The following are Sanibel Corp.’s comparative balance sheet accounts at Decem-
ber 31, 2017 and 2016, with a column showing the increase (decrease) from 2016 to 2017.
Additional information:
1. On December 31, 2016, Sanibel acquired 25% of Island Co.’s common stock for $420,000. On that date, the carrying value
of Island’s assets and liabilities, which approximated their fair values, was $1,680,000. Island reported income of $220,000
for the year ended December 31, 2017. No dividend was paid on Island’s common stock during the year.
2. During 2016, Sanibel loaned $500,000 to POI Co., an unrelated company. POI made the first semi-annual principal repay-
ment of $50,000, plus interest at 10%, on December 31, 2016. POI is current on the loan as of December 31, 2017.
3. On January 2, 2017, Sanibel sold equipment costing $100,000, with a carrying amount of $31,000, for $20,000 cash.
4. On December 31, 2017, Sanibel entered into a capital lease for a new factory. The present value of the annual rental pay-
ments is $850,000, which equals the fair value of the building. Sanibel made the first rental payment of $120,000 when due
on January 2, 2018.
5. Net income for 2017 was $285,000.
6. Sanibel declared and paid cash dividends for 2017 and 2016 as follows.
Instructions
Prepare a statement of cash flows for Sanibel Corp. for the year ended December 31, 2017, using the indirect method.
(AICPA adapted)
1
COMPARATIVE BALANCE SHEETS
Increase
2017 2016 (Decrease)
Cash $ 650,000 $ 510,000 $ 140,000
Accounts receivable 1,260,000 1,090,000 170,000
Inventory 1,538,000 1,370,000 168,000
Property, plant, and equipment 2,680,000 1,763,000 917,000
Accumulated depreciation (850,000) (760,000) (90,000)
Investment in Island Co. 475,000 420,000 55,000
Loan receivable 350,000 450,000 (100,000)
Total assets $6,103,000 $4,843,000 $1,260,000
Accounts payable $1,080,000 $ 910,000 $ 170,000
Income taxes payable 90,000 75,000 15,000
Dividends payable 100,000 60,000 40,000
Capital lease obligation 850,000 0 850,000
Common stock, $1 par 400,000 400,000 0
Paid-in capital in excess of 2,100,000 2,100,000 0
par—common stock
Retained earnings 1,483,000 1,298,000 185,000
Total liabilities and stockholders’ equity $6,103,000 $4,843,000 $1,260,000
2017 2016
Declared December 15, 2017 December 15, 2016
Paid February 28, 2018 February 28, 2017
Amount $100,000 $60,000
c23_Kieso_IA_16e_PB.indd Page 1 12/07/16 9:00 AM f-389 c23_Kieso_IA_16e_PB.indd Page 1 12/07/16 9:00 AM f-389 /208/WB01908/XXXXXXXXXXXXX/ch23/text_s/208/WB01908/XXXXXXXXXXXXX/ch23/text_s
2 Chapter 23 Statement of Cash Flows
P23-2B (L02,4) (SCF—Indirect Method) The comparative balance sheets for Queen Corporation show the following
information.
Additional data related to 2017 are as follows.
1. Equipment that had cost $20,000 and was 60% depreciated at time of disposal was sold for $2,000.
2. $18,000 of th ...
Chapter 12 Cash Flow Statements – Test
This document contains a 25 question multiple choice test on cash flow statements for a VCE Accounting unit. It provides the questions, multiple choice answers, and some additional context and explanations of cash flow statement concepts. The test covers topics like classifying transactions into operating, investing and financing activities on a cash flow statement and calculating net cash flows in each section. It also includes some numerical cash flow statement questions involving calculating net cash flows and ending bank balances.
Exercise 2 Cash Flows from Operating Activities Indirect Method.docx
Exercise 2
: Cash Flows from Operating Activities: Indirect Method
The condensed single-step income statement for the year ended December 31, 2014, of Conti Chemical Company, a distributor of farm fertilizers and herbicides, follows.
Sales
$26,000,000
Less: Cost of goods sold
$15,200,000
Operating expenses (including depreciation of $1,640,000)
7,600,000
Income taxes expense
800,000
23,600,000
$2,400,000
Selected accounts from Conti Chemical’s balance sheets for 2014 and 2013 follow.
2014
2013
Accounts receivable
$4,800,000
$3,400,000
Inventory
1,680,000
2,040,000
Prepaid expenses
520,000
360,000
Accounts payable
120,000
200,000
Income taxes available
280,000
240,000
Prepare a schedule of cash flows from operating activities using the indirect method.
Exercise 8:
Preparing the Statement of cash Flows: Indirect Method
Keeper Cooperation’s income statement for the year ended June 30, 2014, and its comparative balance sheets for June 30, 2014 and 2013 follow.
Keeper Corporation
Income Statement
For the Year Ended June 30, 2014
Sales
$234,000
Cost of goods sold
156,000
Gross Margin
$78,000
Operating expenses
45,000
Operating income
$33,000
Interest expense
2,800
Income before income taxes
$30,200
Income taxes expense
12,300
Net income
$17,900
Keeper Corporation
Comparative Balance Sheets
June 30, 2014 and 2013
2014
2013
Assets
Cash
$69,900
$12,500
Accounts receivable (net)
21,000
26,000
Inventory
43,000
48,400
Prepaid Expenses
3,200
2,600
Furniture
55,000
60,000
Accumulated depreciation- furniture
(9,000)
(5,000)
Total Assets:
$183,500
$144,500
Liabilities and Stockholders’ Equity
Accounts payable
$13,000
$14,000
Income taxes payable
1,200
1,800
Notes payable (long-term)
37,000
35,000
Common stock, $10 par value
115,000
90,000
Retained earnings
17,300
3,700
Total liabilities and stockholders’ equity
$183,500
$144,500
Keeper issued a $22,000 note payable for purchase of furniture; sold at carrying value furniture that cost $27,000 with accumulated depreciation of $15,300; recorded depreciation on the furniture for the year, $19,300; repaid a note in the amount of $28,000; issued $25,000 of common stock at par value; and paid dividends of $4,300.
Prepare Keeper’s statement of cash flows for the year 2014 using the indirect method.
Exercise 9:
In 2014, Andy’s Corporation had year-end assets of $2,400,000 sales of $3,300,000. Net income of $280,000, net cash flows from operating activities of $390,000, dividends of $120,000, purchases of plant assets of $500,000, and sales of plant assets of $90,000.
In 2013, year-end assets were $2,100,000.
Calculate free cash flow and the cash-generating efficiency ratios of cash flow yield, cash flows to sales, and cash flows to assets (Round to one decimal or the nearest tenth of a percent.)
Problem 1: Classification of Cash Flow Transaction
Analyze each transaction lis.
Cashflow questions
The document provides financial statement information for M/s R Company for 2004 and 2003, including balance sheets, income statements, and additional notes. It asks to prepare a statement of cash flows using the indirect method, noting equipment purchases and sales, bond redemptions, stock issuances, dividend payments, and other transactions during 2004.
Uop acc 290 final exam
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Uop acc 290 final exam guide
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Uop acc 290 final exam guide
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A COM Balance Sheets As of December 31 2015 2014 Assets Current asset.pdf
A COM Balance Sheets As of December 31 2015 2014 Assets Current assets Cash Marketable
securities Accounts receivable (net) Inventories Prepaid items $ 20,000 20,800 49,000 134,000
28,000 16,000 6,800 41,000 142,000 13,000 Total current assets Investments Plant (net) Land
251,800 32,000 295,000 29,000 218,800 25,000 280,000 24,000 Total assets $607,800 $547,800
Liabilities and Stockholders\' Equity Liabilities Current liabilities Notes payable Accounts
payable Salaries payable $ 31,600 $ 17,700 100,000 17,000 113,800 23,000 Total current
liabilities 168,400 134,700 Noncurrent liabilities Bonds payable Other 120,000 120,000 32,000
152,000 320,400 27,000 147,000 281,700 Total noncurrent liabilities Total liabilities
Stockholders\' equity Preferred stock, (par value $10, 4% cumulative non-participating; 8,000
shares authorized and issued) 80,000 80,000 Common stock (No par; 50,000 shares authorized;
80,000 127,400 10,000 shares issued) 80,000 106,100 266,100 $607,800 $547,800 Retained
earnings Total stockholders\' equity 287,400 Total liabilities and stockholders\' equity
Solution
SOLUTION
1. Working Capital = Current assets - Current Liabilities
2014 -
Working capital = $218,800 - $134,700 = $84,100
2015-
Working capital = $251,800 - $168,400 = $83,400
2. Current Ratio = Current assets / Current liabilities
2014 -
Current ratio = $218,800 / $134,700 = 1.62
2015-
Current ratio = $251,800 / $168,400 = 1.50
3. Quick ratio = (Current assets - Inventories) / Current liabilities
2014 -
Quick ratio = ($218,800 - $142,000) / $134,700 = 0.57
2015-
Quick ratio = ($251,800 - $134,000) / $168,400 = 0.70
4. Receivable turnover = Net credit sales / Average accounts receivable
2014-
Average accounts receivable = (Beginning accounts receivable + Ending accounts receivable) / 2
= ($42,000 + $41,000) / 2 = $41,500
Receivable turnover = $290,000 / $41,500 = 6.99
2015-
Average accounts receivable = (Beginning accounts receivable + Ending accounts receivable) / 2
= ($41,000 + $49,000) / 2 = $45,000
Receivable turnover = $310,000 / $45,000 = 6.89.
Acc 290 final exam answers are here
The document appears to be a list of questions and multiple choice answers from an ACC 290 Final Exam. It includes 30 questions testing knowledge of basic accounting concepts like the statement of cash flows, adjusting entries, inventory costing methods, internal controls, and the Sarbanes-Oxley Act. The student who took the exam answered 28 of the 30 questions correctly, achieving a score of 93.3%.
Acc 290 final exam answers are here
The document appears to be a list of questions and multiple choice answers from an ACC 290 Final Exam. It includes 30 questions testing knowledge of basic accounting concepts like the statement of cash flows, adjusting entries, inventory costing methods, internal controls, and the Sarbanes-Oxley Act. The student who took the exam answered 28 of the 30 questions correctly, achieving a score of 93.3%.
Uop acc 290 final exam
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Uop acc 290 final exam
The document is a practice exam for ACC 290 at UOP containing 30 multiple choice questions covering topics like financial statements, accounting equations, inventory valuation methods, and internal controls. It provides a resource for students to review course content and assess their understanding in preparation for the final exam.
Accounting Help Needed by 1010Displaying messages 1 - 3 of 3P.docx
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Hi Can you do this? $40.
Floppy Company's December 31, 2014 trial balance is as follows:
Floppy Corporation
Trial Balance
December 31, 2014
Account
Debit
Credit
Cash
$43,500
Accounts Receivable
53,500
Allowance for Doubtful Accounts
1,500
Notes Receivable
30,000
Merchandise Inventory
55,000
Land
20,000
Building
150,000
Accumulated Depreciation, Building
$15,000
Equipment
50,000
Accumulated Depreciation, Equipment
21,000
Goodwill
26,000
Accounts Payable
25,000
Long Term Notes Payable
75,000
Common Stock, $10 par, 2,000 shares authorized & outstanding
20,000
Retained Earnings
147,000
Sales Revenue
700,000
Salaries Expense
150,000
Utilities Expense
3,500
Cost of Goods Sold
350,000
Administrative Expenses
55,000
Sales Expenses
15,000
_______
Totals
$1,003,000
$1,003,000
Floppy is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded.
Additional Information:
a. Notes Receivable is a 3-months, 6% note accepted on November 1, 2014.
b. Long Term Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014. Interest is payable annually.
c. Building is depreciated at 3% per year. There is no salvage value.
d. Equipment is depreciated at 15% year. There is no salvage value.
e. Floppy discovered, on December 30
th
, that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue.
f. The year-end physical count for Merchandise Inventory reflected a value of $51,500. Any difference in value will not be considered theft or loss.
g. Salaries for the last half of December, payable in January, amount to $5,500.
h. Floppy estimates that of the Accounts Receivable 5% will not be collectable.
Required:
a. Prepare in journal form, any required correcting entries
b. Prepare in journal form, all end-of-the period adjusting entries
c. Prepare a December adjusted trial balance
d. Prepare a classified balance sheet for the year ended December 31, 2014
e. Prepare in journal form, the closing entries for the year ended December 31, 2014
Floppy uses the period method and had the following inventory events during January:
Date
Units Purchased
Unit Cost
Date
Units Sold
Unit Sales Price
Jan. 1
150
$7.00
Jan. 2
100
$10.00
Jan. 5
225
7.20
Jan. 7
125
10.00
Jan. 10
100
7.50
Jan. 12
75
12.00
Jan. 15
150
7.80
Jan. 17
200
12.50
Jan. 20
200
7.95
Jan. 24
150
15.00
Jan. 25
150
8.00
Jan. 30
75
8.20
Note:
January 1 amount was the beginning inventory and unit value.
(Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.)
Required:
a. Calculate cost of goods available for sale.
b. Calculate the dollar v.
FAC 2122Assignment Due Date April 24, 2019Instructions An.docx
FAC 2122
Assignment
Due Date: April 24, 2019
Instructions : Answer all questions
Question 1
Arcade Corporation's balance sheet and income statement appear below:
Income Statement
Sales
$723
Cost of goods sold
453
Gross margin
270
Selling and administrative expenses
163
Income before income taxes
107
Income tax expense
32
Net income
$75
Balance Sheet
Ending Balance
Beginning Balance
Cash
$42
$36
Debtors
77
80
Inventories
54
58
Plant and equipment
581
480
less: accumulated depreciation
(318)
(294)
Total Assets
$436
$360
creditors
$23
$28
Bonds payable
293
270
Common stock
61
60
Retained earnings
59
2
Total liabilities and equity
$436
$360
The company did not dispose of any property, plant, and equipment, retire any bonds payable, or repurchase any of its own common stock during the year. The company declared and paid a cash dividend of $18.
Required: Prepare a statement of cash flow . (10 marks)
Question 2
Comparative Balance Sheet
Shiner Corporation
Assets
Dec 31, 1996
Dec 31, 1995
Cash
$37,000
$49,000
Accounts Receivable
$26,000
$36,000
Prepaid Expenses
$6,000
$0
Land
$70,000
$0
Building
$200,000
$0
Accumulated Depreciation
$11,000
$189,000
$0
Equipment
$68,000
$0
Accumulated Depreciation
$10,000
$58,000
$0
Total Assets
$386,000
$85,000
Liabilities and Stockholder Equity
Accounts Payable
$40,000
$5,000
Bonds Payable
$150,000
$0
Common Stock
$60,000
$0
Retained Earnings
$136,000
$20,000
Total Liabilities and Stockholder Equity
$386,000
$85,000
Income Statement
Shiner Corporation
Revenue
$492,000
Operating Expenses
$269,000
Depreciation
$21,000
$290,000
Income before Income Taxes
$202,000
Income Tax Expense
$68,000
Net Income
$134,000
Additional information:
1. During the year Shiner Corporation paid dividends of $18,000.
2. Shiner also issued $150,000 in bonds.
Copy and complete the statement below: (15 marks)
Statement of Cash Flows
Cash Flow from Operating Activities
Net Income
Adjustments to reconcile net income to net cash
Depreciation
Accts Receivable decrease
Prepaid Expense increase
Accts Payable Increase
Net cash provided from Operating Activities
Investing Activities
Land Purchase
Building Purchase
Equipment Purchase
Financing Activities
Dividend payment to shareholders
Issuance of Bonds Payable
Net Decrease in Cash
Cash Jan 1, 1996
Cash Dec 31, 1996
Question 3
Caribbean Distributors
Balance Sheet for
Assets20102009
Cash 191 000 159 000
Debtors/Accounts Receivables 12 000 15 000
Stock/Inventory 170 000 160 000
Prepaid expenses 6 000 8 000
Land 140 000 80 000
Equipment 160 000 0
Accumulated depreciation – equipment (16 000) 0
Total 663 000 422 000
Liabilities and Shareholders Equity
Trade creditors/Accounts Payable 52 000 60 000
Accrued expenses payable/owing 15 000 20 000
Income tax .
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