Kazaam Company completed its 2011 calendar year operations. All sales and purchases were on credit, and credits/debits to accounts receivable/payable reflected cash receipts/payments. Expenses were initially debited to prepaid expenses. The document includes Kazaam's comparative balance sheets for 2011 and 2010 and income statement for 2011, as well as additional transaction details requiring preparation of a statement of cash flows.
1nilB CHAPfER 12HOI\4EWORK
@l
CHAPTER T2 HOMEWORK
B.
Prablem 12-lA Statenent of cash flows (indirect method) L.O. 41 . Pl. P2, P3
Kazaam Company, a marchandiser, recenty comdeled its calendar-year2011 operations. For the year, (1)
all sales are credit sales, (2) all credits to Accounts Receisbla roftect cash receipts f,om custonrers, (3) all
prrchases of in\entory ara on cr€dit, (4) all debits to AccorJnts Payable relect cash payments for in/entory,
and (5) Other Expensas are paid in adwrne and are initially dabitad to Pnpaid Exponser. The company's
balance sheets ard income stat€ment blb\,-
KAZAAM COMPAI,IY
Comparatir,e B alarrco Sheets
December 31, 2011 and 2010
2011 2010
$ 49,800 S 73,500
65,880 57,000
277,AOO 251,000
1,250 1,800
158,500 106,500
(35,875) (46,000)
s 516,555 $443,800
$ 82,80s S 115,000
11,000 7,000
60,000 48,750
157,500 149,000
25,500 0
179,750 124,050
$ 516,555 $443,800
KAZAAM COMPANY
hcome Statem€nt
For Year Ended D€comber 31, 201 1
As3els
Cash
Accounts recei\EHe
Marchandise insntory
Prepaid expenses
Equipment
Accurn- depreciatN quipi"n€nt
Total asssls
LiabilitieBend Equity
Accounts payabb
Short-term notes payable
Lorp-term notes payable
C,ommon stock, $5 par raalue
Paid-in capital in excess ofpar, cornmon stock
R€tain€d eamings
Total liabilities and Gquity
Sales
Cost of goods sold
Gross profit
Operating exp€nses
Depreciatbn exp€nse
Other expnses
Other gains (losses)
Loss on sale of€quipmant
tr|come bebfe taxes
tlcome taxes expanse
Itlet incorns
s 583,000
286,000
297,000
$ 20,000
134,000 154,0m
137,500
25,500
5,500
$ 1 12,000
l- _ __._, , -----,.__.- * - ,__., .-._-::::-:a
Addllional hformafon on Yegr 2A11 Tnnsctions
a. The loss on the cash sal€ of equiprylent was $5,50O (details in b).
b, Sold equiprnent costing $47,250, with accumulated depreciation of$30,125, for 911,625 cash.
c. Purchasod equipment costing $99,250 by paying $25,[email protected] cash and signing a long.term note payable br
the balance-
d. Borroued $4,000 cash by silnirE a short-t€rm note payabl€.
e. Paid $63,@0 cesh to reducethe longiterm notes payabks.
f. lssued 1,700 shar6 of cornmon stock br $20 cash per share.
g. Daclarcd and paid cash dillderfrs of $ffi,300.
Required:
1. Prcpare a compl€te statefitsnt of cash florvs; repon [s op€rating actirities using the indirect meth(/,.
(Amounb to be deducted should be indicated with a minus sign. Omit the "3" sign in your
response.)
KAZAAM COMPANY
Statement of Cash Flom
1t2
1nu13 CHAPTER 12HOMEWCIRK
For Year Ended December 31, 201 1
fana- frs
Cash forvs fiom operating actirities
itbtincdns, '...,.., .,.. i .,, , 1v
Adiustments to reconcile net income to net
rua
"on llGE-l]]]lil incstins activties
Cash f,orls ftom fnancino actirities
Cashbaid dl nde: .lw
Ca*h'fioriorivedottshrt4eifi rde : r ..'ly
C'6h frorni63drEstsf. , .l'
Cash paid br d$d€rds
tl.t
""sn
li's-JElllTll l fnancins actirities
Cash balance at beginning of2011
Cash balance at end of 201 1
$: _J.
Brief Exercise 5-2
Koch Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2014: Cash $7,000; Land $40,000; Patents $12,500; Accounts Receivable $90,000; Prepaid Insurance $5,200; Inventory $30,000; Allowance for Doubtful Accounts $4,000; Equity Investments (trading) $11,000.
Prepare the current assets section of the balance sheet.
(List Current Assets in order of liquidity.)
Koch Corporation
Balance Sheet (Partial)
December 31, 2014
:
$
$
(b)
Treasury Stock.
(c)
Common Stock.
(d)
Dividends Payable.
(e)
Accumulated Depreciation-Equipment.
(f)(1)
Construction in Process (Constructed for another party).
(f)(2)
Construction in Process (Constructed for the use of
Deep Blue Something, Inc.
).
(g)
Petty Cash.
(h)
Interest Payable.
(i)
Deficit.
(j)
Equity Investments (trading).
(k)
Income Taxes Payable.
(l)
Unearned Subscription Revenue.
(m)
Work in Process.
(n)
Salaries and Wages Payable.
Exercise 5-4
Assume that Denis Savard Inc. has the following accounts at the end of the current year.
1.
Common Stock
14.
Accumulated Depreciation-Buildings.
2.
Discount on Bonds Payable.
15.
Cash Restricted for Plant Expansion.
3.
Treasury Stock (at cost).
16.
Land Held for Future Plant Site.
4.
Notes Payable (short-term).
17.
Allowance for Doubtful Accounts.
5.
Raw Materials
18.
Retained Earnings.
6.
Preferred Stock (Equity) Investments (long-term).
19.
Paid-in Capital in Excess of Par-Common Stock.
7.
Unearned Rent Revenue.
20.
Unearned Subscriptions Revenue.
8.
Work in Process.
21.
Receivables-Officers (due in one year).
9.
Copyrights.
22.
Inventory (finished goods).
10.
Buildings.
23.
Accounts Receivable.
11.
Notes Receivable (short-term).
24.
Bonds Payable (due in 4 years).
12.
Cash.
25.
Noncontrolling Interest.
13.
Salaries and Wages Payable.
Prepare a classified balance sheet in good form.
(List Current Assets in order of liquidity. For Land, Treasury Stock, Notes Payable, Preferred Stock Investments, Notes Receivable, Receivables-Officers, Inventory, Bonds Payable, and
Restricted Cash, enter the account name only and do not provide the descriptive information provided in the question.)
Denis Savard Inc.
Balance Sheet
December 31, 20―
Assets
:
:
$XXX
XXX
:
$XXX
Liabilities and Stockholders' Equity
$XXX
:
XXX
XXX
XXX
:
XXX
Exercise 5-7
Presented below are selected accounts of Yasunari Kawabata Company at December 31, 2014.
Inventory (finished goods)
$ 52,000
Cost of Goods Sold
$2,100,000
Unearned Service Revenue
90,000
Notes Receivable
40,000
Equipment
253,000
Accounts Receivable
161,000
Inventory (work in process)
34,000
Inventory (raw materials)
207,000
Cash
37,000
Supplies Expense
60,000
Equity Investments (short-term)
31,000
Allowance for Doubtful Accounts
12,000.
ACG 2071 Managerial Accounting
Reporting Cash Flows
Minicase
CASH FLOWS PROBLEM:
Kite Corporation, a merchandiser, recently completed its calendar-year 2011 operations. For the year,
(1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers,
(3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for
inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The
company's balance sheets and income statement follow. Prepare a statement of cash flows in good
form.
Joseph Corporation
Comparative Balance Sheet
December 31, 2011 and 2010
Assets
Cash $ 136,500.00 $ 71,550.00
Accounts Receivable $ 74,100.00 $ 90,750.00
Merchandise Inventory $ 454,500.00 $ 490,200.00
Prepaid Expenses $ 17,100.00 $ 19,200.00
Equipment $ 278,250.00 $ 216,000.00
Accumulated Depreciation $ (108,750.00) $ (93,000.00)
Total Assets $ 851,700.00 $ 794,700.00
Liabilities and Equity
Accounts Payable $ 117,450.00 $ 123,450.00
Short-term Notes Payable $ 17,250.00 $ 11,250.00
Long-term Notes Payable $ 112,500.00 $ 82,500.00
Common Stock, $5 par $ 465,000.00 $ 450,000.00
Paid in Capital in excess $ 18,000.00
Retained Earnings $ 121,500.00 $ 127,500.00
Total Liabilities & Equity $ 851,700.00 $ 794,700.00
ACG 2071 Managerial Accounting
Reporting Cash Flows
Minicase
Joseph Corporation
Income Statement
December 31, 2011
Sales
$ 1,083,000.00
Cost of goods sold
$ 585,000.00
Gross profit
$ 498,000.00
Operating Expenses
Depreciation expense $ 36,600.00
Rent Expense $ 150,000.00
Salaries Expense $ 175,000.00
Other Expenses $ 67,850.00
$ 429,450.00
$ 68,550.00
Other gains and losses
Loss on sale of equipment
$ 2,100.00
$ 66,450.00
Income tax expense
$ 9,450.00
Net Income
$ 57,000.00
Additional Information on Year 2011 Transactions
a. The loss on the cash sale of equipment was $2,100 (details in b).
b. Sold equipment costing $51,000, with accumulated depreciation of $20,850, for $28,050 cash.
c. Purchased equipment costing $113,250 by paying $38,250 cash and signing a long-term note
payable for the balance
d. Borrowed $6,000 cash by signing a short-term note payable.
e. Paid $45,000 cash to reduce the long-term notes payable.
f. Issued 3,000 shares of common stock for $11 cash per share.
g. Declared and paid cash divi.
FAC 2122Assignment Due Date April 24, 2019Instructions An.docxmecklenburgstrelitzh
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 .
Ch02 P14 Build a Model Spring 1, 201372212Chapter 2. Ch 02 P14.docxarnit1
Ch02 P14 Build a Model Spring 1, 20137/22/12Chapter 2. Ch 02 P14 Build a ModelExcept for charts and answers that must be written, only Excel formulas that use cell references or functions will be accepted for credit. Numeric answers in cells will not be accepted.a. Cumberland Industries' most recent sales were $455,000,000; operating costs (excluding depreciation) were equal to 85% of sales; net fixed assets were $67,000,000; depreciation amounted to 10% of net fixed assets; interest expenses were $8,550,000; the state-plus-federal corporate tax rate was 40% and Cumberland paid 25% of its net income out in dividends. Given this information, construct Cumberland's income statement. Also calculate total dividends and the addition to retained earnings.The input information required for the problem is outlined in the "Key Input Data" section below. Using this data and the balance sheet above, we constructed the income statement shown below.Key Input Data for Cumberland Industries2010 (Thousands of dollars)Sales Revenue$455,000Expenses (excluding depreciation) as a percent of sales85.0%Net fixed assest$67,000Depr. as a % of net fixed assets10.0%Tax rate40.0%Interest expense$8,550Dividend Payout Ratio25%Cumberland Industries: Income Statement (Thousands of dollars)2010SalesOperating costs excluding depreciation EBITDADepreciation (Cumberland has no amortization charges) EBITInterest expense EBTTaxes (40%) Net incomeCommon dividendsAddition to retained earningsb. Cumberland Industries' partial balance sheets are shown below. Cumberland issued $10,000,000 of new common stock in the most recent year. Using this information and the results from part a, fill in the missing values for common stock, retained earnings, total common equity, and total liabilities and equity. Dollar value of common stock issued (in thousands of dollars)$10,000Cumberland Industries December 31 Balance Sheets(in thousands of dollars)20102009AssetsCash and cash equivalents$91,450$74,625Short-term investments11,40015,100Accounts Receivable108,47085,527Inventories38,45034,982 Total current assets$249,770$210,234 Net fixed assets67,00042,436Total assets$316,770$252,670Liabilities and equityAccounts payable$30,761$23,109Accruals30,40522,656Notes payable12,71714,217 Total current liabilities$73,883$59,982Long-term debt80,26363,914 Total liabilities$154,146$123,896Common stock$90,000Retained earnings38,774 Total common equity$128,774Total liabilities and equity$252,670Check for balancing (this should be zero):c. Construct the statement of cash flows for the most recent year. Statement of Cash Flows(in thousands of dollars)Operating ActivitiesNet IncomeAdjustments: Noncash adjustment: Depreciation Due to changes in working capital: Due to change in accounts receivable
Kenneth D. Jackson: An increase in accounts receivable from the pevious year to the current year reduces the net cash provided by operating activities
Due to change in inventories
Kenneth D. ...
Problem 1. Use the following information to prepare a s.docxwkyra78
Problem
1. Use the following information to prepare a statement of cash flows for Reynolds Inc. for 2011 using the indirect method. Be sure to prepare a schedule for any non-cash items for disclosure, if appropriate.
(a) Net income $10,000 (depreciation expense, 5,000; inventory decrease, $1,000; no changes in accounts receivable or accounts payable).
(b) Issued capital stock for $4,000 of equipment.
(c) Sold equipment for $8,000, book value $8,000.
(d) Paid cash dividend, $3,000 (declared in prior year).
(e) Paid long-term debt principal, $8,000 and short-term debt principal, $2,000.
(f) Purchased equipment for $12,000 in exchange for a note payable due in two years.
(g) The cash balance on January 1, 2010 was $10,000.
2. Mucky Corporation was just formed. The following accounts of Mucky
Corporation, with code letters, are needed to record the transactions given below.
You are to indicate the appropriate journal entry for each transaction by entering
the code letters and the correct amounts.
A.
Cash
G.
Bonds payable
B.
Remaining assets
H.
Contributed capital in excess of par
C.
Retained earnings
I.
Treasury stock
D.
Common stock, par $20
J.
Other accounts not listed
E.
Dividends payable
K.
Dividends declared
F.
Accounts payable
L.
No entry needed
Transaction
Debits
Credits
Code
Amount
Code
Amount
1.
Sold and issued 10 common shares at par. Disregard in subsequent transaction.
A
$200
D
$200
2.
Sold and issued 5,000 shares common stock at $26 per share.
A
$130000
D
H
$100000
$30000
3.
Issued a 10% stock dividend when the stock was selling at $30 per share.
K
$10020
E
$10020
4.
Declared a cash dividend of $1 per share on the shares outstanding.
K
$5010
E
$5010
5.
Paid the cash dividend of $1 per share declared earlier (see above).
E
$5010
A
$5010
6.
Purchased 100 shares of treasury stock at $27 per share.
I
$2700
A
$2700
7.
Issued a 2-for-1 stock split when the market price was $30 per share.
3. The following selected information is taken from the Zachary “is” Us financial statements for the years 2010 & 2011 in millions of dollars:
Balance Sheet
2010
2011
Cash and cash equivalents
$ 1,250
$ 1,432
Short-term investments
953
571
Accounts and other receivables
153
146
Merchandise inventories
1,884
2,094
Prepaid expenses and other current assets
167
486
Total current assets
4,407
4,729
Total property and equipment, net
4,339
4,439
Other assets
1,022
1,097
Total assets
9,768
10,265
Accounts payable
1,023
1,022
Accrued expenses and other current liabilities
881
866
Income taxes payable
245
319
Current portion of long-term debt
452
657
Total current liabilities
2,601
2,864
Total long-term liabilities
2,842
3,427
Total liabilities
5,443
6,291
Total stockholders’ equity
4,325
3,974
Total liabilities and stockholders’ equity
9,768
10,265
Income Statement
Net sal ...
Exercises1. Classification of activitiesClassify each of the.docxSANSKAR20
Exercises
1. Classification of activities
Classify each of the following transactions as arising from an operating (O), investing (I), financing (F), or noncash investing/financing (N) activity:
________
a. Received $80,000 from the sale of land
________
b. Received $3,200 from cash sales
________
c. Paid a $5,000 dividend
________
d. Purchased $8,800 of merchandise for cash
________
e. Received $100,000 from the issuance of common stock
________
f. Paid $1,200 of interest on a note payable
________
g. Acquired a new laser printer by paying $650
________
h. Acquired a $400,000 building by signing a $400,000 mortgage note
2. Indirect calculation of operating cash flows
Video Corporation's balance sheet revealed the following account balance information:
Account
Dec. 31, 20X6
Dec. 31, 20X5
Accounts receivable
$52,000
$57,000
Merchandise inventory
75,000
68,000
Accounts payable
21,000
19,500
The accrual-basis net income was $107,000. In computing net income, the company recorded $12,600 of depreciation expense; there were no gains or losses from investing and financing activities.
On the basis of the preceding information, calculate Video's cash flows from operating activities by using the indirect method.
3. Indirect calculation of operating cash flows
Specialty Services Inc. reported a net income of $110,000 for the year just ended, which includes an $18,000 gain on the sale of long-term investments. The following data were obtained from comparative balance sheets:
Oct. 31, 20X2
Oct. 31, 20X1
Trade accounts receivable
$245,000
$203,000
Merchandise inventory
230,000
308,000
Accumulated depreciation: equipment
120,000
65,000
Accounts payable
190,000
124,000
Accrued liabilities
38,000
73,000
There were no purchases or disposals of equipment during the year. The long-term investment had a carrying (book) value of $77,000 and was sold for cash on June 15.
On the basis of the preceding information, determine the cash provided by operating activities from November 1, 20X1 through October 31, 20X2. The firm uses the indirect method of statement preparation.
4. Overview of direct and indirect methods
Evaluate the comments that follow as being true or false. If the comment is false, briefly explain why.
a. Both the direct method and the indirect method will produce the same cash flow from operating activities.
b. Depreciation expense is added back to net income when the indirect method is used.
c. One of the advantages of using the direct method rather than the indirect method is that larger cash flows from financing activities will be reported.
d. The cash paid to suppliers is normally disclosed on the statement of cash flows when the indirect method of statement preparation is employed.
e. The dollar change in the Merchandise Inventory account appears on the statement of cash flows only when the direct method of statement preparation is used.
5. Statement preparation: Direct method
The comparative balance sheets of Village Company follow:
VILLAGE COM ...
2t5h3
2.
a na l),s is.
Exercise 13-4 Determination af income effects from common-size and trend percents L.O. P1 , P2
Common+ize and lrend percents for Aziz Company's sales, cost of goods sold, and expenses fidlow.
Sales
Cost of gmds sold
Total expenses
9:'T::"11: l:T:"1:
2012 2011 2010
100.0% 100.0% 100.0%
62.6 61.1 58.3
14.4 13.9 14.2
l'"::l.'::1"::ll:
20'.t2 2011 20'10
104.8% 103.6% 100.0%
102.4 108.5 100.0
106.4 10't.4 100.0
Determine net income as a percent of sales for the folloiving years. {Round your intermediate
calculations to J decimal place and final ansvvers to 2 decimal places, Omit the "7o" sign in your
response.)
Years
2010
20'11
2012
Should the net income increased, decreased, or remained unchanged in this three'year period.
'| Net income decreased
'... Remained unchanged
. Net income increased
Workshaet
Net incorne
o/o
Yo
lo
At December 31
Assets
Cash
Accounts recei\€ble, net
Merchandise inentory
Prepaid expenses
Plant assets, net
Total assets
Liabilities and Equity
Accounts payable
LongFterm notes payable secured by
mortgages on plant assets
Common stock, $10 par \alue
Retained eamings
Total liabilities and equity
Express the balance sheets in
round your final an$/ars to 1 deci
Cash
Accounts receivable, net
Merchandise inv-.ntory
ezto.nheclciJd.nrcg rav*hill.con/hm.tpx
2011 2010
$ 35,079 $ 35,838
58,408 47,306
79,U4 51,4U
8.761 3,982
243,920 223,470
$ 425,712 $362,000
,733 $ 71,945
97,914
163,500
92,353
place. Omit tlre "Yo" sign in your
Sanderson Company
Compaative Balance Sheels
December 31, 2O1O - 20'12
2012
percents. {Do not round i ate calculations and
6.O Yo
'16.s
21.9
$ 46,s50
79,202
163,500
72:s4::
$362,000
2011
8.2 %
13.7
18.7
2010
.9.9 To
13.1
14.2
217
215113 Assignnrent PrintMar
:::J -"9 l' . , -,,,,..:.-, :i j:: ,jls.
9. 1o.oo points
Problem 13-34 Transactions, vwrking capital, and liquidity ratios L.O. P3
Park Corporation began the month of May with $800,000 of cunent assets, a cunent ratio of2.50:1, and an
aci+test ratio of 1.70:1. During the month, it completed the following transactions (the company uses a
perpetual in\entory system).
May 2 Purchased $60,000 ofmerchandise inrentory on credit.
8 Sold merchandise in\,entory that cost $65,000 for $125,000 cash.
10 Collected $26,000 cash on an account recei\Eble.
15 Paid $23,500 cash to settle an account payable.
17 Wrote ofi a $5,000 bad debt against the Allowance for Ooubtful Accounts account.
22 Declared a $1 per share cash diridend on its 60,000 shares ofoutstanding common stock.
26 Paid the diVdend declared on May 22.
27 Bonowed $100,000 cash by giving the bank a 30day, 10% note.
28 Bonowed $125,000 cash by signing a long-term secured note.
29 Used the $225,000 cash proceeds ftom the notes to buy new machinery.
Required:
Prepare a table showing Park's (1) cunent ratio, (2) acid-test ratio, and (3) working capital, after each
transaction. (Do not round intermediate calculations, Round your ratios .
1nilB CHAPfER 12HOI\4EWORK
@l
CHAPTER T2 HOMEWORK
B.
Prablem 12-lA Statenent of cash flows (indirect method) L.O. 41 . Pl. P2, P3
Kazaam Company, a marchandiser, recenty comdeled its calendar-year2011 operations. For the year, (1)
all sales are credit sales, (2) all credits to Accounts Receisbla roftect cash receipts f,om custonrers, (3) all
prrchases of in\entory ara on cr€dit, (4) all debits to AccorJnts Payable relect cash payments for in/entory,
and (5) Other Expensas are paid in adwrne and are initially dabitad to Pnpaid Exponser. The company's
balance sheets ard income stat€ment blb\,-
KAZAAM COMPAI,IY
Comparatir,e B alarrco Sheets
December 31, 2011 and 2010
2011 2010
$ 49,800 S 73,500
65,880 57,000
277,AOO 251,000
1,250 1,800
158,500 106,500
(35,875) (46,000)
s 516,555 $443,800
$ 82,80s S 115,000
11,000 7,000
60,000 48,750
157,500 149,000
25,500 0
179,750 124,050
$ 516,555 $443,800
KAZAAM COMPANY
hcome Statem€nt
For Year Ended D€comber 31, 201 1
As3els
Cash
Accounts recei\EHe
Marchandise insntory
Prepaid expenses
Equipment
Accurn- depreciatN quipi"n€nt
Total asssls
LiabilitieBend Equity
Accounts payabb
Short-term notes payable
Lorp-term notes payable
C,ommon stock, $5 par raalue
Paid-in capital in excess ofpar, cornmon stock
R€tain€d eamings
Total liabilities and Gquity
Sales
Cost of goods sold
Gross profit
Operating exp€nses
Depreciatbn exp€nse
Other expnses
Other gains (losses)
Loss on sale of€quipmant
tr|come bebfe taxes
tlcome taxes expanse
Itlet incorns
s 583,000
286,000
297,000
$ 20,000
134,000 154,0m
137,500
25,500
5,500
$ 1 12,000
l- _ __._, , -----,.__.- * - ,__., .-._-::::-:a
Addllional hformafon on Yegr 2A11 Tnnsctions
a. The loss on the cash sal€ of equiprylent was $5,50O (details in b).
b, Sold equiprnent costing $47,250, with accumulated depreciation of$30,125, for 911,625 cash.
c. Purchasod equipment costing $99,250 by paying $25,[email protected] cash and signing a long.term note payable br
the balance-
d. Borroued $4,000 cash by silnirE a short-t€rm note payabl€.
e. Paid $63,@0 cesh to reducethe longiterm notes payabks.
f. lssued 1,700 shar6 of cornmon stock br $20 cash per share.
g. Daclarcd and paid cash dillderfrs of $ffi,300.
Required:
1. Prcpare a compl€te statefitsnt of cash florvs; repon [s op€rating actirities using the indirect meth(/,.
(Amounb to be deducted should be indicated with a minus sign. Omit the "3" sign in your
response.)
KAZAAM COMPANY
Statement of Cash Flom
1t2
1nu13 CHAPTER 12HOMEWCIRK
For Year Ended December 31, 201 1
fana- frs
Cash forvs fiom operating actirities
itbtincdns, '...,.., .,.. i .,, , 1v
Adiustments to reconcile net income to net
rua
"on llGE-l]]]lil incstins activties
Cash f,orls ftom fnancino actirities
Cashbaid dl nde: .lw
Ca*h'fioriorivedottshrt4eifi rde : r ..'ly
C'6h frorni63drEstsf. , .l'
Cash paid br d$d€rds
tl.t
""sn
li's-JElllTll l fnancins actirities
Cash balance at beginning of2011
Cash balance at end of 201 1
$: _J.
Brief Exercise 5-2
Koch Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2014: Cash $7,000; Land $40,000; Patents $12,500; Accounts Receivable $90,000; Prepaid Insurance $5,200; Inventory $30,000; Allowance for Doubtful Accounts $4,000; Equity Investments (trading) $11,000.
Prepare the current assets section of the balance sheet.
(List Current Assets in order of liquidity.)
Koch Corporation
Balance Sheet (Partial)
December 31, 2014
:
$
$
(b)
Treasury Stock.
(c)
Common Stock.
(d)
Dividends Payable.
(e)
Accumulated Depreciation-Equipment.
(f)(1)
Construction in Process (Constructed for another party).
(f)(2)
Construction in Process (Constructed for the use of
Deep Blue Something, Inc.
).
(g)
Petty Cash.
(h)
Interest Payable.
(i)
Deficit.
(j)
Equity Investments (trading).
(k)
Income Taxes Payable.
(l)
Unearned Subscription Revenue.
(m)
Work in Process.
(n)
Salaries and Wages Payable.
Exercise 5-4
Assume that Denis Savard Inc. has the following accounts at the end of the current year.
1.
Common Stock
14.
Accumulated Depreciation-Buildings.
2.
Discount on Bonds Payable.
15.
Cash Restricted for Plant Expansion.
3.
Treasury Stock (at cost).
16.
Land Held for Future Plant Site.
4.
Notes Payable (short-term).
17.
Allowance for Doubtful Accounts.
5.
Raw Materials
18.
Retained Earnings.
6.
Preferred Stock (Equity) Investments (long-term).
19.
Paid-in Capital in Excess of Par-Common Stock.
7.
Unearned Rent Revenue.
20.
Unearned Subscriptions Revenue.
8.
Work in Process.
21.
Receivables-Officers (due in one year).
9.
Copyrights.
22.
Inventory (finished goods).
10.
Buildings.
23.
Accounts Receivable.
11.
Notes Receivable (short-term).
24.
Bonds Payable (due in 4 years).
12.
Cash.
25.
Noncontrolling Interest.
13.
Salaries and Wages Payable.
Prepare a classified balance sheet in good form.
(List Current Assets in order of liquidity. For Land, Treasury Stock, Notes Payable, Preferred Stock Investments, Notes Receivable, Receivables-Officers, Inventory, Bonds Payable, and
Restricted Cash, enter the account name only and do not provide the descriptive information provided in the question.)
Denis Savard Inc.
Balance Sheet
December 31, 20―
Assets
:
:
$XXX
XXX
:
$XXX
Liabilities and Stockholders' Equity
$XXX
:
XXX
XXX
XXX
:
XXX
Exercise 5-7
Presented below are selected accounts of Yasunari Kawabata Company at December 31, 2014.
Inventory (finished goods)
$ 52,000
Cost of Goods Sold
$2,100,000
Unearned Service Revenue
90,000
Notes Receivable
40,000
Equipment
253,000
Accounts Receivable
161,000
Inventory (work in process)
34,000
Inventory (raw materials)
207,000
Cash
37,000
Supplies Expense
60,000
Equity Investments (short-term)
31,000
Allowance for Doubtful Accounts
12,000.
ACG 2071 Managerial Accounting
Reporting Cash Flows
Minicase
CASH FLOWS PROBLEM:
Kite Corporation, a merchandiser, recently completed its calendar-year 2011 operations. For the year,
(1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers,
(3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for
inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The
company's balance sheets and income statement follow. Prepare a statement of cash flows in good
form.
Joseph Corporation
Comparative Balance Sheet
December 31, 2011 and 2010
Assets
Cash $ 136,500.00 $ 71,550.00
Accounts Receivable $ 74,100.00 $ 90,750.00
Merchandise Inventory $ 454,500.00 $ 490,200.00
Prepaid Expenses $ 17,100.00 $ 19,200.00
Equipment $ 278,250.00 $ 216,000.00
Accumulated Depreciation $ (108,750.00) $ (93,000.00)
Total Assets $ 851,700.00 $ 794,700.00
Liabilities and Equity
Accounts Payable $ 117,450.00 $ 123,450.00
Short-term Notes Payable $ 17,250.00 $ 11,250.00
Long-term Notes Payable $ 112,500.00 $ 82,500.00
Common Stock, $5 par $ 465,000.00 $ 450,000.00
Paid in Capital in excess $ 18,000.00
Retained Earnings $ 121,500.00 $ 127,500.00
Total Liabilities & Equity $ 851,700.00 $ 794,700.00
ACG 2071 Managerial Accounting
Reporting Cash Flows
Minicase
Joseph Corporation
Income Statement
December 31, 2011
Sales
$ 1,083,000.00
Cost of goods sold
$ 585,000.00
Gross profit
$ 498,000.00
Operating Expenses
Depreciation expense $ 36,600.00
Rent Expense $ 150,000.00
Salaries Expense $ 175,000.00
Other Expenses $ 67,850.00
$ 429,450.00
$ 68,550.00
Other gains and losses
Loss on sale of equipment
$ 2,100.00
$ 66,450.00
Income tax expense
$ 9,450.00
Net Income
$ 57,000.00
Additional Information on Year 2011 Transactions
a. The loss on the cash sale of equipment was $2,100 (details in b).
b. Sold equipment costing $51,000, with accumulated depreciation of $20,850, for $28,050 cash.
c. Purchased equipment costing $113,250 by paying $38,250 cash and signing a long-term note
payable for the balance
d. Borrowed $6,000 cash by signing a short-term note payable.
e. Paid $45,000 cash to reduce the long-term notes payable.
f. Issued 3,000 shares of common stock for $11 cash per share.
g. Declared and paid cash divi.
FAC 2122Assignment Due Date April 24, 2019Instructions An.docxmecklenburgstrelitzh
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 .
Ch02 P14 Build a Model Spring 1, 201372212Chapter 2. Ch 02 P14.docxarnit1
Ch02 P14 Build a Model Spring 1, 20137/22/12Chapter 2. Ch 02 P14 Build a ModelExcept for charts and answers that must be written, only Excel formulas that use cell references or functions will be accepted for credit. Numeric answers in cells will not be accepted.a. Cumberland Industries' most recent sales were $455,000,000; operating costs (excluding depreciation) were equal to 85% of sales; net fixed assets were $67,000,000; depreciation amounted to 10% of net fixed assets; interest expenses were $8,550,000; the state-plus-federal corporate tax rate was 40% and Cumberland paid 25% of its net income out in dividends. Given this information, construct Cumberland's income statement. Also calculate total dividends and the addition to retained earnings.The input information required for the problem is outlined in the "Key Input Data" section below. Using this data and the balance sheet above, we constructed the income statement shown below.Key Input Data for Cumberland Industries2010 (Thousands of dollars)Sales Revenue$455,000Expenses (excluding depreciation) as a percent of sales85.0%Net fixed assest$67,000Depr. as a % of net fixed assets10.0%Tax rate40.0%Interest expense$8,550Dividend Payout Ratio25%Cumberland Industries: Income Statement (Thousands of dollars)2010SalesOperating costs excluding depreciation EBITDADepreciation (Cumberland has no amortization charges) EBITInterest expense EBTTaxes (40%) Net incomeCommon dividendsAddition to retained earningsb. Cumberland Industries' partial balance sheets are shown below. Cumberland issued $10,000,000 of new common stock in the most recent year. Using this information and the results from part a, fill in the missing values for common stock, retained earnings, total common equity, and total liabilities and equity. Dollar value of common stock issued (in thousands of dollars)$10,000Cumberland Industries December 31 Balance Sheets(in thousands of dollars)20102009AssetsCash and cash equivalents$91,450$74,625Short-term investments11,40015,100Accounts Receivable108,47085,527Inventories38,45034,982 Total current assets$249,770$210,234 Net fixed assets67,00042,436Total assets$316,770$252,670Liabilities and equityAccounts payable$30,761$23,109Accruals30,40522,656Notes payable12,71714,217 Total current liabilities$73,883$59,982Long-term debt80,26363,914 Total liabilities$154,146$123,896Common stock$90,000Retained earnings38,774 Total common equity$128,774Total liabilities and equity$252,670Check for balancing (this should be zero):c. Construct the statement of cash flows for the most recent year. Statement of Cash Flows(in thousands of dollars)Operating ActivitiesNet IncomeAdjustments: Noncash adjustment: Depreciation Due to changes in working capital: Due to change in accounts receivable
Kenneth D. Jackson: An increase in accounts receivable from the pevious year to the current year reduces the net cash provided by operating activities
Due to change in inventories
Kenneth D. ...
Problem 1. Use the following information to prepare a s.docxwkyra78
Problem
1. Use the following information to prepare a statement of cash flows for Reynolds Inc. for 2011 using the indirect method. Be sure to prepare a schedule for any non-cash items for disclosure, if appropriate.
(a) Net income $10,000 (depreciation expense, 5,000; inventory decrease, $1,000; no changes in accounts receivable or accounts payable).
(b) Issued capital stock for $4,000 of equipment.
(c) Sold equipment for $8,000, book value $8,000.
(d) Paid cash dividend, $3,000 (declared in prior year).
(e) Paid long-term debt principal, $8,000 and short-term debt principal, $2,000.
(f) Purchased equipment for $12,000 in exchange for a note payable due in two years.
(g) The cash balance on January 1, 2010 was $10,000.
2. Mucky Corporation was just formed. The following accounts of Mucky
Corporation, with code letters, are needed to record the transactions given below.
You are to indicate the appropriate journal entry for each transaction by entering
the code letters and the correct amounts.
A.
Cash
G.
Bonds payable
B.
Remaining assets
H.
Contributed capital in excess of par
C.
Retained earnings
I.
Treasury stock
D.
Common stock, par $20
J.
Other accounts not listed
E.
Dividends payable
K.
Dividends declared
F.
Accounts payable
L.
No entry needed
Transaction
Debits
Credits
Code
Amount
Code
Amount
1.
Sold and issued 10 common shares at par. Disregard in subsequent transaction.
A
$200
D
$200
2.
Sold and issued 5,000 shares common stock at $26 per share.
A
$130000
D
H
$100000
$30000
3.
Issued a 10% stock dividend when the stock was selling at $30 per share.
K
$10020
E
$10020
4.
Declared a cash dividend of $1 per share on the shares outstanding.
K
$5010
E
$5010
5.
Paid the cash dividend of $1 per share declared earlier (see above).
E
$5010
A
$5010
6.
Purchased 100 shares of treasury stock at $27 per share.
I
$2700
A
$2700
7.
Issued a 2-for-1 stock split when the market price was $30 per share.
3. The following selected information is taken from the Zachary “is” Us financial statements for the years 2010 & 2011 in millions of dollars:
Balance Sheet
2010
2011
Cash and cash equivalents
$ 1,250
$ 1,432
Short-term investments
953
571
Accounts and other receivables
153
146
Merchandise inventories
1,884
2,094
Prepaid expenses and other current assets
167
486
Total current assets
4,407
4,729
Total property and equipment, net
4,339
4,439
Other assets
1,022
1,097
Total assets
9,768
10,265
Accounts payable
1,023
1,022
Accrued expenses and other current liabilities
881
866
Income taxes payable
245
319
Current portion of long-term debt
452
657
Total current liabilities
2,601
2,864
Total long-term liabilities
2,842
3,427
Total liabilities
5,443
6,291
Total stockholders’ equity
4,325
3,974
Total liabilities and stockholders’ equity
9,768
10,265
Income Statement
Net sal ...
Exercises1. Classification of activitiesClassify each of the.docxSANSKAR20
Exercises
1. Classification of activities
Classify each of the following transactions as arising from an operating (O), investing (I), financing (F), or noncash investing/financing (N) activity:
________
a. Received $80,000 from the sale of land
________
b. Received $3,200 from cash sales
________
c. Paid a $5,000 dividend
________
d. Purchased $8,800 of merchandise for cash
________
e. Received $100,000 from the issuance of common stock
________
f. Paid $1,200 of interest on a note payable
________
g. Acquired a new laser printer by paying $650
________
h. Acquired a $400,000 building by signing a $400,000 mortgage note
2. Indirect calculation of operating cash flows
Video Corporation's balance sheet revealed the following account balance information:
Account
Dec. 31, 20X6
Dec. 31, 20X5
Accounts receivable
$52,000
$57,000
Merchandise inventory
75,000
68,000
Accounts payable
21,000
19,500
The accrual-basis net income was $107,000. In computing net income, the company recorded $12,600 of depreciation expense; there were no gains or losses from investing and financing activities.
On the basis of the preceding information, calculate Video's cash flows from operating activities by using the indirect method.
3. Indirect calculation of operating cash flows
Specialty Services Inc. reported a net income of $110,000 for the year just ended, which includes an $18,000 gain on the sale of long-term investments. The following data were obtained from comparative balance sheets:
Oct. 31, 20X2
Oct. 31, 20X1
Trade accounts receivable
$245,000
$203,000
Merchandise inventory
230,000
308,000
Accumulated depreciation: equipment
120,000
65,000
Accounts payable
190,000
124,000
Accrued liabilities
38,000
73,000
There were no purchases or disposals of equipment during the year. The long-term investment had a carrying (book) value of $77,000 and was sold for cash on June 15.
On the basis of the preceding information, determine the cash provided by operating activities from November 1, 20X1 through October 31, 20X2. The firm uses the indirect method of statement preparation.
4. Overview of direct and indirect methods
Evaluate the comments that follow as being true or false. If the comment is false, briefly explain why.
a. Both the direct method and the indirect method will produce the same cash flow from operating activities.
b. Depreciation expense is added back to net income when the indirect method is used.
c. One of the advantages of using the direct method rather than the indirect method is that larger cash flows from financing activities will be reported.
d. The cash paid to suppliers is normally disclosed on the statement of cash flows when the indirect method of statement preparation is employed.
e. The dollar change in the Merchandise Inventory account appears on the statement of cash flows only when the direct method of statement preparation is used.
5. Statement preparation: Direct method
The comparative balance sheets of Village Company follow:
VILLAGE COM ...
2t5h3
2.
a na l),s is.
Exercise 13-4 Determination af income effects from common-size and trend percents L.O. P1 , P2
Common+ize and lrend percents for Aziz Company's sales, cost of goods sold, and expenses fidlow.
Sales
Cost of gmds sold
Total expenses
9:'T::"11: l:T:"1:
2012 2011 2010
100.0% 100.0% 100.0%
62.6 61.1 58.3
14.4 13.9 14.2
l'"::l.'::1"::ll:
20'.t2 2011 20'10
104.8% 103.6% 100.0%
102.4 108.5 100.0
106.4 10't.4 100.0
Determine net income as a percent of sales for the folloiving years. {Round your intermediate
calculations to J decimal place and final ansvvers to 2 decimal places, Omit the "7o" sign in your
response.)
Years
2010
20'11
2012
Should the net income increased, decreased, or remained unchanged in this three'year period.
'| Net income decreased
'... Remained unchanged
. Net income increased
Workshaet
Net incorne
o/o
Yo
lo
At December 31
Assets
Cash
Accounts recei\€ble, net
Merchandise inentory
Prepaid expenses
Plant assets, net
Total assets
Liabilities and Equity
Accounts payable
LongFterm notes payable secured by
mortgages on plant assets
Common stock, $10 par \alue
Retained eamings
Total liabilities and equity
Express the balance sheets in
round your final an$/ars to 1 deci
Cash
Accounts receivable, net
Merchandise inv-.ntory
ezto.nheclciJd.nrcg rav*hill.con/hm.tpx
2011 2010
$ 35,079 $ 35,838
58,408 47,306
79,U4 51,4U
8.761 3,982
243,920 223,470
$ 425,712 $362,000
,733 $ 71,945
97,914
163,500
92,353
place. Omit tlre "Yo" sign in your
Sanderson Company
Compaative Balance Sheels
December 31, 2O1O - 20'12
2012
percents. {Do not round i ate calculations and
6.O Yo
'16.s
21.9
$ 46,s50
79,202
163,500
72:s4::
$362,000
2011
8.2 %
13.7
18.7
2010
.9.9 To
13.1
14.2
217
215113 Assignnrent PrintMar
:::J -"9 l' . , -,,,,..:.-, :i j:: ,jls.
9. 1o.oo points
Problem 13-34 Transactions, vwrking capital, and liquidity ratios L.O. P3
Park Corporation began the month of May with $800,000 of cunent assets, a cunent ratio of2.50:1, and an
aci+test ratio of 1.70:1. During the month, it completed the following transactions (the company uses a
perpetual in\entory system).
May 2 Purchased $60,000 ofmerchandise inrentory on credit.
8 Sold merchandise in\,entory that cost $65,000 for $125,000 cash.
10 Collected $26,000 cash on an account recei\Eble.
15 Paid $23,500 cash to settle an account payable.
17 Wrote ofi a $5,000 bad debt against the Allowance for Ooubtful Accounts account.
22 Declared a $1 per share cash diridend on its 60,000 shares ofoutstanding common stock.
26 Paid the diVdend declared on May 22.
27 Bonowed $100,000 cash by giving the bank a 30day, 10% note.
28 Bonowed $125,000 cash by signing a long-term secured note.
29 Used the $225,000 cash proceeds ftom the notes to buy new machinery.
Required:
Prepare a table showing Park's (1) cunent ratio, (2) acid-test ratio, and (3) working capital, after each
transaction. (Do not round intermediate calculations, Round your ratios .
1—Balance sheet computations.
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017.
Debit
Credit
Cash
295,000
Sales Revenue
$12,150
Debt Investments (trading) (at cost, $218,000)
230,000
Cost of Goods Sold
7,200
Debt Investments (long-term)
448,000
Equity Investments (long-term)
416,000
Notes Payable (short-term)
135,000
Accounts Payable
682,000
Selling Expenses
3,000,000
Investment Revenue
95,000
Land
390,000
Buildings
1,560,000
Dividends Payable
204,000
Accrued Liabilities
144,000
Accounts Receivable
652,000
Accumulated Depreciation–Buildings
228,000
Allowance for Doubtful Accounts
38,000
Administrative Expenses
1,350,000
Interest Expense
317,000
Inventory
895,000
Gain
120,000
Notes Payable (long-term)
1,350,000
Equipment
900,000
Bonds Payable
1,500,000
Accumulated Depreciation–Equipment
90,000
Franchises
240,000
Common Stock ($5 par)
1,500,000
Treasury Stock
287,000
Patents
293,000
Retained Earnings
117,000
Paid-in Capital in Excess of Par
120,000
Totals
$18,473,000
$18,473,000
Instructions
Compute each of the following:
1.
Total current assets
2.
Total property, plant, and equipment
3.
Total assets
4.
Total liabilities
5.
Total stockholders’ equity
2—Statement of cash flows.
A comparative balance sheet for Talkington Corporation is presented below.
December 31
Assets
2017
2016
Cash
Accounts receivable
$ 68,100
$ 21,600
Inventory
82,800
33,000
Land
170,200
83,800
Equipment
71,400
74,000
Accumulated depreciation–equipment
280,500
212,400
Total
(74,000)
(42,000)
$597,000
$545,000
Liabilities and Stockholders’ Equity
Accounts payable
$ 34,000
$ 47,000
Bonds payable
150,000
200,000
Common stock ($1 par)
164,000
164,000
Retained earnings
249,000
134,000
Total
$597,000
$545,000
Additional information:
1.
Net income for 2017 was $155,000; there were no gains or losses.
2.
Cash dividends of $400,000 were declared and paid.
3.
Bonds payable of $50,000 were retired.
Instructions:
Compute each of the following:
1.
Net cash provided by operating activities
2.
Net cash provided (used) by investing activities
3.
Net cash provided (used) by financing activities
3—Statement of cash flows ratios.
Financial statements for Hilton Company are presented below:
Hilton Company
Balance Sheet
December 31, 2017
Assets
Liabilities & Stockholders’ Equity
Cash
$ 40,000
Accounts payable
$ 20,000
Accounts receivable
35,000
Bonds payable
50,000
Buildings and equipment
150,000
Common stock
65,000
Accumulated depreciation—
Retained earnings
60,000
buildings and equipment
(50,000)
$195,000
Patents
20,000
$195,000
Hilton Company
Statement of Cash Flows
For the Year Ended December 31, 2017
Cash flows from operating activities
Net income
$50,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Increase in accounts receivable
$(16,000)
...
1
—Balance sheet computations.
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017.
Debit
Credit
Cash
295,000
Sales Revenue
$12,150
Debt Investments (trading) (at cost, $218,000)
230,000
Cost of Goods Sold
7,200
Debt Investments (long-term)
448,000
Equity Investments (long-term)
416,000
Notes Payable (short-term)
135,000
Accounts Payable
682,000
Selling Expenses
3,000,000
Investment Revenue
95,000
Land
390,000
Buildings
1,560,000
Dividends Payable
204,000
Accrued Liabilities
144,000
Accounts Receivable
652,000
Accumulated Depreciation–Buildings
228,000
Allowance for Doubtful Accounts
38,000
Administrative Expenses
1,350,000
Interest Expense
317,000
Inventory
895,000
Gain
120,000
Notes Payable (long-term)
1,350,000
Equipment
900,000
Bonds Payable
1,500,000
Accumulated Depreciation–Equipment
90,000
Franchises
240,000
Common Stock ($5 par)
1,500,000
Treasury Stock
287,000
Patents
293,000
Retained Earnings
117,000
Paid-in Capital in Excess of Par
120,000
Totals
$18,473,000
$18,473,000
Instructions
Compute each of the following:
1. Total current assets
2. Total property, plant, and equipment
3. Total assets
4. Total liabilities
5. Total stockholders’ equity
2
—Statement of cash flows.
A comparative balance sheet for Talkington Corporation is presented below.
December 31
Assets
2017
2016
Cash
Accounts receivable
$
68,100
$
21,600
Inventory
82,800
33,000
Land
170,200
83,800
Equipment
71,400
74,000
Accumulated depreciation–equipment
280,500
212,400
Total
(74,000)
(42,000)
$597,000
$545,000
Liabilities and Stockholders’ Equity
Accounts payable
$ 34,000
$ 47,000
Bonds payable
150,000
200,000
Common stock ($1 par)
164,000
164,000
Retained earnings
249,000
134,000
Total
$597,000
$545,000
Additional information:
1.
Net income for 2017 was $155,000; there were no gains or losses.
2.
Cash dividends of $400,000 were declared and paid.
3.
Bonds payable of $50,000 were retired.
Instructions:
Compute each of the following:
1.
Net cash provided by operating activities
2.
Net cash provided (used) by investing activities
3.
Net cash provided (used) by financing activities
3
—Statement of cash flows ratios.
Financial statements for Hilton Company are presented below:
Hilton Company
Balance Sheet
December 31, 2017
Assets
Liabilities & Stockholders’ Equity
Cash
$ 40,000
Accounts payable
$ 20,000
Accounts receivable
35,000
Bonds payable
50,000
Buildings and equipment
150,000
Common stock
65,000
Accumulated depreciation—
Retained earnings
60,000
buildings and equipment
(50,000)
$195,000
Patents
20,000
$195,000
Hilton Company
Statement of Cash Flows
For the Year Ended December 31, 2017
Cash flows from operating activities
Net income
$50,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Increase in accounts receivable
$(16,000)
Increase.
For more course tutorials visit
www.newtonhelp.com
Scroll Down to See Details of the Questions
Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.
For more classes visit
www.snaptutorial.com
Scroll Down to See Details of the Questions
Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.
For more course tutorials visit
www.tutorialrank.com
Scroll Down to See Details of the Questions
Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.
For more course tutorials visit
www.tutorialrank.com
Scroll Down to See Details of the Questions
Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.
For more course tutorials visit
www.newtonhelp.com
Scroll Down to See Details of the Questions
Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.
For more classes visit
www.snaptutorial.com
Scroll Down to See Details of the Questions
Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.
1—Balance sheet computations.(Balance Sheet) Presented below is .docxLyndonPelletier761
1
—Balance sheet computations.
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017.
Debit
Credit
Cash
295,000
Sales Revenue
$12,150
Debt Investments (trading) (at cost, $218,000)
230,000
Cost of Goods Sold
7,200
Debt Investments (long-term)
448,000
Equity Investments (long-term)
416,000
Notes Payable (short-term)
135,000
Accounts Payable
682,000
Selling Expenses
3,000,000
Investment Revenue
95,000
Land
390,000
Buildings
1,560,000
Dividends Payable
204,000
Accrued Liabilities
144,000
Accounts Receivable
652,000
Accumulated Depreciation–Buildings
228,000
Allowance for Doubtful Accounts
38,000
Administrative Expenses
1,350,000
Interest Expense
317,000
Inventory
895,000
Gain
120,000
Notes Payable (long-term)
1,350,000
Equipment
900,000
Bonds Payable
1,500,000
Accumulated Depreciation–Equipment
90,000
Franchises
240,000
Common Stock ($5 par)
1,500,000
Treasury Stock
287,000
Patents
293,000
Retained Earnings
117,000
Paid-in Capital in Excess of Par
120,000
Totals
$18,473,000
$18,473,000
Instructions
Compute each of the following:
1.
Total current assets
2.
Total property, plant, and equipment
3.
Total assets
4.
Total liabilities
5.
Total stockholders’ equity
2
—Statement of cash flows.
A comparative balance sheet for Talkington Corporation is presented below.
December 31
Assets
2017
2016
Cash
Accounts receivable
$
68,100
$
21,600
Inventory
82,800
33,000
Land
170,200
83,800
Equipment
71,400
74,000
Accumulated depreciation–equipment
280,500
212,400
Total
(74,000)
(42,000)
$597,000
$545,000
Liabilities and Stockholders’ Equity
Accounts payable
$ 34,000
$ 47,000
Bonds payable
150,000
200,000
Common stock ($1 par)
164,000
164,000
Retained earnings
249,000
134,000
Total
$597,000
$545,000
Additional information:
1.
Net income for 2017 was $155,000; there were no gains or losses.
2.
Cash dividends of $400,000 were declared and paid.
3.
Bonds payable of $50,000 were retired.
Instructions:
Compute each of the following:
1.
Net cash provided by operating activities
2.
Net cash provided (used) by investing activities
3.
Net cash provided (used) by financing activities
3
—Statement of cash flows ratios.
Financial statements for Hilton Company are presented below:
Hilton Company
Balance Sheet
December 31, 2017
Assets
Liabilities & Stockholders’ Equity
Cash
$ 40,000
Accounts payable
$ 20,000
Accounts receivable
35,000
Bonds payable
50,000
Buildings and equipment
150,000
Common stock
65,000
Accumulated depreciation—
Retained earnings
60,000
buildings and equipment
(50,000)
$195,000
Patents
20,000
$195,000
Hilton Company
Statement of Cash Flows
For the Year Ended December 31, 2017
Cash flows from operating activities
Net income
$50,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Increase in accounts receivable
$(16,000)
Increase in account.
For more course tutorials visit
www.tutorialrank.com
Scroll Down to See Details of the Questions
Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.
Scroll Down to See Details of the Questions
Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.
FOR MORE CLASSES VISIT
www.acc421genius.com
Scroll Down to See Details of the Questions Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions. On July 1, 2014, Crowe Co. pays $15,000 to Zubin Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Crowe Co., journalize the entry on July 1 and the adjusting entry on December 31. Dresser Company’s weekly payroll, paid on Fridays, totals $8,000. Employees work a 5-day week. Prepare
The Howit Department store is located in midtown Metro.During th.docxSUBHI7
The Howit Department store is located in midtown Metro.
During the past several years, net income has been declining because of suburban shopping centers.
At the close of the year ended
December 31,2007, the following accounts appeared in two of its trial balances.
.
Trial Balances
Unadjusted
Adjusted
Difference Increase/(Decrease)
Accounts Payable
$37,310
$37,310
$0
Accounts Receivable
12,770
12,770
0
Accumulated Depreciation-Delivery Equipment
15,680
19,680
4,000
Accumulated Depreciation-Store Equipment
32,300
41,800
9,500
Cash
7,000
7,000
0
Delivery Expense
8,200
8,200
0
Delivery Equipment
57,000
57,000
0
Depreciation Expense-Delivery Equipment
4,000
4,000
Depreciation Expense-Store Equipment
9,500
9,500
Freight-in
5,060
5,060
0
Common Stock
70,000
70,000
0
Retained Earnings
14,200
14,200
0
Dividends
12,000
12,000
0
Insurance Expense
9,000
9,000
Interest Expense
8,000
8,000
0
Interest Revenue
5,000
5,000
0
Merchandise Inventory
34,360
34,360
0
Notes Payable
46,000
46,000
0
Prepaid Insurance
13,500
4,500
(9,000)
Property Tax Expense
3,500
3,500
Purchases
640,000
640,000
0
Purchase Discounts
7,000
7,000
0
Purchase Returns and Allowances
3,000
3,000
0
Rent Expense
19,600
19,600
0
Salaries Expense
120,000
120,000
0
Sales
860,000
860,000
0
Sales Commissions Expense
8,000
14,000
6,000
Sales Commissions Payable
6,000
6,000
Sales Returns and Allowances
10,000
10,000
0
Store Equipment
125,000
125,000
0
Property Taxes Payable
3,500
3,500
Utilities Expense
10,000
10,000
0
Analysis
reveals
the following additional data:
1.
Salaries expense is
70%
selling and
30%
administrative.
2.
Insurance expense is
50%
selling and
50%
administrative.
3.
A physical inventory was conduced for year ended December 31, 2007 and the inventory was valued at $36,200.
4.
Rent expense, utilities expense, and property tax expense are administrative expenses.
5.
$10,000 of the Notes payable is due for payment next year.
6.
The beginning balance of accounts receivable is $10,750.
7.
The amount of total assets at the beginning of the year is $198,275.
Instructions
1)
Journalize the adjusting entries that were made by the company.
2)
Prepare a multiple-step income statement and a retained earnings statement for the year and a classified balance sheet as of December 31, 2007.
3)
Journalize the closing entries.
4)
Prepare a post-closing trial balance.
5)
Prepare the following ratios and show all support for your computations:
a) Current Ratio
b) Quick Ratio
c) Working Capital
d) Accounts Receivable Turnover
e) Average Collection Period
f) Inventory Turnover
g) Days in Inventory
h )Debt to Total Assets Ratio
i) Gross Profit Ratio
j) Profit Margin Ratio
k) Return on Assets Ratio
l) Asset Turnover Ratio
6) Based on the ratios computed in 5) above, answer the following questions and use the financial statement ratios to support your answers where appropriate:
·
Do you feel that the company is able to meet its current a.
FOR MORE CLASSES VISIT
www.acc421genius.com
Scroll Down to See Details of the Questions Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions. On July 1, 2014, Crowe Co. pays $15,000 to Zubin Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Crowe Co., journalize the entry on July 1 and the adjusting entry on December 31. Dresser Company’s weekly payroll, paid on Fridays, totals $8,000. Employees work a 5-day week. Prepare Dresser’s adjusting entry on Wednesday, December 31, and the journal entry to record the $8,000 cash payment on Friday, January 2 Side Kicks has year-end account balances of Sales Revenue $808,900; Interest Revenue $13,500; Cost of Goods Sold $556,200; Administrative Expenses $189,000; Income Tax Expense $35,100; and Dividends $18,900. Prepare the year-end closing entrie To convert cash receipts from customers to revenue
Katharine Hepburn, Harvey Milk, and Fred Karomatsu all contrib.docxcareyshaunda
Katharine Hepburn, Harvey Milk,
and
Fred Karomatsu
all contributed to social change in America in the areas of gender or “race”.
Explain who each person was, what issues they were dealing with, and what method or methods they used to try to create social change. Be clear on what role the media of the times played (or did not play) in their actions. Was there a method (or methods) that you feel were more effective than others? Why?
Essays should be about two to three pages double-spaced, about 600-800 words.
.
Juvenile JusticeClassify the developmental stages and cycles of ad.docxcareyshaunda
Juvenile Justice
Classify the developmental stages and cycles of adolescent growth, and peer pressure.
One of the critical principles of social reaction to crime is that the law is applied differently in many areas and depending on social, economic, gender, and age issues.
For this week's Class Discussion, please write your main post on the following:
Discuss the unequal application of delinquency labels and how they apply to adolescent offenders.
Share your opinion with your peers.
.
More Related Content
Similar to Kazaam Company, a merchandiser, recently completed its calendar-year.docx
1—Balance sheet computations.
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017.
Debit
Credit
Cash
295,000
Sales Revenue
$12,150
Debt Investments (trading) (at cost, $218,000)
230,000
Cost of Goods Sold
7,200
Debt Investments (long-term)
448,000
Equity Investments (long-term)
416,000
Notes Payable (short-term)
135,000
Accounts Payable
682,000
Selling Expenses
3,000,000
Investment Revenue
95,000
Land
390,000
Buildings
1,560,000
Dividends Payable
204,000
Accrued Liabilities
144,000
Accounts Receivable
652,000
Accumulated Depreciation–Buildings
228,000
Allowance for Doubtful Accounts
38,000
Administrative Expenses
1,350,000
Interest Expense
317,000
Inventory
895,000
Gain
120,000
Notes Payable (long-term)
1,350,000
Equipment
900,000
Bonds Payable
1,500,000
Accumulated Depreciation–Equipment
90,000
Franchises
240,000
Common Stock ($5 par)
1,500,000
Treasury Stock
287,000
Patents
293,000
Retained Earnings
117,000
Paid-in Capital in Excess of Par
120,000
Totals
$18,473,000
$18,473,000
Instructions
Compute each of the following:
1.
Total current assets
2.
Total property, plant, and equipment
3.
Total assets
4.
Total liabilities
5.
Total stockholders’ equity
2—Statement of cash flows.
A comparative balance sheet for Talkington Corporation is presented below.
December 31
Assets
2017
2016
Cash
Accounts receivable
$ 68,100
$ 21,600
Inventory
82,800
33,000
Land
170,200
83,800
Equipment
71,400
74,000
Accumulated depreciation–equipment
280,500
212,400
Total
(74,000)
(42,000)
$597,000
$545,000
Liabilities and Stockholders’ Equity
Accounts payable
$ 34,000
$ 47,000
Bonds payable
150,000
200,000
Common stock ($1 par)
164,000
164,000
Retained earnings
249,000
134,000
Total
$597,000
$545,000
Additional information:
1.
Net income for 2017 was $155,000; there were no gains or losses.
2.
Cash dividends of $400,000 were declared and paid.
3.
Bonds payable of $50,000 were retired.
Instructions:
Compute each of the following:
1.
Net cash provided by operating activities
2.
Net cash provided (used) by investing activities
3.
Net cash provided (used) by financing activities
3—Statement of cash flows ratios.
Financial statements for Hilton Company are presented below:
Hilton Company
Balance Sheet
December 31, 2017
Assets
Liabilities & Stockholders’ Equity
Cash
$ 40,000
Accounts payable
$ 20,000
Accounts receivable
35,000
Bonds payable
50,000
Buildings and equipment
150,000
Common stock
65,000
Accumulated depreciation—
Retained earnings
60,000
buildings and equipment
(50,000)
$195,000
Patents
20,000
$195,000
Hilton Company
Statement of Cash Flows
For the Year Ended December 31, 2017
Cash flows from operating activities
Net income
$50,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Increase in accounts receivable
$(16,000)
...
1
—Balance sheet computations.
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017.
Debit
Credit
Cash
295,000
Sales Revenue
$12,150
Debt Investments (trading) (at cost, $218,000)
230,000
Cost of Goods Sold
7,200
Debt Investments (long-term)
448,000
Equity Investments (long-term)
416,000
Notes Payable (short-term)
135,000
Accounts Payable
682,000
Selling Expenses
3,000,000
Investment Revenue
95,000
Land
390,000
Buildings
1,560,000
Dividends Payable
204,000
Accrued Liabilities
144,000
Accounts Receivable
652,000
Accumulated Depreciation–Buildings
228,000
Allowance for Doubtful Accounts
38,000
Administrative Expenses
1,350,000
Interest Expense
317,000
Inventory
895,000
Gain
120,000
Notes Payable (long-term)
1,350,000
Equipment
900,000
Bonds Payable
1,500,000
Accumulated Depreciation–Equipment
90,000
Franchises
240,000
Common Stock ($5 par)
1,500,000
Treasury Stock
287,000
Patents
293,000
Retained Earnings
117,000
Paid-in Capital in Excess of Par
120,000
Totals
$18,473,000
$18,473,000
Instructions
Compute each of the following:
1. Total current assets
2. Total property, plant, and equipment
3. Total assets
4. Total liabilities
5. Total stockholders’ equity
2
—Statement of cash flows.
A comparative balance sheet for Talkington Corporation is presented below.
December 31
Assets
2017
2016
Cash
Accounts receivable
$
68,100
$
21,600
Inventory
82,800
33,000
Land
170,200
83,800
Equipment
71,400
74,000
Accumulated depreciation–equipment
280,500
212,400
Total
(74,000)
(42,000)
$597,000
$545,000
Liabilities and Stockholders’ Equity
Accounts payable
$ 34,000
$ 47,000
Bonds payable
150,000
200,000
Common stock ($1 par)
164,000
164,000
Retained earnings
249,000
134,000
Total
$597,000
$545,000
Additional information:
1.
Net income for 2017 was $155,000; there were no gains or losses.
2.
Cash dividends of $400,000 were declared and paid.
3.
Bonds payable of $50,000 were retired.
Instructions:
Compute each of the following:
1.
Net cash provided by operating activities
2.
Net cash provided (used) by investing activities
3.
Net cash provided (used) by financing activities
3
—Statement of cash flows ratios.
Financial statements for Hilton Company are presented below:
Hilton Company
Balance Sheet
December 31, 2017
Assets
Liabilities & Stockholders’ Equity
Cash
$ 40,000
Accounts payable
$ 20,000
Accounts receivable
35,000
Bonds payable
50,000
Buildings and equipment
150,000
Common stock
65,000
Accumulated depreciation—
Retained earnings
60,000
buildings and equipment
(50,000)
$195,000
Patents
20,000
$195,000
Hilton Company
Statement of Cash Flows
For the Year Ended December 31, 2017
Cash flows from operating activities
Net income
$50,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Increase in accounts receivable
$(16,000)
Increase.
For more course tutorials visit
www.newtonhelp.com
Scroll Down to See Details of the Questions
Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.
For more classes visit
www.snaptutorial.com
Scroll Down to See Details of the Questions
Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.
For more course tutorials visit
www.tutorialrank.com
Scroll Down to See Details of the Questions
Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.
For more course tutorials visit
www.tutorialrank.com
Scroll Down to See Details of the Questions
Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.
For more course tutorials visit
www.newtonhelp.com
Scroll Down to See Details of the Questions
Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.
For more classes visit
www.snaptutorial.com
Scroll Down to See Details of the Questions
Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.
1—Balance sheet computations.(Balance Sheet) Presented below is .docxLyndonPelletier761
1
—Balance sheet computations.
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017.
Debit
Credit
Cash
295,000
Sales Revenue
$12,150
Debt Investments (trading) (at cost, $218,000)
230,000
Cost of Goods Sold
7,200
Debt Investments (long-term)
448,000
Equity Investments (long-term)
416,000
Notes Payable (short-term)
135,000
Accounts Payable
682,000
Selling Expenses
3,000,000
Investment Revenue
95,000
Land
390,000
Buildings
1,560,000
Dividends Payable
204,000
Accrued Liabilities
144,000
Accounts Receivable
652,000
Accumulated Depreciation–Buildings
228,000
Allowance for Doubtful Accounts
38,000
Administrative Expenses
1,350,000
Interest Expense
317,000
Inventory
895,000
Gain
120,000
Notes Payable (long-term)
1,350,000
Equipment
900,000
Bonds Payable
1,500,000
Accumulated Depreciation–Equipment
90,000
Franchises
240,000
Common Stock ($5 par)
1,500,000
Treasury Stock
287,000
Patents
293,000
Retained Earnings
117,000
Paid-in Capital in Excess of Par
120,000
Totals
$18,473,000
$18,473,000
Instructions
Compute each of the following:
1.
Total current assets
2.
Total property, plant, and equipment
3.
Total assets
4.
Total liabilities
5.
Total stockholders’ equity
2
—Statement of cash flows.
A comparative balance sheet for Talkington Corporation is presented below.
December 31
Assets
2017
2016
Cash
Accounts receivable
$
68,100
$
21,600
Inventory
82,800
33,000
Land
170,200
83,800
Equipment
71,400
74,000
Accumulated depreciation–equipment
280,500
212,400
Total
(74,000)
(42,000)
$597,000
$545,000
Liabilities and Stockholders’ Equity
Accounts payable
$ 34,000
$ 47,000
Bonds payable
150,000
200,000
Common stock ($1 par)
164,000
164,000
Retained earnings
249,000
134,000
Total
$597,000
$545,000
Additional information:
1.
Net income for 2017 was $155,000; there were no gains or losses.
2.
Cash dividends of $400,000 were declared and paid.
3.
Bonds payable of $50,000 were retired.
Instructions:
Compute each of the following:
1.
Net cash provided by operating activities
2.
Net cash provided (used) by investing activities
3.
Net cash provided (used) by financing activities
3
—Statement of cash flows ratios.
Financial statements for Hilton Company are presented below:
Hilton Company
Balance Sheet
December 31, 2017
Assets
Liabilities & Stockholders’ Equity
Cash
$ 40,000
Accounts payable
$ 20,000
Accounts receivable
35,000
Bonds payable
50,000
Buildings and equipment
150,000
Common stock
65,000
Accumulated depreciation—
Retained earnings
60,000
buildings and equipment
(50,000)
$195,000
Patents
20,000
$195,000
Hilton Company
Statement of Cash Flows
For the Year Ended December 31, 2017
Cash flows from operating activities
Net income
$50,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Increase in accounts receivable
$(16,000)
Increase in account.
For more course tutorials visit
www.tutorialrank.com
Scroll Down to See Details of the Questions
Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.
Scroll Down to See Details of the Questions
Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.
FOR MORE CLASSES VISIT
www.acc421genius.com
Scroll Down to See Details of the Questions Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions. On July 1, 2014, Crowe Co. pays $15,000 to Zubin Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Crowe Co., journalize the entry on July 1 and the adjusting entry on December 31. Dresser Company’s weekly payroll, paid on Fridays, totals $8,000. Employees work a 5-day week. Prepare
The Howit Department store is located in midtown Metro.During th.docxSUBHI7
The Howit Department store is located in midtown Metro.
During the past several years, net income has been declining because of suburban shopping centers.
At the close of the year ended
December 31,2007, the following accounts appeared in two of its trial balances.
.
Trial Balances
Unadjusted
Adjusted
Difference Increase/(Decrease)
Accounts Payable
$37,310
$37,310
$0
Accounts Receivable
12,770
12,770
0
Accumulated Depreciation-Delivery Equipment
15,680
19,680
4,000
Accumulated Depreciation-Store Equipment
32,300
41,800
9,500
Cash
7,000
7,000
0
Delivery Expense
8,200
8,200
0
Delivery Equipment
57,000
57,000
0
Depreciation Expense-Delivery Equipment
4,000
4,000
Depreciation Expense-Store Equipment
9,500
9,500
Freight-in
5,060
5,060
0
Common Stock
70,000
70,000
0
Retained Earnings
14,200
14,200
0
Dividends
12,000
12,000
0
Insurance Expense
9,000
9,000
Interest Expense
8,000
8,000
0
Interest Revenue
5,000
5,000
0
Merchandise Inventory
34,360
34,360
0
Notes Payable
46,000
46,000
0
Prepaid Insurance
13,500
4,500
(9,000)
Property Tax Expense
3,500
3,500
Purchases
640,000
640,000
0
Purchase Discounts
7,000
7,000
0
Purchase Returns and Allowances
3,000
3,000
0
Rent Expense
19,600
19,600
0
Salaries Expense
120,000
120,000
0
Sales
860,000
860,000
0
Sales Commissions Expense
8,000
14,000
6,000
Sales Commissions Payable
6,000
6,000
Sales Returns and Allowances
10,000
10,000
0
Store Equipment
125,000
125,000
0
Property Taxes Payable
3,500
3,500
Utilities Expense
10,000
10,000
0
Analysis
reveals
the following additional data:
1.
Salaries expense is
70%
selling and
30%
administrative.
2.
Insurance expense is
50%
selling and
50%
administrative.
3.
A physical inventory was conduced for year ended December 31, 2007 and the inventory was valued at $36,200.
4.
Rent expense, utilities expense, and property tax expense are administrative expenses.
5.
$10,000 of the Notes payable is due for payment next year.
6.
The beginning balance of accounts receivable is $10,750.
7.
The amount of total assets at the beginning of the year is $198,275.
Instructions
1)
Journalize the adjusting entries that were made by the company.
2)
Prepare a multiple-step income statement and a retained earnings statement for the year and a classified balance sheet as of December 31, 2007.
3)
Journalize the closing entries.
4)
Prepare a post-closing trial balance.
5)
Prepare the following ratios and show all support for your computations:
a) Current Ratio
b) Quick Ratio
c) Working Capital
d) Accounts Receivable Turnover
e) Average Collection Period
f) Inventory Turnover
g) Days in Inventory
h )Debt to Total Assets Ratio
i) Gross Profit Ratio
j) Profit Margin Ratio
k) Return on Assets Ratio
l) Asset Turnover Ratio
6) Based on the ratios computed in 5) above, answer the following questions and use the financial statement ratios to support your answers where appropriate:
·
Do you feel that the company is able to meet its current a.
FOR MORE CLASSES VISIT
www.acc421genius.com
Scroll Down to See Details of the Questions Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions. On July 1, 2014, Crowe Co. pays $15,000 to Zubin Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Crowe Co., journalize the entry on July 1 and the adjusting entry on December 31. Dresser Company’s weekly payroll, paid on Fridays, totals $8,000. Employees work a 5-day week. Prepare Dresser’s adjusting entry on Wednesday, December 31, and the journal entry to record the $8,000 cash payment on Friday, January 2 Side Kicks has year-end account balances of Sales Revenue $808,900; Interest Revenue $13,500; Cost of Goods Sold $556,200; Administrative Expenses $189,000; Income Tax Expense $35,100; and Dividends $18,900. Prepare the year-end closing entrie To convert cash receipts from customers to revenue
Katharine Hepburn, Harvey Milk, and Fred Karomatsu all contrib.docxcareyshaunda
Katharine Hepburn, Harvey Milk,
and
Fred Karomatsu
all contributed to social change in America in the areas of gender or “race”.
Explain who each person was, what issues they were dealing with, and what method or methods they used to try to create social change. Be clear on what role the media of the times played (or did not play) in their actions. Was there a method (or methods) that you feel were more effective than others? Why?
Essays should be about two to three pages double-spaced, about 600-800 words.
.
Juvenile JusticeClassify the developmental stages and cycles of ad.docxcareyshaunda
Juvenile Justice
Classify the developmental stages and cycles of adolescent growth, and peer pressure.
One of the critical principles of social reaction to crime is that the law is applied differently in many areas and depending on social, economic, gender, and age issues.
For this week's Class Discussion, please write your main post on the following:
Discuss the unequal application of delinquency labels and how they apply to adolescent offenders.
Share your opinion with your peers.
.
Katetotur...Deliverable Length 4-6 slides (excluding Title a.docxcareyshaunda
Katetotur...
Deliverable Length:
4-6 slides (excluding Title and Reference slides)
Assignment Objectives
Explain the role of a manager
Define the dimensions of an organization's culture
Describe the techniques of managing change
Assignment Description
Leaders face many hurdles when leading in multiple countries. There are several examples of disastrous public relations fallout that have occurred when companies have outsourced work to other nations. When determining where to move offshore as a company, the leaders of the organization must make several decisions.
Using course theories and current multinational organizations that have locations in several countries, convey your own thoughts on the subject and address the following:
What leadership considerations must an organization weigh in selecting another country to open a location such as a manufacturing plant?
How might leaders need to change leadership styles to manage multinational locations?
What public relations issues might arise from such a decision?
How would you recommend such a company to demonstrate their social responsibility to their headquarters country as well as any offshore locations
.
Katy is opposed to the government in Sri Lanka and attends a march i.docxcareyshaunda
Katy is opposed to the government in Sri Lanka and attends a march in Manchester protesting against the Sri Lankan Government’s human rights record. She is giving out leaflets to passers-by, urging them to support the protest and attend future demonstrations. She is also urging them to boycott Sri Lankan goods and write to their local MP to request the UK Government speak out more against the human rights abuses.
The march has been infiltrated by pro Sri Lankan Government supporters who are intent on causing violence to disrupt the march and clashes with the Police break out. Some demonstrators begin throwing things at the Police and chant anti police slogans. Katy is targeted by the police, arrested and taken to the police station. The reason for her arrest being given as ‘to prevent a breach of the peace’. She maintains she has been peacefully protesting throughout the march. When the demonstration is over she is released without charge.
That night Katy sees herself on television. She later finds out that the Police have asked broadcasters to show images of the demonstration on TV with a request for people to phone in with the names of demonstrators causing the trouble. Katy’s face is clearly visible and she is worried that she may lose her job if she is identified on the march.
.
Kari Martinsen Philosophy of CaringDescribe the historical backgr.docxcareyshaunda
Kari Martinsen: Philosophy of Caring
Describe the historical background of the development of the model or framework.
Identify the concepts in the model.
Describe the relationship between the model and concepts in nursing’s metaparadigm.
Create an example of the model applied to clinical practice.
Identify strengths and weaknesses of the model for clinical practice
.
JUVENILE JUSTICE NO MORE THAN ONE PARAGRAPH AND A HALFResearch.docxcareyshaunda
JUVENILE JUSTICE
NO MORE THAN ONE PARAGRAPH AND A HALF
Research and discuss the process by which Twenty-sixth Amendment was passed. For this week's class discussion, respond to each of the following:
How long after initial proposal was the Twenty-sixty Amendment ratified?
What do you think was the primary reason the voting age was changed at this point in our history?
Do you feel it important for juveniles to have meaningful participation in the affairs of society?
Why do you feel this way? Please explain/defend your answers.
.
JUVENILE JUSTICE 2NO MORE THAN ONE PARAGRAPH AND A HALFThis term.docxcareyshaunda
JUVENILE JUSTICE 2
NO MORE THAN ONE PARAGRAPH AND A HALF
This term you have explored the history and major aspects and influences on the Juvenile justice System. You also learned about rehabilitation, social pressures and prevention. For this week's class discussion, please respond to the following:
Should there be a juvenile justice system or should juveniles who commit serious crimes be treated as adults?
Explain your position in detail.
.
JUVENILE JUSTICE 2NO MORE THAN ONE PARAGRAPH AND A HALFSumma.docxcareyshaunda
JUVENILE JUSTICE 2
NO MORE THAN ONE PARAGRAPH AND A HALF
Summarize jurisdictional hearings and options.
Vante supports to fight for justice and what is deemed "right." On the other hand, criminality can threaten the system of "law and order" which he or she claims to serve. For this week's class discussion, please respond to the following:
After reviewing early American vigilantism, compare and contrast it with contemporary vigilantism.
.
JUVENILE JUSTICEOutline disposition of juveniles.One of the .docxcareyshaunda
JUVENILE JUSTICE
Outline disposition of juveniles.
One of the most significant historical reforms used in dealing with the juvenile offender was the opening of the New York House of Refuge in 1825. Research this classic institution and define the social and judicial consequences of this reform movement on the Juvenile Justice System. Share your assessment of the ground breaking work that took place and how it compares to our current child saving movement.
For citation guidelines, please refer to the table in the APA Style section of the syllabus.
.
JUVENILE JUSTICE 1 NO MORE THAN ONE PARAGRAPHThe same crime ca.docxcareyshaunda
JUVENILE JUSTICE 1
NO MORE THAN ONE PARAGRAPH
The same crime can be committed by a career criminal as well as a first time adolescent offender. The difference in how we look at and deal with each of these situations is critical for both justice and fairness.
Discuss the differences and similarities between the adult criminal court system and the juvenile justice system.
.
JUVENILE JUSTICE Research different types of early prevention with.docxcareyshaunda
JUVENILE JUSTICE
Research different types of early prevention with regards to delinquency programs nationwide.
Select two programs that you feel are effective. Summarize what makes them successful, discuss their cost effectiveness, and explain their ability to curtail juvenile delinquency.
For citation guidelines, please refer to the table in the APA Style section of the syllabus.
.
Kansai International AirportOpened on 4 September 1994, the airp.docxcareyshaunda
Kansai International Airport
Opened on 4 September 1994, the airport serves as a hub for several airlines such as All Nippon Airways, Japan Airlines, and Nippon Cargo Airlines. It is the international gateway for Japan's
Kansai region
, which contains the major cities of
Kyoto
, Kobe, and Osaka. Other Kansai
DOMESTIC FLIGHTS
fly from the older but more conveniently located Osaka International Airport in
Itami
, or from the newer Kobe Airport.
The airport had been deeply in debt, losing $560 million in interest every year. Airlines had been kept away by high landing fees (about $7,500 for a
Boeing 747
), the second most expensive in the world after Narita's. In the early years of the airport's operation, excessive terminal rent and
UTILITY BILLS
for on-site concessions also drove up operating costs: some estimates before opening held that a cup of coffee would have to cost US$10.
[19]
Osaka business owners pressed the government to take a greater burden of the construction cost to keep the airport attractive to passengers and airlines.
[20]
On 17 February 2005,
Chubu Centrair International Airport
opened in
Nagoya
, just east of Osaka. The opening of the airport was expected to increase competition between Japan's international airports. Despite this, passenger totals were up 11% in 2005 over 2004, and international passengers increased to 3.06 million in 2006, up 10% over 2005. Adding to the competition was the opening of Kobe Airport, less than 25 km (16 mi) away, in 2006 and the lengthening of the runway at
Tokushima Airport
in
Shikoku
in 2007. The main rationale behind the expansions was to compete with
Incheon International Airport
and
Hong Kong International Airport
as a gateway to Asia, as Tokyo area airports were severely congested. Kansai saw an 5% year-on-year increase in international traffic in summer 2013, largely supported by
low-cost carrier
traffic to
Taiwan
and Southeast Asia overcoming a decrease in traffic to China and
South Korea
.
[21]
The airport authority was allotted 4 billion yen in government support for fiscal year 2013, and the Ministry of Land, Infrastructure and Transport and Ministry of Finance have agreed to reduce this amount in stages through fiscal year 2015, although local governments in the Kansai region have pressed for
CONTINUED
subsidies.
[22]
Kansai has been marketed as an alternative to Narita Airport for international travelers from the
Greater Tokyo Area
. By flying to Kansai from
Haneda Airport
and connecting to
INTERNATIONAL FLIGHTS
there, travelers can save the additional time required to get to Narita: up to one and a half hours for many residents of
Kanagawa Prefecture
and southern Tokyo.
.
Juvenile JusticeInstructional Objectives for this activityExplo.docxcareyshaunda
Juvenile Justice
Instructional Objectives for this activity:
Explore results of environment and SES issues.
This week you read about Social Reaction Theory, AKA Labeling Theory and Social Conflict Theory. For this week's class discussion, please consider this theory as you complete the discussion below.
Pick one popular television program or historical criminal event involving youth violence.
Review, research or observe the show or criminal media reports to determine if criminals or youth are portrayed as having negative physical characteristics, and police officers are portrayed as having positive physical characteristics.
Each student is to report her/his findings as a clearly labeled main post.
.
Juvenile Facing Life in Prison, we’re doing pros and cons.I a.docxcareyshaunda
Juvenile Facing Life in Prison, we’re doing pros and cons.
I agree with Life in Prison without parole, and I have to cover the following:
When: Comparing crime, what states has juveniles committing more crimes, and rates through the years.
Why: Causes of the crimes (Felonies that deserve a sentence of life)
How: How it affects juveniles in the community.
If it;s done before 3/29/2015 better
.
JUVENILE JUSTICE 2 ONLY ONE PARAGRAPHIdentify the critical need fo.docxcareyshaunda
JUVENILE JUSTICE 2 ONLY ONE PARAGRAPH
Identify the critical need for confidentiality.
According to Siegel and Welsh (2012), the presence of gangs as a threatening force began in the 1950s and 1960s. Since then gang activity has become increasingly organized and connected to larger networks. For this week's class discussion, please complete the following:
Discuss the various forms of gang control used by law enforcement and community leaders today.
Share your suggestions on how these can be improved.
.
Journal Entry 3 Prepare a one to two (1-2) paragraph journal en.docxcareyshaunda
Journal Entry 3:
Prepare a one to two (1-2) paragraph journal entry in which you make your recommendation to Jeff Passmore concerning the hospital’s liability in Mr. Davis’s case, as discussed within Learnscape 4: Failure to Obtain Consent. Include details from your conversation within the scenario to support your position. Give your opinion on whether or not the consent given by Mr. Davis was sufficient, prior to surgery.
.
Journal Positive Social Change—An Evolving PerspectiveAs explor.docxcareyshaunda
Journal: Positive Social Change—An Evolving Perspective
As explored in the first week of this course, there is not one single definition for terms like social responsibility and social change. They are complex concepts determined by multiple factors. You may now recognize some of the key contributing factors that lead to social responsibility in action. Has your initial understanding of social responsibility and social change evolved through your work in this course?
In this last Journal Assignment, you reflect on how this course influences your overall understanding and approach to positive social change.
To prepare for this Assignment:
Review Walden University’s General Education Learning Outcome: “Change” in the Syllabus
.
Consider how the General Education DEEP-C model contributed to your ability to discover and evaluate ideas from different perspectives, and is instrumental in your progress toward achieving personal goals and effecting positive social change.
Revisit definitions of
social responsibility
shared in the Week 1 Discussion in light of all the information you have considered throughout this course.
Read Chapters 11 and 12 in the Loeb (2010) course text.
Reflect on the exercise in collective action represented by the Group Project. Think about the benefits collective action offers for accomplishing the goals of the Group Project.
The Assignment:
Writea 3- to 4-paragraph journal entry in which you briefly analyze the value of collective action in working toward social change.
Describe how your perspective has evolved or changed through this course and how you believe it will continue to evolve after the course.
How has this experience influenced your ability to create positive social change beyond the term of this course?
.
Journal Evaluating ResourcesPersonal experience and perception le.docxcareyshaunda
Journal: Evaluating Resources
Personal experience and perception lend a great deal to addressing a social issue. However, as individuals, there are limits to one’s knowledge on any topic. The ability to conduct research on a social issue allows for a more comprehensive perspective on multiple aspects of an issue, insight into the communities impacted, and lessons learned for other like-minded groups who have done similar work.
In this Journal Assignment, you explore the concept
Discovery
as it relates your group's research on a social topic.
To prepare for this Assignment:
Consider the assigned readings from the first 3 weeks of this course.
Review the explanation of DEEP-C Model General Education Learning Outcome “Discovery” in the Syllabus.
Consider
“
Discovery” as it relates to the work you are doing in this course.
Bearing in mind the amount of information that is readily available in current times, think about how people involved in social movements of the past gained information on the social issue and related topics.
The Assignment:
Write
a 2- to 3-paragraph journal entry in which you address the following questions:
What appropriate sources of information will be used to support your group's claims about your topic?
At this early stage in the process of investigating your topic, what advantages do you see in conducting research to discover various factors associated with the topic?
In what ways does the ability to conduct research strengthen your group's approach?
General Education Learning Outcomes (The DEEP-C Model)
Discovery
:
Students will locate and identify appropriate sources of information using multiple sources and methods, including bibliographic, textual, experiential, and experimental research.
Evaluation:
Students will critically assess texts and arguments in multiple forms and contexts using quantitative and qualitative logic, the scientific method, ethics, and pragmatics.
Expression:
Students will effectively and ethically communicate information and opinions verbally and nonverbally using written, oral, behavioral, and visual methods adapted for diverse audiences and purposes.
Perspective
: Students will be able to articulate the consistency and flexibility of knowledge as it is experienced across time, space, and culture.
Change
: Students will articulate how their ability to discover, evaluate, and express ideas from different perspectives is instrumental in their progress toward achieving personal goals and effecting positive social change.
.
Journal Entry 3 Prepare a one to two (1-2) paragraph journal entr.docxcareyshaunda
Journal Entry 3:
Prepare a one to two (1-2) paragraph journal entry in which you make your recommendation to Jeff Passmore concerning the hospital’s liability in Mr. Davis’s case, as discussed within Learnscape 4: Failure to Obtain Consent. Include details from your conversation within the scenario to support your position. Give your opinion on whether or not the consent given by Mr. Davis was sufficient, prior to surgery.
.
Journal Entry 3 Prepare a one to two (1-2) paragraph journal entry .docxcareyshaunda
Journal Entry 3: Prepare a one to two (1-2) paragraph journal entry in which you make your recommendation to Jeff Passmore concerning the hospital’s liability in Mr. Davis’s case, as discussed within Learnscape 4: Failure to Obtain Consent. Include details from your conversation within the scenario to support your position. Give your opinion on whether or not the consent given by Mr. Davis was sufficient, prior to surgery
.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
Kazaam Company, a merchandiser, recently completed its calendar-year.docx
1. Kazaam Company, a merchandiser, recently completed its
calendar-year 2011 operations. For the year, (1) all sales are
credit sales, (2) all credits to Accounts Receivable reflect cash
receipts from customers, (3) all purchases of inventory are on
credit, (4) all debits to Accounts Payable reflect cash payments
for inventory, and (5) Other Expenses are paid in advance and
are initially debited to Prepaid Expenses. The company’s
balance sheets and income statement follow.
KAZAAM COMPANY
Comparative Balance Sheets
December 31, 2011 and 2010
2011
2010
Assets
Cash
$
49,800
$
74,000
Accounts receivable
65,810
51,000
Merchandise inventory
3. Accounts payable
$
69,735
$
115,000
Short-term notes payable
12,000
7,000
Long-term notes payable
60,000
48,750
Common stock, $5 par value
162,000
150,250
Paid-in capital in excess of par, common stock
35,250
0
Retained earnings
171,875
4. 111,400
Total liabilities and equity
$
510,860
$
432,400
KAZAAM COMPANY
Income Statement
For Year Ended December 31, 2011
Sales
$
583,500
Cost of goods sold
286,000
Gross profit
6. 5,125
Income before taxes
139,975
Income taxes expense
23,000
Net income
$
116,975
Additional Information on Year 2011 Transactions
a.
The loss on the cash sale of equipment was $5,125 (details in
b
7. ).
b.
Sold equipment costing $46,875, with accumulated depreciation
of $30,250, for $11,500 cash.
c.
Purchased equipment costing $98,875 by paying $25,000 cash
and signing a long-term note payable for the balance.
d.
Borrowed $5,000 cash by signing a short-term note payable.
e.
Paid $62,625 cash to reduce the long-term notes payable.
f.
Issued 2,350 shares of common stock for $20 cash per share.
g.
Declared and paid cash dividends of $56,500.
Required:
Prepare a complete statement of cash flows using a spreadsheet
report its operating activities using the indirect method.
(Leave no cells blank - be certain to enter "0" wherever
required. Omit the "$" sign in your response.)
a.
Net income was $116,975.
b.
Accounts receivable increased.
c.
Merchandise inventory increased.
d.
Prepaid expenses decreased.
e.
Accounts payable decreased.
f.
Depreciation expense was $20,000.
g.
Sold equipment costing $46,875, with accumulated depreciation
8. of $30,250, for $11,500 cash. This yielded a loss of $5,125.
h.
Purchased equipment costing $98,875 by paying $25,000 cash
and
(i.)
by signing a long-term note payable for the balance.
j.
Borrowed $5,000 cash by signing a short-term note payable.
k.
Paid $62,625 cash to reduce the long-term notes payable.
l.
Issued 2,350 shares of common stock for $20 cash per share.
m.
Declared and paid cash dividends of $56,500.
KAZAAM COMPANY
Spreadsheet for Statement of Cash Flows
For Year Ended December 31, 2011
December
31, 2010
Analysis of Changes
December
31, 2011
Debit
Credit
Balance sheet—debit bal. accounts
Cash
$ [removed]
$ [removed]
12. [removed]
Decrease in prepaid expenses
[removed]
[removed]
Decrease in accounts payable
[removed]
[removed]
Depreciation expense
[removed]
[removed]
Loss on sale of equipment
[removed]
[removed]
Investing activities
Receipt from sale of equipment
[removed]
[removed]
Payment to purchase equipment
[removed]
[removed]
13. Financing activities
Borrowed on short-term note
[removed]
[removed]
Payment on long-term note
[removed]
[removed]
Issued common stock for cash
[removed]
[removed]
Payments of cash dividends
[removed]
[removed]
Noncash investing and financing activities
Purchase of equip. financed
by long-term note payable
[removed]
[removed]