A company's January 1, 2016 balance sheet reported total assets of $150,000 and total liabilities of $60,000. During January 2016, the company completed the following transactions: (A) paid a note payable using $10,000 cash (no interest was paid); (B) collected a $9,000 accounts receivable; (C) paid a $5,000 accounts payable; and (D) purchased a truck for $5,000 cash and by signing a $20,000 note payable from a bank. The company's January 31, 2016 balance sheet would report which of the following? Select one: a. Stockholder's Assets Liabilities Equity $170,000 $100,000 $70,000 b. Stockholder's Assets Liabilities Equity $160,000 $75,000 $85,000 C. Stockholder's Assets Liabilities Equity $150,000 $60,000 $90,000 d. Stockholder's Assets Liabilities Equity $155,000 $65,000 $90,000

A company's January 1, 2016 balance sheet reported total assets of $150,000 and total liabilities of $60,000. During January 2016, the company completed the following transactions: (A) paid a note payable using $10,000 cash (no interest was paid); (B) collected a $9,000 accounts receivable; (C) paid a $5,000 accounts payable; and (D) purchased a truck for $5,000 cash and by signing a $20,000 note payable from a bank. The company's January 31, 2016 balance sheet would report which of the following? Select one: a. Stockholder's Assets Liabilities Equity $170,000 $100,000 $70,000 b. Stockholder's Assets Liabilities Equity $160,000 $75,000 $85,000 C. Stockholder's Assets Liabilities Equity $150,000 $60,000 $90,000 d. Stockholder's Assets Liabilities Equity $155,000 $65,000 $90,000

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Description: A company's January 1, 2016 balance sheet reported total assets of $150,000 and total liabilities of $60,000.During January 2016, the company completed the following transactions: (A) paid a note payable using $10,000cash (no interest was paid); (B)

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter14: Statement Of Cash Flows (cashflow)

Section: Chapter Questions

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

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The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal year, is as follows: Additional data obtained from the records of Prime Sports Gear are as follows: a. Net income for 2013 was 121,610. b. Depreciation reported on income statement for 2013 was 46,500. c. Purchased 165,000 of new equipment, putting 90,000 cash down and issuing 75,000 of bonds for the balance. d. Old equipment originally costing 19,500, with accumulated depreciation of 7,950, was sold for 8,000. e. Retired 60,000 of bonds. f. Declared cash dividends of 64,000. g. Issued 1,500 shares of common stock at 27 cash per share. Open the file CASHFLOW from the website for this book at cengagebrain.com. First, enter the formulas. Then, complete the worksheet in the manner described next. According to the problem, cash increased from 39,600 to 67,210 during the year. This is a 27,610 increase. To record this increase on the worksheet, move to row 17. Since this is the first account you are analyzing, enter the letter a in column C. Then enter 27610 in column D (a debit since cash increased). This brings the year-end balance (column G) to 67,210, its proper balance. Now move to the bottom part of the statement where you see the categories Operating Activities, Investing Activities, and so on. The credit side of the entry has to be entered here. The proper space for this cash entry is on row 59. Enter the letter a in cell E59 and 27610 in cell F59. Notice the totals at the bottom of the page (row 60) now agree. The next account balance that changed is accounts receivable. It increased by 9,035. To enter this change on the worksheet, enter the letter b in cell C18 and 9035 in cell D18 (again, a debit since accounts receivable increased). This brings the year-end balance in column G to 121,250, its proper balance. The change in accounts receivable balance is an operating activity adjustment (as explained in your textbook). Enter the credit side of this entry in cells E34 and F34, and enter the explanation Increase in accounts receivable in cell A34. Note: Your textbook probably shows Net income as the first item under Operating Activities. We will get to that later. The sequence in which you enter items on this worksheet is not important. All other balance sheet accounts must be analyzed in the same manner, placing appropriate debit or credit entries in the top part of the worksheet to obtain the proper balances in column G, and then entering the second side of the entry in the appropriate row on the bottom part of the worksheet. You should use letter references to identify all entries. Also, you must enter a description of the entry in column A under the appropriate activity category. Although a sequence of analyzing the balance sheet from top to bottom is suggested here, this order is not necessary. As mentioned earlier, your textbook may specify a different sequence. Also, note that some accounts may have both debit and credit adjustments to them. The worksheet is not a substitute for a statement of cash flows, but it does provide you with all the numbers you need to properly prepare one. You will be done with your analysis when: a. The individual account balances at December 31, 2013, as shown on the worksheet (column G) equal those shown in the given problem data. b. The transaction column totals are equal (cells D60 and F60). c. The sum of the operating, investing, and financing activities (cell G59) equals the change in cash (cell D59 or F59). When you are finished, enter your name in cell A1. Save your completed file as CASHFLOW2. Print the worksheet when done. Also print your formulas. Check figure: Total credits at 12/31/2013 (cell G31), 860,460.
The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal year, is as follows: Additional data obtained from the records of Prime Sports Gear are as follows: a. Net income for 2013 was 121,610. b. Depreciation reported on income statement for 2013 was 46,500. c. Purchased 165,000 of new equipment, putting 90,000 cash down and issuing 75,000 of bonds for the balance. d. Old equipment originally costing 19,500, with accumulated depreciation of 7,950, was sold for 8,000. e. Retired 60,000 of bonds. f. Declared cash dividends of 64,000. g. Issued 1,500 shares of common stock at 27 cash per share. You have been asked to prepare a statement of cash flows for Prime Sports Gear for 2013. Review the worksheet called CASHFLOW that has been provided to assist you in preparing the statement. The worksheet has been designed so that as you make entries in columns D and F, column G will be automatically updated. For example, FORMULA1 should be entered as =B17+D17F17. Columns C and E are to be used to enter letter references for each of the debit and credit entries on the worksheet.
Adobe Systems Incorporated reported the following accounts and amounts (in millions) in its financial statements for the year ended December 2, 2016. Accounts Payable $ 820 Accounts Receivable 840 Accumulated Amortization 480 Accumulated Depreciation 1,110 Allowance for Doubtful Accounts 10 Cash and Cash Equivalents 1,010 Common Stock 450 Deferred Revenue 1,950 Equipment 7,330 Income Taxes Payable 40 Notes Payable (long-term) 2,470 Notes Receivable (long-term) 230 Prepaid Rent 250 Retained Earnings 6,970 Service Revenue 470 Short-Term Investments 3,750 Software 890 Prepare a classified balance sheet. The Allowance for Doubtful Accounts relates entirely to Accounts Receivable.
Craig Ferguson Company has the following balances in selected accounts on December 31, selected data. 2014. Accounts Receivable $ -0- Accumulated Depreciation—Equipment 10,000 Interest Payable -0- Notes Payable 20,000 Prepaid Insurance 2,700 Salaries and Wages Payable -0- Supplies 3,500 Unearned Service Revenue 50,000 All the accounts have normal balances. The information below has been gathered at December 31, 2014. 1. Craig Ferguson Company borrowed $20,000 by signing a 12%, one-year note on August 1, 2014. 2. A count of supplies on December 31, 2014, indicates that supplies of $900 are on hand. 3. Depreciation on the equipment for 2014 is $2,000. 4. Craig Ferguson Company paid $2,700 for 12 months of insurance coverage on May 1,…
The following balances were taken from the books of Schimank Corp. on December 31, 2014. Interest revenue $1,20,400 Accumulated depreciation-equipment $56,000 Cash 71,400 Accumulated depreciation-building 39,200 Sales 19,32,000 Notes receivable 2,17,000 Accounts receivable 2,10,000 Selling expenses 2,71,600 Prepaid insurance 28,000 Accounts payable 2,38,000 Sales returns and allowances 2,10,000 Bonds payable 1,40,000 Allowance for doubtful accounts 9,800 Administrative and general expenses 1,35,800 Sales discounts 63,000 Accrued liabilities 44,800 Land 1,40,000 Interest expense 84,000 Equipment 2,80,000 Notes payable 1,40,000 Building 1,96,000 Loss from earthquake damage (extraordinary item) 2,10,000 Cost of goods sold 8,69,400 Common stock 7,00,000 Retained earnings 29,400 Assume the total effective tax rate on all items is 34%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year.
A company's January 1, 2014 balance sheet reported total assets of $163,000 and total liabilities of $66,500. During January 2014, the company completed the following transactions: (A) paid a note payable using $16,500 cash (no interest was paid); (B) collected a $15,500 accounts receivable; (C) paid a $6,300 accounts payable; and (D) purchased a truck for $6,300 cash and by signing a $26,500 note payable from a bank. The company's January 31, 2014 balance sheet would report which of the following? Assets Liabilities Stockholders' Equity
The trial balance for Andrew’s Slabs as at 30 June 2017 was: Trial Balance Details Debit $ Credit $ Cash at Bank 10,700 Accounts receivable 52,000 Inventory 20,000 Equipment 45,000 Accumulated depreciation on equipment 10,000 Vehicles 50,000 Accumulated depreciation motor vehicles 6,250 Land 27,500 Accounts payable 25,000 Loan 85,000 Capital 181,430 Sales revenue 120,000 Interest revenue 2,000 Cost of goods sold 86,250 Salaries expense 30,000 Rates expense 1,500 Stationery expense 800 Advertising expense 1,900 Interest expense 300 Motor Vehicle expense 780 Repairs Expense 2,500 Insurance Expense 450 Total 329,680 329,680 Record the following balance day adjustments in the general journal below. and show the workings Depreciation of equipment…
The trial balance for Andrew’s Slabs as at 30 June 2017 was: Trial Balance Details Debit $ Credit $ Cash at Bank 10,700 Accounts receivable 52,000 Inventory 20,000 Equipment 45,000 Accumulated depreciation on equipment 10,000 Vehicles 50,000 Accumulated depreciation motor vehicles 6,250 Land 27,500 Accounts payable 25,000 Loan 85,000 Capital 181,430 Sales revenue 120,000 Interest revenue 2,000 Cost of goods sold 86,250 Salaries expense 30,000 Rates expense 1,500 Stationery expense 800 Advertising expense 1,900 Interest expense 300 Motor Vehicle expense 780 Repairs Expense 2,500 Insurance Expense 450 Total 329,680 329,680 additional information: Depreciation of equipment 10% using the straight-line method Depreciation of vehicles 12.5% using the…
Sage Hill Inc. had the following transactions involving current assets and current liabilities during February 2017. Feb. 3 Collected accounts receivable of $18,600. 7 Purchased equipment for $33,200 cash. 11 Paid $2,000 for a 1-year insurance policy. 14 Paid accounts payable of $14,600. 18 Declared cash dividends, $8,200. Additional information:As of February 1, 2017, current assets were $132,700 and current liabilities were $34,600.Compute the current ratio as of the beginning of the month and after each transaction. (Round all answers to 2 decimal places, e.g. 1.83 : 1.) Current ratio as of Feb. 1, 2017 :1 Feb. 3 :1 Feb. 7 :1 Feb. 11 :1 Feb. 14 :1 Feb. 18 :1
Given below are the balances taken from Amber’s ledger accounts on 31st December 2017. £ Fittings 10,950 Accumulated depreciation – fittings at 01/01/2017 3,750 Buildings 45,000 Accumulated depreciation – buildings at 01/01/2017 9,000 Inventory at 01/01/2017 22,500 Trade receivables 15,000 Allowance for doubtful debts 01/01/2017 1,200 Cash in hand 75 Cash at bank 1,875 Trade payables 27,000 Capital 28,575 Drawings 7,125 Purchases 120,000 Revenue 180,000 Wages 18,000 Advertising 300 Rates 6,000 Bank charges 2,700 The following information is also available: i. The value of inventory as at 31st December 2017 was £31,500 ii. Fittings are to be depreciated at 12% on reducing balance basis and buildings have a 40-year life and depreciated at cost. iii. Of the rates payments, £540 is for the next accounting period iv. Amber has just been notified that a debt of £850 is irrecoverable. As the economy is in recession it is expected that debtors may struggle to pay so an additional allowance of…
On April 30, 2018, the balance sheet of China Collectibles showed total assets of $700,000, total liabilities of $400,000, and owners' equity of $300,000. The following transactions occurred in May of 2018: (1) Capital stock was issued in exchange for $165,000 cash. (2) The business purchased equipment for $360,000, paying $160,000 cash and issuing a note payable for $200,000. (3) The business paid $70,000 of its accounts payable. (4) The business collected $54,000 of its accounts receivable. Compute the following as of May 31, 2018: (A.) Total assets (B.) Total liabilities (C.) Owners' equity
On December 1, 2022, Sheridan Distributing Company had the following account balances. Debit Credit Cash $7,500 Accumulated Depreciation—Equipment $2,640 Accounts Receivable 4,900 Accounts Payable 4,500 Inventory 12,200 Salaries and Wages Payable 1,000 Supplies 1,300 Owner’s Capital 44,160 Equipment 26,400 $52,300 $52,300 During December, the company completed the following summary transactions. Dec. 6 Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,500. The cost of the merchandise sold was $3,900. 13 Purchased merchandise on account from Boehm Co. $9,000, terms 2/10, n/30. 15 Purchased supplies for cash $1,600. 18 Sold merchandise on account $12,800, terms 3/10,…