GolfGear & More, Inc., is a regional and online golf equipment retailer. The company reported the following for the current year: Purchased a long-term investment for cash, $18,000. Paid cash dividend, $12,500. Sold equipment for $8,500 cash (cost, $26,000, accumulated depreciation, $17,500). Issued shares of no-par stock, 400 shares at $12 per share cash. Net income was $22,700. Depreciation expense was $3,50o. Its comparative balance sheet is presented below. Balances 12/31/Current 12/31/Prior Balances Year 19,500 27,000 78,000 18,000 91,000 (18,500) 215,000 $ 14,500 2,000 5,500 59,000 Year 22,500 27,000 70,500 Cash Accounts receivable Merchandise inventory Investments Equipnent Accumulated depreciation 117,000 (32,500) 204,500 $ 19,500 3,500 3,500 59,000 Total Accounts pay able Wages payable Income taxes payable Notes payable Common stock and additional paid-in capital Retained earnings Total 104,800 100,000 29, 200 $215,000 19,000 $204,500 Required: 1. Complete a T-account worksheet. Answer is not complete. Cash Operating Net income 22,700 O 7.500 O Inventory Depreciation expense 3,500 O 5.000 O Accounts payable Wages payable Income taxes payable 2,000 O 1.500 Net cash provided by operating activities 14,200 Investing Sale of equipment 8,500 18,000 OPurchase investment 9.500 Net cash used in investing activities Financing Proceeds from stock issuance 4,800 O 12,500 O Net cash used in financing activities (3,000) O Net decrease in cash and cash equivalents 7,700
GolfGear & More, Inc., is a regional and online golf equipment retailer. The company reported the following for the current year: Purchased a long-term investment for cash, $18,000. Paid cash dividend, $12,500. Sold equipment for $8,500 cash (cost, $26,000, accumulated depreciation, $17,500). Issued shares of no-par stock, 400 shares at $12 per share cash. Net income was $22,700. Depreciation expense was $3,50o. Its comparative balance sheet is presented below. Balances 12/31/Current 12/31/Prior Balances Year 19,500 27,000 78,000 18,000 91,000 (18,500) 215,000 $ 14,500 2,000 5,500 59,000 Year 22,500 27,000 70,500 Cash Accounts receivable Merchandise inventory Investments Equipnent Accumulated depreciation 117,000 (32,500) 204,500 $ 19,500 3,500 3,500 59,000 Total Accounts pay able Wages payable Income taxes payable Notes payable Common stock and additional paid-in capital Retained earnings Total 104,800 100,000 29, 200 $215,000 19,000 $204,500 Required: 1. Complete a T-account worksheet. Answer is not complete. Cash Operating Net income 22,700 O 7.500 O Inventory Depreciation expense 3,500 O 5.000 O Accounts payable Wages payable Income taxes payable 2,000 O 1.500 Net cash provided by operating activities 14,200 Investing Sale of equipment 8,500 18,000 OPurchase investment 9.500 Net cash used in investing activities Financing Proceeds from stock issuance 4,800 O 12,500 O Net cash used in financing activities (3,000) O Net decrease in cash and cash equivalents 7,700
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter14: Statement Of Cash Flows
Section: Chapter Questions
Problem 52P: Balance sheets for Brierwold Corporation follow: Additional transactions were as follows: a....
Related questions
Question
i just need the value that is marked with a red x
Transcribed Image Text:GolfGear & More, Inc., is a regional and online golf equipment retailer. The company reported the following for the current year:
Purchased a long-term investment for cash, $18,000.
Paid cash dividend, $12,500.
Sold equipment for $8,500 cash (cost, $26,000, accumulated depreciation, $17,500).
Issued shares of no-par stock, 400 shares at $12 per share cash.
Net income was $22,700.
Depreciation expense was $3,50o.
Its comparative balance sheet is presented below.
Balances
12/31/Current 12/31/Prior
Balances
Year
19,500
27,000
78,000
18,000
91,000
(18,500)
215,000
$ 14,500
2,000
5,500
59,000
Year
22,500
27,000
70,500
Cash
Accounts receivable
Merchandise inventory
Investments
Equipnent
Accumulated depreciation
117,000
(32,500)
204,500
$ 19,500
3,500
3,500
59,000
Total
Accounts pay able
Wages payable
Income taxes payable
Notes payable
Common stock and additional paid-in
capital
Retained earnings
Total
104,800
100,000
29, 200
$215,000
19,000
$204,500
Transcribed Image Text:Required:
1. Complete a T-account worksheet.
Answer is not complete.
Cash
Operating
Net income
22,700 O
7.500 O Inventory
Depreciation expense
3,500 O
5.000 O Accounts payable
Wages payable
Income taxes payable
2,000 O
1.500
Net cash provided by operating activities
14,200
Investing
Sale of equipment
8,500
18,000 OPurchase investment
9.500
Net cash used in investing activities
Financing
Proceeds from stock issuance
4,800 O
12,500 O
Net cash used in financing activities
(3,000) O Net decrease in cash and cash equivalents
7,700
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning