Dec. 31, Dec. 31, 20Y2 20Y1 Assets Cash $147 $49 Accounts receivable (net) 83 61 Inventories 52 33 Land 119 137 Equipment 67 53 Accumulated depreciation-equipment (18) (9) Total Assets $450 $324 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) %2457 249 Dividends payable 9 Common stock, $1 par 30 15 Paid-in capital: Excess of issue price over par- 65 38 common stock Retained earnings 289 222 Total liabilities and stockholders' equity $450 $324 The following additional information is taken from the records: 1. Land was sold for $45. 2. Equipment was acquired for cash. 3. There were no disposals of equipment during the year. 4. The common stock was issued for cash. 5. There was a $97 credit to Retained Earnings for net income. 6. There was a $30 debit to Retained Earnings for cash dividends declared. a. Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.

Dec. 31, Dec. 31, 20Y2 20Y1 Assets Cash $147 $49 Accounts receivable (net) 83 61 Inventories 52 33 Land 119 137 Equipment 67 53 Accumulated depreciation-equipment (18) (9) Total Assets $450 $324 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) %2457 249 Dividends payable 9 Common stock, $1 par 30 15 Paid-in capital: Excess of issue price over par- 65 38 common stock Retained earnings 289 222 Total liabilities and stockholders' equity $450 $324 The following additional information is taken from the records: 1. Land was sold for $45. 2. Equipment was acquired for cash. 3. There were no disposals of equipment during the year. 4. The common stock was issued for cash. 5. There was a $97 credit to Retained Earnings for net income. 6. There was a $30 debit to Retained Earnings for cash dividends declared. a. Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter13: Statement Of Cash Flows

Section: Chapter Questions

Problem 13.3BE

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Unusual income statement items Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or unusual (U) items. If unusual item, then specify if it is a discontinued operations item (DO). a. Interest revenue on notes receivable. b. Gain on sale of segment of the company's operations that manufactures bottling equipment. c.Loss on sale of investments in stocks and bonds. d. Uncollectible accounts expense. e. Uninsured flood loss. (Hood insurance is unavailable because of periodic Hooding in the area.)
Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $119.70 on December 31, 20Y8 Instructions Days’ sale in receivable
Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of goods sold 660.0 Gross profit 135.0 Selling expenses 73.5 EBITDA 61.5 Depreciation expenses 12.0 Earnings before interest and taxes (EBIT) 49.5 Interest expenses 4.5 Earnings before taxes (EBT) 45.0 Taxes (40%) 18.0 Net income 27.0 a. Calculate the ratios you think would be useful in this analysis. b. Construct a DuPont equation, and compare the companys ratios to the industry average ratios. c. Do the balance-sheet accounts or the income statement figures seem to be primarily responsible for the low profits? d. Which specific accounts seem to be most out of line relative to other firms in the industry? e. If the firm had a pronounced seasonal sales pattern or if it grew rapidly during the year, how might that affect the validity of your ratio analysis? How might you correct for such potential problems?
The following items were excerpted from Poeltl, Inc.'s balance sheets: December 31, 2023December 31, 2022Cash$86,300$59,000Accounts receivable65,60070,600Inventory157,000150.300Property and equipment794,500745,400Accumulated depreciation(184,000)(168,200)Accounts payable61,00050,600Wages payable20,40023,000 Poeltl's 2023 income statement showed net income of $463,000, depreciation expense of $57,000, and a gain on disposal of equipment of $16,000. On Poeltl's 2023 statement of cash flows, how much is Net Cash Provided by Operating Activities?
is: Dec. 31, 20Y9 Dec. 31, 20Y8 Assets Cash $70,720 $47,940 Accounts receivable (net) 207,230 188,190 Inventories 298,520 289,850 Investments 0 102,000 Land 295,800 0 Equipment 438,600 358,020 Accumulated depreciation—equipment (99,110) (84,320) Total assets $1,211,760 $901,680 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $205,700 $194,140 Accrued expenses payable (operating expenses) 30,600 26,860 Dividends payable 25,500 20,400 Common stock, $1 par 202,000 102,000 Paid-in capital: Excess of issue price over par—common stock 354,000 204,000 Retained earnings 393,960 354,280 Total liabilities and stockholders' equity $1,211,760 $901,680 The income statement for the year ended December 31, 20Y9, is as follows: Sales $2,023,898 Cost of goods sold 1,245,476 Gross profit $778,422 Operating…
The comparative balance sheet of Merrick Equipment Co. for Dec. 31, 20Y9 and 20Y8, is:Dec. 31, 20Y9 Dec. 31, 20Y8AssetsCash $70,720 $47,940Accounts receivable (net) 207,230 188,190Inventories 298,520 289,850Investments 0 102,000Land 295,800 0Equipment 438,600 358,020Accumulated depreciation—equipment (99,110) (84,320)Total assets $1,211,760 $901,680Liabilities and Stockholders' EquityAccounts payable (merchandise creditors) $205,700 $194,140Accrued expenses payable (operating expenses) 30,600 26,860Dividends payable 25,500 20,400Common stock, $1 par 202,000 102,000Paid-in capital: Excess of issue price over par—common stock 354,000 204,000Retained earnings 393,960 354,280Total liabilities and stockholders' equity $1,211,760 $901,680The income statement for the year ended December 31, 20Y9, is as follows:Sales $2,023,898Cost of goods sold 1,245,476Gross profit $778,422Operating expenses:Depreciation expense $14,790Other operating expenses 517,299Total operating expenses 532,089Operating…
J9998. Assets: Cash and cash equivalents Accounts receivable Inventory Property, plant, and equipment Less accumulated depreciation Total assets Liabilities and stockholders equity: Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholders equity Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income Income taxes Net income Comparative Balance Sheet Mutiple Choice O$(153) O 5153 Income Statement $(35) $35 $ 818 284 526 105 421 149 $ 272 Ending Beginning Balance Balance $45 108 67 Cash dividends were $35. The company did not dispose of any property, plant, and equipment. It did not issue any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) investing activities for the year was. 843 372 $ 691 $85 200 119 287 $ 691 $42 93 52 690 320 $ 557 $94 320 93 50 $ 557
#9 Item Prior year Current year Accounts payable 8,123.00 7,716.00 Accounts receivable 6,048.00 6,607.00 Accruals 997.00 1,500.00 Cash ??? ??? Common Stock 10,094.00 11,603.00 COGS 12,653.00 18,393.00 Current portion long-term debt 4,911.00 5,090.00 Depreciation expense 2,500 2,763.00 Interest expense 733 417 Inventories 4,245.00 4,824.00 Long-term debt 14,141.00 13,226.00 Net fixed assets 51,826.00 54,004.00 Notes payable 4,339.00 9,940.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,688.00 30,532.00 Sales 35,119 45,044.00 Taxes 2,084 2,775 What is the firm's cash flow from financing? Answer format: Number: Round to: 0 decimal places.
Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $155 $51 Accounts receivable (net) 89 64 Inventories 56 35 Land 127 145 Equipment 72 56 Accumulated depreciation-equipment (19) (10) Total Assets $480 $341 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $60 $51 Dividends payable 10 - Common stock, $1 par 32 16 Paid-in capital: Excess of issue price over par—common stock 73 40 Retained earnings 305 234 Total liabilities and stockholders' equity $480 $341 The following additional information is taken from the records: Land was sold for $45. Equipment was acquired for cash. There were no disposals of equipment during the year. The common stock was issued for cash. There was a $103 credit to Retained Earnings for net income. There was a $32 debit to Retained Earnings for cash dividends declared. a. Prepare a statement of cash flows, using the indirect method of…
wo Company Comparison CONSOLIDATED BALANCE SHEETS Fiscal Year-End -20xx Fiscal Year - 20xx Company A Company B ASSETS Current assets: Cash $162055 $87148 Accounts Receivable $69541 $157472 Inventory $98118 $128024 Prepaid insurance $124346 $57301 Prepaid rent $158319 $132855 Other $72587 $170352 Total Current Assets Non-Current Assets Land $109144 $181575 Equipment $152782 $115712 Notes receivable $188302 $77961 Total Assets Liabilities Current Liabilities Accounts payable $185309 $56139 Accrued payroll and benefits $183788 $72118 Other $72587 $170352 Total Current Liabilities Non-Current Liabilities Long Term debt $84770 $156446 Other Long Term debt $145647 $174676 Total Non-Current Liabilities Shareholders Equity Common Shares Total Shareholders Equity Liabilities & Sharehoders`Equity Find the Debt Ratio for Company B.
Prepare a classified balance sheet as of December 31, 2022 Cash 49104 Accounts Receivable 44880 Inventory 19976 Land 57200 Buildings 83600 Equipment 35200 Accumulated Dep-Buildings 29040 Accumulated Dep-Equipment 15840 Account Payable 16984 Interest Payable 4400 Dividends Payable 5900 Unearned Rent Revenue 1760 Bonds Payable 44000 Preferred Stock 17600 Paid-in Capital in Excess of Par-Preferred Stock 1760 Common Stock 35200 Paid-in Capital in Excess of Par-Common Stock 16720 Retained Earnings 66044 Treasury Stock 12936 Cash Dividends 5940 Sales Revenue 501600 Rent Revenue 5280 Bad Debt Expense 4092 Interest Expense 4400 Cost of Goods Sold 352000 Depreciation Expense 5808 Other Operating Expenses 34320 Salaries and Wages Expenses 57200 766656 766656
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