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RED TOY COMPANY Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash $ 21,000 $ 17,000 Accounts Receivable 53,000 42,000 Merchandise Inventory 76,000 88,000 Prepaid Expenses 3,100 2,100 Long-term Assets: 221,000 185,000 Plants Assets, Net 000,רר 91,000 Investments Total Assets $ 451,100 $ 425,100 Liabilities Current Liabilities: Accounts Payable $ 42,000 $ 38,000 Salaries Payable 25,000 20,000 Accrued Liabilities 7,000 16,000 Long-term Liabilities: Notes Payable 61,000 69,000 Total Liabilities 135,000 143,000 Stockholders' Equity Common Stock, no par 45,000 40,000 Retained Earnings 271,100 242,100 Total Stockholders' Equity 316,100 282,100 Total Liabilities and Stockholders' Equity $ 451,100 $ 425,100

RED TOY COMPANY Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash $ 21,000 $ 17,000 Accounts Receivable 53,000 42,000 Merchandise Inventory 76,000 88,000 Prepaid Expenses 3,100 2,100 Long-term Assets: 221,000 185,000 Plants Assets, Net 000,רר 91,000 Investments Total Assets $ 451,100 $ 425,100 Liabilities Current Liabilities: Accounts Payable $ 42,000 $ 38,000 Salaries Payable 25,000 20,000 Accrued Liabilities 7,000 16,000 Long-term Liabilities: Notes Payable 61,000 69,000 Total Liabilities 135,000 143,000 Stockholders' Equity Common Stock, no par 45,000 40,000 Retained Earnings 271,100 242,100 Total Stockholders' Equity 316,100 282,100 Total Liabilities and Stockholders' Equity $ 451,100 $ 425,100

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Preparing the direct method statement of cash flows

Red Toy Company reported the following comparative balance sheet:

Requirements

  1. Compute the collections from customers during 2018 for Red Toy Company. Sales Revenue totaled $134,000.
  2. Compute the payments for inventory during 2018. Cost of Goods Sold was $79,000.
RED TOY COMPANY Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash $ 21,000 $ 17,000 Accounts Receivable 53,000 42,000 Merchandise Inventory 76,000 88,000 Prepaid Expenses 3,100 2,100 Long-term Assets: 221,000 185,000 Plants Assets, Net 000,רר 91,000 Investments Total Assets $ 451,100 $ 425,100 Liabilities Current Liabilities: Accounts Payable $ 42,000 $ 38,000 Salaries Payable 25,000 20,000 Accrued Liabilities 7,000 16,000 Long-term Liabilities: Notes Payable 61,000 69,000 Total Liabilities 135,000 143,000 Stockholders' Equity Common Stock, no par 45,000 40,000 Retained Earnings 271,100 242,100 Total Stockholders' Equity 316,100 282,100 Total Liabilities and Stockholders' Equity $ 451,100 $ 425,100
Transcribed Image Text:RED TOY COMPANY Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash $ 21,000 $ 17,000 Accounts Receivable 53,000 42,000 Merchandise Inventory 76,000 88,000 Prepaid Expenses 3,100 2,100 Long-term Assets: 221,000 185,000 Plants Assets, Net 000,רר 91,000 Investments Total Assets $ 451,100 $ 425,100 Liabilities Current Liabilities: Accounts Payable $ 42,000 $ 38,000 Salaries Payable 25,000 20,000 Accrued Liabilities 7,000 16,000 Long-term Liabilities: Notes Payable 61,000 69,000 Total Liabilities 135,000 143,000 Stockholders' Equity Common Stock, no par 45,000 40,000 Retained Earnings 271,100 242,100 Total Stockholders' Equity 316,100 282,100 Total Liabilities and Stockholders' Equity $ 451,100 $ 425,100
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