Rubiks Company provided the following information at year-end: Cash and cash equivalents Accounts receivable, net of allowance P100,000 Inventory Property, plant and equipment at carrying amount Accounts payable Wages payable Share capital Share premium 500,000 2,000,000 6,000,000 12,000,000 4,400,000 1,500,000 6,000,000 4,000,000 The only asset not listed is short-term investment.
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- Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019, and $26,850 at December 31, 2019. Net income for 2019 was $125,300 and sales revenue was $1,240,000. Required: Compute the amount of cash collected from customers using the direct method.Chasse Building Supply Inc. reported net cash provided by operating activities of $243,000, capital expenditures of $112,900, cash dividends of $35,800, and average maturities of long-term debt over the next 5 years of $122,300. What is Chasses free cash flow and cash flow adequacy ratio? a. $94,300 and 0.77, respectively c. $130,100 and 1.06, respectively b. $94,300 and 0.82, respectively d. $165,900 and 1.36, respectively
- UTV Corp. have the following account balances for the year ended December 31, 2020:DEBIT BALANCESAmountCash and cash equivalents400,000Accounts receivable900,000Raw materials560,000Goods in process600,000Finished goods1,400,000Financial assets at FVOCI2,500,000Sinking fund200,000Land1,000,000Building6,000,000Plant and equipment2,400,000Patent800,000Goodwill1,400,000Unrealized loss – FVOCI100,000Prepaid benefit cost20,000Treasury shares at cost250,000TOTAL18,530,000 CREDIT BALANCESAmountBank overdraft100,000Due from an officer50,000Allowance for bad debts40,000Accumulated depreciation – building1,600,000Accumulated depreciation – plant and equipment400,000Notes payable, due June 30, 20211,300,000Notes payable, due June 30, 20222,100,000Accounts payable1,000,000Provision180,000Warranty liabilities80,000Income tax payable120,000Finance lease liability180,000Deferred tax liability280,000Actuarial gain300,000Revaluation surplus360,000Share capital6,000,000Share premium2,000,000Retained…Income tac was $300,409 for the year. Income tac payable was $28,102 and $42,997 at the beginning and end of the year,reapectively. Cash payants for income tac reportés on the statement pc cash flots usine the direct method la a. $ 285,514 b. 315,304 c. 300,409 d. 371,508Carmela Company, as of December 31, 2021 provided the following balances: Cash, net of a P7,000 overdraft 80,000 Receivable, net of customer credit balances totaling P6,000 30,000 Inventory (P20,000 of which are held on consignment) 60,000 Prepayments 10,000 Property, plant and equipment, net of accumulated depreciation of P15,000 90,000 Accounts payable net of debit balances in suppliers’ accounts of P3,000 45,000 Notes payable – bank, due on July 2022 25,000 Income tax payable 15,000 Total current assets reported in the December 31, 2021 balance sheet is
- The followimg assets were among those that appeared on Baird’s Co.’s books at the end of the year:Demand bank deposits P650,000Net Long-Term Receivables 400,000Patents and Trademarks 150,000 In preparing constant peso financial statements, how much should Baird classify as monetary assets?a.1,200,000b.1,050,000c.800,000d.650,000The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents $ 5,000Accounts receivable (net) 20,000Inventory 60,000Property, plant, and equipment (net) 120,000Accounts payable 44,000Salaries payable 15,000Paid-in capital 100,000 The only asset not listed is short-term investments. The only liabilities not listed are $30,000 notes payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.5:1.Required:Determine the following…The following selected information pertains to Brock Company:Cash balance, January 1, 20x1 P130,000Accounts receivable, January 1, 20x1 190,000Collections from customers in 20x1 2,100,000Capital account balance, January 1, 20x1 380,000Total assets, January 1, 20x1 750,000Additional cash investment, July 1, 20x1 50,000Total assets, December 31, 20x1 1,010,000Cash balance, December 31, 20x1 200,000Accounts receivable, December 31, 20x1 360,000Withdrawals made during 20x1 110,000Total liabilities, December 31, 20x1 410,0007. Net income for the year ended December 31, 20x1
- The adjusted account balances of UTV Corp. for the year ended December 31, 2020 are as follows: Cash and cash equivalents P400,000 Bank overdraft 100,000 Accounts receivable 900,000 Allowance for doubtful accounts 40,000 Raw materials 560,000 Goods in process 600,000 Finished goods 1,400,000 Financial assets at fair value through other comprehensive income 2,500,000 Land, at fair market value 12/31/20 1,000,000 Building 6,000,000 Accumulated depreciation – building 1,600,000 Plant and equipment 2,400,000 Accumulated depreciation – plant and equipment 400,000 Patent 800,000 Goodwill, recognized in Jan. 2019 thru a business combination 1,400,000 Note payable, bank – due June 30, 2021 1,300,000 Note payable, bank – due June 30, 2022 2,100,000 Accounts payable 1,000,000 Employee benefit provisions 180,000 Warranty liabilities 80,000 Income tax payable 120,000 Deferred tax liability 280,000 Accumulated profits, January 1, 2020 3,600,000 Revaluation surplus on Land, January 1, 2020 360,000…The adjusted account balances of UTV Corp. for the year ended December 31, 2020 are as follows: Cash and cash equivalents P400,000 Bank overdraft 100,000 Accounts receivable 900,000 Allowance for doubtful accounts 40,000 Raw materials 560,000 Goods in process 600,000 Finished goods 1,400,000 Financial assets at fair value through other comprehensive income 2,500,000 Land, at fair market value 12/31/20 1,000,000 Building 6,000,000 Accumulated depreciation – building 1,600,000 Plant and equipment 2,400,000 Accumulated depreciation – plant and equipment 400,000 Patent 800,000 Goodwill, recognized in Jan. 2019 thru a business combination 1,400,000 Note payable, bank – due June 30, 2021 1,300,000 Note payable, bank – due June 30, 2022 2,100,000 Accounts payable 1,000,000 Employee benefit provisions 180,000 Warranty liabilities 80,000 Income tax payable 120,000 Deferred tax liability 280,000 Accumulated profits, January 1, 2020 3,600,000 Revaluation surplus on Land, January 1, 2020 360,000…The adjusted account balances of UTV Corp. for the year ended December 31, 2020 are as follows: Cash and cash equivalents P400,000 Bank overdraft 100,000 Accounts receivable 900,000 Allowance for doubtful accounts 40,000 Raw materials 560,000 Goods in process 600,000 Finished goods 1,400,000 Financial assets at fair value through other comprehensive income 2,500,000 Land, at fair market value 12/31/20 1,000,000 Building 6,000,000 Accumulated depreciation – building 1,600,000 Plant and equipment 2,400,000 Accumulated depreciation – plant and equipment 400,000 Patent 800,000 Goodwill, recognized in Jan. 2019 thru a business combination 1,400,000 Note payable, bank – due June 30, 2021 1,300,000 Note payable, bank – due June 30, 2022 2,100,000 Accounts payable 1,000,000 Employee benefit provisions 180,000 Warranty liabilities 80,000 Income tax payable 120,000 Deferred tax liability 280,000 Accumulated profits, January 1, 2020 3,600,000 Revaluation surplus on Land, January 1, 2020 360,000…