TELLER CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2017 Cr. $ 310,000 Dr. Accounts payable Accounts receivable $ 480,000 Accumulated depreciation-building and equipment Allowance for doubtful accounts Bonds payable Building and equipment Cash 185,000 30,000 700,000 1,450,000 190,000 Dividends payable on preference shares- cash Inventories 4,000 560,000 400,000 Land Prepaid expenses Retained earnings Share capital - ordinary ($1 par value) Share capital - preference ($50 par value) Share premium-ordinary Share premium-treasury Treasury shares-ordinary at cost 40,000 201,000 200,000 500,000 1,000,000 160,000 170,000 Totals $3,290,000 $3,290,000

TELLER CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2017 Cr. $ 310,000 Dr. Accounts payable Accounts receivable $ 480,000 Accumulated depreciation-building and equipment Allowance for doubtful accounts Bonds payable Building and equipment Cash 185,000 30,000 700,000 1,450,000 190,000 Dividends payable on preference shares- cash Inventories 4,000 560,000 400,000 Land Prepaid expenses Retained earnings Share capital - ordinary ($1 par value) Share capital - preference ($50 par value) Share premium-ordinary Share premium-treasury Treasury shares-ordinary at cost 40,000 201,000 200,000 500,000 1,000,000 160,000 170,000 Totals $3,290,000 $3,290,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 14GI: Dunn Company recognized a 5,000 unrealized holding gain on investment in Starbuckss long-term bonds...

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Dunn Company recognized a 5,000 unrealized holding gain on investment in Starbuckss long-term bonds during 2019. The company classified its investment as an available-for-sale security. How would this information be reported on a statement of cash flows prepared using the indirect method?
Presented below is the trial balance of Walter Corporation at December 31, 2020.Cash 197,000Sales 7,900,000Trading Securities (at cost, P145,000) 153,000Cost of goods sold 4,800,000Long-term investments in bonds 299,000Long-term investment in share capital - ordinary 277,000Short-term notes payable 90,000Accounts payable 455,000Selling expenses 2,000,000Investment revenue 63,000Land 260,000Buildings 1,040,000Dividends payable 136,000Accrued liabilities 96,000Accounts receivables 435,000Accumulated Depreciation – Building 352,000Allowance for doubtful accounts 25,000Administrative Expenses 900,000Interest Expense 211,000Inventories 597,000Provision for pension (long term) 80,000Long term notes payable 900,000Equipment 600,000Bonds Payable 1,000,000Accumulated Depreciation – Equipment 60,000Franchise 160,000Shares Capital – Ordinary 1,000,000Treasury Shares 191,000Patent 195,000Retained Earnings 78,000Other comprehensive income 80,000 Requirements:1. How much is the total assets?2. How…
Problem BPeter Senen Corporation provided the following account balances as of September 30, 2020: CashP112,000 Accumulated depreciationP 36,000Accounts Receivable64,000Accounts payable 40,000Finished Goods48,000Income tax payable9,000Work in process 36,000 Share Capital500,000Raw materials 52,000 Retained Earnings207,000Property and Equipment480,000The following transactions occurred during October:1. Materials purchased on account, P150,0002. Materials issued to production: direct materials- P90,000, Indirect materials- P10,000.3. Payroll for the month of October 2020 consisted of the following (also paid during the month):Direct labor P62,000Administrative salariesP16,000Indirect Labor 20,000Sales salaries 30,000Payroll deductions were as follows:Withholding taxes P19,800Phil health contributions P2,000SSS contributions 7,100HDMF contributions 2,0004. Employer contributions for the month were accrued:FactorySellingAdministrativeSSS contributionsP5,700P2,000P1,100Philhealth…
Partner Corporation’s post-closing trial balance at December 31, 2017, is shown as follows. PARTNER CORPORATIONPOST-CLOSING TRIAL BALANCEDECEMBER 31, 2017 Dr. Cr. Accounts payable $290,000 Accounts receivable $ 550,000 Accumulated depreciation—buildings 200,000 Additional paid-in capital in excess of par—ordinary 1,560,000 From sale of treasury shares 250,000 Allowance for doubtful accounts 30,000 Bonds payable 400,000 Building & equipment 1,100,000 Cash 220,000 Ordinary share capital ($1 par) 150,000 Dividends payable (preferred shares —cash) 4,000 Inventory 620,000 Land 380,000 investment in equity securities (at market)@FVOCI 285,000 Trading Equity Securities (at market) 215,000 Preference shares ($50 par) 500,000 Prepaid expenses 40,000 Retained earnings 231,000 Treasury stock - ordinary (at…
Mvula Limited Statement of Financial Position as at: 28 February 2021 ASSETS Non-current assets Fixed/tangible assets Financial assets Fixed deposit Current assets Inventory Trade and other receivables Cash and cash equivalents Fixed deposit TOTAL ASSETS 4 320 350 EQUITY AND LIABILITIES Bay Holdings Limited: 30 June 2021.Required:Statement of financial position as at: 30 June 2021InformationBALANCE SHEET ACCOUNTSOrdinary share capital 2 648 000Retained income (1 Jul 2020) 490 000Shareholders for dividends 280 000Fixed deposit 60 000Mortgage bond 336 000Fixed/tangible assets (Carrying value) 4 021 000Debtors control 45 000Creditors…
E16-25 Identifying and reporting non-cash transactions Dirtbikes, Inc. identified the following selected transactions that occurred during the year ended December 31, 2018: a. Issued 750 shares of $3 par common stock for cash of $17,000. b. Issued 5,100 shares of $3 par common stock for a building with a fair market value of $96,000. c. Purchased new truck with a fair market value of $29,000. Financed it 100% with a long-term note. d. Retired short-term notes of $28,000 by issuing 1,900 shares of $3 par common stock. e. Paid long-term note of $10,500 to Bank of Tallahassee. Issued new long-term note of $23,000 to Bank of Trust. Identify any non-cash transactions that occurred during the year, and show how they would be reported in the non-cash investing and financing activities section of the statement of cash flows.
Bruno Corporation's post-closing trial balance at December 31, 2020, is shown as follows. Bruno CorporationPost-Closing Trial BalanceDecember 31, 2020 00 Dr. 0000 Cr. Accounts payable 00 $ 310,000 Accounts receivable $ 480,000 00 Accumulated depreciation—buildings 00 185,000 Additional paid-in capital in excess of par—common 00 1,300,000 00From treasury stock 00 160,000 Allowance for doubtful accounts 00 30,000 Bonds payable 00 300,000 Buildings 1,450,000 00 Cash 190,000 00 Common stock ($1 par) 00 200,000 Dividends payable (preferred stock—cash) 00 4,000 Inventory 560,000 00 Land 400,000 00 Preferred stock ($50 par) 00 500,000 Prepaid expenses 40,000 00 Retained earnings 00 301,000 Treasury stock (common at cost) 00.170,000 00000000. 00Totals $3,290,000 $3,290,000 At December 31, 2020, Bruno had the following number of common and preferred shares. 00 0000 Common 0000 Preferred Authorized…
Bruno Corporation’s post-closing trial balance at December 31, 2017, is shown as follows. BRUNO CORPORATIONPOST-CLOSING TRIAL BALANCEDECEMBER 31, 2017 Dr. Cr. Accounts payable $ 310,000 Accounts receivable $ 480,000 Accumulated depreciation—buildings 185,000 Additional paid-in capital in excess of par—common 1,300,000 From treasury stock 160,000 Allowance for doubtful accounts 30,000 Bonds payable 300,000 Buildings 1,450,000 Cash 190,000 Common stock ($1 par) 200,000 Dividends payable (preferred stock—cash) 4,000 Inventory 560,000 Land 400,000 Preferred stock ($50 par) 500,000 Prepaid expenses 40,000 Retained earnings 301,000 Treasury stock (common at cost) 170,000 Totals $3,290,000 $3,290,000 At December 31, 2017, Bruno had the following number of common and preferred shares. Common Preferred…
Gold Company provided the following trial balance on December 31, 2019: Cash overdraft P100,000 Accounts receivable P350,000 Inventory 600,000 Prepaid expenses 100,000 Land held for sale 1,000,000 Property, plant and equipment 950,000 Accounts payable 200,000 Accrued expenses 150,000 Ordinary share capital 1,500,000 Share premium 250,000 Retained earnings 800,000 P3,000,000 P3,000,000 Checks amounting to P300,000 were written to vendors and recorded on December 29, 2019 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2020. Land held for sale was sold for cash on January 31, 2020. The entity issued the financial statements on March 31, 2020. What total amount should be reported as current liabilities?
JUBILEE’s trial balance from the general ledger at 31 December 2012 showed the following balances:GH¢’mGH¢’mRevenue 2,648Loan note interest paid3Purchases1,669Distribution costs514Administrative expenses345Interim dividend paid6Inventories at 1 January 2012444Trade receivables545Trade payables434Cash and cash equivalents2850Gp ordinary shares100Capital surplus814Retained earnings at 1 January 20123494% loan note repayable 2018 (issued 2010)150Land and buildings: Cost (including GH¢60m land) 380 Accumulated depreciation at 1/1/201264Plant and equipment: Cost 258 Accumulated depreciation at 1/1/2012126Investment property at 1 January 2012548Rental income48Proceeds from sale of equipment7,4,7404,740Further information to be taken into account:i. Closing inventories were counted and amounted to GH¢388m at cost. However, shortly after the year end out-of-date inventories with a cost of GH15m were sold for GH¢8m.ii. The company decided to change its accounting policy with respect to its 10…
Stiller Corporation Comparative Balance Sheet (2018-2019) in USD# TEXT 2019 20181 Cash $157,000 $78,0002 Accounts Receivable 180,000 185,0003 Investments 52,000 74,0004 Equipment 298,000 240,0005 Less Accumulated depreciation (106,000) (89,000)6 Current liabilities 134,000 151,0007 Common Stock 160,000 160,0008 Retained Earnings 287,000 177,000Additional information:Investments were sold at a loss (not extraordinary) of $7,000; no equipment was sold;cash dividends paid were $50,000; and net income was $160,000.a. Prepare a statement of cash flows for 2019 for Stiller Corporation.b. Calculate the company’s free cash flow.c. Assuming the 2019 cash flows grow at the rates of 20%, 18%, 15% in 2020, 2021,and 2022 respectively, and then stabilizes at 10% calculate the current value ofStiller Corporation. Assume the company’s weighted average cost of capital is 12%.
A comparative balance sheet for Gena Company appears below:GENA COMPANYComparative Balance SheetDec. 31, 2021 Dec. 31, 2020AssetsCash $ 34,000 $11,000Accounts receivable 21,000 13,000Inventory 35,000 17,000Prepaid expenses 6,000 9,000Long-term investments -0- 17,000Equipment 60,000 33,000Accumulated depreciation—equipment (20,000) (15,000)Total assets $136,000 $85,000Liabilities and Stockholders' EquityAccounts payable $ 17,000 $ 7,000Bonds payable 36,000 45,000Common stock 53,000 23,000Retained earnings 30,000 10,000Total liabilities and stockholders' equity $136,000 $85,000Additional information:1. Net income for the year ending December 31, 2021 was $35,000.2. Cash dividends of $15,000 were declared and paid during the year.3. Long-term investments that had a cost of $17,000 were sold for $14,000.4. Depreciation expense for the year was $5,000.InstructionsPrepare a full statement of cash flows for the year ended December 31, 2021, using the indirectmethod.