Comparative Balance SheetBeginningEnding BalanceBalanceAssets:Current assets:$ 42,00021,00069,000132,000364,000160,000204,000$ 35,00023,20071,200129,400343,000134,000209,000Cash and cash equivalentsAccounts receivableInventoryTotal current assetsProperty, plant, and equipmentLess accumulated depreciationNet property, plant, and equipmentTotal assets$ 336,000$ 338,400Liabilities and stockholders' equity:Current liabilities:Accounts payable$ 21,20061,20044,000126,40089,000215,400$ 20,00056,00050,400Accrued liabilitiesIncome taxes payable126,40084,000210,400Total current liabilitiesBonds payableTotal liabilitiesStockholders' equity:26,00099,600125,60024,00099,000Common stockRetained earningsTotal stockholders' equity123,000$ 338,400$ 336,000Total liabilities and stockholders' equity The company did not dispose of any property, plant, and equipment during the year. Its net income for the year was $4,600 and itscash dividends were $4,000. The company did not issue any bonds-payable or purchase any of its own common stock during theyear. Its net cash provided by (used in) operating activities and net cash provided by (used in) financing activities are:

Solution: Statement of Cash Flows (Partial) For the current year Particulars Details Amount…

The company did not dispose of any property, plant, and equipment during the year. Its net income for the year was $4,600 and its cash dividends were $4,000. The company did not issue any bonds payable or purchase any of its own common stock during the year. Its net cash provided by (used in) operating activities and net cash provided by (used in) financing activities are:

The company did not dispose of any property, plant, and equipment during the year. Its net income for the year was $4,600 and its cash dividends were $4,000. The company did not issue any bonds payable or purchase any of its own common stock during the year. Its net cash provided by (used in) operating activities and net cash provided by (used in) financing activities are:

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

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 9RE: For the current year, Vidalia Company reported revenues of 250,000 and expenses of 225,000. At the...

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For the current year, Vidalia Company reported revenues of 250,000 and expenses of 225,000. At the beginning of the year, its retained earnings had a balance of 95,000. During the year, Vidalia paid 11,000 dividends to shareholders. Its contributed capital was 56,000 at the beginning of the year, and it did not issue any new stock during the year. Vidalias assets total 237,500 on December 31 of the current year. What are Vidalias total liabilities on December 31 of the current year?
The company did not dispose of any property, plant, and equipment during the year. Its net income for the year was $6,000 and its cash dividends were $6,000. The company did not issue any bonds payable or purchase any of its own common stock during the year. Its net cash provided by (used in) operating activities and net cash provided by (used in) financing activities are:
Honest Company had the following activities during the current year: • Acquired shares in Responsible Corporation for P1,200,000. • Acquired a P2,000,000, 3-years certificate of deposit from a bank. During the year, Honest received P100,000 of interest. • Collected dividends of P75,000 on share investments. • Sold an equipment with a book value of P500,000. The company incurred a loss of P50,000. What amount should be reported as net cash used in investing activities? a. (750,000) b. (1,200,000) c. (2,750,000) d. answer not given
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Clip Company had the following activities during the current year: Acquired shares in Paper Corporation for P1,200,000 Acquired a P2,000,000, 3-years certificate of deposit from a bank. During the year, Clip received P100,000 of interest. Collected dividends of P75,000 on share investments. Sold an equipment with a book value of P500,000. The company incurred a loss of P50,000. What amount should be reported as net cash used in investing activities?
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Dristell Inc. had the following activities during the year (all transactions are for cash unless stated otherwise): A building with a book value of $400,000 was sold for $500,000. Additional common stock was issued for $160,000. Dristell purchased its own common stock as treasury stock at a cost of $75,000. Land was acquired by issuing a 6%, 10-year, $750,000 note payable to the seller. A dividend of $40,000 was paid to shareholders. An investment in Fleet Corp.’s common stock was made for $120,000. New equipment was purchased for $65,000. A $90,000 note payable issued three years ago was paid in full. A loan for $100,000 was made to one of Dristell’s suppliers. The supplier plans to repay Dristell this amount plus 10% interest within 18 months. Required:Calculate net cash flows from investing activities. (List cash outflows and any decrease in cash as negative amounts.)
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Ross Company is a C corporation providing property management services. Ross has used the cash method since inception because its gross receipts did not exceed $26,000,000. This year its average annual gross receipts for the prior three years crossed the $26,000,000 mark, requiring Ross to change from the cash method to the accrual method (per § 448). At the end of its prior year, Ross had accounts receivable of $850,000 and accounts payable of $540,000. a.Compute and explain the adjustment to taxable income that Ross must make due to the change in accounting method. b.When must Ross include this adjustment in its income?
During this year, Weaver sold some equipment for $20 that had cost $40 and on which there was accumulated depreciation of $16. In addition, the company sold long-term investments for $10 that had cost $3 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $40 of its own stock. This year Weaver did not retire any bonds. Required: 1. Using the indirect method, determine the net cash provided by/used in operating activities for this year. (List any deduction in cash outflows as negative amounts.)
Bagrov corporation had a net decrease in cash of $14500 for the current year. Net cash used in investing activities was $56500 and net cash used in financing activities in was $42500. What amount of cash was provided ( used) in operating activities?