The following account balances were taken from the 2016 post-closing trial balance of the Bowler Corporation: cash, $5,000; accounts receivable, $10,000; inventory, $16,000; equipment, $100,000; accumulated depreciation— equipment, $40,000; accounts payable, $20,000; salaries payable, $12,000; retained earnings, $9,000; and common stock, $50,000. Prepare a 12/31/16 balance sheet.

The following account balances were taken from the 2016 post-closing trial balance of the Bowler Corporation: cash, $5,000; accounts receivable, $10,000; inventory, $16,000; equipment, $100,000; accumulated depreciation— equipment, $40,000; accounts payable, $20,000; salaries payable, $12,000; retained earnings, $9,000; and common stock, $50,000. Prepare a 12/31/16 balance sheet.

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Description: The following account balances were taken from the 2016 post-closing trial balance of the Bowler Corporation: cash, $5,000; accounts receivable, $10,000; inventory, $16,000; equipment, $100,000; accumulated depreciation— equipment, $40,000; accounts

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter14: Statement Of Cash Flows (cashflow)

Section: Chapter Questions

Problem 1R: The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal...

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The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal year, is as follows: Additional data obtained from the records of Prime Sports Gear are as follows: a. Net income for 2013 was 121,610. b. Depreciation reported on income statement for 2013 was 46,500. c. Purchased 165,000 of new equipment, putting 90,000 cash down and issuing 75,000 of bonds for the balance. d. Old equipment originally costing 19,500, with accumulated depreciation of 7,950, was sold for 8,000. e. Retired 60,000 of bonds. f. Declared cash dividends of 64,000. g. Issued 1,500 shares of common stock at 27 cash per share. Open the file CASHFLOW from the website for this book at cengagebrain.com. First, enter the formulas. Then, complete the worksheet in the manner described next. According to the problem, cash increased from 39,600 to 67,210 during the year. This is a 27,610 increase. To record this increase on the worksheet, move to row 17. Since this is the first account you are analyzing, enter the letter a in column C. Then enter 27610 in column D (a debit since cash increased). This brings the year-end balance (column G) to 67,210, its proper balance. Now move to the bottom part of the statement where you see the categories Operating Activities, Investing Activities, and so on. The credit side of the entry has to be entered here. The proper space for this cash entry is on row 59. Enter the letter a in cell E59 and 27610 in cell F59. Notice the totals at the bottom of the page (row 60) now agree. The next account balance that changed is accounts receivable. It increased by 9,035. To enter this change on the worksheet, enter the letter b in cell C18 and 9035 in cell D18 (again, a debit since accounts receivable increased). This brings the year-end balance in column G to 121,250, its proper balance. The change in accounts receivable balance is an operating activity adjustment (as explained in your textbook). Enter the credit side of this entry in cells E34 and F34, and enter the explanation Increase in accounts receivable in cell A34. Note: Your textbook probably shows Net income as the first item under Operating Activities. We will get to that later. The sequence in which you enter items on this worksheet is not important. All other balance sheet accounts must be analyzed in the same manner, placing appropriate debit or credit entries in the top part of the worksheet to obtain the proper balances in column G, and then entering the second side of the entry in the appropriate row on the bottom part of the worksheet. You should use letter references to identify all entries. Also, you must enter a description of the entry in column A under the appropriate activity category. Although a sequence of analyzing the balance sheet from top to bottom is suggested here, this order is not necessary. As mentioned earlier, your textbook may specify a different sequence. Also, note that some accounts may have both debit and credit adjustments to them. The worksheet is not a substitute for a statement of cash flows, but it does provide you with all the numbers you need to properly prepare one. You will be done with your analysis when: a. The individual account balances at December 31, 2013, as shown on the worksheet (column G) equal those shown in the given problem data. b. The transaction column totals are equal (cells D60 and F60). c. The sum of the operating, investing, and financing activities (cell G59) equals the change in cash (cell D59 or F59). When you are finished, enter your name in cell A1. Save your completed file as CASHFLOW2. Print the worksheet when done. Also print your formulas. Check figure: Total credits at 12/31/2013 (cell G31), 860,460.
The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal year, is as follows: Additional data obtained from the records of Prime Sports Gear are as follows: a. Net income for 2013 was 121,610. b. Depreciation reported on income statement for 2013 was 46,500. c. Purchased 165,000 of new equipment, putting 90,000 cash down and issuing 75,000 of bonds for the balance. d. Old equipment originally costing 19,500, with accumulated depreciation of 7,950, was sold for 8,000. e. Retired 60,000 of bonds. f. Declared cash dividends of 64,000. g. Issued 1,500 shares of common stock at 27 cash per share. You have been asked to prepare a statement of cash flows for Prime Sports Gear for 2013. Review the worksheet called CASHFLOW that has been provided to assist you in preparing the statement. The worksheet has been designed so that as you make entries in columns D and F, column G will be automatically updated. For example, FORMULA1 should be entered as =B17+D17F17. Columns C and E are to be used to enter letter references for each of the debit and credit entries on the worksheet.
The following account balances were taken from the 2021 post-closing trial balance of the Bowler Corporation: cash, $5,000; accounts receivable, $10,000; inventory, $16,000; equipment, $100,000; accumulated depreciation, $40,000; accounts payable, $20,000; salaries payable, $12,000; retained earnings, $9,000; and common stock, $50,000. Prepare a 12/31/2021 balance sheet.
These items are taken from the financial statements of Oliver Co. at December 31, 2018. Buildings $105,800 Accounts receivable 12,600 Prepaid insurance 3,200 Cash 11,900 Equipment 82,400 Land 61,200 Insurance expense 780 Depreciation expense 5,300 Interest expense 2,600 Common stock 60,000 Retained earnings (January 1, 2017) 40,000 Accumulated depreciation—buildings 45,700 Accounts payable 9,380 Notes payable 93,600 Accumulated depreciation—equipment 18,800 Interest payable 3,600 Service revenue 14,700 Instructions Prepare a classified balance sheet. Assume that $12,600 of the note payable will be paid in 2019.OLIVER COMPANY
On December 31, 2018, the balances of the accounts appearing in the ledger of Wyman Company are as follows: Cash $13,500 Accounts receivable 72,000 Inventory, January 1, 2018 257,000 Estimated returns inventory, January 1, 2018 35,000 Office supplies 3,000 Prepaid insurance 4,500 Land 150,000 Store equipment 270,000 Accumulated depreciation-store equipment 55,900 Office equipment 78,500 Accumulated depreciation-office equipment 16,000 Accounts payable 77,800 Salaries payable 3,000 Customer refunds payable 50,000 Unearned rent 8,300 Notes payable 50,000 Common stock 150,000 Retained earnings 365,600 Dividends 25,000 Sales 3,280,000 Purchases 2,650,000 Purchases returns and allowances 93,000 Purchases discounts 37,000 Freight in 48,000 Sales salaries expense 300,000 Advertising expense 45,000 Delivery expense 9,000 Depreciation expense-store equipment 6,000 Miscellaneous selling expense 12,000 Office salaries expense 175,000…
On December 31, 2018, the balances of the accounts appearing in the ledger of Wyman Company are as follows: Cash $13,500 Accounts receivable 72,000 Inventory, January 1, 2018 257,000 Estimated returns inventory, January 1, 2018 35,000 Office supplies 3,000 Prepaid insurance 4,500 Land 150,000 Store equipment 270,000 Accumulated depreciation-store equipment 55,900 Office equipment 78,500 Accumulated depreciation-office equipment 16,000 Accounts payable 77,800 Salaries payable 3,000 Customer refunds payable 50,000 Unearned rent 8,300 Notes payable 50,000 Common stock 150,000 Retained earnings 365,600 Dividends 25,000 Sales 3,280,000 Purchases 2,650,000 Purchases returns and allowances 93,000 Purchases discounts 37,000 Freight in 48,000 Sales salaries expense 300,000 Advertising expense 45,000 Delivery expense 9,000 Depreciation expense-store equipment 6,000 Miscellaneous selling expense 12,000 Office salaries expense 175,000…
Following is a trial balance of ABC Company for the year ended December 31, 2018. Dr Cr Cash 14,500 Accumulated Depreciation-Equipment 18,000 Accounts Receivable 11,100 Notes Payable 25,000 Inventory 29,000 Accounts Payable 10,600 Prepaid Insurance 2,500 Owner's Capital 81,000 Equipment 95,000 Sales Revenue 536,800 Owner's drawings 12,000 Other Revenue and Gains 2,500 Sales Returns and Allowances 6,700 Sales Discounts 5,000 Cost of Goods Sold 363,400 Transportation expense 7,600 Advertising Expense 12,000 Salaries Expense 56,000 Utilities Expense 18,000 Rent Expense 24,000 Depreciation…
The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018: Cash $ 240,000 Accounts receivable 966,000 Inventory 1,690,000 Estimated returns inventory 22,500 Office supplies 13,500 Prepaid insurance 8,000 Office equipment 830,000 Accumulated depreciation-office equipment 550,000 Store equipment 3,600,000 Accumulated depreciation-store equipment 1,820,000 Accounts payable 326,000 Customer refunds payable 40,000 Salaries payable 41,500 Note payable (final payment due 2024) 300,000 Common stock 500,000 Retained earnings 2,949,100 Dividends 100,000 Sales 11,343,000 Cost of goods sold 7,850,000 Sales salaries expense 916,000 Advertising expense 550,000 Depreciation expense-store equipment 140,000 Miscellaneous selling expense 38,000 Office salaries expense 650,000 Rent expense 94,000 Depreciation expense-office equipment 50,000 Insurance expense 48,000…
Stine Corp.'s trial balance reflected the following account balances at December 31, 2015: Accounts receivable (net) $24,000 marketable securities 6,000 Accumulated depreciation—equipment 15,000 Cash 21,000 Inventory 30,000 Equipment 25,000 Patent 4,000 Prepaid expenses 2,000 Land held for future business site…
The following balances were taken from the books of Schimank Corp. on December 31, 2014. Interest revenue $1,20,400 Accumulated depreciation-equipment $56,000 Cash 71,400 Accumulated depreciation-building 39,200 Sales 19,32,000 Notes receivable 2,17,000 Accounts receivable 2,10,000 Selling expenses 2,71,600 Prepaid insurance 28,000 Accounts payable 2,38,000 Sales returns and allowances 2,10,000 Bonds payable 1,40,000 Allowance for doubtful accounts 9,800 Administrative and general expenses 1,35,800 Sales discounts 63,000 Accrued liabilities 44,800 Land 1,40,000 Interest expense 84,000 Equipment 2,80,000 Notes payable 1,40,000 Building 1,96,000 Loss from earthquake damage (extraordinary item) 2,10,000 Cost of goods sold 8,69,400 Common stock 7,00,000 Retained earnings 29,400 Assume the total effective tax rate on all items is 34%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year.
The following is a partial trial balance for the Furniture Makers Corporation as of December 31 , 2018. Account Title Debits Credits Sales revenue 2,340,000 Rental revenue 55,000 Loss on sale of investment 30,000 Loss from flood damage 105,000 Cost of goods sold 1,390,000 Salaries expense 120,000 Depreciation expense 80,000 Interest expense 70,000 Rent expense 45,000 250,000 ordinary shares were outstanding throughout 2018. Income tax expense has not been accrued. The income tax rate is 30% Required: Prepare a…
The following information is taken from French Corporation’s financial statements: December 31 2018 2017 Cash $63,000 $ 27,000 Accounts receivable 102,000 80,000 Allowance for doubtful accounts (4,500) (3,100) Inventory 160,000 175,000 Prepaid expenses 7,500…