Income Balance Statement of Statement of
Item Statement Sheet Cash Flows Owner's Equity
Notes payable
Beginning common stock
Service revenue
Utility expense
Cash from stock issue
Operating activities
For the period ended (date)
Net income
Investing activities
Net loss
Ending cash balance
Salary expense
Consulting revenue
Dividends
Financing activities
Ending common stock
As of (date)
Land
Beginning cash balance
Identify Where Each Item is Located on the Financial Statements Identify the financial statements on which each of the following items (titles, date descriptions, and accounts) appears by placing a bold and centered
âXâ in the proper column. If an item appears on more than one statement, place anotherâ Xâ in every correct column.
Income Balance Statement of Statement of
Item Statement Sheet Cash Flows Owner's Equity
Notes payable
Beginning common stock
Service revenue
Utility expense
Cash from stock issue
Operating activities
For the period ended (date)
Net income
Investing activities
Net loss
Ending cash balance
Salary expense
Consulting revenue
Dividends
Financing activities
Ending common stock
As of (date)
Land
Beginning cash balance
Identify Where Each Item is Located on the Financial Statements Identify the financial statements on which each of the following items (titles, date descriptions, and accounts) appears by placing a bold and centered
âXâ in the proper column. If an item appears on more than one statement, place anotherâ Xâ in every correct column.
Related questions
4)
| Financial statements of Rukavina Corporation follow: |
| Rukavina Corporation Comparative Balance Sheet | ||
| Ending Balance | Beginning Balance | |
| Assets: | ||
| Cash and cash equivalents | $34 | $31 |
| Accounts receivable | 86 | 82 |
| Inventory | 45 | 41 |
| Property, plant and equipment | 678 | 580 |
| Less: accumulated depreciation | 350 | 300 |
| Total assets | $493 | $434 |
| Liabilities and stockholders' equity: | ||
| Accounts payable | $67 | $72 |
| Bonds payable | 145 | 210 |
| Common stock | 92 | 82 |
| Retained earnings | 189 | 70 |
| Total liabilities and stockholders' equity | $493 | $434 |
| Income Statement | |
| Sales | $755 |
| Cost of goods sold | 383 |
| Gross margin | 372 |
| Selling and administrative expenses | 127 |
| Net operating income | 245 |
| Income taxes | 87 |
| Net income | $158 |
| Cash dividends were $39. The company did not dispose of any property, plant, and equipment. It did not issue any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. |
| The net cash provided by (used in) investing activities for the year was: |
$(39)
$(65)
$(98)
$10
5) Alcoser Corporation's most recent balance sheet appears below:
| Comparative Balance Sheet | ||
| Ending Balance | Beginning Balance | |
| Assets: | ||
| Cash and cash equivalents | $34 | $29 |
| Accounts receivable | 32 | 36 |
| Inventory | 53 | 66 |
| Property, plant and equipment | 554 | 480 |
| Less accumulated depreciation | 208 | 206 |
| Total assets | $465 | $405 |
| Liabilities and stockholdersâ equity: | ||
| Accounts payable | $41 | $50 |
| Accrued liabilities | 17 | 16 |
| Income taxes payable | 28 | 30 |
| Bonds payable | 217 | 200 |
| Common stock | 75 | 70 |
| Retained earnings | 87 | 39 |
| Total liabilities and equity | $465 | $405 |
Net income for the year was $60. Cash dividends were $12. The company did not dispose of any property, plant, and equipment. It did not issue any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows.
The net cash provided by (used in) investing activities for the year was:
c. Determine the amount Electronics Serviceswould report for paid-in capital in excess of par. PAID IN CAPITAL EXCESS OF PAR( ) |
| d. | What is the total amount ofcapital contributed by the owners? TOTAL PAID IN CAPITAL ( ) |
| e. | What amount of total assets would Electronics Services report onthe December 31, 2014, balance sheet? TOTAL ASSETS ( ) | |||
| 10 Effect of cash dividends on financial statements
DASTER CORPORATION HORIZONTAL STATEMENT MODEL DATE ASSETS=LIABILITIES+COMMON+RETAINED REVENUE-EXPENSES=NETSTATEMENT STOCK EARNINGS INCOME CASH FLOWS 10/01 11/01 12/15 |
urgent need it an hour wil rate
The comparative balance sheets of Posner Company, for Years 1 and 2 ended December 31, appear below in condensed form.
| 1 | Year 2 | Year 1 | |
| 2 | Cash | $53,000.00 | $50,000.00 |
| 3 | Accounts Receivable (net) | 37,000.00 | 48,000.00 |
| 4 | Inventories | 108,500.00 | 100,000.00 |
| 5 | Investments | 70,000.00 | |
| 6 | Equipment | 573,200.00 | 450,000.00 |
| 7 | Accumulated Depreciation-Equipment | (142,000.00) | (176,000.00) |
| 8 | $629,700.00 | $542,000.00 | |
| 9 | Accounts Payable | $62,500.00 | $43,800.00 |
| 10 | Bonds Payable, Due Year 2 | 100,000.00 | |
| 11 | Common Stock, $10 par | 325,000.00 | 285,000.00 |
| 12 | Paid-In Capital in Excess of ParâCommon Stock | 80,000.00 | 55,000.00 |
| 13 | Retained Earnings | 162,200.00 | 58,200.00 |
| 14 | $629,700.00 | $542,000.00 |
The income statement for the current year is as follows:
| 1 | Sales | $625,700.00 | |
| 2 | Cost of merchandise sold | 340,000.00 | |
| 3 | Gross profit | $285,700.00 | |
| 4 | Operating expenses: | ||
| 5 | Depreciation expense | $26,000.00 | |
| 6 | Other operating expenses | 68,000.00 | 94,000.00 |
| 7 | Income from operations | $191,700.00 | |
| 8 | Other revenue and expense: | ||
| 9 | Gain on sale of investment | $4,000.00 | |
| 10 | Interest expense | (6,000.00) | (2,000.00) |
| 11 | Income before income tax | $189,700.00 | |
| 12 | Income tax | 60,700.00 | |
| 13 | Net income | $129,000.00 |
Additional data for the current year are as follows:
| (a) | Fully depreciated equipment costing $60,000 was scrapped, no salvage, and new equipment was purchased for $183,200. |
| (b) | Bonds payable for $100,000 were retired by payment at their face amount. |
| (c) | 5,000 shares of common stock were issued at $13 for cash. |
| (d) | Cash dividends declared and paid, $25,000. |
Required:
| Prepare a statement of cash flows using the indirect method of reporting cash flows from operating activities. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. |
Labels and Amount Descriptions
| Labels | |
| For the Year Ended December 31, Year 2 | |
| Amount Descriptions | |
| Cash from sale of common stock | |
| Cash from sale of investments | |
| Cash paid for dividends | |
| Cash paid for purchase of equipment | |
| Cash paid to retire bonds payable | |
| Decrease in accounts payable | |
| Decrease in accounts receivable | |
| Decrease in cash | |
| Decrease in inventories | |
| Depreciation | |
| Gain on sale of investment | |
| Increase in accounts payable | |
| Increase in accounts receivable | |
| Increase in cash | |
| Increase in inventories | |
| Loss on sale of investment | |
| Net cash flow from financing activities | |
| Net cash flow from investing activities | |
| Net cash flow from operating activities | |
| Net cash flow used for financing activities | |
| Net cash flow used for investing activities | |
| Net cash flow used for operating activities | |
| Net income | |
| Net loss |
Statement of Cash Flows
Prepare a statement of cash flows using the indirect method of reporting cash flows from operating activities. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.
| Posner Company |
| Statement of Cash Flows |
| 1 | Cash flows from operating activities: | ||
| 2 | |||
| 3 | Adjustments to reconcile net income to net cash flow from operating activities: | ||
| 4 | |||
| 5 | |||
| 6 | Changes in current operating assets and liabilities: | ||
| 7 | |||
| 8 | |||
| 9 | |||
| 10 | |||
| 11 | Cash flows from investing activities: | ||
| 12 | |||
| 13 | |||
| 14 | |||
| 15 | Cash flows from financing activities: | ||
| 16 | |||
| 17 | |||
| 18 | |||
| 19 | |||
| 20 | |||
| 21 | Cash at the beginning of the year | ||
| 22 | Cash at the end of the year |
