An entity pravides the incomplete balance sheet below Assets Cash Accounts receivable 106,000 Building Total assets 2 242,000 Total liabilities $196,000 Total fund balance $232,000 What amount should be reported as cash? O $428,000 $136,000 $80,000 O $36,000 Show transcribed image text An entity pravides the incomplete balance sheet below Assets Cash Accounts receivable 106,000 Building Total assets 2 242,000 Total liabilities $196,000 Total fund balance $232,000 What amount should be reported as cash? O $428,000 $136,000 $80,000 O $36,000
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Presented below is the Governmental Funds Balance Sheet for the Warrenton Library District, a special-purpose entity engaged in a single governmental activity.
WARRENTON LIBRARY DISTRICT | |||||||||||||
Governmental Funds Balance Sheet | |||||||||||||
As of December 31, 2017 | |||||||||||||
General Fund | Special Revenue Fund | Total | |||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 128,000 | $ | 13,500 | $ | 141,500 | |||||||
Inventories | 6,450 | 6,450 | |||||||||||
Receivables (net) | |||||||||||||
Taxes receivable | 99,500 | 99,500 | |||||||||||
Due from general fund | 8,100 | 8,100 | |||||||||||
Total assets | $ | 233,950 | $ | 21,600 | $ | 255,550 | |||||||
Liabilities | |||||||||||||
Accounts payable | 89,725 | 5,000 | 94,725 | ||||||||||
Due to special revenue fund | 8,100 | 8,100 | |||||||||||
Total liabilities | 97,825 | 5,000 | 102,825 | ||||||||||
Fund balance | |||||||||||||
Nonspendable (inventories) | 6,375 | 6,375 | |||||||||||
Restricted for other purposes | 16,600 | 16,600 | |||||||||||
Unassigned | 129,750 | 129,750 | |||||||||||
Total fund balance | 136,125 | 16,600 | 152,725 | ||||||||||
Total liabilities and fund balance | $ | 233,950 | $ | 21,600 | $ | 255,550 | |||||||
Additional information:
Capital assets (net of accumulated depreciation) amounted to $329,500 at year-end.
The liability for long-term compensated absences is estimated to be $91,225 at year-end.
Long-term notes payable amounted to $225,750 at year-end.
Prepare a combined Governmental Funds Balance Sheet/Statement of Net Position. (Amounts to be deducted should be indicated by a minus sign.)
The following balance sheet for the Los Gatos Corporation wasprepared by a recently hired accountant. In reviewing the statementyou notice several errors.
LOS GATOS CORPORATION | |||
Balance Sheet | |||
AtDecember 31, 2018 | |||
Assets | |||
Cash | $ | 72,000 | |
Accounts receivable | 128,000 | ||
Inventories | 71,000 | ||
Machinery (net) | 136,000 | ||
Franchise (net) | 46,000 | ||
Total assets | $ | 453,000 | |
Liabilitiesand Shareholdersâ Equity | |||
Accounts payable | $ | 82,000 | |
Allowance for uncollectibleaccounts | 21,000 | ||
Note payable | 87,000 | ||
Bonds payable | 126,000 | ||
Shareholdersâ equity | 137,000 | ||
Total liabilities andshareholdersâ equity | $ | 453,000 | |
Additional information:
Cash includes a $36,000 restricted amount to be used forrepayment of the bonds payable in 2022.
The cost of the machinery is $222,000.
Accounts receivable includes a $36,000 note receivable from acustomer due in 2021.
The note payable includes accrued interest of $21,000. Principaland interest are both due on February 1, 2019.
The company began operations in 2013. Income less dividendssince inception of the company totals $51,000.
66,000 shares of no par common stock were issued in 2013.200,000 shares are authorized.
Required:
Prepare a corrected, classified balance sheet. (Amounts tobe deducted should be indicated by a minus sign.)
Golden Corp., a merchandiser, recently completed its 2015 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The companyâs balance sheets and income statement follow. |
GOLDEN CORPORATION Comparative Balance Sheets December 31, 2015 and 2014 | ||||||
2015 | 2014 | |||||
Assets | ||||||
Cash | $ | 164,000 | $ | 107,000 | ||
Accounts receivable | 83,000 | 71,000 | ||||
Inventory | 601,000 | 526,000 | ||||
Total current assets | 848,000 | 704,000 | ||||
Equipment | 335,000 | 299,000 | ||||
Accum. depreciationâEquipment | (158,000 | ) | (104,000 | ) | ||
Total assets | $ | 1,025,000 | $ | 899,000 | ||
Liabilities and Equity | ||||||
Accounts payable | $ | 87,000 | $ | 71,000 | ||
Income taxes payable | 28,000 | 25,000 | ||||
Total current liabilities | 115,000 | 96,000 | ||||
Equity | ||||||
Common stock, $2 par value | 592,000 | 568,000 | ||||
Paid-in capital in excess of par value, common stock | 196,000 | 160,000 | ||||
Retained earnings | 122,000 | 75,000 | ||||
Total liabilities and equity | $ | 1,025,000 | $ | 899,000 | ||
GOLDEN CORPORATION Income Statement For Year Ended December 31, 2015 | |||||
Sales | $ | 1,792,000 | |||
Cost of goods sold | 1,086,000 | ||||
Gross profit | 706,000 | ||||
Operating expenses | |||||
Depreciation expense | $ | 54,000 | |||
Other expenses | 494,000 | 548,000 | |||
Income before taxes | 158,000 | ||||
Income taxes expense | 22,000 | ||||
Net income | $ | 136,000 | |||
Additional Information on Year 2015 Transactions | |
a. | Purchased equipment for $36,000 cash. |
b. | Issued 12,000 shares of common stock for $5 cash per share. |
c. | Declared and paid $89,000 in cash dividends. |
Required: |
Prepare a complete statement of cash flows; report its cash flows from operating activities according to the direct method. (Amounts to be deducted should be indicated with a minus sign.) | |