Assets Land ERISA MAGAMBO A/S Comparative Statements of Financial Position December 31 Equipment Accumulated depreciation equipment...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Assets Land ERISA MAGAMBO A/S Comparative Statements of Financial Position December 31 Equipment Accumulated depreciation equipment Inventory Accounts receivable Cash Total Equity and Liabilities Share capital ordinary (€1 par) Retained earnings Bonds payable Accounts payable Total 2017 € 75,000 250,000 (66,000) 180,000 85,000 58,000 €582,000 €214,000 184,000 150,000 34,000 €582,000 2016 €100,000 200,000 (42,000) 187,000 76,000 22,000 €543,000 €164,000 134,000 200,000 45,000 €543,000 Additional information: 1. Net income for 2017 was €120,000. 2. Cash dividends of €70,000 were declared and paid. 3. Bonds payable amounting to €50,000 were redeemed for cash €50,000. 4. Ordinary shares were issued for €50,000 cash. 5. Depreciation expense was €24,000. 6. Sales for the year were €978,000. Required Prepare a worksheet for a statement of cash flows for 2017 using the indirect method. Enter the reconciling items directly on the worksheet, using letters to cross-reference each entry. Assets Land ERISA MAGAMBO A/S Comparative Statements of Financial Position December 31 Equipment Accumulated depreciation equipment Inventory Accounts receivable Cash Total Equity and Liabilities Share capital ordinary (€1 par) Retained earnings Bonds payable Accounts payable Total 2017 € 75,000 250,000 (66,000) 180,000 85,000 58,000 €582,000 €214,000 184,000 150,000 34,000 €582,000 2016 €100,000 200,000 (42,000) 187,000 76,000 22,000 €543,000 €164,000 134,000 200,000 45,000 €543,000 Additional information: 1. Net income for 2017 was €120,000. 2. Cash dividends of €70,000 were declared and paid. 3. Bonds payable amounting to €50,000 were redeemed for cash €50,000. 4. Ordinary shares were issued for €50,000 cash. 5. Depreciation expense was €24,000. 6. Sales for the year were €978,000. Required Prepare a worksheet for a statement of cash flows for 2017 using the indirect method. Enter the reconciling items directly on the worksheet, using letters to cross-reference each entry.
Expert Answer:
Answer rating: 100% (QA)
A BUDEF C G H 1 J K L M 1 Info C D E L 2 A B 3 I Info 123 Assets Land Equipment Accumulated deprecia... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1118978085
IFRS 3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
Comparative statements of financial position for Eddie Murphy Company are presented below. Additional information: 1. Net income for 2011 was $125,000. 2. Cash dividends of $60,000 were declared and...
-
Comparative statements of financial position for Erisa Magambo A/S are presented on the next page. Additional information: 1. Net income for 2017 was 120,000. 2. Cash dividends of 70,000 were...
-
Muldur Companys comparative statements of financial position are presented below. Additional information: 1. Net income was ¬18,300. Dividends declared and paid were ¬16,400. 2. Equipment...
-
Write a function named "count the" in C which counts the number of times a given word "the" appears in the string parameter. Test Data: Input: The string where the word the present more than once....
-
Women often find barriers when moving towards the top. Is there any sense in your mind that there are barriers to women's advancement in the firm? If not, has there been such barriers in the past, or...
-
Discuss how economic, global, and ethical environments interact with respect to an organization like Mercy Corps?
-
Should accountants establish themselves as a community of experts on ecological accounting and reporting issues?
-
Suppose that Papa Bell, Inc.s, equity is currently selling for $45 per share, with 4 million shares outstanding. The firm also has seven thousand bonds outstanding, which are selling at 94 percent of...
-
1. Using the diagram below, write a. A in terms of AB b. AE in terms of AB and BC. c. BC in terms of AF and EC. E D F B
-
10. Classifying Processed Images into Multiple Classes Introduction We have processed images to represent as a vector of 300 attributes. The first 294 are decimal values in the range 0 to 1...
-
In 1958, the Murphy brothers established a furniture store in downtown Dallas. Over the years, they were quite successful and extended their retail coverage throughout the West and Midwest. By 1996,...
-
Consider below table of four processes under Multi-level queue scheduling. Queue number denotes the queue of the process. Note that priority of queue 1 is greater than queue 2. P1 P2 P3 P4 P5 P6...
-
In order to have money available for replacing their family vehicle, a couple plans to have $38,000 available 5 years from now by investing in a global mutual fund. If they plan to increase their...
-
Using an economic and market perspective how would you argue the removal of state restrictions that stop nurses from practicing to the full extent of their preparation?
-
Should we ban or advance the usage of Artificial Intelligence (AI) in the Creative Industry (drawing, voice, script writing, etc)? If there is a middle ground, how should this look like? Please use...
-
The manufacturing operations of Wildhorse, Inc. had the following balances for the month of January: Inventories January 1 January 31 Raw Materials $15,600 $16,900 Work in Process 27,300 29,900...
-
Consider a region of otherwise empty space that contains thermal cavity (electromagnetic) radiation. The system is left undisturbed in a metal box that is at the same temperature as the surrounding...
-
d. The characteristic equation of a control system is given by s+2s+8s+12s+20s+16+16=0. Determine the number of the roots of the equation which lie on the imaginary axis of s-plane
-
Emile Kokott, a former disc golf star, operates Emile's Discorama, SA. At the beginning of the current season on April 1, the ledger of Emile's Discorama showed Cash 1,850, Inventory 2,150, and Share...
-
Presented below and on page 629 are two independent situations: 1. Lorfeld Ltd. acquired 10% of the 500,000 ordinary shares of Northbrook Enterprises at a total cost of 11 per share on June 17, 2017....
-
On December 31, 2016, Russell NV estimated that 2% of its net sales of 360,000 will become uncollectible. The company recorded this amount as an addition to Allowance for Doubtful Accounts. On May...
-
On June 30, 2020, Perfect Party Planners (PPP) had a \$40,000 balance in Accounts Receivable and a \(\$ 3,000\) credit balance in Allowance for Uncollectible Accounts. During July, PPP made credit...
-
How much interest revenue should Maritimes Ltd. accrue (N December 31, 2019? a. \(\$ 225\) b. \(\$ 450\) c. \(\$ 375\) d. Some other amount
-
This exercise continues the situation of exercise S4-7, in which Environmental Products ended the year 2019 with accounts receivable of \(\$ 80,000\) and an allowance for uncollectible accounts of...
Study smarter with the SolutionInn App