6F Houdy The balance sheets for Plasma Screens Corporation, along with additional information, are provided below....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
6°F Houdy The balance sheets for Plasma Screens Corporation, along with additional information, are provided below. PLASMA SCREENS CORPORATION Balance Sheets December 31, 2024 and 2023 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional Information for 2024 1. Net income is $65,000. 2. The company purchases $106,000 in equipment. No equipment was sold. 3. Depreciation expense is $158,000. 4. The company repays $112.500 in notes payable. 5. The company declares and pays a cash dividend of $23,000. 2024 $144,850 76,400 91,000 3,200 460,000 756,000 (418,000) $1,113,450 $95,000 6,750 7,200 112,500 680,000 212,000 $1,113,450 2023 $156,500 90,000 76,400 1,600 460,000 650,000 (260,000) $1,174,500 $81,400 13,500 4,600 225,000 680,000 170,000 $1,174,500 4 Required: Prepare the statement of cash flows using the indirect method. (Amounts to be deducted, cash outflows, and any decrease in cash sh 6°F Houdy The balance sheets for Plasma Screens Corporation, along with additional information, are provided below. PLASMA SCREENS CORPORATION Balance Sheets December 31, 2024 and 2023 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional Information for 2024 1. Net income is $65,000. 2. The company purchases $106,000 in equipment. No equipment was sold. 3. Depreciation expense is $158,000. 4. The company repays $112.500 in notes payable. 5. The company declares and pays a cash dividend of $23,000. 2024 $144,850 76,400 91,000 3,200 460,000 756,000 (418,000) $1,113,450 $95,000 6,750 7,200 112,500 680,000 212,000 $1,113,450 2023 $156,500 90,000 76,400 1,600 460,000 650,000 (260,000) $1,174,500 $81,400 13,500 4,600 225,000 680,000 170,000 $1,174,500 4 Required: Prepare the statement of cash flows using the indirect method. (Amounts to be deducted, cash outflows, and any decrease in cash sh
Expert Answer:
Answer rating: 100% (QA)
Operating Activities Net income 65000 Adjustments for noncash items Depreciation expense 158000 Chan... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Posted Date:
Students also viewed these accounting questions
-
List three specific parts of the Case Guide, Objectives and Strategy Section (See below) that you had the most difficulty understanding. Describe your current understanding of these parts. Provide...
-
Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...
-
The Thompson Toy Company manufactures toy building block sets for children. Thompson is planning for 2017 by developing a master budget by quarters. Thompsons balance sheet for December 31, 2016,...
-
Suppose that in a wave of pessimism, housing prices fall by 10% across the entire economy. a. Has the stock of real assets of the economy changed? b. Are individuals less wealthy? c. Can you...
-
Rago Corporation issued bonds twice during 2010. A summary of the transactions involving the bonds follows: 2010 Jan 1 Issued $3,000,000 of 7 percent, 10-year bonds dated January 1, 2010, with...
-
You are working for a company that is interested in mapping geological formations in Earth's crust by examining variations in the magnitude of the magnetic field at Earth's surface. Your assignment...
-
a. Assume that \(y_{1}, \ldots, y_{n}\) are i.i.d. with a negative binomial distribution with parameters \(r\) and \(p\). Determine the maximum likelihood estimators. b. Use the sampling mechanism in...
-
1. Which promotional mix elements does Snickers use? 2. How does this Snickers campaign demonstrate the characteristics of integration? 3. What grade would you give Snickers on integration...
-
A block placed under the head of the claw hammer as shown greatly facilitates the extraction of the nail. If a 47-lb pull on the handle is required to pull the nail, calculate the tension T in the...
-
A loan of $7,419 was repaid at the end of 14 months. What amount of repayment check (principal and interest) was written, if a 4.7% annual rate of interest was charged?
-
Big Data and Intellectual Property Research in 1 to 2 pages the difference between the European and American Intellectual Property laws. Make sure to discuss the following terms: A. Patents B....
-
What are the five characteristics described by McClelland, personal capability, focus on results, and leading change are trainable traits?
-
Explain the differences between defined contribution and defined benefits plans, also include their benefits and shortfalls
-
CASE 10: HEALTH AND SAFETY OF EMPLOYEE Ma and Pa's is a mid-sized restaurant located in Syrause, New York. It employs 35 servers who are responsible for waiting tables. One server, George, has been a...
-
You are currently in school to get your associate degree for health services Administration the portfolio project was based on this : You have volunteered to organize a fundraiser for your child's...
-
Explain briefly Currency Futures contracts and Forward contracts. How Balance of Trade deficit can be corrected? Which factors influence Direct Foreign Investment of a country? Describe various...
-
Which one of the following is not a deficiency disorder? (A) Beriberi (B) Night Blindness (C)Poliomyelitis (D)Pernicious Anemia
-
Troy is a qualified radiologist who operates a successful radiology practice from purpose- built rooms attached to his house. Troy works in the practice three days a week, and the other two days he...
-
TUFA, Inc. is a calendar year, nonpublic company that follows U. S. GAAP. TUFA uses the cost method to account for repurchases of treasury stock. Recently, TUFA repurchased 10,000 shares of its...
-
You have been asked to account for a plant asset exchange on the books of the Ecara Video Game Company. On January 1, 2010, Ecara acquired a plastic extruding machine at a cost of $ 260,000. This...
-
On January 1, year 1, LaGuardia Company signed a five-year non-cancellable lease for a new machine with a fair value of $ 80,000, requiring $ 8,000 annual payments at the beginning of each year. The...
-
A diver leaps from a high platform, speeds up as she falls, and then slows to a stop in the water. How do you define the system so that the energy changes are all transformations internal to an...
-
When your hands are cold, you can rub them together to warm them. Explain the energy transformations that make this possible.
-
Figure Q10.24 shows a potential-energy diagram for a particle. The particle is at rest at point A and is then given a slight nudge to the right. Describe the subsequent motion. FIGURE Q10.24 Energy...
Study smarter with the SolutionInn App