From the following information for Charleigh Company, prepare a Statement of Cash Flows for the year...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
From the following information for Charleigh Company, prepare a Statement of Cash Flows for the year ended December 31, 20X2 Cash Accounts Receivable Inventory Prepaid Insurance Equipment Accumulated Depreciation Land Security Deposits Accounts Payable Wages Payable Rent Payable Interest Payable Taxes Payable Note Payable Common Stock ($1 each) Retained Earnings Sales Cost of Goods Soldi Wage Expense Rent Expense Office Expenses Depreciation Expense Utilities Expense Insurance Expense Interest Expense Income Tax Expense Balance 12/31/X2 90,900 76,000 70,000 5,600 320,000 80,000 145,000 COUNT 32,000 39,000 20,000 30,000 2,000 10,000 12,000 4,000 8,500 7,500 10,000 30000 cu portion 5,000 of 27 Debt. 120.000 90000 Long Term 310,000 150.000 160,000 80,000 158,000 1,200,000 700,000 220,000 48,000 42,000 40,000 15,000 Balance 12/31/X1 6,000 15,000 18,000 38,900 45,000 100,000 2,600 280,000 40,000 30000 Curr 120000 LT The land was acquired on March 31, 20X2 for cash. The additional common was sold on March 31, 20X2 for $1 per share. The company did not sell any equipment during the year. All equipment purchased during the year was purchased for cash. The retained earnings balance for both years is after all closing entries have been made. The Note Payable requires payments of $30,000 principal plus interest at 10% on June 30th of each year. From the following information for Charleigh Company, prepare a Statement of Cash Flows for the year ended December 31, 20X2 Cash Accounts Receivable Inventory Prepaid Insurance Equipment Accumulated Depreciation Land Security Deposits Accounts Payable Wages Payable Rent Payable Interest Payable Taxes Payable Note Payable Common Stock ($1 each) Retained Earnings Sales Cost of Goods Soldi Wage Expense Rent Expense Office Expenses Depreciation Expense Utilities Expense Insurance Expense Interest Expense Income Tax Expense Balance 12/31/X2 90,900 76,000 70,000 5,600 320,000 80,000 145,000 COUNT 32,000 39,000 20,000 30,000 2,000 10,000 12,000 4,000 8,500 7,500 10,000 30000 cu portion 5,000 of 27 Debt. 120.000 90000 Long Term 310,000 150.000 160,000 80,000 158,000 1,200,000 700,000 220,000 48,000 42,000 40,000 15,000 Balance 12/31/X1 6,000 15,000 18,000 38,900 45,000 100,000 2,600 280,000 40,000 30000 Curr 120000 LT The land was acquired on March 31, 20X2 for cash. The additional common was sold on March 31, 20X2 for $1 per share. The company did not sell any equipment during the year. All equipment purchased during the year was purchased for cash. The retained earnings balance for both years is after all closing entries have been made. The Note Payable requires payments of $30,000 principal plus interest at 10% on June 30th of each year.
Expert Answer:
Answer rating: 100% (QA)
SOLUTION Statement of Cash Flows for the Year Ended December 31 20X2 Operating Activities Net Income 160000 Adjustments for Depreciation Expense 48000 Changes in operating assets and liabilities Incre... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0470161012
9th Canadian Edition, Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
Posted Date:
Students also viewed these accounting questions
-
Logistics Solutions provides order fulfillment services for dot.com merchants. The company maintains warehouses that stock items carried by its dot.com clients. When a client receives an order from a...
-
Out of the intangible assets balance on June 3 0 , 2 0 2 3 , 6 0 % have an indefinite useful life; the remaining were intangible assets purchased on July 1 , 2 0 2 2 , with a useful life of 3 0...
-
For a given soil, show that: Ysat = n 1+Wsat Wsat Yw
-
Which of the following is characteristic of a traditional cost system? a. Reliance on financial performance measures b. Many work in process account transactions c. Many process control points d. All...
-
Combustion in air is, of course, a chemical property of ethers that is shared by many other organic compounds. Write a balanced chemical equation for the complete combustion (in air) of diethyl ether.
-
1. From a management perspective, do you think the college football expenditures by BWW are warranted? Why? 2. From a marketing perspective, do you think the college football expenditures by BWW are...
-
Collect All Ltd is preparing a quarterly budget covering the 3 months ending 30 September 2025. The information available for the budget is as follows. 1. Cash sales represent 80% of all monthly...
-
The Ploughman family owns and operates a 640-acre farm that has been in the family for several generations. The Ploughmans always have had to work hard to make a decent living from the farm and have...
-
Garden Sales, Inc., sells garden supplies. Management is planning its cash needs for the second quarter. The company usually has to borrow money during this quarter to support peak sales of lawn care...
-
Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Beginning work in process inventory Units started this...
-
Compare CMOS and TTL using tabular form With the following on which is higher and lower 1. Fan out 2. Fan in 3. Spend of operations 4. Power dissipation 5. Noise immunity
-
The Monarch Corporation has just expanded to include the Umbrella Corporation. Combined, these two companies now have 900,000 shares of preferred stock outstanding selling at a market to book rate of...
-
Weed Away sells a weed trimmer for $292.00 each, and makes the product for variable costs of 154.90 per unit. Weed Away is thinking about cutting its selling price by -$17.23. Calculate the percent...
-
A company manager needs to make difficult decision when he faced with issues in his supply chain. Knowing that small manufacturing company issue like this can grow into a much bigger problem, he...
-
Stock A returns in years 1, 2, 3 and 4 are 0.02, 0.032, 0.018, and 0.03. Stock B returns are 0.041, 0.031, 0.02, and 0.053. Average return from short-term government bond over these years is 1%. How...
-
Determine the values of a where the function f (x) is not continuous. Label each discontinuity as removable, jump or infinite. X = x = Enter your answers as integers in increasing order. If there are...
-
PROBLEM SATEMENT. Consider a capacitor made of three dielectric slabs arranged side by side between two conducting plates as shown below. Let d = 0.1 mm., L = 9 mm., and W = 10 mm. Calculate the...
-
How can NAFTA be beneficial to suppliers of Walmart?
-
Guas Inc., a major retailer of bicycles and accessories, operates several stores and is a publicly traded company. The company is currently preparing its statement of cash flows. The comparative...
-
Lu Corp. erects and places into service an offshore oil platform on January 1, 2011, at a cost of $10 million. Lu is legally required to dismantle and remove the platform at the end of its nine-year...
-
Canadian Tire Corporation Limited Refer to the financial statements and accompanying notes and discussion of Canadian Tire Corporation Limited for the year ended January 3, 2009 (2008 year-end...
-
International Distribution Company Pvt. Ltd. manufactures an assortment of high-performance engines for small boats. The average selling price for various units is \($575\). The associated variable...
-
A group of retired engineering professors from Singapore Polytechnic has decided to form a small manufacturing firm that will produce a full line of automation equipment. The investors have proposed...
-
Christian Dior S.A. is a successful family business with its famous fashion and perfume brands. Its latest effort in growing the business involves opening a series of international outlets to...
Study smarter with the SolutionInn App