The following information is assembled for the Benson Corporation: Balance sheet Assets 2010 2011 Cash (over...
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The following information is assembled for the Benson Corporation: Balance sheet Assets 2010 2011 Cash (over draft in 2010) (S 5,625) $ 45,875 Accounts receivable 68,625 50,000 Inventories 62,000 80,000 95,000 130,000 Plant and equipment (20,000) (21,500) Less allowance for depreciation 20,000 8,000 Investment in securities R:gnt off sory 30,000 Patents $ 250,000 S292,375 Total Liabilities and stock holder equity $ 4,000 $ 2,000 Interest payable 6,000 3,000 Dividend payable 30,000 40,000 Accounts payable 20,000 50,000 Bonds payable 2S00 12 Premium on bonds payable 2,375 2375 50,000 Preferred stock (S100 par) 100,000 150,000 Common stock (S 10 par) 20,000 Joooxy Premium on common stock 40,000 25,000 Retained eamings Total S 250,000 $292,375 Goco Dep +5o0:7 Net loss for the year 2011 was $2,500. Equipment, cost $10,000, book value $ 4,000 was scrapped, Jsalvage of $500 being recovered on the disposal. Additional equipment, cost $ 45,000 was acquired during the year. Securities, cost $ 12,000, were sold for s 15,000. Patents of $ 30,000 were written off against profits. On July 1st 2011, 7% bonds, face value $ 20,000 were called in at $ 105, and new 10-year, 5% bonds of $50,000 were issued at $105. Preferred stock was retired at 110 while 5000 common shares were issued at $14 during the year. Depreciation on plant and equipment for the year was $ 7,500. Interest expense reported in the income statement S 7,000. invest Premium Par tae no Prepare statement of cash flows The following information is assembled for the Benson Corporation: Balance sheet Assets 2010 2011 Cash (over draft in 2010) (S 5,625) $ 45,875 Accounts receivable 68,625 50,000 Inventories 62,000 80,000 95,000 130,000 Plant and equipment (20,000) (21,500) Less allowance for depreciation 20,000 8,000 Investment in securities R:gnt off sory 30,000 Patents $ 250,000 S292,375 Total Liabilities and stock holder equity $ 4,000 $ 2,000 Interest payable 6,000 3,000 Dividend payable 30,000 40,000 Accounts payable 20,000 50,000 Bonds payable 2S00 12 Premium on bonds payable 2,375 2375 50,000 Preferred stock (S100 par) 100,000 150,000 Common stock (S 10 par) 20,000 Joooxy Premium on common stock 40,000 25,000 Retained eamings Total S 250,000 $292,375 Goco Dep +5o0:7 Net loss for the year 2011 was $2,500. Equipment, cost $10,000, book value $ 4,000 was scrapped, Jsalvage of $500 being recovered on the disposal. Additional equipment, cost $ 45,000 was acquired during the year. Securities, cost $ 12,000, were sold for s 15,000. Patents of $ 30,000 were written off against profits. On July 1st 2011, 7% bonds, face value $ 20,000 were called in at $ 105, and new 10-year, 5% bonds of $50,000 were issued at $105. Preferred stock was retired at 110 while 5000 common shares were issued at $14 during the year. Depreciation on plant and equipment for the year was $ 7,500. Interest expense reported in the income statement S 7,000. invest Premium Par tae no Prepare statement of cash flows
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Accounting Tools for business decision making
ISBN: 978-0470095461
4th Edition
Authors: kimmel, weygandt, kieso
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