Step 1 Step 2 Step 3 Finish, Inc. Balance Sheets For the years ended 12/31/x3 and...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Step 1 Step 2 Step 3 Finish, Inc. Balance Sheets For the years ended 12/31/x3 and 12/31/12 Ending 12/31/x3 Beginning 12/31/x2 Change ASSETS Cash 148,200 Accounts receivable (current asset) 44,000 53,000 40,000 Prepaid insurance (current asset) 200 95,200 4,000 -200 Equipment 80,000 90,000 Less Accumulated Depreciation -29,000 -10,000 Intangible assets 4,000 Total Assets 247.200 5,000 178.200 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable (current liability) 15,000 Unearned revenue (current liability) 17,000 5,000 20,000 10,000 -3,000 Notes payable (non-current) Common stock ($5 par) 5,000 10,000 15,000 15,000 Paid in capital in excess of par Retained earnings Total Liabilities and Stockholders' Equity a. Net income is $70,000. b. Depreciation expense is $20,000. 4,000 191,200 4,000 124,200 247.200 178.200 c. Amortization expense is $1,000 d. Equipment costing 10,000 with accumulated depreciation of $1,000 sold for $11,000 cash. Gain on the sale is $2,000. e. Paid $5,000 non-current note principal f. Paid cash dividends $3,000 Finish, Inc. Statement of Cash Flows For the year ended 12/31/20x3 OPERATIONS Net income Add Depreciation expense Amortization expense Gain on Sale Schedule of changes in CA and CL Accounts receivable Prepaid insurance Accounts payable Unearned revenue Cash Provided by Operations INVESTING ACTIVITIES Cash by Investing Activities FINANCING ACTIVITIES Cash by Financing Activities Net Change in Cash Add Beginning Cash Ending Cash 53,000 148,200 Step 1 Step 2 Step 3 Finish, Inc. Balance Sheets For the years ended 12/31/x3 and 12/31/12 Ending 12/31/x3 Beginning 12/31/x2 Change ASSETS Cash 148,200 Accounts receivable (current asset) 44,000 53,000 40,000 Prepaid insurance (current asset) 200 95,200 4,000 -200 Equipment 80,000 90,000 Less Accumulated Depreciation -29,000 -10,000 Intangible assets 4,000 Total Assets 247.200 5,000 178.200 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable (current liability) 15,000 Unearned revenue (current liability) 17,000 5,000 20,000 10,000 -3,000 Notes payable (non-current) Common stock ($5 par) 5,000 10,000 15,000 15,000 Paid in capital in excess of par Retained earnings Total Liabilities and Stockholders' Equity a. Net income is $70,000. b. Depreciation expense is $20,000. 4,000 191,200 4,000 124,200 247.200 178.200 c. Amortization expense is $1,000 d. Equipment costing 10,000 with accumulated depreciation of $1,000 sold for $11,000 cash. Gain on the sale is $2,000. e. Paid $5,000 non-current note principal f. Paid cash dividends $3,000 Finish, Inc. Statement of Cash Flows For the year ended 12/31/20x3 OPERATIONS Net income Add Depreciation expense Amortization expense Gain on Sale Schedule of changes in CA and CL Accounts receivable Prepaid insurance Accounts payable Unearned revenue Cash Provided by Operations INVESTING ACTIVITIES Cash by Investing Activities FINANCING ACTIVITIES Cash by Financing Activities Net Change in Cash Add Beginning Cash Ending Cash 53,000 148,200
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Question 3 (14 points; CAPM) ANSWER THE FOLLOWING QUESTION The following information describes the expected return and risk relationship for the stocks of two of WAH's competitors. Stock X 12.0% 20%...
-
. After researching the competitors of EJH Enterprises, you determine that most comparable firms have the following valuation ratios: EJH Enterprises has EPS of $1.90, EBITDA of $300 million, $29...
-
Several international financial and development institutions, such as the _ _ _ _ _ _ _ _ blank, have implemented policies and procedures aimed at preventing corruption by fostering transparency and...
-
In Exercises find the second derivative of the function. f(x) = x + 3x-3
-
Are we running out of ideas? Economist Paul Romer thinks not. To make things concrete, he notes that if we keep trying out different molecules to search for interesting compounds like new drugs, new...
-
Valley Forge Corporation reported the following current accounts at December 31, 2008 (amounts in thousands): During 2009, Valley Forge completed these selected transactions: Sold services on...
-
Production and Consumption. What is the production and consumption of China and France without trade? They assume that China and France each have 1,000 production units. With one unit of production...
-
Learning curve, incremental unit-time learning model. Learning curve, incremental unit-time learning model, Assume the same information for Global Defense as in Exercise 10-29, except that Global...
-
A sunflower grows at a rate of 1% a day; another grows at a rate of 7% per week. Which is growing faster? Assuming they start at the same height, compare their heights at the end of 1 and 5 weeks....
-
On November 1, 2017, Hunter opened a sandwich shop in Northridge across the street from a sandwich shop run by Donald. Donald's sandwich shop had been in business for 10 years and had made between...
-
Do you feel that starting out with interviewing customers to get their input and needs for the product you plan on developing helped you conceptualize how customers will use and how customers will...
-
A U - tube with a rectangular cross section is filled with a liquid. It can oscillate when a pressure is applied to one side. What is the driving force? Find the differential equation and solve it !...
-
Given the following information, calculate the Expected Return of the portfolio listed below: Amt Yield Treasury Bills $ 50,000.00- 4.50% Landry's Corporation $ 200,000.00 -7.50% Hilton Hotels $...
-
The senior management of Fold's Ltd. (Fold's) is anticipating a change to its capital structure. The interest cost of new debt and preferred equity has increased in the past few months, and senior...
-
1. What role does the exit nozzle play in the engine? Compare that with the percentage of air that goes through the core of the engine - discuss the discrepancy and why the air from the core stream...
-
your company is given a project to supply and install Furnisher, write Detailed project plan: indicate how the furniture will be installed including work schedule of clear deliverables and time...
-
Beginning with a country that has a trade deficit, demonstrate graphically what will happen to a countrys potential output with globalization if that countrys costs of production fall. Explain your...
-
Brown Oil Company is the operator of Lease A and Lease B and has a 60% WI in each lease. A piece of equipment, which originally cost $30,000, is transferred from Lease A to Lease B. The current...
-
The Raupe Lease has the following working interest owners: Reed Corporation 50%, League Energy 25%, and Sunshine Oil Company 25%. There is a 1/8 royalty on the lease. On April 1, 2011, Reed...
-
Identify the types of interests that are created in the following situations. If the interest is an overriding royalty or a production payment interest, also state whether it is a retained or...
Study smarter with the SolutionInn App