The following selected data for the Food Factory Corporation were gathered by the accountants for the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following selected data for the Food Factory Corporation were gathered by the accountants for the year ended December 31, 2017, who are responsible for preparing the financial statements: Cost of goods sold = $47,300 Depreciation expense = $14,100 Other operating expenses = $15,700 Loss on sale of investments = $1,900 Gain on sale of capital assets = $6,200 Sales revenue = = $99,700 Interest revenue = $7,100 Dividend revenue = $3,200 Salary expense = $24,700 Interest expense = $5,200 Income tax expense = $2,700 Net income = $4,600 The cash account began the year with a balance of $32,500 and ended the year with a balance of $191,500. Other relevant data gathered by the accountants: Accounts receivable decreased $12.600 Inventory increased $7,800 Prepaid expenses decreased $2,300 Accounts payable increased $19.400 Salary payable increased $1,400 Accrued liabilities decreased $4.900 Income tax payable increased $700 Acquisition of capital assets $42.000 Issuance of common shares $75,000 Proceeds from sale of investments $29.000 Collection of loan principal $25.200 Payment of dividends $18,000 Payment of dividends $18,000 Purchased equipment by signing a note payable $25,000 Proceeds from sale of capital assets $26,700 Proceeds from sale of repurchased shares $25,000 Prepare the cash flow statement for the year ended December 31, 2017 under ASPE, using the indirect method and including a schedule of noncash investing and financing activities, if necessary. The following selected data for the Food Factory Corporation were gathered by the accountants for the year ended December 31, 2017, who are responsible for preparing the financial statements: Cost of goods sold = $47,300 Depreciation expense = $14,100 Other operating expenses = $15,700 Loss on sale of investments = $1,900 Gain on sale of capital assets = $6,200 Sales revenue = = $99,700 Interest revenue = $7,100 Dividend revenue = $3,200 Salary expense = $24,700 Interest expense = $5,200 Income tax expense = $2,700 Net income = $4,600 The cash account began the year with a balance of $32,500 and ended the year with a balance of $191,500. Other relevant data gathered by the accountants: Accounts receivable decreased $12.600 Inventory increased $7,800 Prepaid expenses decreased $2,300 Accounts payable increased $19.400 Salary payable increased $1,400 Accrued liabilities decreased $4.900 Income tax payable increased $700 Acquisition of capital assets $42.000 Issuance of common shares $75,000 Proceeds from sale of investments $29.000 Collection of loan principal $25.200 Payment of dividends $18,000 Payment of dividends $18,000 Purchased equipment by signing a note payable $25,000 Proceeds from sale of capital assets $26,700 Proceeds from sale of repurchased shares $25,000 Prepare the cash flow statement for the year ended December 31, 2017 under ASPE, using the indirect method and including a schedule of noncash investing and financing activities, if necessary.
Expert Answer:
Related Book For
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Posted Date:
Students also viewed these accounting questions
-
The Prepaid Insurance account began the year with a balance of $460. During the year, insurance in the amount of $1,040 was purchased. At the end of the year (December 31), the amount of insurance...
-
The Supplies account began the year with a balance of $380. During the year, supplies in the amount of $980 were purchased. At the end of the year (December 31), the inventory of supplies on hand was...
-
Is the FedEx company's methods of financing and of managing working capital and cash flow appropriate, taking into consideration its organizational structure, exposure to varying tax laws, and access...
-
The stress field (15.1.7) for the screw dislocation produces no tangential or normal forces on a cylinder of finite radius with axis along the dislocation line (z-axis). However, show that if the...
-
Using the headings of the synoptic journal for Arts Wholesale (Figure 11-4), indicate when recordings and postings would occur. 2013 May 3 6 7 21 Joe Davis invested $12,000 in the business. Bought...
-
In each of the following situations, formulate the null and alternative hypotheses. a. A new product will be introduced if it is preferred by more than 70 percent of the consumers in the target...
-
What can you do with a Reliance Electric loose rotor bar construction on which someone has swedged the bars?
-
Multiple Choice Questions The following questions concern possible violations of the AICPA Code of Professional Conduct. Choose the best response. a. In which one of the following situations would a...
-
Suppose a bank currently has $240,000 in deposits and $23,000 in reserves. The required reserve ratio is 13%. If at the end of the day, there is an unexpected withdrawal of $4,000 in reserves, what...
-
1. Using the spreadsheet model from Case 2.1 as a starting point, use Solver to find the optimal set of projects to approve. The solution should maximize the total NPV from the approved projects, and...
-
The carrying value of property X is Tshs 120 million and of property Y, Tshs 160 million. They are revalued at Tshs 100 million and Tshs 176 million respectively. On the previous revaluations, X's...
-
Why are capacitors used in external defibrillators instead of high-voltage batteries?
-
A solid conducting sphere of radius \(R=10 \mathrm{~cm}\) is embedded in an electrically neutral nonconducting spherical shell that has inner radius \(R\), outer radius \(2 R\), and is made of a...
-
A spherical capacitor has an inner radius of \(5 \mathrm{~cm}\) and an outer radius of \(6 \mathrm{~cm}\). With air between the spheres, the capacitor is connected to a \(12-\mathrm{V}\) battery and...
-
A solid conducting sphere of radius \(R\) and carrying charge \(+q\) is embedded in an electrically neutral nonconducting spherical shell of inner radius \(R\) and outer radius \(2 R\). The material...
-
Considering the magnetic field produced at the center of solenoid is uniform, one need to produce a magnetic field of magnitude \(0.06 \mathrm{~T}\). If the available current that one can use to flow...
-
Alex is a self - employed designer who operates a qualifying office in his home which is 2 2 5 square feet. For 2 0 2 3 , Alex has $ 2 4 , 0 0 0 gross income from his business and $ 1 7 , 0 0 0 of...
-
Find an equation of the given line. Slope is -2; x-intercept is -2
-
Tran Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and...
-
This exercise is an introduction to the Big Four accounting firms, all of which are partnerships. Addresses Deloitte & Touche www.deloitte.com/ Ernst & Young www.ey.com/ KPMG www.us.kpmg.com/...
-
Logan Krause started her own consulting firm, Krause Consulting, on May 1, 2017. The trial balance at May 31 is as follows. In addition to those accounts listed on the trial balance, the chart of...
-
Analyze the following solutions to the problem of Social Security. a. The retirement age is increased to 70. b. The FICA tax is increased. c. Income plus Social Security payments cannot exceed the...
-
Oregon proposed a solution to the health care costs problem that was widely criticized. Under this solution, the state paid only for common medical problems. Special and expensive problems would not...
-
Why is a third-party payer a problem? Private insurance companies are third-party payers, and yet they want to maximize profit. So wouldnt they ensure that the allocation of dollars was efficient?
Study smarter with the SolutionInn App