The 2014 comparative balance sheet and income statement of Riverbend Pools Inc. follow. Riverbend had no non-cash
Question:
The 2014 comparative balance sheet and income statement of Riverbend Pools Inc. follow. Riverbend had no non-cash investing and financing transactions during 2014. During the year, there were no sales of land or equipment, no issuances of notes payable, and no share repurchase transactions.
Requirements
1. Prepare the 2014 statement of cash flows by using the direct method.
2. How will what you learned in this problem help you evaluate an investment?
Transcribed Image Text:
Riverbend Pools Inc. Comparative Balance Sheet As at December 31, 2014 and 2013 Increase 2014 2013 (Decrease) Current assets: Cash and cash equivalents Accounts receivable Inventories Prepaid expenses $ 28,700 15,600 44,000 89,900 2,200 47,100 94,300 1,700 $13,100 3,100 4,400 (500) Property, plant, and equipment: Land 10,000 93,700 $307,800 $255,400 35,100 100,900 25,100 7,200 $52,400 Equipment, n Total assets Current liabilities: Accounts payable Salary payable Other accrued liabilities $ 22,700 24,600 1,400 22,500 2,100 24,400 $ (1,900) 700 1,900 Long-term liabilities: Notes payable 55,000 65,000 (10,000) Shareholders' equity: Common s 131,100 72,500 $307,800 122,300 19,600 $255,400 8,800 52,900 $52,400 Retained earnings Total liabilities and shareholders' equity Riverbend Pools Inc. Income Statement For the year ended December 31, 2014 Revenues Sales revenue $438,000 11,700 449,700 Interest revenue Total revenues Expenses: Cost of goods sold Salary expense Depreciation expense Other operating expe Interest expense Income tax expense $185,200 76,400 15,300 49,700 24,600 16,900 Total expense 368,100 $ 81,600 Net income
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (12 reviews)
Req 1 Riverbend Pools Inc Statement of Cash Flows For the Year Ended December 31 2014 Cash flows fro...View the full answer
Answered By
Gabriela Rosalía Castro
I have worked with very different types of students, from little kids to bussines men and women. I have thaught at universities, schools, but mostly in private sessions for specialized purpuses. Sometimes I tutored kids that needed help with their classes at school, some others were high school or college students that needed to prepare for an exam to study abroud. Currently I'm teaching bussiness English for people in bussiness positions that want to improve their skills, and preparing and ex-student to pass a standarized test to study in the UK.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-0133472264
5th Canadian edition
Authors: Charles Horngren, William Thomas, Walter Harrison, Greg Berberich, Catherine Seguin
Question Posted:
Students also viewed these Accounting questions
-
The 20X8 comparative balance sheet and income statement of Riverbend Pools, Inc., follows. Riverbend had no noncash investing and financing transactions during 20X8. During the year, there were no...
-
The 2017 comparative balance sheet and income statement of Riverbend Pools Inc. follow. Riverbend had no non-cash investing and financing transactions during 2017. During the year, there were no...
-
The 2017 comparative balance sheet and income statement of Riverbend Pools Inc. follow. Riverbend had no non-cash investing and financing transactions during 2017. During the year, there were no...
-
Two companies, Energen and Hastings Corporation, began operations with identical balance sheets. A year later, both required additional manufacturing capacity at a cost of $50,000. Energen obtained a...
-
Accounting standard setting in most countries involves a combination of private- and public-sector groups. The private sector includes the accounting profession and other groups affected by the...
-
Managerial accounting is more than recording, maintaining, and reporting financial results. Managerial accountants must provide managers with both financial and nonfinancial information including...
-
True or False: Only electric motors on variable-frequency drives (VFDs) have electric discharge machining (EDM) damage.
-
Right Medical introduced a new implant that carries a five-year warranty against manufacturers defects. Based on industry experience with similar product introductions, warranty costs are expected to...
-
What are some of the factors that make it difficult for unions to coordinate their efforts across national borders? What is a great personal branding statement for a cyber-security human resources...
-
1. The Student News Service at Clear Mountain State University (CMSU) has decided to gather data about the undergraduate students who attend CMSU. They create and distribute a survey of 14 questions...
-
Maritime Fisheries Ltd. provides the following data for the year ended June 30, 2014: Prepare the operating activities section of Maritime Fisheries Ltd.'s statement of cash flows for the year ended...
-
Arts de France Lte's comparative balance sheet at September 30, 2014, included the following balances: Transaction data for the year ended September 30, 2014 were: a. Net income, $66,900 b....
-
Example 4 dealt with the case 4h > kM 2 in the equation dx/dt = kx (M - x) - h that describes constant-rate harvesting of a logistic population. Problems 26 and 27 deal with the other cases. If 4h >...
-
following: Let Use the Matlab functions tf() series() parallel() feedback() as needed to solve the G(s) Problem C.1 = C(s) Find the transfer function for R(S) Problem C.2 10 S + 2s + 10 Problem C.3...
-
A manufacturing company has the choice of two suppliers to buy a piece of equipment from to use in its process. Characteristics of these two suppliers and associated costs are tabulated below. The...
-
Scenario A theme park has a number of rides modelled by two classes: Ride and RollerCoaster. On a given ride each car has a capacity, and rides may be operational or not. A RollerCoaster is a ride...
-
Jay Lowe is a popular male singer. Top Hat Theatre in Jersey City, NJ wants to engage him for a one-night concert on June 1, 2021. Jay Lowe wants $500,000 for the concert. Top Hat does not have...
-
1 (a) Computation of profit or loss on the disposal of Delta Disposal proceeds Net assets at date of disposal (W1) Unimpaired goodwill at date of disposal (W2) Non-controlling interest at date of...
-
Find integers x and y such that 2x 3y = 6 4 .
-
Use integration by parts to evaluate the following. Check your answer by taking the derivative. x2e-xdx
-
Which ratio or ratios from this chapter do you think should be of greatest interest to: (a) A pension fund considering investing in a corporations 20-year bonds? (b) A bank contemplating a short-term...
-
(a) What are generally accepted accounting principles (GAAP)? (b) What body provides authoritative support for GAAP?
-
(a) What is the primary objective of financial reporting? (b) Identify the characteristics of useful accounting information.
-
Figure out, salaries, net income, add net income with retained earnings and totally stockholder equity , ?accounts payable and total liabilities and stockholders equity RILEY, INCORPORATED Statement...
-
Determine the material inventory balance at the end of may? Received Issued Receiving Received Materials Report Number Received Quantity Unit Price Requisition Number Issued Quantity Issued Balance...
-
During October 2 0 2 3 , Fern Field Farms, Inc. received $ 1 0 , 0 0 0 from customers in exchange for fruit and vegetables. During the same month, the company paid $ 2 , 0 0 0 to employees, $ 5 0 0...
Study smarter with the SolutionInn App