Question: A comparative balance sheet, income statement, and additional information for Shillig Doors Inc. follow. Additional information for Shillig: (a) All accounts receivable and accounts payable
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Additional information for Shillig:
(a) All accounts receivable and accounts payable relate to trade merchandise.
(b) The proceeds from the notes payable were used to finance plant expansion.
(c) Capital stock was sold to provide additional working capital.
Compute the following for 2011:
Cash collected from accounts receivable, assuming all sales are on account.
Cash payments made on accounts payable to suppliers, assuming that all purchases of inventory are on account.
Cash payments for dividends.
Cash receipts that were not provided by operations.
Cash payments for assets that were not reflected inoperations.
Shillig Doors Inc. Condensed Comparative Income Statement For the Years Ended December 31, 2011 and 2010 2011 2010 Net sales Cost of goods sold Gross profit $3,946,000 3112.000 2,364,000 2,385.000 $1,561,000 792,000 748,000 506,000 Net income 769,000 000 242.000 Shillig Doors Inc. Comparative Balance Sheet December 31, 2011 and 2010 2011 2010 Assets Current assets Cash 131.000 400,000 409,000 289,000 36,000 $1.265,000 $102,000 Accounts receivable Inventory Prepaid expenses Total current assets Property. plant, and equipment 372,000 304,000 24,000 $802,000 656.000 541,000 (42.000) $499,000 1,840,000 ,301,000 (81,000) 575.000 Total assets... Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued expenses Dividends payable Total current liabilities 191,000 124,000 165,000 $174,000 10,000 100,000 .. $ 480,000 384.000 06,000 Notes payable due 2013 Total liabilities 210,000 $ 690,000 $490,000 Stockholders equity 625,000 600,000 Common stock Retained earnings Total stockholders' equity 525,000 $1.150,000 $1,840,000 211,000 $811,000 $1.301,000 Total liabilities and stockholders' equity
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