Below are the most recent balance sheets for Country Kettles, Inc. Excluding accumulated depreciation, determine whether each
Question:
Below are the most recent balance sheets for Country Kettles, Inc. Excluding accumulated depreciation, determine whether each item is a source or a use of cash and the amount:
COUNTRY KETTLES, INC. Balance Sheets 2016 2017 Assets Cash Accounts receivable $ 36,740 $ 35,719 88,746 84,583 Inventories 73,568 77,121 Property, plant, and equipment 181,340 190,188 Less: Accumulated depreciation 55.300 60.381 Total assets Liabilities and Equity $320,931 $331,393 |Accounts payable Accrued expenses Long-term debt Common stock $ 59,863 $ 61,350 7,599 6,815 30,976 33,800 19,000 23,000 Accumulated retained earnings Total liabilities and equity 203.493 206.428 $320,931 $331,393
Step by Step Answer:
Item SourceUse Amount Cash Source 1021 Accounts receiv...View the full answer
Fundamentals of Corporate Finance
ISBN: 978-1260153590
12th edition
Authors: Stephen M. Ross, Randolph W Westerfield, Robert R. Dockson, Bradford D Jordan
Related Video
Depreciation of non-current assets is the process of allocating the cost of the asset over its useful life. The cost of the asset includes the purchase price, any additional costs incurred to bring the asset to its current condition and location, and any other costs that are directly attributable to the asset. The useful life of the asset is the period over which the asset is expected to be used by the company. To calculate the depreciation, companies use different methods such as straight-line, declining-balance, sum-of-the-years\'-digits, units-of-production, and group depreciation. The chosen method will depend on the type of asset, the company\'s accounting policies, and the accounting standards that are applicable. The straight-line method allocates an equal amount of the asset\'s cost over its useful life, while the declining-balance method calculates depreciation at a fixed rate, typically double the straight-line rate, but the amount of depreciation decreases over time. The sum-of-the-years\'-digits method is similar to the declining-balance method, but the rate of depreciation is calculated using a fraction that is based on the useful life of the asset. It\'s important to note that the depreciation expense will be recorded on the company\'s income statement and the accumulated depreciation will be recorded on the company\'s balance sheet. This will decrease the value of the asset on the balance sheet over time.
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