Based on the transaction list below... create a horizontal balance sheet, fill out the Statement of Cash
Fantastic news! We've Found the answer you've been seeking!
Question:
Based on the transaction list below... create a horizontal balance sheet, fill out the "Statement of Cash Flows" template, and fill out the "Stockholders' Equity" template.
Transcribed Image Text:
Year 1 Transaction List: 1. Acquired $550,000 by signing a note payable with a local bank 2. Sold 25,000 shares of $22 Common Stock for $1,500,000 3. Purchased Equipment $200,000 4. Purchased Inventory on Account - 25,000 Units at $1.15 per unit 5. Sold 15,000 units at $3.50 on Account 6. COGS for Sales on Account 7. Collect $70,000 on Account 8. Paid $17,250 of Accounts Payable 9. Purchased Inventory on Account - 170,000 Units at $1.50 per unit 10. Sold 175,000 units at $3.50 on Account 11. COGS for Sales on Account 12. Collect $472,500 on Account 13. Paid $118,600 of Accounts Payable 14. Purchased Inventory on Account - 275,000 Units at $1.45 per unit 15. Sold 200,000 units at $3.50 on Account 16. COGS for Sales on Account 17. Collect $735,000 on Account 18. Paid $294,150 of Accounts Payable 19. Purchased Inventory on Account - 300,000 Units at $1.15 per unit 20. Paid Sales & Marketing Expenses of $30,000 21. Paid Operating Expenses of $75,708 22. Paid Wage Expenses of $40,000 23. Paid Product Line Research & Development Expenses of $150,000 24. Paid Advertising Expenses of $87,500 25. Made the yearly required payment on the note payable. The note carries a 7% interest rate and requires payments of $50,000 plus interest each December 31. 26. Record Yr 1 Depreciation on Equipment with Salvage Value of $38,000 & useful life of 7 Xrsl 27. Declared a $10,000 cash dividend for stockholders 28. Paid a $10,000 cash dividend for stockholders Year 1 Transaction List: 1. Acquired $550,000 by signing a note payable with a local bank 2. Sold 25,000 shares of $22 Common Stock for $1,500,000 3. Purchased Equipment $200,000 4. Purchased Inventory on Account - 25,000 Units at $1.15 per unit 5. Sold 15,000 units at $3.50 on Account 6. COGS for Sales on Account 7. Collect $70,000 on Account 8. Paid $17,250 of Accounts Payable 9. Purchased Inventory on Account - 170,000 Units at $1.50 per unit 10. Sold 175,000 units at $3.50 on Account 11. COGS for Sales on Account 12. Collect $472,500 on Account 13. Paid $118,600 of Accounts Payable 14. Purchased Inventory on Account - 275,000 Units at $1.45 per unit 15. Sold 200,000 units at $3.50 on Account 16. COGS for Sales on Account 17. Collect $735,000 on Account 18. Paid $294,150 of Accounts Payable 19. Purchased Inventory on Account - 300,000 Units at $1.15 per unit 20. Paid Sales & Marketing Expenses of $30,000 21. Paid Operating Expenses of $75,708 22. Paid Wage Expenses of $40,000 23. Paid Product Line Research & Development Expenses of $150,000 24. Paid Advertising Expenses of $87,500 25. Made the yearly required payment on the note payable. The note carries a 7% interest rate and requires payments of $50,000 plus interest each December 31. 26. Record Yr 1 Depreciation on Equipment with Salvage Value of $38,000 & useful life of 7 Xrsl 27. Declared a $10,000 cash dividend for stockholders 28. Paid a $10,000 cash dividend for stockholders
Expert Answer:
Answer rating: 100% (QA)
Statement of Cash Flows Year 1 Cash flow from Operating activities Cash receipts from revenue 1277500 Cash payments for expenses 851708 Net Cash flow ... View the full answer
Related Book For
Posted Date:
Students also viewed these finance questions
-
List three features of a statement of cash flows which are particularly useful in making the format helpful to readers?
-
A recent statement of cash flows for NewArt Company reported the following information Net income ................................................................ $452,700 Depreciation...
-
A recent statement of cash flows for Oleg Company reported the following information: Based on the information presented in the statement of cash flows for Oleg Company, determine whether the...
-
We listed management of expectations as one of the Feds new unconventional monetary policy tools. Explain what this new policy tool does. List the potential problem of this policy tool.
-
Summarize the data collection techniques that retailers use.
-
Expected sales for tents at Sandys Camping Gear are 4,200, 6,100, 2,200, 3,400, and 5,300 for the next five quarters. At the end of the current year, inventory of finished tents on hand is 500 tents....
-
Consider the following cash flow profile and assume MARR is 10 percent/year. a. What does Descartes' rule of signs tell us about the IRR(s) of this project? b. What does Norstrom's criterion tell us...
-
Yancey Company has limited funds available for investment and must ration the funds among four competing projects. Selected information on the four projects follows: The net present value s above...
-
Find the perimeter of the figure shown. Express the perimeter using the same unit of measure that appears on the given sides. 13 yd Perimeter = 5 yd 5 yd 13 yd 18 yd 18 yd
-
We have learned four theories on spread determination in a dealer market. Consider a strategic dealing theory where: 1. there are many informed and uninformed traders (dealers are uninformed). 2....
-
A wealthy couple have three children named Xena, Yuri, and Zoe. To give their children a lesson in entrepreneurship, the parents have decided to invest a total of $35,000. They asked their children...
-
Research any two major payment networks and compare them in terms of annual revenue, number of cardholders, the number of places where each one is accepted worldwide, and any consumer protection they...
-
How do maturity risk premiums affect the yield curve?
-
How might astute bondholders react if stockholders take on risky projects?
-
What are the auditors responsibilities?
-
What question are the two liquidity ratios designed to answer?
-
Shanghai Tower is a beautiful and exceptional building not just in China, but in the world. However, the video brings up different and some contrary perspectives on the building, such as the...
-
The words without recourse on an indorsement means the indorser is: a. not liable for any problems associated with the instrument. b. not liable if the instrument is dishonored. c. liable personally...
-
Set out below is a summary of the accounting records of Titan Ltd at 31 December Year 1: The summary of the accounting records includes all transactions which have been entered in the ledger accounts...
-
Analyze the debit and credit aspect of each transaction listed at (a), (b) and (c) of question B3.2? (a) Owner puts cash into the business. (b) Buy a vehicle for cash. (c) Receive a bill for...
-
What is the effect on cash flow of an increase in trade payables (creditors)?
-
a. Suppose that General Hospital has a current ratio of 0.5. Which of the following actions would improve (increase) this ratio? Use cash to pay off current liabilities. Collect some of the current...
-
What is the role of internal control in an organization?
-
What are the elements and principles of the COSO framework?
Study smarter with the SolutionInn App