Bill Blake Corporation's income statement for the year ended March 31, 2020 is given below. Car...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Bill Blake Corporation's income statement for the year ended March 31, 2020 is given below. Car Sales Cost of goods sold Gross margin Less: Operating expenses Operating income Interest expense Income be fore taxes Taxes Net income $122.000 74, 050 47.950 22,500 25,450 1,400 24,050 6,150 17.900 The balance sheet for the year ending March 31, 2019 and 2020 are as follows: 2020 2019 A SSETS Cash A ccounts receivable Inventory Prepayments Furniture Less Accumul ated depteciation on Furniture 69.900 21,000 43,400 3,200 55,000 2.000 183.500 12.500 26,000 48,400 2,600 60,000 2000 A ccounts payable Taxes pavable Notes payable ormmon Stock Retained earnings 13,000 1,200 37.000 115,000 17.300 183.500 14,000 1.800 35,000 90 000 3700 144 500 • The following information is also given: • The company issued $22.000 of notes payable to acquire furniture. Depreciation expenses recorded on furniture for the year amounted to $19,300 Repaid notes during the year $20,000 Furniture costing $27,000 with accumulated depreciation of $15,300 was sold at book val Dividends declared and paid during the year amounted to $ 4,300 .C. •d. .e. REQUIRED: Prepare a Cash Flow Statement for 2020 in proper form for Bill Blake Corporation. Bill Blake Corporation's income statement for the year ended March 31, 2020 is given below. Car Sales Cost of goods sold Gross margin Less: Operating expenses Operating income Interest expense Income be fore taxes Taxes Net income $122.000 74, 050 47.950 22,500 25,450 1,400 24,050 6,150 17.900 The balance sheet for the year ending March 31, 2019 and 2020 are as follows: 2020 2019 A SSETS Cash A ccounts receivable Inventory Prepayments Furniture Less Accumul ated depteciation on Furniture 69.900 21,000 43,400 3,200 55,000 2.000 183.500 12.500 26,000 48,400 2,600 60,000 2000 A ccounts payable Taxes pavable Notes payable ormmon Stock Retained earnings 13,000 1,200 37.000 115,000 17.300 183.500 14,000 1.800 35,000 90 000 3700 144 500 • The following information is also given: • The company issued $22.000 of notes payable to acquire furniture. Depreciation expenses recorded on furniture for the year amounted to $19,300 Repaid notes during the year $20,000 Furniture costing $27,000 with accumulated depreciation of $15,300 was sold at book val Dividends declared and paid during the year amounted to $ 4,300 .C. •d. .e. REQUIRED: Prepare a Cash Flow Statement for 2020 in proper form for Bill Blake Corporation.
Expert Answer:
Answer rating: 100% (QA)
Cash flow statement of bill bake Particulars Amount Net income 1... View the full answer
Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
Posted Date:
Students also viewed these accounting questions
-
Income statement for the year ended December 31, 2008 sales(200,000 units) $1,200,000 - cost of good sold 800,000 - groos profit 400,000 - then operating expenses - selling $280,000 - administrative...
-
The condensed single-step income statement for the year ended December 31, 2014, of Conti Chemical Company, a distributor of farm fertilizers and herbicides, follows. Selected accounts from Conti...
-
The condensed single-step income statement for the year ended December 31, 20Ã9, of Sunderland Chemical Company, a distributor of farm fertilizers and herbicides, appears as follows: Selected...
-
Divalent carbon species called carbenes care capable of fleeting existence. For example, methylene: CH2, is the simplest carbene. The two unshared electrons in methylene can be either spin-paired in...
-
You hedged your financial firms exposure to declining interest rates by buying one September call on Treasury bond futures at the premium quoted on April 15 as referenced in Exhibit 8-4. a. How much...
-
- How often do you check your e-mail? 1 In general, what kinds of information do you receive via e-mail? - How often do you receive letters? - In general, what kinds of messages do these letters...
-
The correlation coefficient of \(x\) and \(y\) is given by a. \(\sigma_{x y}\) b. \(\sigma_{x y} /\left(\sigma_{x} \sigma_{y} ight)\) c. \(\sigma_{x} \sigma_{y}\)
-
Shah Fabrics, Inc.s comparative balance sheets for December 31, 2014 and 2013, follow. Additional information about Shah Fabrics operations during 2014 is as follows: (a) net income, $112,000; (b)...
-
Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $860,200 cash. The land was appraised at $247,308 and the building at $741,922. Required a....
-
Sparky's Amusement Park is an entertainment park run by recent college graduates. It caters to young people and others who are young at heart. The owners are very interested in applying what they...
-
You've been given the trial balance for Big Bear Brewery, as of July 31. Today's date is September 3rd. A numbered company, 275492 BC Ltd. is thinking about purchasing Big Bear Brewery so the owner...
-
rn Linh Nguyen (SIN 808 785 448) is single with no dependants. Her address is 2209- 414 Gladstone Avenue, Your city, Your province, Your postal code. Linh was born on June 5, 1990. Her phone number...
-
Coronado Ltd . factors receivables with a carrying amount of 2 6 0 , 0 0 0 to Warren Company for 2 0 8 , 0 0 0 and guarantees all credit losses. Prepare the appropriate journal entry to record this...
-
K 6:22 COM362_Proje... FUTURE UNIVERSITY wtare Course Project Due date: August 27, 2022. Consider the system shown in figure, where h(t)e-t-Au(t-A) x(t)-u(t)-u(t): Osts1/A x(0) where A is the first...
-
Consider a rigid structure in the sketch. The structure is clamped at point A while a 100 newton force F works on point D in DC direction. Calculate magnitude of bending moment and torsion of the...
-
An ice floe of length 3 m is subjected to a sea wave of the same wavelength. (b) Approximate free-body diagram of the ice floe: w is the weight force per unit length of the ice floe, and pt and pb...
-
5.45 Three objects are connected, as shown in Figure 5.32. The mass and friction of each pulley is negligible. The co- efficients of friction between the 3.0-kg block and the horizontal surface are =...
-
Refer to the situation described inBE 18-13, but assume a 2-for-1 stock split instead of the 5% stock dividend. Prepare the journal entry to record the stock split if it is to be effected in the form...
-
Julio Company has had poor operating results for the past two years. As Julios accountant, you have the following information available to you: Total assets and owners equity at the beginning of 2013...
-
Sunny Day Nursing Home relies heavily on cost data to keep its pricing structures in line with those of its competitors. The facility provides a wide range of services, including assisted living and...
-
On August 25, Intercontinental Company received a 90-day, 9 percent note in settlement of an account receivable in the amount of $20,000. Determine the maturity date, amount of interest on the note,...
-
Following is a residual plot produced by MINITAB. Was it appropriate to compute the least-squares regression line? Explain. Residual -2 -3 1 2 3 5.0 5.5 09 6.0 Residuals Versus x 6.5 X 7.0 7.5 8.0
-
Following is a residual plot produced by MINITAB. Was it appropriate to compute the least-squares regression line? Explain. 50 50 Residuals Versus x 40 40 30 20 20 Residual 10 10 0 -10 -20 20 + -3 -2...
-
The following table presents the ages of the last 10 U.S. presidents and their wives on the first day of their presidencies. a. Compute the least-squares regression line for predicting the presidents...
Study smarter with the SolutionInn App