Create a full Statement of Cash Flows using the following information: Benjamin, Inc. Income Statement For...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Create a full Statement of Cash Flows using the following information: Benjamin, Inc. Income Statement For the year ended Dec 31, 20xx Sales Cost of Good Sold Gross Profit Operating Expenses: Wages & Salaries Rent Depreciation Other Total Operating Expenses. Income from Operations Gain/(Loss) on sale from equipment Income before income taxes Income Tax Expense Net Income Add'l Information: Beginning Cash Balance Ending Cash Balance Increase in Accounts Receivable Decrease in Accounts Payable Increase in Income Taxes Payable Increase in Prepaid Expenses Decrease in Merchandise Inventory Increase in Long-Term Notes Payable 55,000 24,000 17,000 6,000 27,000 0 4,000 5,500 3,200 8,000 12.000 19,000 275,000 135,000 140,000 102.000 38,000 0 38,000 14,440 23,560 Prepare JEs below & use the info to help complete the Stmt of Cash Flows: a. Sold equipment: Cost b. Bought Equipment C. Issued shares: e. Accumulated Depreciation Sales Price Purchase Price Cash Paid Bond Payable for Balance Number of shares Price per share d. Declared & Paid Cash Dividend Paid off LT Note Payable Number of shares Price per share $85,000 $57,500 $14,000 $22,000 $10,000 $12,000 8,500 $5 20,000 $0.30 $30,000 The journal entry (a) related to the sale of equipment included a: O DR to Loss on Sale for $13,500 CR to Gain on Sale for $13,500 O DR to Equipment for $85,000 CR to Accumulated Depreciation for $57,500 The purchase of equipment (b) results in a total purchase price of: $22,000 O $10,000 $12,000 $45,000 The net change in cash for the year was: $72,890 $27,000 $99,890 O $15,190 The increase in Accounts Receivable is a Negative Positive Has no impact No answer text provided. to cash. The net cash provided/(paid) for financing activities is: $25,500 $55,500 $31,500 $6,500 The cash balance at the end of the year is: $99,890 $15,190 $27,000 $72,890 Create a full Statement of Cash Flows using the following information: Benjamin, Inc. Income Statement For the year ended Dec 31, 20xx Sales Cost of Good Sold Gross Profit Operating Expenses: Wages & Salaries Rent Depreciation Other Total Operating Expenses. Income from Operations Gain/(Loss) on sale from equipment Income before income taxes Income Tax Expense Net Income Add'l Information: Beginning Cash Balance Ending Cash Balance Increase in Accounts Receivable Decrease in Accounts Payable Increase in Income Taxes Payable Increase in Prepaid Expenses Decrease in Merchandise Inventory Increase in Long-Term Notes Payable 55,000 24,000 17,000 6,000 27,000 0 4,000 5,500 3,200 8,000 12.000 19,000 275,000 135,000 140,000 102.000 38,000 0 38,000 14,440 23,560 Prepare JEs below & use the info to help complete the Stmt of Cash Flows: a. Sold equipment: Cost b. Bought Equipment C. Issued shares: e. Accumulated Depreciation Sales Price Purchase Price Cash Paid Bond Payable for Balance Number of shares Price per share d. Declared & Paid Cash Dividend Paid off LT Note Payable Number of shares Price per share $85,000 $57,500 $14,000 $22,000 $10,000 $12,000 8,500 $5 20,000 $0.30 $30,000 The journal entry (a) related to the sale of equipment included a: O DR to Loss on Sale for $13,500 CR to Gain on Sale for $13,500 O DR to Equipment for $85,000 CR to Accumulated Depreciation for $57,500 The purchase of equipment (b) results in a total purchase price of: $22,000 O $10,000 $12,000 $45,000 The net change in cash for the year was: $72,890 $27,000 $99,890 O $15,190 The increase in Accounts Receivable is a Negative Positive Has no impact No answer text provided. to cash. The net cash provided/(paid) for financing activities is: $25,500 $55,500 $31,500 $6,500 The cash balance at the end of the year is: $99,890 $15,190 $27,000 $72,890
Expert Answer:
Answer rating: 100% (QA)
CALCULATIONS Operating Activities Net Income 23560 Adjustments Depreciation 17000 Increase in Accounts Receivable 4000 decrease in cash Decrease in Accounts Payable 5500 decrease in cash Increase in I... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0470161012
9th Canadian Edition, Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
Posted Date:
Students also viewed these accounting questions
-
Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...
-
Prepare the statement of cash flows using the indirect method. The income statement for 2014 and the balance sheets for 2014 and 2013 are presented for Griffin Industries. Additional information...
-
Read Exhibit 10.6 carefully and answer the following question: Can a free-market system be trusted to effectively address the global concern in biodiversity loss? Why or why not? Exhibit 10.6 EXHIBIT...
-
In 2013, Tarlo Company agrees to construct a highway for Brice County over a 3-year period (2013 through 2015). The contract price is $1,200,000, and the construction costs (both actual and...
-
8)Differentiate Va+a+a+x w.r.t x.
-
Pleading rules are principally contained in the California Code of Civil Procedure. However, in addition to the CCP, local rules generally control mechanics. Find some special local rules that are...
-
The effective capacity and efficiency for the next quarter at MMU Mfg. in Waco, Texas, for each of three departments are shown: Compute the expected production for next quarter for eachdepartment....
-
Following are the issuances of stock transactions. 1. A corporation issued 6,000 shares of $10 par value common stock for $72,000 cash. 2. A corporation issued 3,000 shares of no-par common stock to...
-
An examination of the cash activities during the year shows the following. Suzie has not reconciled the company?s cash balance with that of the bank since the company was started. She asks Summit...
-
According to the revenue principle, revenues should be recognized when they are earned, which happens when the company performs acts promised to the customer. For most businesses, this condition is...
-
The Cutting Department of Arizona Manufacturing has the following production and cost data for July. Production Costs 1. Transferred out 12,000 units. Beginning work in process $ -0- 2. Started 1,500...
-
Interest rates on 4-year Treasury securities are currently 6.0%, while 6-year Treasury securities yield 7.85%. If the pure expectations theory is correct, what does the market believe that 2-year...
-
Date The following transactions occurred for the month of May. Units Cost Total Sales Price 1-May Beginning Balance 80 12 $960 2-May Purchase 85 15 $1,275 3-May Purchase 65 11 $715 10-May Sale 90 $30...
-
Company A has net sales of $250 million and costs of $190 million. The depreciation expense is $20 million, and the interest paid is $8.5 million. Assume the tax rate is 25 percent. Company B has the...
-
For the 2023 taxation year, Sundal Ltd. has net income of $235,000. Included in this amount is foreign business income of $48,000 of which the foreign income taxes of $7,200 were withheld. Sundal is...
-
GNL Incorporated purchased a new piece of equipment for $60,000 Canadian from a US company. The exchange added to and paid in cash on the transaction was $20,000. Freight paid on bringing the...
-
AB CORPORATION ISSUED THE FOLLOWING 850 COMMON STOCKS PAR VALUE P100 750 PARTICIPATING PREFERRED STOCKS PAR VALUE P100 AT 3% AB CORPORATION DECLARED P100,000.00 DIVIDEND IN 2022.
-
Stellar Corp. had the following shareholders equity on January 1, 2012: Common shares, 300,000 shares authorized, 100,000 shares issued and outstanding .................. $ 270,000 Contributed...
-
Mackay Corporation completed, authorized, and issued its financial statements following IFRS for the year ended December 31, 2011, on March 10, 2012. The following events took place early in 2012. 1....
-
Earnings per share" (EPS) is the most commonly featured financial statistic for corporations. For many securities, the daily published quotations of share prices include a "times earnings" figure...
-
How might the three categories of management assertions provide a powerful tool for the financial statement auditor?
-
Summarize the major changes made in ISO 9000-2015.
-
1. E-Z Open Manufacturing Company is a leading maker of manual can openers. In the year just closed, E-Z Open controlled 17.2% of the manual can opener market in North America. That placed the...
Study smarter with the SolutionInn App