Impel Corporation's Year 2 and Year 1 balance sheets (not organized or classified) showed the following...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Impel Corporation's Year 2 and Year 1 balance sheets (not organized or classified) showed the following items: December 31 Year 2 Year 1 Debits Cash Accounts receivable Merchandise inventory Equipment Total $27,000 43,000 113,000 96.000 $279,000 $21,000 49,000 97,000 81.000 $248,000 Credits: Accumulated depreciation-equipment Common shares Retained earnings Total $25,000 135,000 119.000 $279,000 $16,000 135,000 97,000 $248,000 Additional information about the corporation's activities during Year 2 is as follows: a) Sales (all on credit) Cost of goods sold Depreciation expense Other operating expenses Net income $342,000 $185,000 9,000 108.000 302.000 $ 40,000 b) The only decrease in accounts receivable were customer receipts. c) All merchandise purchases were for cash. d) Equipment was purchased for $15,000 cash. e) The corporation declared and paid $18,000 of cash dividends during the year. Required: Prepare a statement of cash flows that follows the indirect method. Impel Corporation's Year 2 and Year 1 balance sheets (not organized or classified) showed the following items: December 31 Year 2 Year 1 Debits Cash Accounts receivable Merchandise inventory Equipment Total $27,000 43,000 113,000 96.000 $279,000 $21,000 49,000 97,000 81.000 $248,000 Credits: Accumulated depreciation-equipment Common shares Retained earnings Total $25,000 135,000 119.000 $279,000 $16,000 135,000 97,000 $248,000 Additional information about the corporation's activities during Year 2 is as follows: a) Sales (all on credit) Cost of goods sold Depreciation expense Other operating expenses Net income $342,000 $185,000 9,000 108.000 302.000 $ 40,000 b) The only decrease in accounts receivable were customer receipts. c) All merchandise purchases were for cash. d) Equipment was purchased for $15,000 cash. e) The corporation declared and paid $18,000 of cash dividends during the year. Required: Prepare a statement of cash flows that follows the indirect method.
Expert Answer:
Related Book For
Introduction to Financial Accounting
ISBN: 978-0133251036
11th edition
Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick
Posted Date:
Students also viewed these accounting questions
-
The following information pertains to Ming Corp. at January 1, 2018: Common stock, $10 par, 50,000 shares authorized, 3,000 shares issued and outstanding Paid-in capital in excess of par, common...
-
Alaska Airlines showed the following items in its balance sheet as of December 31, 2011, the end of the fiscal year ($ in millions): Inventories and supplies .............. $ 44.3 Prepaid expenses...
-
If you prepared Cash Flow from Operations (CFO) using the direct method, you would need to indicate cash inflows and outflows on a line-by-line basis. Provide the following amounts: a. Cash inflows...
-
Consider the plane stress inhomogeneous case with only variation in elastic modulus given by E = E(y) = 1/ (Ay + B). Further assume that the Airy function depends only on y, = (y). Show that...
-
A rigid steel bottle, V = 0.25 m3, contains air at 100 kPa, 300 K. The bottle is now charged with air from a line at 260 K, 6 MPa to a bottle pressure of 5 MPa, state 2, and the valve is closed....
-
One subunit of Pacific Sports Manufacturing Company had the following financial results last month: Requirements 1. Complete the performance evaluation report for this subunit (round to four...
-
What stakeholder affected by their behavior was Gilead weighting very lightly when it decided what to tell the FDA about the medicines it wished to have permission to sell?
-
a. If Armstrong Company, with a break-even point at $ 660,000 of sales, has actual sales of $ 880,000, what is the margin of safety expressed (1) In dollars (2) As a percentage of sales? b. If the...
-
List and describe/discuss the five advantages of intermediate sanctions over traditional probation or incarceration.
-
Fun Silly Toys (FST) produces a number of space themed toys (e.g., astronaut action figures). One of the newer divisions at FST is the board game division, which currently produces and sells one...
-
1. The beam shown is supported by the pin at A and the cable CE. a. (5 points) Draw a free body diagram of the beam. b. (10 points) Find the tension in the cable. 5 m 8 m 4 m 3 m 150 N 450 N
-
Define the notion or liquidty: How would one measure liqudiy Describe the relationship between market liquidity and market efficiency. Is market liquidity positively or negatively related to market...
-
Assume that scores on the verbal portion of the GRE (Graduate Record Exam) follow the normal distribution with mean score 151 and standard deviation 7 points, while the quantitative portion of the...
-
The idea behind the do-while loop is that the program will continue to execute a block of code as long as the condition of the while loop is true, however because the condition is evaluated after the...
-
Brian has an online video channel for tutoring physics. The total number of subscribes to Brian's page is changing at a rate of r(t) = 14 + 1.8t subscribers per week where t is the time in weeks. At...
-
A runner in a half-mile race tripped and fell 3/5 of the way from the starting line to the finish line. If there are 5,280 ft in a mile, how far from the finish line was the runner?
-
$ millions Liabilities + Equity Net income Revenues Required 1 Current Year $ 338,516 55,256 260,174 Return on assets Apple Complete this question by entering your answers in the tabs below. Required...
-
Let (X. A. p) be a measure space. Show that for any A,B A, we have the equality: (AUB)+(An B) = (A) + (B).
-
Separate reporting of the results of discontinued operations aids predicting future net income. Do you agree? Explain.
-
Accountants cannot capitalize improvements made to leased property by a tenant because the improvements become part of the leased property and therefore belong to the lessor. Do you agree? Explain.
-
Consider the following balance sheets ($ in millions): Company A paid $90 million to Company B stockholders for all their stock. The fair value of the plant assets of Company B is $40 million. The...
-
Design a fast LOT-based filter bank with at least eight sub-bands.
-
Prove the relationship in Equation (9.210). CC2=CC = 0, (9.210)
-
Show that the relations in Equations (9.256)-(9.258) are valid. E(z) = [C3+2 (I - 3)]4. (9.256)
Study smarter with the SolutionInn App