The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are given below for Wright Company. Additional information from Wright's accounting records is provided also. Assets Cash WRIGHT COMPANY Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) Accounts receivable Short-term investment Inventory Land Buildings and equipment Less: Accumulated depreciation Liabilities Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings $ 2018 $ 143 $ 171 70 175 130 800 (235) $1,254 51 $ 2 9 6 0 380 2017 130 175 30 170 160 600 (175) 1,090 55 5 8 12 40 300 475 221 110 $1,254 $1,090 400 200 70 WRIGHT COMPANY Income Statement. For Year Ended December 31, 2018 ($ in 000s) Revenues: Sales revenue Expenses: Cost of goods sold Salaries expense Depreciation expense Interest expense Loss on sale of land Income tax expense Net income $ 330 95 60 12 4 99 $ 700 600 100 $ Additional information from the accounting records: a. Land that originally cost $30,000 was sold for $26,000. b. The common stock of Microsoft Corporation was purchased for $40,000 as a short-term investment not classified as a cash equivalent. c. New equipment was purchased for $200,000 cash. d. A $40,000 note was paid at maturity on January 1. e. On January 1, 2018, bonds were sold at their $80,000 face value. f. Common stock ($75,000 par) was sold for $96,000. g. Net income was $100,000 and cash dividends of $60,000 were paid to shareholders. Required: Prepare the statement of cash flows of Wright Company for the year ended December 31, 2018. Present cash flows from operating activities by the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 5,000 should be entered as 5).) The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are given below for Wright Company. Additional information from Wright's accounting records is provided also. Assets Cash WRIGHT COMPANY Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) Accounts receivable Short-term investment Inventory Land Buildings and equipment Less: Accumulated depreciation Liabilities Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings $ 2018 $ 143 $ 171 70 175 130 800 (235) $1,254 51 $ 2 9 6 0 380 2017 130 175 30 170 160 600 (175) 1,090 55 5 8 12 40 300 475 221 110 $1,254 $1,090 400 200 70 WRIGHT COMPANY Income Statement. For Year Ended December 31, 2018 ($ in 000s) Revenues: Sales revenue Expenses: Cost of goods sold Salaries expense Depreciation expense Interest expense Loss on sale of land Income tax expense Net income $ 330 95 60 12 4 99 $ 700 600 100 $ Additional information from the accounting records: a. Land that originally cost $30,000 was sold for $26,000. b. The common stock of Microsoft Corporation was purchased for $40,000 as a short-term investment not classified as a cash equivalent. c. New equipment was purchased for $200,000 cash. d. A $40,000 note was paid at maturity on January 1. e. On January 1, 2018, bonds were sold at their $80,000 face value. f. Common stock ($75,000 par) was sold for $96,000. g. Net income was $100,000 and cash dividends of $60,000 were paid to shareholders. Required: Prepare the statement of cash flows of Wright Company for the year ended December 31, 2018. Present cash flows from operating activities by the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 5,000 should be entered as 5).)
Expert Answer:
Answer rating: 100% (QA)
CALCULATIONS Net cash provided by operating activities Cash received from customers Cash payments to suppliers Cash payments to employees Cash payment... View the full answer
Related Book For
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
Students also viewed these accounting questions
-
The comparative balance sheets for 2013 and 2012 and the statement of income for 2013 are given below for Dux Company. Additional information from Duxs accounting records is provided also. Additional...
-
The comparative balance sheets for 2013 and 2012 and the statement of income for 2013 are given below for Wright Company. Additional information from Wrights accounting records is provided also....
-
The comparative balance sheets for 2013 and 2012 and the statement of income for 2013 are given below for National Intercable Company. Additional information from NICs accounting records is provided...
-
Air pollution officials in Californias Central Valley have opened a new front in the war against urban sprawl, and regulators and environmental advocates throughout the state are watching closely....
-
For a prestatistics course, total course points are calculated by adding points earned on homework assignments, quizzes, tests, and the final exam. If the total of scores on tests is worth 1/2 of the...
-
Specify and execute the following queries in relational algebra (RA) using the RA interpreter on the COMPANY database schema in Figure 5.5. a. List the names of all employees in department 5 who work...
-
True or False Quiz Assuming that no questions are left unanswered, in how many ways can a six-question true-false quiz be answered? Classical Probabilities In Exercises 2934, a probability experiment...
-
The following were selected from among the transactions completed by Mair Co. during the current year. Mair Co. sells and installs home and business security systems. Jan. 10. Loaned $12,000 cash to...
-
[ The following information applies to the questions displayed below. ] Iguana, Incorporated, manufactures bamboo picture frames that sell for $ 2 0 each. Each frame requires 4 linear feet of bamboo,...
-
VF Corporation is an apparel company that owns recognizable brands like Timberland, Vans, Reef, and 7 For All Mankind. Exhibit 5.18 and 5.19 present balance sheets and income statements,...
-
Suppose you are a sales manager for Books on Wheels, Inc., which makes rolling book carts often used by libraries. The company is considering adding a new product aimed at university students. The...
-
Find the unknown angle measures. 49 60 Drawing is not to scale. I = y = In S
-
Q5 For this question, use data from only restaurants with between 50 and 60 items in the data set. Predict total fat from cholesterol, total carbs, vitamin a, and restaurant. Remove any...
-
A meteorologist believes that there is a relationship between the daily mean windspeed, w kn, and the daily mean temperature, t C. A random sample of 9 consecutive days is taken from past records...
-
Suppose k(x) = f(g(h(x))). Given the table of values below, determine k' (1). g(x) h(x) f'(x) g'(x) h'(x) x f(x) 1 -6 -3 3 6 -6 -6 3 -3 4 1 -7 -2 5 4 -2 7 3 1 -7 -8
-
In a research study women with metastatic stomach cancer responded to the Symptom Distress Scale and the Profile of Mood States. A correlation coefficient was reported: r = 0.5, p = 0.03. How would...
-
Calculate the gross earnings per pay period (in $) for the given pay schedule. (Round your answers to two decimal places.) Annual Salary Monthly Semimonthly Biweekly Weekly $ $1,700.00
-
Find the work done in pumping all the oil (density S = 50 pounds per cubic foot) over the edge of a cylindrical tank that stands on one of its bases. Assume that the radius of the base is 4 feet, the...
-
McDonnell-Myer Corporation reported net income of $741 million. The company had 544 million common shares outstanding at January 1 and sold 36 million shares on Feb. 28. As part of an annual share...
-
Explain what is meant by the Internal Revenue Service conformity rule with respect to the inventory method choice.
-
Wiseman Electronics has an agreement with certain of its division managers that 50,000 contingently issuable shares will be issued next year in the event operating income exceeds $2.1 million that...
-
How does the asset structure of credit unions compare with the asset structure of commercial banks and savings institutions? Refer to Tables 25 , 29 , and 212 to formulate your answer. LO.1
-
What is the common bond membership qualification under which credit unions have been formed and operated? How does this qualification affect the operational objective of a credit union? LO.1
-
How do savings banks differ from savings associations? Differentiate in terms of risk, operating performance, balance sheet structure, and regulatory responsibility. LO.1
Study smarter with the SolutionInn App