You are given incomplete beginning and ending balance sheets, an incomplete income statement and an incomplete...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
You are given incomplete beginning and ending balance sheets, an incomplete income statement and an incomplete statement of cash flows. Required: 1.1 30 points Balance Sheets (Years 1 and 2) Cash Accounts Receivables Inventory Prepaid Insurance Property, Plant and Equipment at cost (Accumulated Depreciation) Total Assets Accounts Payable Advances from Customers Interest Payable Wages Payable Rent Payable Dividends Payable Loan from Bank Common Stock Retained Earnings Total Liabilities and Equity Fill in the missing information in the shaded cells. Year 1 $86 $0 $510 ($225) $180 $0 $8 $22 $20 $342 $500 $490 Year 2 706.00 $64 $30 $590 ($295) $4 $88 $11 $5 $342 $510 Income Statement (Year 2) Sales Less Costs of Goods Sold (COGS) Less Depreciation Expense Less Interest Expense Less Insurance Expense Less Wage Expense Less Rent Expense Less Tax Expense Less Loss on Sales of Assets Net Income Statement of Cash Flows (Year 2) Collections from Customers (excl advance) Collections from customers in advance Payment to suppliers Insurance Rent payment Interest payment Wages payment Tax payment Cash Flows from operating Purchase of PP&E Proceeds from selling PP&E Cash Flows from Investing Paid Dividend Issue Stock Cash flows from financing Change in Cash Beginning Balance Ending Balance $1,738.0 $1,266.0 $110.0 $30.0 $80.0 $134.0 $5.0 $35.0 $1,420 $66 ($1,050) ****** ($9) ($77) ($5) ($200) ($155) $700 $632 You are given incomplete beginning and ending balance sheets, an incomplete income statement and an incomplete statement of cash flows. Required: 1.1 30 points Balance Sheets (Years 1 and 2) Cash Accounts Receivables Inventory Prepaid Insurance Property, Plant and Equipment at cost (Accumulated Depreciation) Total Assets Accounts Payable Advances from Customers Interest Payable Wages Payable Rent Payable Dividends Payable Loan from Bank Common Stock Retained Earnings Total Liabilities and Equity Fill in the missing information in the shaded cells. Year 1 $86 $0 $510 ($225) $180 $0 $8 $22 $20 $342 $500 $490 Year 2 706.00 $64 $30 $590 ($295) $4 $88 $11 $5 $342 $510 Income Statement (Year 2) Sales Less Costs of Goods Sold (COGS) Less Depreciation Expense Less Interest Expense Less Insurance Expense Less Wage Expense Less Rent Expense Less Tax Expense Less Loss on Sales of Assets Net Income Statement of Cash Flows (Year 2) Collections from Customers (excl advance) Collections from customers in advance Payment to suppliers Insurance Rent payment Interest payment Wages payment Tax payment Cash Flows from operating Purchase of PP&E Proceeds from selling PP&E Cash Flows from Investing Paid Dividend Issue Stock Cash flows from financing Change in Cash Beginning Balance Ending Balance $1,738.0 $1,266.0 $110.0 $30.0 $80.0 $134.0 $5.0 $35.0 $1,420 $66 ($1,050) ****** ($9) ($77) ($5) ($200) ($155) $700 $632
Expert Answer:
Answer rating: 100% (QA)
To complete the balance sheets we need to fill in the missing values For Year 1 Cash Already provided as 490 Inventory Already provided as 86 Prepaid Insurance Missing to be filled in Property Plant a... View the full answer
Related Book For
Management Accounting
ISBN: 978-0132570848
6th Canadian edition
Authors: Charles T. Horngren, Gary L. Sundem, William O. Stratton, Phillip Beaulieu
Posted Date:
Students also viewed these finance questions
-
(a) Graph the function (b) By calculating values of f (x), give numerical estimates of the limits in part (a). (c) Calculate the exact values of the limits in part (a). Did you get the same value or...
-
1. a) Fill in the missing numbers in the inventory schedule using the weighted-average cost inventory valuation method. This company uses the perpetual inventory system. Do not enter dollar signs or...
-
Describe the general process used to determine the ULRD using AICPA sampling tables?
-
Analysts often array strategic alliances and joint ventures on a continuum that begins with "using the market" and ends with "full integration". Do you agree that these fall along a natural continuum?
-
Which carbocation in each of the following pairs is more stable? a. b. c. d. e. CH3OH2 or CH3NHCH2 + or or CHCH3 CHCH3 or OCH
-
You are the CEO of a large health services organization (HSO) in Florida. Your HSO has inpatient and outpatient facilities, home health care services, and every other service your patient population...
-
An experiment was conducted regarding a quantitative analysis of factors found in high-density lipoprotein (HDL) in a sample of human blood serum. Three variables thought to be predictive of, or...
-
Sure! Let's go through each question step by step: To calculate the value of Tom's account at the end of 3 years with a 3 . 7 percent interest rate compounded semi - annually, we can use the formula...
-
During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and tax rate schedules.) Capital Asset Market Value Tax Basis Holding Period L stock $...
-
Required: 1) reconcile the investment and home office account in 31/12/2020 and journalize the required entries. 2) prepare consolidation income statement in 31/12/2020 3) prepare all closing entries...
-
A 100 kg sprinter pushes against the blocks with a force of -2500 N at an angle of 45 to the horizontal. a. What is the horizontal reaction force acting on the sprinter? b. What is the vertical...
-
A sprinter is pushing against the starting blocks with one foot with a backward horizontal force of 650 N and a downward vertical force of 900 N. a. What is the resultant force generated by the...
-
Muscle biceps brachii exerts a force of 200 N on the radius while the muscle is oriented 50 with respect to the proximal surface of the radius. What is the amount of force which is oriented parallel...
-
1. A triathlete swims 750 m South, rides 20 km East, and runs 5 km North, in that order. How far from the original starting position, as the crow flies, was the athlete after completing the above 3...
-
Consider the force of the vasti muscles acting on the tibia via the patella tendon. A force of 750 N is acting at an angle of 15 (with respect to the surface of the tibia). a. What is the torque...
-
1. If Orange were to issue a stock dividend, generally, a. How would this affect the corporations assets and/or liabilities? b.How would this affect the individual shareholders proportionate...
-
Prove the result that the R 2 associated with a restricted least squares estimator is never larger than that associated with the unrestricted least squares estimator. Conclude that imposing...
-
Consider the following data: 1. Prepare a similar tabular presentation, filling in all blanks. 2. Which division is the best performer? Explain. 3. Suppose each division is assessed an imputed...
-
Is budgeting used primarily for scorekeeping, attention directing, or problem solving?
-
The differential costs or incremental costs of increasing production from 1,000 automobiles to 1,200 automobiles per week would be the additional costs of producing the additional 200 automobiles. If...
-
Air flows in an 8-cm-inside diameter pipe that is \(4 \mathrm{~m}\) long. The air enters with a Mach number of 0.45 and a temperature of \(300 \mathrm{~K}\). (a) What friction factor would cause...
-
Air enters a duct with a mass flow rate of \(35 \mathrm{lbm} / \mathrm{sec}\) at \(T_{1}=520^{\circ} \mathrm{R}\) and \(p_{1}=20 \mathrm{psia}\). The duct is square and has an area of \(0.64...
-
At one section in a constant-area duct the stagnation pressure is \(66.8 \mathrm{psia}\) and the Mach number is 0.80 . At another section the pressure is \(60 \mathrm{psia}\) and the temperature is...
Study smarter with the SolutionInn App