The 2016 comparative balance sheet and income statement of Bone Appetit Pet Supply, Inc., are: Bone Appetit
Question:
The 2016 comparative balance sheet and income statement of Bone Appetit Pet Supply, Inc., are:
Bone Appetit Pet Supply, Inc., had no noncash investing and financing transactions during 2016. During the year, Bone Appetit Pet Supply, Inc., made no sales of land or equipment, no issuance of notes payable, no retirement of stock, and no treasury stock transactions.
Requirements
1. Prepare the 2016 statement of cash flows, formatting operating activities by the indirect method.
2. How will what you learned in this problem help you evaluate an investment in Bone Appetit Pet Supply, Inc.?
Transcribed Image Text:
Bone Appetit Pet Supply, Inc. Comparative Balance Sheet December 31, 2016 and 2015 INCREASE (DECREASE) 2016 2016 Current Assets: $ 6,600 25,200 91,900 $ 5,500 $ 1100 (1,400) 2,100 Cash and Cash Equivalents 26,600 Accounts Receivable Inventory 89,800 Fixed Assets: 89,900 53,200 Land 60,700 29,200 Equipment, Net Total Assets 49,600 3,600 $232,200 $ 34,600 $266,800 Current Liabilities: $ 30,900 30,600 $ 35,700| $ (4,800) 2,100 Accounts Payable Accrued Liabilities 28,500 Long-Term Liabilities: Notes Payable Stockholders' Equity: 74,000 101,000 (27,000) 88,900 42,400 $266,800 Common Stock 64,400 24,500 Retained Earnings Total Liabilities and Stockholders' Equity 2,600 39,800 $232,200 $ 34,600 Bone Appetit Pet Supply, Inc. Income Statement Year Ended December 31, 2016 Revenues: Sales Revenue $211,000 8,500 Interest Revenue Total Revenues $219,500 Expenses: Cost of Goods Sold $ 70,500 27,300 4,600 Salaries Expense Depreciation Expense Other Operating Expenses Interest Expense Income Tax Expense Total Expenses 10,800 11,800 29,800 154,800 Net Income $ 64,700
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 71% (14 reviews)
Req 1 Bone Appetit Pet Supply Inc Statement of Cash Flows Year Ended December 31 2016 Cash flows fro...View the full answer
Answered By
Anthony Ngatia
I have three academic degrees i.e bachelors degree in Education(English & Literature),bachelors degree in business administration(entrepreneurship option),and masters degree in business administration(strategic management) in addition to a diploma in business management.I have spent much of my life in the academia where I have taught at high school,middle level colleges level and at university level.I have been an active academic essays writer since 2011 where I have worked with some of the most reputable essay companies based in Europe and in the US.I have over the years perfected my academic writing skills as a result of tackling numerous different assignments.I do not plagiarize and I maintain competitive quality in all the assignments that I handle.I am driven by strong work ethics and a firm conviction that I should "Do Unto others as I would Like them to do to me".
4.80+
76+ Reviews
152+ Question Solved
Related Book For
Question Posted:
Students also viewed these Managerial Accounting questions
-
The 2018 comparative balance sheet and income statement of Bone Appetit Pet Supply, Inc., are: Bone Appetit Pet Supply, Inc., had no noncash investing and financing transactions during 2018. During...
-
The 2016 comparative balance sheet and income statement of Linder-man Garden Supply, Inc., follow: Linder-man Garden Supply, Inc., had no noncash investing and financing transactions during 2016....
-
The 2012 comparative balance sheet and income statement of Appleton Group, Inc., follow. Appleton had no noncash investing and financing transactions during 2012. Requirement 1. Prepare the...
-
MULTIPLE CHOICE: 6. The stage of production at which the individual jointproducts are identified is referred to as the: A. Split-off point B. Joint point C. Separate identification point D. Relative...
-
A solid cone of height 180 mm with a circular base of radius 60 mm is supported by a ball and socket at A. The cone is released from the position 0 = 30? with a rate of spin 0 = 300 rad/s, a rate of...
-
The two oxides of carbon described were CO and CO 2 . Another oxide of carbon has 1.106 g of oxygen in a 2.350 g sample. In what ratio are carbon and oxygen atoms combined in molecules of this third...
-
If you drop a book from a certain height, it falls (accelerating all the while) because of the gravitational force exerted by Earth on it. Because forces always come in interaction pairs, the book...
-
A small company maintains a petty cash fund for minor expenditures. The following transactions occurred in June and July 2011: a. The fund was established in the amount of $300.00 on June 1 from the...
-
In the database you have built, you need to create a relationship between two fields in two tables. Field 1 in Table A has the Number Data Type and Field 1 in Table B has the Currency Data Type. Will...
-
In HTTP, draw a figure to show the application of cookies in a web portal using two sites.
-
Data from the comparative balance sheet of Stevenson Building Materials, Inc., at July 31, 2016, follow: Stevenson Building Materials, Inc.s transactions during the year ended July 31, 2016,...
-
The accounting records for Haskins Steel, Inc., for the year ended June 30, 2016, contain the following information: a. Purchase of fixed assets for cash, $97,400 b. Proceeds from issuance of common...
-
Find the shortest distance between the following pairs of parallel lines. [x y z]T = [3 0 2]T + t[3 1 0]T [x y z]T = [-1 2 2]T + t[3 1 0]T
-
Frequent informal meetings, surprise visits, and blogs are ways of overcoming _ _ _ _ _ _ . a . organizational silence b . discussion channels c . the bystander effect d . destructive feedback
-
The Certified Secure Computer User (CSCU) Ex ams is designed for those who use the internet for work, Respond to the following in a minimum of 175 words: How could this industry certification...
-
Identify some basic issues managers must confront when attempting to motivate employees in different cultures. Provide an example and be specific.
-
How can we use mindful communication when terminating a relationship?
-
Describe enterprise resource planning. How does enterprise resource planning affect feedback and control in an organization's strategy?
-
Henrietta Morales is a salaried employee earning $75,000 per year. Calculate the standard gross salary per pay period under each of the following payroll frequencies: a. Biweekly b. Semimonthly c....
-
Why are stocks usually more risky than bonds?
-
Strawn Corporation had these transactions during 2012. (a) Purchased a machine for $30,000, giving a long-term note in exchange. (b) Issued $50,000 par value common stock for cash. (c) Issued...
-
An analysis of comparative balance sheets, the current years income statement, and the general ledger accounts of Gygi Corp. uncovered the following items. Assume all items involve cash unless there...
-
The information in the table is from the statement of cash flows for a company at four different points in time (A, B, C, and D). Negative values are presented in parentheses. InstructionsFor each...
-
Yield to maturity The bond shown in the following table pays interest annually. (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a...
-
1. Given a function f(t) = t- t2 over the interval 0 t. (a) Sketch a graph for the above function in the interval -3 < t <3 (b) Determine half range cosine series expansion. (c) Hence deduce that, 1...
-
Consider the electric potential lines below. Identify a charge distribution that could cause these lines. Where is the voltage the greatest? Draw in the path that a positive test charge would take if...
Study smarter with the SolutionInn App