Balance sheet data of Flint Company at the end of 2025 and 2024 follow: Cash Accounts receivable (net) Inventory Prepaid expenses Buildings and equipment Accumulated depreciation-buildings and equipment Land Totals Accounts payable Accrued expenses Notes payable-bank, long-term Mortgage payable Common stock, $10 par Retained earnings (deficit) 2025 O $0. O $(56000). O $(29000). O $121000. $108000 238000 279000 40000 362000 (73000) 362000 $1316000 $271000 47000 121000 846000 31000 $1316000 2024 $138000 182000 179000 100000 302000 (34000) 159000 $1026000 $222000 73000 148000 643000 (60000) $1026000 Land was acquired for $203000 in exchange for common stock, par $203000, during the year; all equipment purchased was for cash. Equipment costing $23000 was sold for $9000; book value of the equipment was $18000 and the loss was reported in net income. Cash dividends of $29000 were charged to retained earnings and paid during the year; the transfer of net income to retained earnings was the only other entry in the Retained Earnings account. In Flint's statement of cash flows for the year ended December 31, 2025, the net cash provided (used) by financing activities was

Balance sheet data of Flint Company at the end of 2025 and 2024 follow: Cash Accounts receivable (net) Inventory Prepaid expenses Buildings and equipment Accumulated depreciation-buildings and equipment Land Totals Accounts payable Accrued expenses Notes payable-bank, long-term Mortgage payable Common stock, $10 par Retained earnings (deficit) 2025 O $0. O $(56000). O $(29000). O $121000. $108000 238000 279000 40000 362000 (73000) 362000 $1316000 $271000 47000 121000 846000 31000 $1316000 2024 $138000 182000 179000 100000 302000 (34000) 159000 $1026000 $222000 73000 148000 643000 (60000) $1026000 Land was acquired for $203000 in exchange for common stock, par $203000, during the year; all equipment purchased was for cash. Equipment costing $23000 was sold for $9000; book value of the equipment was $18000 and the loss was reported in net income. Cash dividends of $29000 were charged to retained earnings and paid during the year; the transfer of net income to retained earnings was the only other entry in the Retained Earnings account. In Flint's statement of cash flows for the year ended December 31, 2025, the net cash provided (used) by financing activities was

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Balance sheet data of Indigo Company at the end of 2025 and 2024 follow: 2025 Cash Accounts Receivable (net) Inventory Prepaid expenses Buildings and equipment Accumulated depreciation - buildings and equipment Land Totals Accounts payable Accrued Expenses Noted payable - bank, long-term Mortgage Payable Common stock $10 par Retained earnings (deficit) A-121000 B-0 102000 239000 278000 38000 358000 (71000) 359000 1303000 C-(80000) 270000 48000 D-(32000) 121000 833000 31000 Land was acquired for $198000 in exchange for common stock, par $198000, during the year; all equipment purchased was for cash. Equipment costing $23000 was sold for $10000; book value of the equipment was $18000 and the loss was reported in net income. Cash dividends of $32000 were charged to retained earnings and paid during the year; the transfer of net income to retained earnings was the only other entry in the Retained Earnings account. 2024 141000 180000 179000 107000 301000 (33000) 161000 1036000 In Indigo's…
A comparative balance sheet for Gena Company appears below:GENA COMPANYComparative Balance SheetDec. 31, 2021 Dec. 31, 2020AssetsCash $ 34,000 $11,000Accounts receivable 21,000 13,000Inventory 35,000 17,000Prepaid expenses 6,000 9,000Long-term investments -0- 17,000Equipment 60,000 33,000Accumulated depreciation—equipment (20,000) (15,000)Total assets $136,000 $85,000Liabilities and Stockholders' EquityAccounts payable $ 17,000 $ 7,000Bonds payable 36,000 45,000Common stock 53,000 23,000Retained earnings 30,000 10,000Total liabilities and stockholders' equity $136,000 $85,000Additional information:1. Net income for the year ending December 31, 2021 was $35,000.2. Cash dividends of $15,000 were declared and paid during the year.3. Long-term investments that had a cost of $17,000 were sold for $14,000.4. Depreciation expense for the year was $5,000.InstructionsPrepare a full statement of cash flows for the year ended December 31, 2021, using the indirectmethod.
The comparative statements of financial position of Amman Inc. at the beginning and the end of the year 2020 appear as follows: Total Equipment Less: Accumulated Depreciation-Equip. Accounts receivable Cash Assets Note: Share capital-ordinary Retained earnings Accounts payable Total STATEMENT Equity and Liabilities Instructions: AMMAN INC. OF FINANCIAL POSITION Jan.1, 2020 Dec. 31, 2020 $39.000 (17,000) 91,000 45,000 $158,000 $100,000 38,000 20,000 $158,000 $22,000 (11,000) 88,000 13,000 $112,000 Prepare a statement of cash flows for the year 2020. $80,000 17,000 15,000 $112,000 Increase / Decease $17,000 Inc. 6,000 Inc. 3,000 Inc. 32,000 Inc. Net income of $ 34,000 was reported, and dividends of $ 13,000 were paid in 2020. New equipment was purchased, and none was sold. 20,000 Inc. 21,000 Inc. 5,000 Inc.
Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…
Condensed financial data of Sheridan Company for 2025 and 2024 are presented below. Cash Receivables Inventory Plant assets Sheridan Company Comparative Balance Sheet As of December 31, 2025 and 2024 Accumulated depreciation Long-term investments (held-to-maturity) Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings 2025 $1,780 1,760 1,620 1,910 1,670 (1,210) (1,160) 1,330 1,440 $7,190 $6,280 $1,230 210 2024 $1,170 1,370 1,920 2,460 $7,190 1,280 1,880 $920 250 1,560 1,680 1,870 $6,280
The balance sheet data of Flounder Company at the end of 2020 and 2019 are shown below. Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation-equipment Land Accounts payable Accrued expenses Notes payable-bank, long-term Bonds payable Common stock, $10 par Retained earnings (a) (b) (c) Net Cash Net Cash 2020 $29,800 55,100 65,400 15,200 89,200 (17,840) 70,700 $307,560 Net Cash $65,500 15,100 -0- 30,000 188,100 8.860 $307,560 ✓by operating activities Land was acquired for $30,300 in exchange for common stock, par $30,300, during the year, all equipment purchased was for cash. Equipment costing $12.900 was sold for $3,000, book value of the equipment was $6,100 Cash dividends of $10,000 were declare and paid during the year. Compute net cash provided (used) by: (Show amounts that decrease cash flow with either a-sign eg-12.000 or in parenthesis es (12.00 V by investing activities 2019 $34,800 44,800 ✓by financing activities 45,100 25,100 74,200…
The balance sheet data of Sweet Company at the end of 2025 and 2024 follow. Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation-equipment Land Accounts payable Accrued expenses Notes payable-bank, long-term Bonds payable Common stock, $10 par Retained earnings a b. C. 2025 2024 $29,700 $34,800 54,700 45,400 65,300 45,000 15,100 25,200 89,600 75,800 (17,920) (7,900) 70,500 39,700 $306,980 $258,000 Land was acquired for $30,800 in exchange for common stock, par $30,800, during the year; all equipment purchased was for cash. Equipment costing $12.900 was sold for $3,000; book value of the equipment was $6,000. Cash dividends of $9,900 were declared and paid during the year. $64,400 $51,400 15,100 17,800 -0- 23,200 30,200 -0- 187,400 156,600 9,880 Compute net cash provided (used) by: (Show amounts that decrease cash flow with either a-sign e.g. -12,000 or in parenthesis e.g. (12,000).) Net Cash used $306,980 Net Cash used Net Cash provided by…
REQUIRED Study the statement of cash flows of Mantis Limited for the year ended 31 December 2021 and answer the following questions: Calculate the following for the year ended 31 December 2021: Depreciation Dividends paid Of what significance is this statement of cash flows to the shareholders of Mantis Limited? Comment on the following: Cash flows from operating activities (R181 800) 1.3.2. Increase in inventory (R808 000) Increase in receivables (R606 000) Interest paid (R80 800) Cash flows from investing activities (R2 343 200) INFORMATION MANTIS LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021 R Cash flows from operating activities (181 800) Operating profit 979 700 Depreciation ? Profit before working capital changes ? Working capital changes (808 000) Increase in inventory (808 000) Increase in receivables…
The comparative balance sheets for Vaughn Corporation show the following information. Cash Accounts receivable Inventory Available-for-sale debt investments Buildings Equipment Patents Allowance for doubtful accounts Accumulated depreciation-equipment Accumulated depreciation-building Accounts payable Dividends payable Notes payable, short-term (nontrade) Long-term notes payable Common stock Retained earnings 1. 2. Additional data related to 2020 are as follows. 3. December 31 2020 $33,200 12,200 12,100 -0- -0- 45,300 5,000 20,200 6,300 $107,800 $91,500 -0- 2019 $13,000 10,100 8,900 2,900 $3,000 $4,500 2,000 4,500 6,000 2,900 5,000 4,000 25,000 33,000 6,600 $91,500 5,000 -0- 3,000 31,000 43,000 20,800 $107,800 30,100 Equipment that had cost $11,000 and was 40% depreciated at time of disposal was sold for $2,500. $10,000 of the long-term note payable was paid by issuing common stock. Cash dividends paid were $5,000.
The balance sheet data of Marin Company at the end of 2025 and 2024 follow. Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation-equipment Land Accounts payable Accrued expenses Notes payable-bank, long-term Bonds payable Common stock, $10 par Retained earnings 2025 $30,300 54,500 65,700 15,000 89,400 $65,100 15,200 -0- 29,700 190,200 2024 (17,880) (8,100) 70,300 40,400 $307,320 $257,500 7,120 $307,320 $34,700 45,200 45,300 25,100 74.900 $51.700 18,000 22,700 -0- 160,300 4,800 $257.500 Land was acquired for $29,900 in exchange for common stock, par $29,900, during the year; all equipment purchased was for cash. Equipment costing $13,100 was sold for $3,000; book value of the equipment was $6,000. Cash dividends of $9.900 were declared and paid during the year. Compute net cash provided (used) by: (Show amounts that decrease cash flow with either a sima 17000
Current Assets: Cash Accounts Receivable Inventory Cullumber Enterprises Balance Sheet and Income Statement Data December 31, 2025 Total Current Assets Property. Plant, and Equipment Less: Accumulated Depreciation Total Assets Current Liabilities: Accounts Payable Notes Payable Income Taxes Payable Total Current Liabilities Bonds Payable Total Liabilities Stockholders' Equity: Common Stock $195,840 304,640 500,480 1,000,960 1,588,480 (609,280) $1,980,160 $239,360 65,280 108,800 413,440 435,200 848,640 652,800 December 31, 2024 $152,320 391,680 435,200 979,200 1,436,160 (565,760) $1,849,600 $130,560 87,040 97,920 315,520 500,480 816,000 598,400
Condensed financial data of Waterway Company for 2020 and 2019 are presented below. WATERWAY COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,820 $1,130 Receivables 1,730 1,280 Inventory 1,590 1,870 Plant assets 1,940 1,690 Accumulated depreciation (1,220 ) (1,180 ) Long-term investments (held-to-maturity) 1,300 1,450 $7,160 $6,240 Accounts payable $1,200 $920 Accrued liabilities 190 230 Bonds payable 1,430 1,530 Common stock 1,930 1,710 Retained earnings 2,410 1,850 $7,160 $6,240 WATERWAY COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,840 Cost of goods sold 4,630 Gross margin 2,210 Selling and administrative expenses 930 Income from…