1.
award:
3.79 out of
4.00 points
The
following is the adjusted trial balance of Wilson Trucking Company.
Account
Title
Debit
Credit
Cash
$
6,200
Accounts
receivable
16,500
Office
supplies
2,000
Trucks
152,000
Accumulated
depreciationâTrucks
$
31,312
Land
75,000
Accounts
payable
10,200
Interest
payable
3,000
Long-term
notes payable
52,000
K.
Wilson, Capital
153,429
K.
Wilson, Withdrawals
19,000
Trucking
fees earned
119,000
Depreciation
expenseâTrucks
20,196
Salaries
expense
55,811
Office
supplies expense
12,000
Repairs
expenseâTrucks
10,234
Totals
$
368,941
$
368,941
The K.
Wilson, Capital, account balance is $153,429 at December 31, 2012.
1.
Prepare
the income statement for the year ended December 31, 2013.
2.
Prepare
the statement of ownerâs equity for the year ended December 31, 2013.
Explanation:
2.
award:
0 out of
3.00 points
Account
Title
Debit
Credit
Cash
$
9,600
Accounts
receivable
16,500
Office
supplies
6,353
Trucks
182,000
Accumulated
depreciationâTrucks
$
37,492
Land
44,000
Accounts
payable
13,600
Interest
payable
5,000
Long-term
notes payable
66,000
K.
Wilson, Capital
122,646
K.
Wilson, Withdrawals
11,000
Trucking
fees earned
127,000
Depreciation
expenseâTrucks
24,182
Salaries
expense
54,170
Office
supplies expense
14,000
Repairs
expenseâTrucks
9,933
Totals
$
371,738
$
371,738
Use the
above adjusted trial balance to prepare Wilson Trucking Companyâs classified
balance sheet as of December 31, 2013.
rev: 09_30_2013_QC_36773
3.
award:
2.79 out of
3.00 points
Salud
Company reports net income of $360,000 for the year ended December 31, 2013.
It also reports $64,800 depreciation expense and a $9,000 gain on the sale of
machinery. Its comparative balance sheets reveal a $28,800 increase in
accounts receivable, $14,760 increase in accounts payable, $7,920 decrease in
prepaid expenses, and $11,160 decrease in wages payable.
Required:
Prepare
only the operating activities section of the statement of cash flows for 2013
using the indirect method. (Amounts to be
deducted should be indicated with a minus sign.)
Explanation:
No further explanation details are available for this problem.
4.
award:
3 out of
3.00 points
The
following income statement and information about changes in noncash current
assets and current liabilities are reported.
SONAD COMPANY
Income Statement
For Year Ended December 31, 2013
Sales
$
2,489,000
Cost
of goods sold
1,219,610
Gross
profit
1,269,390
Operating
expenses
Salaries
expense
$
340,993
Depreciation
expense
59,736
Rent
expense
67,203
Amortization
expensesâPatents
7,467
Utilities
expense
27,379
502,778
766,612
Gain
on sale of equipment
9,956
Net
income
$
776,568
Changes
in current asset and current liability accounts for the year that relate to
operations follow.
Accounts
receivable
$
33,950
increase
Accounts
payable
$
13,925
decrease
Merchandise
inventory
39,125
increase
Salaries
payable
4,650
decrease
Required:
Prepare
only the cash flows from operating activities section of the statement of
cash flows using the indirect method. (Amounts
to be deducted should be indicated with a minus sign.)
Explanation:
No further explanation details are available for this problem.
5.
award:
3 out of
3.00 points
a.
Equipment
with a book value of $81,500 and an original cost of $164,000 was sold at a
loss of $35,000.
b.
Paid
$112,000 cash for a new truck.
c.
Sold
land costing $315,000 for $405,000 cash, yielding a gain of $90,000.
d.
Long-term
investments in stock were sold for $97,000 cash, yielding a gain of $16,250.
Use the
above information to determine this company’s cash flows from investing
activities.(Amounts
to be deducted should be indicated with a minus sign.)
Explanation:
Cash
received from sale of equipment = Book value ? loss = $81,500 ? $35,000 =
$46,500
6.
award:
3 out of
3.00 points
a.
Net
income was $470,000.
b.
Issued
common stock for $79,000 cash.
c.
Paid
cash dividend of $16,000.
d.
Paid
$115,000 cash to settle a note payable at its $115,000 maturity value.
e.
Paid
$120,000 cash to acquire its treasury stock.
f.
Purchased
equipment for $93,000 cash.
Use the
above information to determine this company’s cash flows from financing
activities.(Amounts
to be deducted should be indicated with a minus sign.)
Explanation:
No further explanation details are available for this problem.
[The following information applies to
the questions displayed below.]
7
The
following financial statements and additional information are reported.
IKIBAN INC.
Comparative Balance Sheets
June 30, 2013 and 2012
2013
2012
Assets
Cash
$
105,700
$
69,400
Accounts
receivable, net
69,000
51,800
Inventory
66,000
95,900
Prepaid
expenses
6,100
4,300
Equipment
125,100
114,000
Accum.
depreciationâEquipment
(28,300
)
(10,200
)
Total
assets
$
343,600
$
325,200
Liabilities
and Equity
Accounts
payable
$
26,800
$
32,400
Wages
payable
7,800
16,800
Income
taxes payable
2,200
4,100
Notes
payable (long term)
50,000
76,000
Common
stock, $5 par value
232,000
188,000
Retained
earnings
24,800
7,900
Total
liabilities and equity
$
343,600
$
325,200
IKIBAN INC.
Income Statement
For Year Ended June 30, 2013
Sales
$
672,000
Cost
of goods sold
405,000
Gross
profit
267,000
Operating
expenses
Depreciation
expense
$
58,400
Other
expenses
66,200
Total
operating expenses
124,600
142,400
Other
gains (losses)
Gain
on sale of equipment
2,100
Income
before taxes
144,500
Income
taxes expense
57,800
Net
income
$
86,700
Additional
Information
a.
A
$26,000 note payable is retired at its $26,000 carrying (book) value in
exchange for cash.
b.
The
only changes affecting retained earnings are net income and cash dividends
paid.
c.
New
equipment is acquired for $60,400 cash.
d.
Received
cash for the sale of equipment that had cost $49,300, yielding a $2,100 gain.
e.
Prepaid
Expenses and Wages Payable relate to Other Expenses on the income statement.
f.
All
purchases and sales of merchandise inventory are on credit.
rev: 10_03_2013_QC_36920
7.
award:
4 out of
5.00 points
Required:
(1)
Prepare
a statement of cash flows for the year ended June 30, 2013, using the
indirect method.(Amounts to be deducted should be
indicated with a minus sign.)
rev: 10_03_2013_QC_36920, 01_28_2014_QC_44164
8.
award:
3 out of
3.00 points
Hampton
Company reports the following information for its recent calendar year.
Sales
$
70,000
Expenses
Cost
of goods sold
41,000
Salaries
expense
13,000
Depreciation
expense
8,000
Net
income
$
8,000
Accounts
receivable increase
$
9,000
Inventory
decrease
3,000
Salaries
payable increase
900
Required:
Prepare
the operating activities section of the statement of cash flows for Hampton
Company using the indirect method.(Amounts to be deducted should be indicated with a minus
sign.)
Explanation:
No further explanation details are available for this problem.
9.
award:
2.76 out of
3.00 points
a.
Net
income for the year was $102,000.
b.
Dividends
of $84,000 cash were declared and paid.
c.
Scoreteckâs
only noncash expense was $72,000 of depreciation.
d.
The
company purchased plant assets for $72,000 cash.
e.
Notes
payable of $22,000 were issued for $22,000 cash.
Complete
the following spreadsheet in preparation of the statement of cash flows. (The
statement of cash flows is not required.) Report operating activities under
the indirect method.(Enter all amounts as positive
values.)
Explanation:
No further explanation details are available for this problem.
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