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Bilton Company reported net income of $30,000 for the year.




Bilton Company reported net income of $30,000 for the year. During the year, accounts receivable increased by $7,000, accounts payable decreased by $3,000 and depreciation expense of $5,000 was recorded. Net cash provided by operating activities for the year is;2. Accounts receivable arising from sales to customers amounted to $40,000 and $35,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $110,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is;3. Outstanding stock of the Apex Corporation included 20,000 shares of $5 par common stock and 5,000 shares of 6%, $10 par non-cumulative preferred stock. In 2006, Apex declared and paid dividends of $2,000. In 2007, Apex declared and paid dividends of $6,000. How much of the 2007 dividend was distributed to preferred shareholders?;4. These financial statement items are for Snyder Corporation at year-end, July 31, 2010.;Salaries payable $ 2,580;Salaries expense 48,700;Utilities expense 22,600;Equipment 21,000;Accounts payable 4,100;Commission revenue 61,100;Rent revenue 8,500;Long-term note payable 1,800;Common stock 16,000;Cash 24,200;Accounts receivable 9,780;Accumulated depreciation 6,000;Dividends 5,000;Depreciation expense 4,000;Retained earnings (beginning of the year) 35,200;Instructions;Prepare an income statement and a retained earnings statement for the year;5. The following data are taken from the financial statements of Prone, Inc. as of the end of the year 2007. The data are in alphabetical order.;Accounts payable;$ 28,000;Net income;$ 48,000;Accounts receivable;66,000;Other current liabilities;17,000;Cash;54,000;Total assets;250,000;Gross profit;160,000;Total liabilities;200,000;Income before income taxes;54,000;Wages payable;5,000;Additional information: The number of average common shares outstanding during the year was 40,000.;Instructions: Compute the following;(a) Current ratio.;(b) Working capital.;(c) Earnings per share.;(d) Debts to total assets ratio.;6. Menschken Company reported net income of $150,000 for the current year. Depreciation recorded on buildings and equipment amounted to $65,000 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows;End of Year;Beginning of Year;Cash;$20,000;$15,000;Accounts receivable;19,000;32,000;Inventories;50,000;65,000;Accounts payable;12,000;18,000;Instructions;Prepare the cash flows from the operating activities section of the statement of cash flows using the indirect method.


Paper#26766 | Written in 18-Jul-2015

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