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Cash Flow_ P14-14A_P14-15A_P14-19A

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Question;Given Data P14-14A;TOP BRANDS, INC.;Account;Title;2012;2011;Accounts;Receivable;$;24,000;$;26,000;Merchandise;Inventory;56,000;52,000;Prepaid;Insurance;19,000;24,000;Accounts;Payable;23,000;20,000;Salaries;Payable;4,600;4,200;Unearned;Service Revenue;1,000;2,700;Income Statement;2012;Sales;$;6,03,000;Cost of;goods sold;(3,83,000);Gross;margin;2,20,000;Service;revenue;4,000;Insurance;expense;(40,000);Salaries;expense;(1,60,000);Depreciation;expense;(6,000);Operating;income;18,000;Gain on;sale of equipment;3,000;Net;income;$;21,000;Given Data;P14-15A;DESOTO COMPANY;Account;Title;2012;2011;Investment;securities;$33,500;$30,000;Equipment;2,35,000;2,20,000;Buildings;8,45,000;9,62,000;Land;80,000;69,000;Additional;information for 2012;Cost of;investment securities sold;$5,600;Loss on;sale of investment securities;$600;Cost of;equipment purchased;$50,000;Equipment;sold;Gain on sale;$6,000;Accumulated depreciation;$8,000;Original;cost of demolished building;$1,58,000;Cost of;land sold;$25,000;Selling;price of land;$22,000;Given;Data P14-19A;REDWOOD CORPORATION;Balance Sheets;As of December 31;2012;2011;Assets;Cash;$68,800;$40,600;Account Receivable;30,000;22,000;Merchandise Inventory;1,60,000;1,76,000;Prepaid Rent;2,400;4,800;Equipment;2,56,000;2,88,000;Accumulated Depreciation;(1,46,800);(2,36,000);Land;1,92,000;80,000;Total;Assets;$5,62,400;$3,75,400;Liabilities;Accounts Payable (Inventory);$67,000;$76,000;Salaries Payable;28,000;24,000;Stockholders;Equity;Common Stock, $25 par value;2,50,000;2,00,000;Retained Earnings;2,17,400;75,400;Total;Liabilities and Equity;$5,62,400;$3,75,400;REDWOOD CORPORATION;Income Statement;For the Year Ended December 31, 2012;Sales;15,00,000;Cost of Goods Sold;7,97,200;Gross Profit;7,02,800;Operating Expenses;Depreciation Expense;(22,800);Rent Expense;(24,000);Salaries Expense;(2,56,000);Other Operating Expenses;(2,58,000);Net Income;$1,42,000;Additional;Information;Land purchase;$1,12,000;New equipment purchase;$1,00,000;Old;equipment;Cost;$1,32,000;Accumulated depreciation.;$1,12,000;Sales price;$20,000;Common;stock issued;$50,000

 

Paper#37322 | Written in 18-Jul-2015

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