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BMAL530 Assignment: Homework 2 FALL 2014

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Question;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;$;6,200;Accounts;receivable;16,500;Office;supplies;2,000;Trucks;152,000;Accumulated;depreciation?Trucks;$;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;expense?Trucks;20,196;Salaries;expense;55,811;Office;supplies expense;12,000;Repairs;expense?Trucks;10,234;Totals;$;368,941;$;368,941;The K.;Wilson, Capital, account balance is $153,429 at December 31, 2012.;1.;Prepare;the income statement for the year ended December 31, 2013.;2.;Prepare;the statement of owner?s equity for the year ended December 31, 2013.;Explanation;2.;award:0 out of;3.00 points;Account;Title;Debit;Credit;Cash;$;9,600;Accounts;receivable;16,500;Office;supplies;6,353;Trucks;182,000;Accumulated;depreciation?Trucks;$;37,492;Land;44,000;Accounts;payable;13,600;Interest;payable;5,000;Long-term;notes payable;66,000;K.;Wilson, Capital;122,646;K.;Wilson, Withdrawals;11,000;Trucking;fees earned;127,000;Depreciation;expense?Trucks;24,182;Salaries;expense;54,170;Office;supplies expense;14,000;Repairs;expense?Trucks;9,933;Totals;$;371,738;$;371,738;Use the;above adjusted trial balance to prepare Wilson Trucking Company?s 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;$;340,993;Depreciation;expense;59,736;Rent;expense;67,203;Amortization;expenses?Patents;7,467;Utilities;expense;27,379;502,778;766,612;Gain;on sale of equipment;9,956;Net;income;$;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;$;69,400;Accounts;receivable, net;69,000;51,800;Inventory;66,000;95,900;Prepaid;expenses;6,100;4,300;Equipment;125,100;114,000;Accum.;depreciation?Equipment;(28,300;(10,200;Total;assets;$;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.;Scoreteck?s;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.

 

Paper#38564 | Written in 18-Jul-2015

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