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Week 4 ACCT 202 w2014 MASTER LM: ACCT202 Spring2014 3

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Question;ACCT202w2014 MASTERLM:ACCT202;Spring20143;Wk4Ch16&17;4. value:....'..6....P..i.r.'!5...;LansingCompany's;2013incomestatement;andselectedbalance;sheetdataatDecember31,201;2013,follow.;LANSINGCOMPANY;IncomeStatement;ForYearEnded;December31,2013;Salesre\enue;Expenses;$97,200;Costofgoodssold;42,000;Depreciation;expense;12,000;Salariesexpense;18,000;Rentexpense;9,000;Insuranceexpense;3,800;Interestexpense;3,600;Utilitiesexpense;2,800;Netincome $6,000;LANSINGCOMPANY;SelectedBalanceSheet;Accounts;AtDecember31;2013;2012;Accountsreceivable;$5,600;$5,800;ln\entory;1,980;1,540;Accountspayable;4,400;4,600;Salariespayable;880;700;Utilitiespayable;220;160;Prepaidinsurance;260;280;Prepaidrent;220;180;Required;Preparethecashflowsfromoperatingacti..ntiessectiononlyofthecompany's2013statementofflows usingtheindirectmethod.;(Amountstobededucted;shouldbeindicated;withaminussign;LANSINGCOMPANY;CashFlowsfromOperatingActivities-IndirectMethod ForYearEndedDecember;31,2013;Cashflowsfromoperatingactivities;Adjustmentstoreconcile;netincometonetcashprovided byoperations;checkCTNwork references ebook&resources;?2014McGraw-HillEducation.;Allrightsreserved.;ACCT202w2014MASTER;LM:ACCT202;Spring20143;Wk4Ch16 &17;3 value;???????????---."...'.?...P..<>.i_!...........................................................................................................................................................................;...'........;GoldenCorp.,amerchandiser,recentlycompletedits2013operations.Fortheyear,(1)allsalesare;sales,(2)allcreditstoAccountsReceivable;reflectcashreceipts;fromcustomers,(3)allpurcha:imentory;areoncredit,(4)alldebitstoAccountsPayable;reflectcashpayments;forinventory,(5) Expenses;areallcashexpenses,and(6)anychange;inIncomeTaxesPayablereflects;theaccrucashpayment;oftaxes.Thecompany'sbalance;sheetsandincomestatementfollow.;GOLDENCORPORATION;ComparativeBalanceSheetsDecember31,2013and;2012;2013;2012;Assets;Cash;$ 164,000;$107,000;Accountsreceivable;83,000;71,000;Merchandise inventory;601,000;526,000;Equipment;335,000;299,000;Accum.depreciation-Equipment;(158,000);(104,000);Totalassets;$1,025,000;$899,000;Liabilities andEquity;Accountspayable;$ 87,000;$ 71,000;Incometaxespayable;28,000;25,000;Commonstock,$2parvalue;592,000;568,000;Paid-in capitalinexcessofparvalue,commonstock;196,000;160,000;Retainedearnings;122,000;75,000;Totalliabilitiesandequity;$1,025,000 $899,000;GOLDENCORPORATION;IncomeStatement;ForYear EndedDecember;31,2013;Sales $1,792,000;Costofgoodssold;1,086,000;GrossprofitOperatingexpenses;Depreciationexpense;$ 54,000;706,000;Otherexpenses;494,000;548,000;Incomebefore;taxes;158,000;Incometaxesexpense;22,000;Netincome;$ 136,000;AdditionalInformationonYear2013Transactions;a.;Netincome;was $136,000.;b.;Accountsreceivableincreased.;c.;Merchandiseimentoryincreased.;d.;Accountspayable;increased.;e.;Incometaxespayable;increased.;f.;Depreciationexpense;was$54,000.;g.Purchasedequipment;for$36,000cash.;h.Issued;12,000sharesat$5cashpershare.i.Declaredandpaid$89,000;ofcashdividends.;Required;Prepareacomplete;statementofcashflowsusingaspreadsheet, reportoperatingactivities uncindirect method. (Enterallamounts;aspositive values.);GOLDEN CORPORATION;SpreadsheetforStatementofCashFlowsForYearEndedDecember31,2013;Balancesheet-debitbalanceaccounts;December31,2012;AnalysisofDebit;Cash $ 107,000;AccountsreceivableMerchandiseinventoryEquipment;71,000;526,000;299,000;$ 1,003,000;Balancesheet-creditbalance;accounts;Accumulated depreciation-Equipment;$ 104,000;Accountspayable;71,000;Incometaxespayable;25,000;Commonstock,$2 parvalue;568,000;Paid-incapitalinexcessofparvalue;commonstock;160,000;Retainedearnings;75,000;$ 1,003,000;Statementofcashflows Operating;activities;Investingactivities;Financingactivities;checkrwwork;references;ebook&resources;?2014McGraw-HillEducation.Allrightsreserved.;ACCT202w2014MASTER;LM:ACCT202;Spring20143;Wk4Ch16&17;2.;value:........'..?..J>.i...........................................................................................;FortenCompany, amerchandiser,recently completeditscalendar-year 2013operations.;Fortheye;all salesarecreditsales,(2)allcreditstoAccountsReceivablereflectcashreceipts;fromcustomers, purchasesofinventory;areoncredit,(4)alldebitstoAccountsPayable;reflectcashpayments;forinand(5)OtherExpenses;arepaidinadvanceandareinitially;debitedtoPrepaidExpenses.Thecom1balancesheetsandincomestatementfollow.;FORTENCOMPANY;ComparativeBalanceSheets;December31,2013;and2012;2013;2012;Assets;Cash;$ 49,800;$ 73,500;Accountsreceivable;65,810;50,625;Merchandise inventory;275,656;251,800;Prepaidexpenses;1,250;1,875;Equipment;157,500;108,000;Accum.depreciation-Equipment;(36,625);(46,000);Totalassets;$ 513,391;$439,800;LiabilitiesandEquity;Accountspayable;$ 53,141;$114,675;Short-termnotes;payable;10,000;6,000;Long-term notespayable;65,000;48,750;Commonstock;$5parvalue;162,750;150,250;Paid-incapital;inexcessofpar,common;stock;37,500;0;Retainedearnings;185,000;120,125;Totalliabilitiesandequity;$513,391;$439,800;FORTENCOMPANY;IncomeStatement;ForYearEndedDecember;31,2013;Sales;$582,500;Costofgoodssold;285,000;Grossprofit;Operatingexpenses Depreciationexpense;$ 20,750;297,500;Otherexpenses;132,400;153,150;Othergains(losses);Lossonsaleofequipment;(5,125);Incomebeforetaxes;139,225;Incometaxes;expense;24,250;Netincome;$114,975;AdditionalInformationonYear2013Transactions;a. Thelossonthe;cash saleofequipmentwas$5,125{details;inb).;b. Soldequipmentcosting$46,875,withaccumulateddepreciationof$30,125,for$11,625cash.;c.;Purchasedequipmentcosting$96,375bypaying$30,000;cashandsigning;along-termnotepayc: thebalance.;d.;Borrowed$4,000;cashbysigningashort-termnotepayable.;e. Paid$50,125cashtoreducethelong-termnotespayable.;f.;Issued2,500sharesofcommonstockfor$20cashpershare.;g. Declaredandpaidcashdividends;of$50,100.;Required;Preparea;completestatementofcashflows;reportitsoperating;activitiesaccordingtothedirect;m(Amountstobededucted;shouldbeindicatedwithaminussign.);FORTENCOMPANY;StatementofCashFlows;ForYearEndedDecember;31,2013;Cashflowsfromoperating;activities;Cashflowsfrominvestingactivities;Cashflowsfromfinancingactivities;Netincrease;(decrease)incashCashbalance;atbeginningofyar;1Cashbalanceatendofyear;checkrwwork references ebook&resources;?2014McGraw-HillEducation.Allrightsreserved.;ACCT202w2014MASTERLM:ACCT202;Spring20143;Wk4Ch16&17;1 value:...........'..!..P.i.r.t........................................................................................?-?--........................................................................................................;Forten;Company,amerchandiser,recentlycompleted;itscalendar-year2013operations.Fortheye;allsalesarecreditsales,(2)allcreditstoAccountsReceivablereflectcash receiptsfromcustomers,purchasesofinventory;areoncredit,(4)alldebitstoAccountsPayable;reflectcashpayments;forinand(5)OtherExpenses;arepaidinadvanceand are;initiallydebitedtoPrepaid Expenses.Thecom1balancesheetsandincomestatementfollow.;FORTENCOMPANY;ComparativeBalance;Sheets December31,2013and2012;2013;2012;Assets;Cash;$ 49,800;$ 73,500;Accounts receivable;65,810;50,625;Merchandiseinventory;275,656;251,800;Prepaidexpenses;1,250;1,875;Equipment;157,500;108,000;Accum.depreciation-Equipment;(36,625);(46,000);Totalassets;$513,391;$439,800;LiabilitiesandEquity;Accountspayable;$ 53,141;$114,675;Short-termnotes;payable;10,000;6,000;Long-termnotes;payable;65,000;48,750;Common;stock,$5parvalue;162,750;150,250;Paid-in;capitalinexcessofpar;commonstock;37,500;0;Retainedearnings;185,000;120,125;Totalliabilitiesandequity;$513,391;$439,800;FORTENCOMPANY;httpJ/ezto.mhecloud.mcgraw-hil;l.com/hm.tpx;IncomeStatement;ForYearEndedDecember31,2013;Sales;$582,500;Costofgoodssold;285,000;Grossprofit;297,500;OperatingexpensesDepreciationexpense;$ 20,750;Otherexpenses;132,400;153,150;Othergains(losses);Loss onsaleofequipment;(5,125);Incomebefore;taxes;139,225;Incometaxesexpense;24,250;Netincome;$114,975;Additional InformationonYear 2013Transactions;a. Netincomewas$114,975.;b. Accountsreceivableincreased.;c. Merchandisein.entory;increased.;d.;Prepaidexpenses;decreased. e.Accountspayable;decreased.;f. Depreciationexpensewas$20,750.;g. Soldequipment costing$46,875;withaccumulateddepreciationof$30,125,for$11,625;castyieldedaloss;of$5,125.;h.;Purchasedequipment;costing$96,375bypaying$30,000;cashand(i.)bysigningalong-terrpayableforthe balance.;j.;Borrowed$4,000;cashbysigningashort-termnotepayable.;k. Paid$50,125cashtoreducethelong-termnotespayable.;I.;Issued2,500sharesofcommon;stockfor$20cashpershare.;m.Declaredand;paidcashdividends;of$50,100.;Required;Prepareacompletestatementofcashflowsusingaspreadsheet,reportitsoperating;activitiesusi indirect method.(Enterallamountsaspositive;values.);[_ FORTEN COMPANY;i SpreadsheetforStatement;ofCashFlows;ForYearEndedDecember31,2013;http://ezto.mhecloud.mcgraw-hill.com'hm.tpx;10/6/2014;Balancesheet-debitbalance;accountsCash;Accountsreceivable Merchandiseinventory PrepaidexpensesEquipment;Balancesheet-credit balanceaccounts Accumulateddepreciation-Equipment Accountspayable;Short-term;notespayableLong-termnotespayable Commonstock,$5parvalue;Paid-incapitalinexcessofparvalue,commonstockRetainedearnings;Statementofcashflows Operatingactivities;Investingactivities;Ch16&17;December31,2012;$ 73,500;50,625;251,800;1,875;108,000;$ 485,800;$ 46,000;114,675;6,000;48,750;150,250;0;120,125;$ 485,800;Analysisot Debit;Financingactivities;Noncashinvestingandfinancingactivities;Purchaseofequipmentfinancedbylong-termnotepayable;check!TNwork references ebook &resources;?2014McGraw-HillEducation.Allrightsreserved.;ACCT202w2014MASTERLM:ACCT202;Spring20143;Wk4Ch16&17;8.;value:............'.!...?.i. ---?????????????????........?????????????????...................?????????????????????????????????????????????????.....................................???????????????????????????????????....?????..........................,..;GoldenCorp.,amerchandiser,recentlycompletedits2013operations.Forthe year,(1)allsalesare;sales,(2)allcreditstoAccountsReceivable;reflectcashreceipts;fromcustomers,(3)allpurcha inventoryareoncredit;(4)alldebitstoAccounts;Payablereflectcashpaymentsforinventory,(5) Expensesareallcashexpenses,and(6)anychangeinIncomeTaxesPayable;reflectstheaccru cashpaymentoftaxes.;Thecompany'sbalance;sheetsandincomestatementfollow.;GOLDEN CORPORATION;ComparativeBalanceSheets December31,2013;and2012;2013;2012;Assets;Cash;$ 164,000;$107,000;Accountsreceivable;83,000;71,000;Merchandiseinventory;601,000;526,000;Equipment;335,000;299,000;Accum.depreciation-Equipment;(158,000);(104,000);Totalassets;$1,025,000;$899,000;LiabilitiesandEquity;Accountspayable;$ 87,000;$ 71,000;Incometaxespayable;28,000;25,000;Commonstock,$2parvalue;592,000;568,000;Paid-incapitalinexcess;ofparvalue;commonstock;196,000;160,000;Retainedearnings;122,000;75,000;Total;liabilitiesandequity;GOLDENCORPORATION;IncomeStatement;ForYearEndedDecember31,2013;http:/lerto.mhecloud.mcg;raw-hill.com/hm.tpx;$1,025,000 $899,000;Sales;$1,792,000;Costofgoodssold;1,086,000;Grossprofit Operating expenses;Depreciation expense;$ 54,000;706,000;Otherexpenses;494,000;548,000;Incomebeforetaxes;158,000;Incometaxesexpense;22,000;Netincome;$ 136,000;AdditionalInformationonYear2013Transactions;a.;Purchasedequipmentfor$36,000cash.;b. Issued12,000sharesofcommonstockfor;$5cashpershare.;c.Declaredandpaid$89,000;incashdi\Adends.;Required;Prepareacompletestatement;ofcashflows,report;itscashinflows;andcashoutflows;fromop?acti\Atiesaccordingtotheindirect;method.(Amountstobedeductedshould;beindicatedwithasign.);GOLDEN CORPORATION;StatementofCashFlows;ForYearEndedDecember31,2013;CashflowsfromoperatingactivitiesNetIncome;Adjustmentstoreconcilenetincometonet cashprovidedbyoperations;10/612014;1.,asnnowstrammvesllng;acuvmes;Cashflowsfromfinanci_ngactivities;Netincrease(decrease);incashCash balanceatbeginning;ofyearCash balanceatendofyear;checkmywork references;ebook&resources;Wk4Ch16&17;?2014McGraw-HillEducation.Allrightsreserved.;ACCT202w2014MASTERLM:ACCT202;Spring2014;3;Wk4Ch16&17;9.;value:.........;..!..P..i !..............????????????????????????????????????????????????????????????????????????????????????????????????....................................................????????????????????????????????............???????????????????........;GoldenCorp.,amerchandiser,recentlycompletedits2013operations.Fortheyear,(1)allsalesare;sales,(2)allcreditstoAccountsReceivablereflectcashreceipts;fromcustomers,(3)allpurchainventoryareoncredit,(4)alldebitstoAccounts;Payablereflectcashpaymentsforinventory,(5) Expensesareallcashexpenses,and(6)anychangeinIncomeTaxesPayable;reflectstheaccru cashpaymentoftaxes.Thecompany'sbalancesheetsandincomestatement;follow.;GOLDENCORPORATION;ComparativeBalanceSheets December31,2013and2012;2013;2012;Assets;Cash;$ 164,000;$107,000;Accountsreceivable;83,000;71,000;Merchandise inventory;601,000;526,000;Equipment;335,000;299,000;Accum. depreciation-Equipment;(158,000);(104,000);Totalassets;$1,025,000;$899,000;LiabilitiesandEquity;Accountspayable;$ 87,000;$ 71,000;Incometaxes;payable;28,000;25,000;Commonstock,$2parvalue;592,000;568,000;Paid-incapitalinexcess;ofparvalue;commonstock;196,000;160,000;Retainedearnings;122,000;75,000;Totalliabilitiesandequity;$1,025,000;$899,000;GOLDENCORPORATION;IncomeStatement;ForYearEndedDecember31,2013;Sales $1,792,000;Costofgoodssold;Grossprofit;Operatingexpenses;Depreciationexpense;$ 54,000;Otherexpenses;494,000;Incomebefore taxes;Incometaxesexpense;Netincome;1,086,000;706,000;548,000;158,000;22,000;$ 136,000;AdditionalInformationonYear2013Transactions;a.;Netincomewas$136,000.;b.Accountsreceivableincreased.;c. Merchandisein"ventoryincreased.;d. Accountspayableincreased.;e. Incometaxespayableincreased.;f. Depreciationexpensewas$54,000.;g. Purchasedequipmentfor$36,000cash.;h. Issued12,000 sharesat$5cash per;share.;i.;Declaredandpaid$89,000;ofcashdividends.;Required;Prepareacomplete;statementofcashflowsusingaspreadsheet,reportoperatingacti..ntiesuncindirect method.(Enter;allamountsaspositivevalues.);GOLDEN CORPORATION;Spreadsheet;forStatementofCashFlowsForYearEndedDecember31,2013.Balancesheet-debitbalance;accounts, December31,2012;Analysiso1Debit;Cash $ 107,000';Accountsreceivable Merchandisein"ventory Equipment;71,000;526,000';299,000;$ 1,003,000;http://ezto.rnhecloud.mcgraw-hill.com/hmtpx;Balancesheet-creditbalanceaccounts;Investingactivities;Financingactivities;checkmywork;references;ebook&resources;?2014McGraw-Hill;Education.Allrightsreserv;ed.;ACCT202w2014MASTERLM:ACCT202;Spring20143;Wk4Ch16&17,..................................................................................,.....................................................................;[Thefollowinginformationappliestothequestionsdisplayedbelow.];SelectedcomparativefinancialstatementsofKorbinCompany;follow.;KORBINCOMPANY;ComparativeIncomeStatements;ForYearsEndedDecember31,2014,2013,and2012;Sales;2014;2013;2012;$555,000;$340,000;$278,000;Costofgoodssold;283,500;212,500;153,900;Grossprofit;271,500;127,500;124,100;Sellingexpenses;102,900;46,920;50,800;Administrativeexpenses;50,668;29,920;22,800;Totalexpenses;153,568;76,840;73,600;Incomebefore;taxes;117,932;50,660;50,500;Incometaxes;40,800;10,370;15,670;Netincome;$ 77,132;$ 40,290;$ 34,830;KORBINCOMPANY;ComparativeBalanceSheetsDecember31,2014,2013,and2012;2014;2013;2012;Assets;Currentassets;$ 52,390;$ 37,924;$ 51,748;Long-term investments;0;500;3,950;Plantassets,net;100,000;96,000;60,000;Totalassets $152,390 $134,424;$115,698;Liabilities;andEquity;Currentliabilities;$ 22,800;$ 19,960;$ 20,300;Commonstock;72,000;72,000;60,000;Otherpaid-incapital;9,000;9,000;6,000;Retainedearnings;48,590;33,464;29,398;Totalliabilities andequity $ 152,390 $ 134,424 $ 115,698;21 value:....?....J>...??-?..;Required;1.;Completethebelowtabletocalculateeachyear'scurrent;ratio.(Roundyouranswersto1decirplace.);CurrentRatio;Choose Numerator: Choose Denominator: = Current;ratio;= Currentratio;2014;2013;2012:.;= to1;= to1;to1;checkrrwwork references ebook&resources;10/612014 Wk4Ch16;17....?.?...?.. '.points............................................................................................;2.;Completethebelowtabletocalculateincomestatement;dataincommon-sizepercents.(Round;answersto2decimalplaces.);Sales;KORBINCOMPANY;Common-SizeComparativeIncomeStatementsFor;YearsEndedDecember;31,2014,2013,and2012;2014 2013 2012;% %,%;CostofgoodssoldGrossprofit;? Selling expenses Administrative expensesTotalexpenses;Incomebeforetaxes;Incometaxes;Netincome;checkUNwork references;% % %;ebook&resources;2 -----....?,'..e..?. -.............................???????????????????????........................................................ ???????.......................................................................................................................;3.Completethebelowtabletocalculatethebalancesheetdataintrendpercents;with2012asthi;year.(Roundyouranswers;to2decimalplaces.);10/6/2014;AS&Jts;Currentassets,Long-terminvestments;?;Plantassets;net Totalassets;LiabilitiesandEquityCurrentliabilities;Commonstock;Otherpaid-in;capital;?Retainedearnings;Totalliabilitiesandequity;checkmywork references;Wk4Ch16;17;KORBINCOMPANY;BalanceSheetDatainTrendPercents;December31,2014,2013,2012;2014 2013 2012;100;100;100;100;100;100;100;100;100;ebook &resources;?2014McGraw-HillEducation.Allrightsreserved.

 

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