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ACC 421 Week 4 Wiley Plus Assignment - Exercises

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Question;ACC 421;Week 4 Wiley Plus Assignment - Exercises;Problem 1;The;income statement of Rodriquez Company is shown below.;RODRIQUEZ COMPANY;INCOME STATEMENT;FOR THE YEAR ENDED DECEMBER 31, 2012;Sales;$6,894,600;Cost of goods sold;Beginning inventory;$1,893,870;Purchases;4,375,530;Goods available for sale;6,269,400;Ending inventory;1,608,650;Cost of goods sold;4,660,750;Gross profit;2,233,850;Operating expenses;Selling expenses;440,640;Administrative expenses;703,840;1,144,480;Net income;$1,089,370;Additional information;1.;Accounts receivable decreased $312,690 during the year.;2.;Prepaid expenses increased $178,550 during the year.;3.;Accounts payable to suppliers of merchandise decreased;$281,970 during the year.;4.;Accrued expenses payable decreased $124,510 during the;year.;5.;Administrative expenses include depreciation expense of $55,760.;Prepare;the operating activities section of the statement of cash flows using the;direct method.;Problem 2;Presented;below are two independent situations.;Situation A;Chenowith Co. reports revenues of $200,680 and operating expenses of;$110,380 in its first year of operations, 2012. Accounts receivable and;accounts payable at year-end were $79,260 and $40,870, respectively.;Assume that the accounts payable related to operating expenses. Ignore income;taxes.;Using the direct method, compute net cash provided (used) by operating;activities.(If an amount reduces the account balance then enter with negative;sign.);Net cash;provided;used;by;operating activities;$;Situation;B;The income statement for Edgebrook Company shows cost of goods sold;$307,650 and operating expenses (exclusive of depreciation) $231,760. The;comparative balance sheet for the year shows that inventory increased $21,380;prepaid expenses decreased $7,680, accounts payable (related to merchandise);decreased $15,450, and accrued expenses payable increased $13,950.;Compute (a) cash payments to suppliers and (b) cash payments for operating;expenses.;(a);Cash payments to suppliers;$;(b);Cash payments for operating expenses;$;Problem 3;Condensed;financial data of Fairchild Company for 2012 and 2011 are presented below.;FAIRCHILD COMPANY;COMPARATIVE BALANCE SHEET;AS OF DECEMBER 31, 2012 AND 2011;2012;2011;Cash;$1,801;$1,091;Receivables;1,757;1,301;Inventory;1,594;1,900;Plant assets;1,897;1,707;Accumulated depreciation;(1,205;(1,170;Long-term investments (held-to-maturity);1,299;1,462;$7,143;$6,291;Accounts payable;$1,207;$796;Accrued liabilities;203;245;Bonds payable;1,418;1,631;Common stock;1,893;1,706;Retained earnings;2,422;1,913;$7,143;$6,291;FAIRCHILD COMPANY;INCOME STATEMENT;FOR THE YEAR ENDED DECEMBER 31, 2012;Sales;$6,851;Cost of goods sold;4,691;Gross margin;2,160;Selling and administrative expenses;930;Income from operations;1,230;Other revenues and gains;Gain on sale of investments;82;Income before tax;1,312;Income tax expense;531;Net income;$781;Additional information;During the year, $78 of common stock was issued in exchange for plant;assets. No plant assets were sold in 2012. Cash dividends were $272.;Prepare a statement of cash flows using the indirect method.(If an;amount reduces the account balance then enter with negative sign.);Problem 4;Condensed;financial data of Fairchild Company for 2012 and 2011 are presented below.;FAIRCHILD COMPANY;COMPARATIVE BALANCE SHEET;AS OF DECEMBER 31, 2012 AND 2011;2012;2011;Cash;$1,803;$1,095;Receivables;1,755;1,291;Inventory;1,581;1,910;Plant assets;1,893;1,708;Accumulated depreciation;(1,194;(1,163;Long-term investments (held-to-maturity);1,299;1,475;$7,137;$6,316;Accounts payable;$1,205;$789;Accrued liabilities;213;235;Bonds payable;1,411;1,649;Common stock;1,898;1,692;Retained earnings;2,410;1,951;$7,137;$6,316;FAIRCHILD COMPANY;INCOME STATEMENT;FOR THE YEAR ENDED DECEMBER 31, 2012;Sales;$6,828;Cost of goods sold;4,694;Gross margin;2,134;Selling and administrative expenses;935;Income from operations;1,199;Other revenues and gains;Gain on sale of investments;80;Income before tax;1,279;Income tax expense;547;Net income;$732;Additional information;During the year, $78 of common stock was issued in exchange for plant;assets. No plant assets were sold in 2012. Cash dividends were $273.;Prepare a statement of cash flows using the direct method.(If an;amount reduces the account balance then enter with negative sign.)

 

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