Statement of Comprehensive Income For year ended 31 December 20X81 Sales Cost of goods sold Depreciation expense Operating expenses Net earnings and comprehensive income Statement of Financial Position 20x8 At 31 December Debits Cash Accounts receivable Inventory Investment, long-term Capital assets Total debits Credits Bank overdraft Accumulated depreciation Accounts payable Short-term bank loan Notes payable, long-term Common shares Retained earnings Total credits $ 942,400 (565,200) (14,300) (203,200) $ 159,700 $105,300 $ 53,700 56,800 74,600 59,600 8,800 277,500 176,000 $511,100 $301,200 43,900 37,800 12,600 20x7 - $ 14,800 29,600 17,600 8,800 58,800 154,700 16,900 $511,100 $301,200 106,200 236,100 74,500 Additional information: a. Paid a $23,700 long-term note payable by issuing common shares. b. Purchased capital assets that cost $101,500; gave a $71,100 long-term note payable and paid $30,400 cash. c. Sold the long-term investment at cost, for cash. d. Assume that unexplained changes in asset, liability, and equity accounts flow from logical sources.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Operating activities:
Net earnings
Non-cash items
Add: Depreciation
LAURENT COMPANY
Statement of Cash Flows
For the year 31 December 20X8
Changes to working ital:
Add: Decrease in accounts receivable
Less: Increase in accounts payable
Less: Increase in inventory
Investing activities:
Decrease in long-term bank loan
Purchase of long-term investment
Financing activities:
Sold long-term investment
Paid cash dividend
Net change in cash
Opening cash
Closing cash
< Prev
CH
X
$ 159,700
X
X 23,700
X (30,400)
14,300
174,000
3 of 3
3,100
(20,200)
(15,000)
8,800 X
(23,700) X
14,800
H-H
$ 141,900
(6,700)
(100)
105,300
$ 105,300
Next >
Chemisie
ہے
Transcribed Image Text:Operating activities: Net earnings Non-cash items Add: Depreciation LAURENT COMPANY Statement of Cash Flows For the year 31 December 20X8 Changes to working ital: Add: Decrease in accounts receivable Less: Increase in accounts payable Less: Increase in inventory Investing activities: Decrease in long-term bank loan Purchase of long-term investment Financing activities: Sold long-term investment Paid cash dividend Net change in cash Opening cash Closing cash < Prev CH X $ 159,700 X X 23,700 X (30,400) 14,300 174,000 3 of 3 3,100 (20,200) (15,000) 8,800 X (23,700) X 14,800 H-H $ 141,900 (6,700) (100) 105,300 $ 105,300 Next > Chemisie ہے
The accounting records of Laurent Company reflect the following data:
Statement of Comprehensive Income
For year ended 31 December 20X8
Sales
Cost of goods sold
Depreciation expense
Operating expenses
Net earnings and comprehensive income
Statement of Financial Position
20X8
At 31 December
Debits
Cash
Accounts receivable.
Inventory
Investment, long-term
Capital assets
Total debits
Credits
Bank overdraft
Accumulated depreciation.
Accounts payable
Short-term bank loan
Notes payable, long-term
Common shares
Retained earnings
Total credits
$105,300 $
$ 942,400
(565,200)
(14,300)
(203,200)
159,700
20X7
53,700 56,800
74,600 59,600
8,800
277,500 176,000
$511,100 $301,200
43,900
37,800
12,600
106, 200
$ 14,800
29,600
17,600
8,800
58,800
236,100
154,700
74,500
16,900
$511,100 $301,200
Additional information:
a. Paid a $23,700 long-term note payable by issuing common shares.
b. Purchased capital assets that cost $101,500; gave a $71,100 long-term note payable and paid $30,400 cash.
c. Sold the long-term investment at cost, for cash.
d. Assume that unexplained changes in asset, liability, and equity accounts flow from logical sources.
Transcribed Image Text:The accounting records of Laurent Company reflect the following data: Statement of Comprehensive Income For year ended 31 December 20X8 Sales Cost of goods sold Depreciation expense Operating expenses Net earnings and comprehensive income Statement of Financial Position 20X8 At 31 December Debits Cash Accounts receivable. Inventory Investment, long-term Capital assets Total debits Credits Bank overdraft Accumulated depreciation. Accounts payable Short-term bank loan Notes payable, long-term Common shares Retained earnings Total credits $105,300 $ $ 942,400 (565,200) (14,300) (203,200) 159,700 20X7 53,700 56,800 74,600 59,600 8,800 277,500 176,000 $511,100 $301,200 43,900 37,800 12,600 106, 200 $ 14,800 29,600 17,600 8,800 58,800 236,100 154,700 74,500 16,900 $511,100 $301,200 Additional information: a. Paid a $23,700 long-term note payable by issuing common shares. b. Purchased capital assets that cost $101,500; gave a $71,100 long-term note payable and paid $30,400 cash. c. Sold the long-term investment at cost, for cash. d. Assume that unexplained changes in asset, liability, and equity accounts flow from logical sources.
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