Use the following excerpts from Victrolia Company’s financial information. 2018 Income Statment Balance Sheets Sales $455,000 Cost of Goods Sold (221,500) Operating Expenses, other than Depreciation Expense (58,600) Depreciation Expense (20,000) Gain on Sale of Plant Assets 23,500 Net Income $178,400 Dec. 31,2018 Cash $329,450 Accounts Receivable 39,750 Inventory 31,000 Accounts Payable 17,550 Accured Liabilities 3,500 Dec. 31, 2017 Cash $133,500 Accounts Receivable 36,500 Inventory 35,000 Accounts Payable 19,550 Accured Liabilities 2,200 Additional Information: Plant assets were sold for $45,000; book value $16,500 Dividends of $24,000 were declared and paid Prepare a statement of cash flows (direct method) for the year 2018. Use the minus sign to indicate cash out flows, a decrease in cash or cash payments
Use the following excerpts from Victrolia Company’s financial information. 2018 Income Statment Balance Sheets Sales $455,000 Cost of Goods Sold (221,500) Operating Expenses, other than Depreciation Expense (58,600) Depreciation Expense (20,000) Gain on Sale of Plant Assets 23,500 Net Income $178,400 Dec. 31,2018 Cash $329,450 Accounts Receivable 39,750 Inventory 31,000 Accounts Payable 17,550 Accured Liabilities 3,500 Dec. 31, 2017 Cash $133,500 Accounts Receivable 36,500 Inventory 35,000 Accounts Payable 19,550 Accured Liabilities 2,200 Additional Information: Plant assets were sold for $45,000; book value $16,500 Dividends of $24,000 were declared and paid Prepare a statement of cash flows (direct method) for the year 2018. Use the minus sign to indicate cash out flows, a decrease in cash or cash payments
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....
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Use the following excerpts from Victrolia Company’s financial information.
| 2018 Income Statment | Balance Sheets | ||
| Sales | $455,000 | ||
| Cost of Goods Sold | (221,500) | ||
| Operating Expenses, other than Depreciation Expense |
(58,600) | ||
| Depreciation Expense | (20,000) | ||
| Gain on Sale of Plant Assets | 23,500 | ||
| Net Income | $178,400 | ||
| Dec. 31,2018 | |||
| Cash | $329,450 | ||
| Accounts Receivable | 39,750 | ||
| Inventory | 31,000 | ||
| Accounts Payable | 17,550 | ||
| Accured Liabilities | 3,500 | ||
| Dec. 31, 2017 | |||
| Cash | $133,500 | ||
| Accounts Receivable | 36,500 | ||
| Inventory | 35,000 | ||
| Accounts Payable | 19,550 | ||
| Accured Liabilities | 2,200 | ||
| Additional Information: | |||
| Plant assets were sold for $45,000; book value $16,500 | |||
| Dividends of $24,000 were declared and paid |
Prepare a statement of
Victrolia CompanyStatement of Cash Flows (Direct Method)For the Year Ended December 31, 2018
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