Statement of cash flows for the following: The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as follows: 1 Dec. 31, 20Y3 Dec. 31, 20Y2 2 Assets 3 Cash $155,000.00 $150,000.00 4 Accounts receivable (net) 450,000.00 400,000.00 5 Inventories 770,000.00 750,000.00 6 Investments 0.00 100,000.00 7 Land 500,000.00 0.00 8 Equipment 1,400,000.00 1,200,000.00 9 Accumulated depreciation-equipment (600,000.00) (500,000.00) 10 Total assets $2,675,000.00 $2,100,000.00 11 Liabilities and Stockholders’ Equity 12 Accounts payable (merchandise creditors) $340,000.00 $300,000.00 13 Accrued expenses payable (operating expenses) 45,000.00 50,000.00 14 Dividends payable 30,000.00 25,000.00 15 Common stock, $4 par 700,000.00 600,000.00 16 Paid-in capital in excess of par—common stock 200,000.00 175,000.00 17 Retained earnings 1,360,000.00 950,000.00 18 Total liabilities and stockholders’ equity $2,675,000.00 $2,100,000.00 Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows: a. The investments were sold for $175,000 cash. b. Equipment and land were acquired for cash. c. There were no disposals of equipment during the year. d. The common stock was issued for cash. e. There was a $500,000 credit to Retained Earnings for net income. f. There was a $90,000 debit to Retained Earnings for cash dividends declared.
Statement of cash flows for the following: The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as follows: 1 Dec. 31, 20Y3 Dec. 31, 20Y2 2 Assets 3 Cash $155,000.00 $150,000.00 4 Accounts receivable (net) 450,000.00 400,000.00 5 Inventories 770,000.00 750,000.00 6 Investments 0.00 100,000.00 7 Land 500,000.00 0.00 8 Equipment 1,400,000.00 1,200,000.00 9 Accumulated depreciation-equipment (600,000.00) (500,000.00) 10 Total assets $2,675,000.00 $2,100,000.00 11 Liabilities and Stockholders’ Equity 12 Accounts payable (merchandise creditors) $340,000.00 $300,000.00 13 Accrued expenses payable (operating expenses) 45,000.00 50,000.00 14 Dividends payable 30,000.00 25,000.00 15 Common stock, $4 par 700,000.00 600,000.00 16 Paid-in capital in excess of par—common stock 200,000.00 175,000.00 17 Retained earnings 1,360,000.00 950,000.00 18 Total liabilities and stockholders’ equity $2,675,000.00 $2,100,000.00 Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows: a. The investments were sold for $175,000 cash. b. Equipment and land were acquired for cash. c. There were no disposals of equipment during the year. d. The common stock was issued for cash. e. There was a $500,000 credit to Retained Earnings for net income. f. There was a $90,000 debit to Retained Earnings for cash dividends declared.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Statement of
The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as follows:
1
|
|
Dec. 31, 20Y3
|
Dec. 31, 20Y2
|
2
|
Assets
|
|
|
3
|
Cash
|
$155,000.00
|
$150,000.00
|
4
|
|
450,000.00
|
400,000.00
|
5
|
Inventories
|
770,000.00
|
750,000.00
|
6
|
Investments
|
0.00
|
100,000.00
|
7
|
Land
|
500,000.00
|
0.00
|
8
|
Equipment
|
1,400,000.00
|
1,200,000.00
|
9
|
|
(600,000.00)
|
(500,000.00)
|
10
|
Total assets
|
$2,675,000.00
|
$2,100,000.00
|
11
|
Liabilities and
|
|
|
12
|
Accounts payable (merchandise creditors)
|
$340,000.00
|
$300,000.00
|
13
|
Accrued expenses payable (operating expenses)
|
45,000.00
|
50,000.00
|
14
|
Dividends payable
|
30,000.00
|
25,000.00
|
15
|
Common stock, $4 par
|
700,000.00
|
600,000.00
|
16
|
Paid-in capital in excess of par—common stock
|
200,000.00
|
175,000.00
|
17
|
|
1,360,000.00
|
950,000.00
|
18
|
Total liabilities and stockholders’ equity
|
$2,675,000.00
|
$2,100,000.00
|
Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows:
a. The investments were sold for $175,000 cash. | |
b. Equipment and land were acquired for cash. | |
c. There were no disposals of equipment during the year. | |
d. The common stock was issued for cash. | |
e. There was a $500,000 credit to Retained Earnings for net income. | |
f. There was a $90,000 debit to Retained Earnings for cash dividends declared. |
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