The comparative balance sheet of Gold Coast Company for Years 1 and 2 ended December 31 appears below in condensed form: Year 2 Year 1 Cash $ 64,000 $ 42,500 Accounts receivable (net) 61,000 70,200 Inventories 121,000 105,000 Investments 100,000 Equipment 520,000 425,000 Accumulated depreciation-equipment (150,000) (175,000) $616,000 $567,700 Accounts payable $44,750 $35,250 Dividends Payable $15,000 $12,000 Bonds payable 75,000 Common stock, $20 par 375,000 325,000 Premium on common stock 50,000 25,000 131.250 95.450 Retained earnings $616,000 $567,700 Additional data for the current year are as follows: (a) Net income, $80,000. (b) Depreciation reported on income statement, $35,000. (c) Equipment costing $80,000 that has been depreciated for $60,000 was sold for $10,000, and new equipment was purchased for $170,000. (d) Bonds payable for $75,000 were retired at 98 their face amount. (e) 2,500 shares of common stock were issued at $30 for cash. (f) Cash dividends declared $25,000 (g) Investments of $100,000 were sold for $110,000. Prepare just the Operating section of the statement of cash flows using the indirect method.

Assume a company had net income of $79,000 that included a gain on the sale of equipment of $4,000. It provided the following excerpts from its balance sheet:    This Year Last Year Current assets:     Accounts receivable $ 40,000 $ 46,000 Inventory $ 53,000 $ 50,000 Prepaid expenses $ 13,000 $ 11,000 Current liabilities:     Accounts payable $ 38,000 $ 44,000 Accrued liabilities $ 18,000 $ 15,000 Income taxes payable $ 13,000 $ 10,000 If the credits to the company’s accumulated depreciation account were $21,000, then based solely on the information provided, the company’s net cash provided by (used in) operating activities would be:   Multiple Choice   $63,000.   $55,000.   $105,000.   $97,000.

Subject-Acounting

Balance Sheet December 31 Assets Cash Inventory Equipment Accounts receivable Less: Accumulated depreciation $ 21,000 520,000 142,500 $ 624,000 78,000 546,000 Total assets $ 1,229,500 Liabilities and Equity Liabilities Accounts payable Loan payable Taxes payable (due March 15) $ 355,000 11,000 88,000 454,000 Equity Common stock Retained earnings $ 474,500 301,000 775,500 Total liabilities and equity $ 1,229,500 To prepare a master budget for January, February, and March, use the following information. a. The company's single product is purchased for $30 per unit and resold for $58 per unit. The inventory level of 4,750 units on December 31 is more than management's desired level, which is 20% of the next month's budgeted sales units. Budgeted sales are January, 6,500 units; February, 9,000 units; March, 11,000 units; and April, 10,000 units. All sales are on credit. b. Cash receipts from sales are budgeted as follows: January, $233,100; February, $722,857; March, $519,245. c. Cash…

Changes in Current Operating Assets and Liabilities Blue Circle Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year 2 Dec. 31, Year 1 Accounts receivable $20,300 $25,000 Inventory 85,100 76,000 Accounts payable 18,100 22,100 Dividends payable 24,000 23,000 Adjust net income of $104,000 for changes in operating assets and liabilities to arrive at net cash flows from operating activities.

Assume a company had net Income of $72,000 and provided the following excerpts from its balance sheet: This Year Last Year Current assets: $40,000 $53,000 $13,000 $46,000 $50,000 $11,000 Accounts receivable Inventory Prepaid expenses Current liabilities: $38,000 $18,000 $13,000 $44,000 $15,000 $10,000 Accounts payable Accrued liabilities Income taxes payable If the company did not sell any noncurrent assets during the period and the credits to its accumulated depreciation account were $21,000, then based solely on the informatlon provlded, the company's net cash provided by (used in) operating activities would be: Multiple Cholce $94,000. $52,000. $68,000. $92,000.

Selected financial data for Wilmington Corporation is presented below.   WILMINGTON CORPORATION Balance Sheet As of December 31   Year 7 Year 6 Current Assets     Cash and cash equivalents $    634,527 $   335,597 Marketable securities 166,106 187,064 Accounts receivable (net) 284,226 318,010 Inventories 466,942 430,249 Prepaid expenses 60,906 28,060 Other current assets 83,053 85,029 Total Current Assets 1,695,760 1,384,009       Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,647,980 $2,434,430       Current Liabilities     Short-term borrowings $   306,376 $    170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 279,522 314,883 Accrued liabilities 301,024 183,681 Income taxes payable 107,509 196,802 Total Current Liabilities 1,149,431…