Chapter 3, Problem 1UJ

Use the current asset section of the balance sheets of the Waverley Company as of June 30, 2017 and 2016 presented below to answer the questions that follow.                                                               2017                                 2016Cash and cash equivalents                R 75,000                             R 58,800Trade accounts receivable, net          157,500                              193,200Inventory                                           208,200                              253,400Other current assets                         18,400                                 15,500Total current assets                           R 459,100                            R 520,900Total assets                                        R2,650,000                          R3,430,000Required:Complete a horizontal analysis of the current asset section of Waverley Company’s balance sheet for 2017. Your answers for “% Change” should be rounded to one decimal place, e.g.,…

XS Supply Company is developing its annual financial statements at December 31, 2017. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized:    2017 2016   Balance Sheet at December 31                  Cash $ 37,120   $ 30,800        Accounts Receivable   37,850     30,800        Merchandise Inventory   47,900     40,900        Property and Equipment   175,250     132,000        Less: Accumulated Depreciation   (38,250 )   (33,000 )                 $ 259,870   $ 201,500                      Accounts Payable $ 42,850   $ 32,500        Wages Payable   1,430     2,050        Note Payable, Long−Term   32,700     44,100        Contributed Capital   104,500     80,600        Retained Earnings   78,390     42,250                   $ 259,870   $ 201,500                   Income Statement for 2017                  Sales $ 202,000              Cost of Goods Sold…

The current sections of Crane Inc.’s balance sheets at December 31, 2021 and 2022, are presented here. Crane’s net income for 2022 was $154,700. Depreciation expense was $26,300.     2022   2021 Current assets            Cash   $102,700   $97,700    Accounts receivable   79,400   90,000    Inventory   168,200   173,000    Prepaid expenses   26,900   22,900       Total current assets   $377,200   $383,600 Current liabilities            Accrued expenses payable   $15,000   $9,300    Accounts payable   84,000   95,600       Total current liabilities   $99,000   $104,900 Prepare the operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method