The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are...
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The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are given below for Wright Company. Additional information from Wright's accounting records is provided also. Assets Cash WRIGHT COMPANY Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) Accounts receivable Short-term investment Inventory Land Buildings and equipment Less: Accumulated depreciation Liabilities Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings $ 2018 $ 143 $ 171 70 175 130 800 (235) $1,254 51 $ 2 9 6 0 380 2017 130 175 30 170 160 600 (175) 1,090 55 5 8 12 40 300 475 221 110 $1,254 $1,090 400 200 70 WRIGHT COMPANY Income Statement. For Year Ended December 31, 2018 ($ in 000s) Revenues: Sales revenue Expenses: Cost of goods sold Salaries expense Depreciation expense Interest expense Loss on sale of land Income tax expense Net income $ 330 95 60 12 4 99 $ 700 600 100 $ Additional information from the accounting records: a. Land that originally cost $30,000 was sold for $26,000. b. The common stock of Microsoft Corporation was purchased for $40,000 as a short-term investment not classified as a cash equivalent. c. New equipment was purchased for $200,000 cash. d. A $40,000 note was paid at maturity on January 1. e. On January 1, 2018, bonds were sold at their $80,000 face value. f. Common stock ($75,000 par) was sold for $96,000. g. Net income was $100,000 and cash dividends of $60,000 were paid to shareholders. Required: Prepare the statement of cash flows of Wright Company for the year ended December 31, 2018. Present cash flows from operating activities by the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 5,000 should be entered as 5).) The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are given below for Wright Company. Additional information from Wright's accounting records is provided also. Assets Cash WRIGHT COMPANY Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) Accounts receivable Short-term investment Inventory Land Buildings and equipment Less: Accumulated depreciation Liabilities Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings $ 2018 $ 143 $ 171 70 175 130 800 (235) $1,254 51 $ 2 9 6 0 380 2017 130 175 30 170 160 600 (175) 1,090 55 5 8 12 40 300 475 221 110 $1,254 $1,090 400 200 70 WRIGHT COMPANY Income Statement. For Year Ended December 31, 2018 ($ in 000s) Revenues: Sales revenue Expenses: Cost of goods sold Salaries expense Depreciation expense Interest expense Loss on sale of land Income tax expense Net income $ 330 95 60 12 4 99 $ 700 600 100 $ Additional information from the accounting records: a. Land that originally cost $30,000 was sold for $26,000. b. The common stock of Microsoft Corporation was purchased for $40,000 as a short-term investment not classified as a cash equivalent. c. New equipment was purchased for $200,000 cash. d. A $40,000 note was paid at maturity on January 1. e. On January 1, 2018, bonds were sold at their $80,000 face value. f. Common stock ($75,000 par) was sold for $96,000. g. Net income was $100,000 and cash dividends of $60,000 were paid to shareholders. Required: Prepare the statement of cash flows of Wright Company for the year ended December 31, 2018. Present cash flows from operating activities by the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 5,000 should be entered as 5).)
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Answer rating: 100% (QA)
CALCULATIONS Net cash provided by operating activities Cash received from customers Cash payments to suppliers Cash payments to employees Cash payment... View the full answer
Related Book For
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
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