The statement of financial position for Johnson Company at the beginning and end of 2011 follows: JOHNSON
Question:
JOHNSON COMPANY
Statement of Financial Position
1. No property, plant, or equipment was sold.
2. Depreciation expense was $25,000.
3. No long-term debt was repaid.
4. Net earnings were $35,000.
5. No dividends were declared or paid.
Required:
Prepare a statement of cash flows for the year ended December 31, 2011.
Transcribed Image Text:
Dec. 31, 2011 Dec. 31, 2010 Assets Current assets: 50,000 81,000 92,000 30,000 3,000 5,000 (325,000) 470,000 $723,000 S 55,000 95.000 75,000 40,000 265,000 750,000 300,000) Accounts receivable Inventories Prepaid expenses Total current assets Property, plant, and equipment Accumulated depreciation Total non-current assets Total assets 450,000 $715,000 Liabilities and shareholders' equity Current liabilities: Accounts payable Wages payable $ 33.000 20,000 53,000 125,000 178,000 $110,000 40,000 150,000 00,000 250,000 Total current liabilities Bonds payable Total liabilities Shareholders' equity: Share capital Retained earnings 320,000 225,000 545,000 5723.000 275,000 190,000 465,000 $715,000 Total shareholders' equity Total liabilities and shareholders equity
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 85% (14 reviews)
Johnson Company Statement of Cash Flows For the Year Ended Dece...View the full answer
Answered By
Muhammad Umair
I have done job as Embedded System Engineer for just four months but after it i have decided to open my own lab and to work on projects that i can launch my own product in market. I work on different softwares like Proteus, Mikroc to program Embedded Systems. My basic work is on Embedded Systems. I have skills in Autocad, Proteus, C++, C programming and i love to share these skills to other to enhance my knowledge too.
3.50+
1+ Reviews
10+ Question Solved
Related Book For
Financial Accounting A User Perspective
ISBN: 978-0470676608
6th Canadian Edition
Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry
Question Posted:
Students also viewed these Accounting questions
-
The statement of financial position for Cool Air Ltd. as at the end of 2010 and its trial balance as at the end of 2011 follow: COOL AIR LTD. Statement of Financial Position December 31, 2010 COOL...
-
The following questions are used in the Kaplan CPA Review Course to study the statement of cash flows while preparing for the CPA examination. Determine the response that best completes the...
-
The following information relates to Pearline Corporations transactions during 2011, its first year of operations. 1. Income before taxes on the income statement for 2011 was $110,000. 2. In...
-
1. Suppose India follows China and accelerates its industrialization. For India, this will: A. Decrease imports and raise net exports B. Increase imports and lower net exports C. Increase imports and...
-
1. Using Table 11-1 as a guide, what needs to be done to turn Googles HR group into a true team? 2. Should Googles HR team members have been instructed ahead of time in the teamwork competencies in...
-
Return on investment and residual income are useful for evaluating a. Cost center managers. b. Revenue center managers. c. Profit center managers. d. Investment center managers.
-
How would the statement of financial position accounts be affected if weighted average rather than FIFO were used when purchase prices were rising? When purchase prices were falling?(Appendix)
-
Prepare a bank reconciliation from the following information: a. Balance per bank statement as of May 31, $16,655.44 b. Balance per books as of May 31, $12,091.94 c. Deposits in transit, $2,234.81 d....
-
Bob's Bikes manufactures and sells bicycles. The weekly cost of producing x bicycles is C(x)=25000-600x x-. Bob has determined that he can sell each bicycle for $215. Bob currently manufactures and...
-
Richard McCarthy (born 2/14/64; Social Security number 100-10-9090) and Christine McCarthy (born 6/1/1966; Social security number 101-21- 3434) have a 19-year-old son (born 10/2/99 Social Security...
-
For each of the following independent cases, calculate the cash flow from operations: Case I Case II Case II1 Sales revenues Cost of goods sold Depreciation expense Other operating expenses Interest...
-
Athabasca Company reported the following abbreviated statement of financial position and statement of earnings for 2011: ATHABASCA COMPANY Comparative Statement of Financial Position ATHABASCA...
-
In problem, follow Steps 1 through 8 to analyze the graph of each function. G(x) = x 2 - x - 12/x + 1
-
A major quoted company has had a policy of reinvesting earnings and paying very little in the way of dividends for many years. The company now finds itself with a significant cash balance and very...
-
Research a real-case example of evidence-based decision-making (EBDM) in any business organization or government entity of your choice. You can use examples from your own work experience if...
-
Find the derivative of f(x)=6e5+e-x f'(x) = 9.
-
What is the journey of Papa Johns's? When it is started work? What is the history of this company? What is the financial position of this company? Provide the references.
-
Explain the concept of integer programming and how it can be applied to address discrete decision variables in operations management.
-
What has been the performance of the projects of the Belt and Road Initiative thus far? To answer this question, review this article:...
-
Software Solution is family-owned business that has been in operation for more than 15 year. The board of directors is comprised of mainly family members, plus a few professionals such as an...
-
Events and Transactions} The following list contains events that occurred during January 2018 at the local Ford dealer, Malcom Motors: a. Windsor University (WU) signed a contract to purchase a fleet...
-
The now defunct Enron Corporation, once headquartered in Houston, Texas, provided products and services for natural gas, electricity, and communications to wholesale and retail customers. Enrons...
-
The now defunct Enron Corporation, once headquartered in Houston, Texas, provided products and services for natural gas, electricity, and communications to wholesale and retail customers. Enrons...
-
Why would a company maintain separate accounts receivable ledgers for each customer, as opposed to maintaining a single accounts receivable ledger for all customers?
-
Signal Corp is a US manufacturer of auto parts with branch operations in France. On January 1 , 2 0 2 4 , Signal wishes to use a foreign currency option to hedge a 2 0 , 0 0 0 , 0 0 0 euro...
-
When completing the spreadsheet to prepare the statement of cash flows, an increase in retained earnings due to net income would require an entry in the Transactions columns involving a a . debit to...
-
The debts which are to be repaid within a short period ( a year or less ) are referred to as , A ) Current Liabilities B ) Fixed liabilities C ) Contingent liabilities D ) All the above
Study smarter with the SolutionInn App