Jackson Ski Haus had the following statements prepared as of December 31, 2014. Additional information: 1. Dividends
Question:
Additional information:
1. Dividends in the amount of $20,000 were declared and paid during 2014.
2. Depreciation expense and amortization expense are included in operating expenses.
3. Equipment that had a cost of $25,000 and was 20% depreciated was sold during 2014.
Instructions
Prepare a statement of cash flows using the direct method. (Do not prepare a reconciliationschedule.)
Transcribed Image Text:
JACKSON SKI HAUS COMPARATIVE BALANCE SHEET As oF DECEMBER 31 2014 2013 Cash Accounts receivable Short-term investments (Available-for-sale) Inventories Prepaid insurance Ski equipment Accumulated depr.-equipment Trademarks $ 2,500 103,000 96,000 91,000 4,000 89,000 (23,500) 79,000 $441,000 $ 4,000 97,000 121,000 54,000 6,000 43,000 (18,000) 83,000 $390,000 Total assets Accounts payable Income taxes payable Wages payable Short-term loans payable to bank Long-term loans payable Common stock, $1 par Additional paid-in capital Retained earnings $92,200 21,800 4,000 23,500 75,000 100,000 20,000 104,500 $441,000 $75,000 15,700 9,000 125,000 100,000 20,000 45,300 $390,000 Total liabilities & equity JACKSON SKI HAUS INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2014 Sales Cost of goods sold Gross margin Operating expenses Operating income Interest expense Loss on sale of equipment Income before income tax Income tax expense Net income $540,200 302,000 238,200 94,000 144,200 $20,500 4,000 24,500 119,700 40,500 $ 79,200
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 64% (14 reviews)
JACKSON SKI HAUS Statement of Cash Flows For the Year Ended December 31 2014 Cash flows from operati...View the full answer
Answered By
Akshay Agarwal
I am a Post-Graduate with a specialization in Finance. I have been working in the Consulting industry for the past 8 years with a focus on the Corporate and Investment Banking domain. Additionally, I have been involved in supporting student across the globe in their academic assignments and always strive to provide high quality support in a timely manner. My notable achievements in the academic field includes serving more than 10,000 clients across geographies on various courses including Accountancy, Finance, Management among other subjects. I always strive to serve my clients in the best possible way ensuring high quality and well explained solutions, which ensures high grades for the students along-with ensuring complete understanding of the subject matter for them. Further, I also believe in making myself available to the students for any follow-ups and ensures complete support and cooperation throughout the project cycle. My passion in the academic field coupled with my educational qualification and industry experience has proved to be instrumental in my success and has helped me stand out of the rest. Looking forward to have a fruitful experience and a cordial working relationship.
5.00+
179+ Reviews
294+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
Question Posted:
Students also viewed these Accounting questions
-
Vaughn Inc., a greeting card company, had the following statements prepared as of December 31, 2017. VAUGHN INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 12/31/16 Cash...
-
Cash dividends of $50,000 were declared and paid in 2007. Weighted average number of shares of common stock outstanding during 2007 were 62,000 shares. Market value of common stock on December...
-
The condensed balance sheets as of December 31 for Rice and Associates and Rachel Excavation are as follows: As of December 31, the market values of Rachels inventories and property, plant, and...
-
Suppose a consumer lives in two periods , with his income in period 1 as $100 and his income in period 2 as $150. If the rate of interest in the economy is 12%. Find the equilibrium level of...
-
Figure 8.124 shows a typical tunnel-diode oscillator circuit. The diode is modeled as a nonlinear resistor with iD = f(vD) i.e., the diode current is a nonlinear function of the voltage across the...
-
What are three benefits of using a product life-cycle reporting format?
-
Describe the essential features of effective value management in projects.
-
At the beginning of 2012, D & L Enterprises had the following balances in its accounts: Cash $8,400 Inventory 2,000 Common stock 8,000 Retained earnings 2,400 During 2012, D & L Enterprises...
-
A roller coaster moves 85m horizontally and then travels 45m at an angle of 30 to the horizontal. What is its displacement from its starting point?
-
ClearDay Displays produces screens for use in various smart phones. The company reports the following information at December 31. ClearDay Displays began operations on January 31 earlier that same...
-
Data for Fulton Corp. are presented in E23-11B. In E23-11B, Condensed financial data of Fulton Corp. for 2014 and 2013 are presented below. FULTON CORP. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER...
-
Data for Jackson Ski Haus are presented in E23-13B. In E23-13B, Jackson Ski Haus had the following statements prepared as of December 31, 2014. Additional information: 1. Dividends in the amount of...
-
Fill in the unknowns (in thousands of euros): Sales Expenses excluding depreciation Depreciation Total expenses Income before income taxes Income taxes at 30% Net income Cash effects of operations...
-
How is the business plan related to strategic planning?
-
What services does an underwriter provide for a company that employs the underwriter to facilitate going public? What factors influence an issuing firms choice of underwriter?
-
How does a firm commitment offering differ from a best-efforts offering? A rights offering? How does an OpenIPO differ from a traditional bookbuilt IPO?
-
Explain what underpricing is and review the various explanations for why it might occur. How does underpricing figure into the cost of going public?
-
Explain why harvesting is an important consideration when the initial decision to invest in a venture is made. How might harvesting be factored into the deal structure and the valuation? Provide...
-
Suppose that x, y, z are functions of the independent variables u, v,w. Which of the following terms appear in the Chain Rule expression for /w? (a) (b) (c)
-
Find the work done in pumping all the oil (density S = 50 pounds per cubic foot) over the edge of a cylindrical tank that stands on one of its bases. Assume that the radius of the base is 4 feet, the...
-
Are hostile takeovers necessarily bad for firms or their investors? Explain.
-
Impairments on December 31, 2010, Iva Majoli Company borrowed $62,092 from Paris Bank, signing a 5-year, $100,000 zero-interest-bearing note. The note was issued to yield 10% interest. Unfortunately,...
-
Impairments On December 31, 2010, Conchita Martinez Company signed a $1,000,000 note to Sauk City Bank. The market interest rate at that time was 12%. The stated interest rate on the note was 10%,...
-
Journalize Various Accounts Receivable Transactions the balance sheet of Starsky Company at December 31, 2010, includes the following. Notes receivable $ 36,000 Accounts receivable 182,100 Less:...
-
Create a segmentation, selection and focus model that allows the PUMA company in Mexico to determine its customer, where to find it and how to generate value given its model. 7) Selection of the most...
-
Determine if the following values are zeroes polynomial. 4 3 f(x) = x + x-18x - 16x + 32 x+1, +2, +4 -
-
Cali Windows is a small company that installs windows. Its cost structure is as follows: (Click the icon to view the cost structure.) Calculate (a) the breakeven point in units and revenues and (b)...
Study smarter with the SolutionInn App