Relations between financial statements. Compute the missing information in each of the following four independent cases. The
Question:
Relations between financial statements. Compute the missing information in each of the following four independent cases. The letters in parentheses refer to the following:
BS — Balance sheet IS — Income statement SCF — Statement of cash flows 630 3,290 2,780 1,240 Accounts Receivable, Jan. 1, Year 2 (BS) $
Sales Collections on Account from Customers for Year 2 on
(IS)
Account during Year 2 (SCF)
Accounts Income Taxes Receivable, Payable, Dec.
Jan.
31, 1, Year Year 2
2
(BS)
(BS)
$
Income Payments Tax to Expense Governments for Year during 2 (IS)
Year 2 (SCF) 8,290 Income Taxes Payable, Dec. 31, Year 2 (BS) 1,410 Building (net of depreciation), Jan. 1, Year 2 (BS) $ 89,000 Depreciation Purchase of Building Expense during for Year Year 2 (IS)
2 (SCF)
17,600 Building (net of depreciation), Dec. 31, Year 2 (BS) 102,150 Retained Earnings, Jan. 1, Year 2 (BS) $ 76,200 Net Income for Year 2 (IS) 14,200 Dividends Retained Earnings, Declared and Dec.
Paid 31, Year during 2 (BS)
Year 2 (SCF)
83,300
Step by Step Answer:
Financial Accounting Introduction To Concepts Methods And Uses
ISBN: 9780324222975
11th Edition
Authors: Clyde P. Stickney, Roman L. Weil