Question
1- Sage Beverage Company reported the following items in the most recent year. Net income $47,800 Dividends paid 5,570 Increase in accounts receivable 11,170 Increase
1-
Sage Beverage Company reported the following items in the most recent year.
Net income | $47,800 | |
Dividends paid | 5,570 | |
Increase in accounts receivable | 11,170 | |
Increase in accounts payable | 7,230 | |
Purchase of equipment (capital expenditure) | 8,890 | |
Depreciation expense | 4,230 | |
Issue of notes payable | 23,790 |
Compute net cash provided by operating activities, the net change in cash during the year. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
2-
Marin Corporations adjusted trial balance contained the following asset accounts at December 31, 2020: Cash $7,490, Land $40,900, Patents $22,500, Accounts Receivable $95,030, Prepaid Insurance $6,060, Inventory $36,200, Allowance for Doubtful Accounts $4,680, and Equity Investments (to be sold in the next quarter) $14,560. Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.)
3-
Assume that Denis Savard Inc. has the following accounts at the end of the current year.
1. | Common Stock. | 14. | Accumulated Depreciation-Buildings. | |||
---|---|---|---|---|---|---|
2. | Discount on Bonds Payable. | 15. | Restricted Cash for Plant Expansion. | |||
3. | Treasury Stock (at cost). | 16. | Land Held for Future Plant Site. | |||
4. | Notes Payable (short-term). | 17. | Allowance for Doubtful Accounts. | |||
5. | Raw Materials. | 18. | Retained Earnings. | |||
6. | Preferred Stock Investments (long-term). | 19. | Paid-in Capital in Excess of Par-Common Stock. | |||
7. | Unearned Rent Revenue. | 20. | Unearned Subscriptions Revenue. | |||
8. | Work in Process. | 21. | Receivables-Officers (due in one year). | |||
9. | Copyrights. | 22. | Inventory (finished goods). | |||
10. | Buildings. | 23. | Accounts Receivable. | |||
11. | Notes Receivable (short-term). | 24. | Bonds Payable (due in 4 years). | |||
12. | Cash. | 25. | Noncontrolling Interest. | |||
13. | Salaries and Wages Payable. |
Prepare a classified balance sheet in good form. (List Current Assets in order of liquidity. For Land, Treasury Stock, Notes Payable, Preferred Stock Investments, Notes Receivable, Receivables-Officers, Inventory, Bonds Payable, and Restricted Cash, enter the account name only and do not provide the descriptive information provided in the question.)
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