Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

All Highlighted Cells Please PICTURE PERFECT COMPARATIVE BALANCE SHEETS DECEMBER 31, Additional Information: $ $ ASSETS Cash Accounts receivable Inventory Prepaid Insurance Land Building Accumulated

All Highlighted Cells Pleaseimage text in transcribedimage text in transcribed

PICTURE PERFECT COMPARATIVE BALANCE SHEETS DECEMBER 31, Additional Information: $ $ ASSETS Cash Accounts receivable Inventory Prepaid Insurance Land Building Accumulated Depreciation Total Assets 2011 140,000 79,000 90,000 16,000 130,000 510,000 (105,000 860,000 Increase 2010 (Decrease) 30,000 $ 110,000 90,000 $ (11,000) O 110,000 $ (20,000) O 14,000 210,000 I 410,000 I (100,000 O 764,000 Land costing $100,000 sold for $90,000 Building purchased for cash $ $ $ 0 Liabilities & Owners' Equity Accounts payable Income tax payable Notes payable, long-term Bonds payable Common stock Paid-in capital Retained earnings Total Liabilities & Owners' Equity 30,000 $ 32,600 50,000 130,000 460,000 70,000 87,400 860,000 $ 35,000 30,000 60,000 110,000 410,000 60,000 59,000 764,000 0 F Payment of $10,000 made F Bonds issued@par in exchange for land F $50,000 Par value stock issued @ $60,000 F $50,000 Par value stock issued @ $60,000 F & O Dividends of $15,000 declared & paid $ PICTURE PERFECT STATEMENT OF CASH FLOWS For the Year Ended December 31, 2011 $ 43,400 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense Loss on sale of land Decrease in accounts receivable Decrease in inventory Increase in prepaid expenses Decrease in accounts payable Increase in income taxes payable Net cash provided by operating activities 5,000 10,000 11,000 20,000 46,000 89,400 Cash flows from investing activities: Proceeds from the sale of land Purchase of building Net cash used by investing activities Cash flows from financing activities: Payment on long-term notes payable Proceeds from issuance of stock Payment of dividends Net cash provided by financing activities Net increase in cash Cash balance, 2009 Cash balance, 2010 Noncash investing and financing activities: Purchased land in exchange for bonds issued at par value

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Strategy, Value And RiskThe Real Options Approach

Authors: J. Rogers

2nd Edition

0230577377, 9780230577374

More Books

Students also viewed these Accounting questions

Question

For Yum Brands, what is meant by a "strategic market plan"?

Answered: 1 week ago

Question

Explain how to reward individual and team performance.

Answered: 1 week ago