Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Assets Current Assets: 20,070 $ 1,317,320 $ 26,000 1,700 0 6,300 Cash Short-term Investments, net Accounts Receivable, net Merchandise Inventory Office Supplies Prepaid Rent Property,
Assets Current Assets: 20,070 $ 1,317,320 $ 26,000 1,700 0 6,300 Cash Short-term Investments, net Accounts Receivable, net Merchandise Inventory Office Supplies Prepaid Rent Property, Plant, and Equipment: 600 0 130 700 0 3,000 Land 620,000 120,000 555,000 105,000 11,520 11,520 60,000 0 (32,150) (1,970) $ 2,560,120 $ 264,620 $ 6,790 $ 3,790 450 300 Building Canoes Office Furniture and Equipment Accumulated DepreciationPP&E Total Assets Liabilities Current Liabilities: Accounts Payable Utilities Payable Telephone Payable Wages Payable Notes Payable Interest Payable Unearned Revenue Long-Term Liabilities: Notes Payable Mortgage Payable Bonds Payable Discount on Bonds Payable 440 340 3,550 1,150 12,000 0 330 80 550 250 5,280 5,280 0 225,000 300,000 (2,700) 0 0 Total Liabilities 551,690 11,190 Stockholders' Equity https://www.mathxl.com/Student/Player Test.aspx?testId=210597952¢erwin=yes 1/2 S/25/2020 Data Table Paid-In Capital: Preferred Stock 0 350,000 150,000 0 Paid-In Capital in Excess of Par-Preferred Common Stock Paid-In Capital in Excess of Par-Common 370,000 250,000 0 780,000 358,430 Retained Earnings 3,430 Total Stockholders' Equity 2,008,430 253,430 $ Total Liabilities and Stockholders' Equity 2,560,120 $ 264,620 1. The income statement for 2019 included the following items: a. Net income, $426,000 b. Depreciation expense for the year, $30,180. c. Amortization on the bonds payable, $300. 2. There were no disposals of property, plant and equipment during the year. All acquisitions of PP&E were for cash except the land, which was acquired by issuing preferred stock. 3. The company issued bonds payable with a face value of $300,000, receiving cash of $297,000. 4. The company distributed 2,000 shares of common stock in a stock dividend when the market value was $18.00 per share. All other dividends were paid in cash. 5. The common stock, except for the stock dividend, was issued for cash. 6. The cash receipt from the notes payable in 2019 is considered a financing activity because it does not relate to operations. Print Done Wonder Wilderness Company's comparative balance sheet and additional data are shown below. (Click the icon to view the comparative balance sheet.) (Click the icon to view the additional data.) Requirement Prepare the statement of cash flows for the year ended December 31, 2019, using the indirect method. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Wonder Wilderness Company Statement of Cash Flows Year Ended December 31, 2019 Cash Flows From Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Net Cash Provided by (Used for) Operating Activities Cash Flows From Investing Activities: Net Cash Provided by (Used for) Investing Activities Cash Flows From Financing Activities: Net Cash Provided by (Used for) Financing Activities Net Increase (Decrease) in Cash Cash Balance, Dec. 31, 2018 Cash Balance, Dec. 31, 2019 Non-cash Investing and Financing Activities: I INI
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started