Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Below are the most recent balance sheets for Country Kettles, Inc. Excluding accumulated depreciation, determine whether each item is a source or a use of
| Below are the most recent balance sheets for Country Kettles, Inc. Excluding accumulated depreciation, determine whether each item is a source or a use of cash, and the amount (Input all amounts as positive values): |
| COUNTRY KETTLES, INC. Balance Sheet December 31 | ||||||
| 2013 | 2014 | |||||
| Assets | ||||||
| Cash | $ | 31,000 | $ | 30,150 | ||
| Accounts receivable | 70,500 | 73,600 | ||||
| Inventories | 61,400 | 63,625 | ||||
| Property, plant, and equipment | 153,000 | 163,000 | ||||
| Less: Accumulated depreciation | 46,400 | 50,500 | ||||
| Total assets | $ | 269,500 | $ | 279,875 | ||
| Liabilities and Equity | ||||||
| Accounts payable | $ | 45,500 | $ | 47,650 | ||
| Accrued expenses | 6,880 | 6,100 | ||||
| Long-term debt | 26,200 | 28,900 | ||||
| Common stock | 22,000 | 26,600 | ||||
| Accumulated retained earnings | $ | 168,920 | $ | 170,625 | ||
| Total liabilities and equity | $ | 269,500 | $ | 279,875 | ||
| Item | Source/Use | Amount | ||
| Cash | (Click to select)UseSource | $ | ||
| Accounts receivable | (Click to select)UseSource | $ | ||
| Inventories | (Click to select)SourceUse | $ | ||
| Property, plant, and equipment | (Click to select)SourceUse | $ | ||
| Accounts payable | (Click to select)SourceUse | $ | ||
| Accrued expenses | (Click to select)SourceUse | $ | ||
| Long-term debt | (Click to select)SourceUse | $ | ||
| Common stock | (Click to select)SourceUse | $ | ||
| Accumulated retained earnings | (Click to select)SourceUse | $ | ||
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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