Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

CA Mopac Company la preparing its 198 financial statements. The following Information is given by the completed 198 comparative balance sheet and Income statement

image text in transcribed

CA Mopac Company la preparing its 198 financial statements. The following Information is given by the completed 198 comparative balance sheet and Income statement 25 330 Balance sheet Cash... Accounts receivable 19A 198 $12,000 $4,000 18,600 32,000 (8) Inventory.. 14,000 29,000 (4) Prepaid expense.. 2,400 1,400 (3) Capital assets (net) 62,000 65,000 Plant albe 15,000 JCL 6,000 Long-term investment 21,000 9,000 203 Total assets $130,000 $157,400 198 19A Wages payable ... Accounts payable Short-term note payable (Interest, $ 9,000 3,000 December 31) 8,000 Long-term note payable (Interest, December 31) 12,000 $ 15,000 (5) 1,200 (6) 4,000) 6,000(12) Bonde payable (Interest, December 31) 25,000 40,000 Common stock (6,500 and 6,575 shares) 70,000 71200 (10) Retained earnings 3,000 18,000 (1) Total Habilities and shareholders equity $130,000 $157,400 Income statement: Ravenues .. Depreciation expense. $150,000 (20,000) (4) (101,000) (4,000) Additional data: Remaining expenses Loss of sale of long-term Investment Net Income (14) a. Purchased capital asset for cash, $23,000.(73) $ 25,000/1 b. Sold long-term investment for $8,000 cash carrying value, $12,000. (2) c. Sold 75 shares of common stock at $16 cash per share. (10) d. Declared and paid a cash dividend of $10,000. Payment on short-term note, $4,000. f Payment on a long-term note, $6,000. (12) 00.(11) 2. Acquired plant site and issued bonds, $15,000 for full purchase price (the bonds were selling at par). Required: Prepare the SCF

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_2

Step: 3

blur-text-image_3

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

Human Resource Management

Authors: Wayne Dean Mondy, Judy Bandy Mondy

12th edition

978-0132553001

More Books

Students also viewed these Accounting questions

Question

5. How is Mr. Bonner encouraging Marcuss self-efficacy?

Answered: 1 week ago

Question

Who can provide information to the public regarding investigations?

Answered: 1 week ago

Question

How do you rate work motivation and retention factors

Answered: 1 week ago

Question

NW FUP CORSUS

Answered: 1 week ago