Question
Company, Inc., has the following comparative balance sheet as of March 31, 2017. Mosaic Company, Inc. Comparative Balance Sheets March 31, 2017 and 2016 Increase
Company, Inc., has the following comparative balance sheet as of March 31, 2017.
Mosaic Company, Inc. | ||||
Comparative Balance Sheets | ||||
March 31, 2017 and 2016 | ||||
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Assets | 2017 | 2016 | (Decrease) | |
Current assets: |
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Cash | $55,100 | $14,300 | $40,800 | |
Accounts receivable | 51,000 | 53,800 | (2,800) | |
Inventory | 65,600 | 60,200 | 5,400 | |
Prepaid insurance | 4,000 | 5,600 | (1,600) | |
Total current assets | 175,700 | 133,900 |
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Land | 35,000 | 96,500 | (61,500) | |
Equipment, net |
| 71,100 | 70,000 | 1,100 |
Investments | 9,600 | 6,800 | 2,800 | |
Total assets | $291,400 | $307,200 |
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Liabilities |
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Current liabilities: |
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Accounts payable | $4,400 | $3,200 | 1,200 | |
Note payable, short-term | 43,600 | 48,100 | $(4,500) | |
Income tax payable | 13,700 | 15,400 | (1,700) | |
Salary payable | 9,000 | 12,100 | (3,100) | |
Interest payable | 8,500 | 7,600 | 900 | |
Accrued liabilities | 2,000 | 3,900 | (1,900) | |
Total current liabilities | 81,200 | 90,300 |
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Long-term liabilities | 48,200 | 93,800 | (45,600) | |
Total liabilities | 129,400 | 184,100 |
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Stockholders' equity |
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Common stock | 69,600 | 61,900 | 7,700 | |
Retained earnings | 92,400 | 61,200 | 31,200 | |
Total stockholders' equity | $162,000 | $123,100 |
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Total liabilities and equity | $291,400 | $307,200 |
Transactions
Selected transaction data for the year ended March 31, 2017 include the following:
a. | Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $77,000 |
b. | Paid long-term note payable with cash. . . . . . . . . . . . . . . | $60,100 |
c. | Cash payments to employees. . . . . . . . . . . . . . . . . . . . . | $42,400 |
d. | Loss on sale of land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $9,700 |
e. | Acquired equipment by issuing long-term note payable. . . . | $14,500 |
f. | Cash payments to suppliers. . . . . . . . . . . . . . . . . . . . . . . | $147,500 |
g. | Cash paid for interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $4,000 |
h. | Depreciation expense on equipment. . . . . . . . . . . . . . . . . . . | $13,400 |
i. | Paid short-term note payable by issuing common stock. . . . | $4,500 |
j. | Paid cash dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $45,800 |
k. | Received cash for issuance of common stock. . . . . . . . . . . | $3,200 |
l. | Cash received from customers. . . . . . . . . . . . . . . . . . . . . | $298,800 |
m. | Cash paid for income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . | $11,700 |
n. | Sold land for cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $51,800 |
o. | Interest received (in cash). . . . . . . . . . . . . . . . . . . . . . . . . . . | $1,300 |
p. | Purchased long-term investment for cash. . . . . . . . . . . . . . . | $2,800 |
Requirements
1. Prepare the statement of cash flows for Mosaic Company, Inc., for the year ended March 31, 2017, using the indirect method for operating cash flows. Include a schedule of noncash investing and financing activities. All of the current accounts, except short-term notes payable, result from operating transactions.
2. Also prepare a supplementary schedule of cash flows from operations using the direct method.
Requirement 1. Prepare the statement of cash flows for Mosaic Company, Inc., for the year ended March 31, 2017, using the indirect method for operating cash flows. Include a schedule of noncash investing and financing activities. All of the current accounts, except short-term notes payable, result from operating transactions. Prepare the statement one section at a time. (Use parentheses or a minus sign for numbers to be subtracted.)
Requirement 2. Also prepare a supplementary schedule of cash flows from operations using the direct method. (Use parentheses or a minus sign for numbers to be subtracted.) Mosaic Company, Inc. Statement of Cash FlowsOperating Activities Section (Direct Method) For the Year Ended March 31, 2017 Operating Activities: Net cash provided by (used for) operating activities
PICUUUUUUUUUU. :9 LIIKLU ILUM to view the transaction data.) Requirements 1. Prepare the statement of cash flows for Mosaic Company, Inc., for the year ended March 31, 2017, using the indirect method accounts, except short-term notes payable, result from operating transactions. 2. Also prepare a supplementary schedule of cash flows from operations using the direct method. Statement of Cash Flows (Indirect Method) For the Year Ended March 31, 2017 Operating Activities: Net income 77000 Adjustments to reconcile net income to cash basis: Net cash provided by used for) operating activities Investina Activities: Choose from any list or enter any number in the input fields and then continue to the next question. UNTUL 3 of 3 (2 con Mosaic Company, Inc., has the following comparative balance sheet as of March 31, 2017. B3 (Click the icon to view the comparative balance sheets.) 2 (Click the icon to view the transaction data.) Requirements 1. Prepare the statement of cash flows for Mosaic Company, Inc., for the year ended March 31, 2017, using the indirect me accounts, except short-term notes payable, result from operating transactions. 2. Also prepare a supplementary schedule of cash flows from operations using the direct method. Investing Activities: Proceeds on sale of land Purchase of long-term investment Net cash provided by (used for) investing activities Financing Activities: Net cash provided by (used for) financing activities Net increase (decrease) in cash Cash, beginning of the year Cash, end of the year Mosaic Company, Inc., has the following comparative balance sheet as of March 31, 2017. (Click the icon to view the comparative balance sheets.) (Click the icon to view the transaction data.) Requirements 1. Prepare the statement of cash flows for Mosaic Company, Inc., for the year ended March 31, 2017, using the indirect method for operating cash flows. Include a schedule of noncash inve accounts, except short-term notes payable, result from operating transactions. 2. Also prepare a supplementary schedule of cash flows from operations using the direct method. Schedule of Disclosures Noncash investing and financing activities: Total noncash investing and financing activities Requirement 2. Also prepare a supplementary schedule of cash flows from operations using the direct method. (Use parentheses or a minus sign for numbers to be subtracted.) Mosaic Company, Inc. Statement of Cash Flows-Operating Activities Section (Direct Method) For the Year Ended March 31, 2017 requirement 4. Also prepare a supplementary schedule of cash flows from operations using the direct method. (U Mosaic Company, Inc. Statement of Cash Flows-Operating Activities Section (Direct Method) For the Year Ended March 31, 2017 Operating Activities: Net cash provided by (used for) operating activities Choose from any list or enter any number in the input fields and then continue to the next question. MacBcStep by Step Solution
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