Question
Condensed financial data of Monopoly Corporation appear below: A cash dividend was declared and paid in full to stockholders during the year. Required: Solve for
Condensed financial data of Monopoly Corporation appear below: |
A cash dividend was declared and paid in full to stockholders during the year. |
Required: |
Solve for the missing numbers. (Enter any deductions and cash outflows as a negative value.) |
MONOPOLY CORPORATION | ||
Comparative Balance Sheet | ||
December 31 | ||
Current Year | Prior Year | |
Assets | ||
Cash | $ 66,410 | $ 40,600 |
Accounts receivable | ? | 32,900 |
Inventories | ? | 70,900 |
Prepaid rent | 3,490 | 2,900 |
Property, plant, and equipment | 237,500 | 209,000 |
Accumulated depreciation | (60,400) | (44,500) |
Total assets | $ 380,200 | $ 311,800 |
Liabilities and Stockholders' Equity | ||
Accounts payable | $ 39,800 | $ 34,900 |
Accrued Liabilities | 10,000 | 12,900 |
Notes payable (longterm) | 134,500 | 159,000 |
Contributed capital | 59,000 | 29,500 |
Retained earnings | 136,900 | 75,500 |
Total liabilities and stockholders' equity | $ 380,200 | $ 311,800 |
MONOPOLY CORPORATION | ||
Income Statement | ||
Year Ended December 31 | ||
Sales | $ 513,500 | |
Expenses | ||
Cost of goods sold | $ 299,000 | |
Selling, general and administrative expenses | 98,500 | |
Depreciation expense | ? | |
Interest expense | 9,900 | |
Income taxes | ? | 441,200 |
Net income | $ 72,300 |
|
MONOPOLY CORPORATION | |
Cash Flow Statement | |
Year End December 31 | |
Cash flows from operating activities | |
Net income | $ 72,300 |
Adjustments to reconcile net income to net cash provided by operating activities: | |
Depreciation | 15,900 |
Change in current assets and current liabilities | |
Accounts Receivable | (4,900) |
Inventories | $ (24,500) |
Prepaid Rent | ? |
Accounts Payable | $ 4,900 |
Accrued Liabilities | ? |
Net cash provided by (used in) operating activities | ? |
Cash flows from investing activities | |
Purchase of property, plant, and equipment | (28,500) |
Net cash provided by (used for) investing activities | (28,500) |
Financing activities | |
Additional capital contributed by stockholders | ? |
Payments on longterm debt | (24,500) |
Payment of cash dividends | ? |
Net cash provided by (used for) financing activities | ? |
Increase in cash and cash equivalents | 25,810 |
Cash and cash equivalents, beginning of period | 40,600 |
Cash and cash equivalents, end of period | $ 66,410 |
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