Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

could someone provide the correct answers The management team of Wickersham Brothers Inc is preparing its annual financial statements. The statements are complete except for

could someone provide the correct answers image text in transcribed
image text in transcribed
The management team of Wickersham Brothers Inc is preparing its annual financial statements. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and Income statements are summarized. Current Year Prior Year Balance Sheet Assets Cash $ 78,900 $ 99,00 Accounts Receivable 165,000 94,500 Merchandise Inventory 81,000 87,75e Property and Equipment 152,00 81,600 Less: Accumulated Depreciation (43,288) (22.2) Total Assets $376,620 $340,550 Liabilities: Accounts Payable $ 13,500 $ 16,200 Salaries and Wages Payable 2,700 1,350 Notes Payable, Long Term 81.00 Stockholders' Equity Corson Stock 120.000 100,00 Retained Earnings 164,920 134.000 Total Liabilities and Stockholders' Equity $376,620 $340,55e Current Year Income Statement Sales Cost of Goods Sold Depreciation Expense Other Expenses Net Income $340,000 110,000 21,280 15,000 $53,220 Other Information from the company's records includes the following: Bought equipment for cash. $71000 Paid $13.500 on long-term note payable Issued new shares of common stock for $20,000 cash Cash dividends of $22.800 were declared and paid to stockholders. Accounts Payable arose from Inventory purchases on credit Income Tax Expense ($4.000and Interest Expense ($3,000) were paid in full at the end of both years and are included in Other Expenses Other Information from the company's records includes the following: Bought equipment for cash, $71,000 Paid $13,500 on long-term note payable Issued new shares of common stock for $20,000 cash Cash dividends of $22,800 were declared and paid to stockholders. Accounts Payable arose from inventory purchases on credit. Income Tax Expense ($4.000) and Interest Expense ($3,000) were paid in full at the end of both yoars and are included in Other Expenses Required: Prepare a schedule summarizing operating Investing, and financing cash flows using the T-account approach Cash Operating Net Income Depreciation Expanse Inventory Salaries and Wages Payable Net cash fow provided by operating activities Investing 53.720 21 280 8.750 1.380 00.000 13,500 Accounts Receivable 2.700 Accounts Payable 71,000 Purchase Equment 71.000 Netcaih fow used investing activities Financing issue stock 20.000 20.000 Repay Long Term Dept 22.000 Pay Dividende 22.800 Net cash flow used in financing activities Net decrease in Cash Beginning balance Ending balance

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

Step: 3

blur-text-image

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

Data Analytics For Accounting

Authors: Vernon Richardson

3rd Edition

1264444907, 9781264444908

More Books

Students also viewed these Accounting questions

Question

x-3+1, x23 Let f(x) = -*+3, * Answered: 1 week ago

Answered: 1 week ago

Question

An improvement in the exchange of information in negotiations.

Answered: 1 week ago

Question

1. Effort is important.

Answered: 1 week ago