Debit Credit 21,000 58,000 33,000 35,000 14,000 3,000 8,800 352,500 15,000 10,000 Adjusted Trial Balance, Astro Inc. For the year ended December 31, 2017 (LISTED IN ALPHABETICAL ORDER) Accounts payable Accounts receivable Accrued liabilities Accumulated depreciation Additional paid-in capital Allowance for Bad Debt Bond Discount Bond Payable (10 year bonds) Cash Common stock (5000 shares of $2 par value stock issued) Cost of goods Sold Goodwill Income tax expense Interest expense Inventory Loss on sale of equipment Other assets (Long Term) Other current assets Other long-term liabilities Other operating expenses Property Plant and Equipment Retained Earnings Sales Revenue Selling general, and administrative expense Trademarks Treasury Stock (200 shares) Unearned revenue 438,000 35,000 27,800 16,000 84,000 4,400 74,000 28,000 35,000 45,000 250,000 40,000 883,000 287,000 67,000 2,500 14,000 1,440,500 1,440,500 Use the information from the Adjusted Trial Balance for Astro Inc. to answer the next 11 questions. 1. Total Assets as of 12/31/2017 (Round to the nearest dollar. No commas or $) 2. Total Liabilities as of 12/31/2017 (Round to the nearest dollar. No commas or $) 3. Total Shareholders' equity as of 12/31/2017(Round to the nearest dollar. No commas or $) 4. Current assets as of 12/31/2017 (Round to the nearest dollar. No commas or $) 5. Current liabilities as of 12/31/2017 (Round to the nearest dollar. No commas or $) 6. Gross Profit for the year ended 12/31/2017 (Round to the nearest dollar. No commas or $) 7. Operating income, year ended 12/31/2017 (Round to the nearest dollar. No commas or $) 8. Income before tax, year ended 12/31/2017 (Round to the nearest dollar. No commas or $) 9. Net income for the year ended 12/31/2017 (Round to the nearest dollar. No commas or $) 10. Earnings per share for the year ended 12/31/2017 (Round to the nearest penny). 11. How much is retained earnings at 12/31/2017. The 2017 income statement and comparative balance sheets of Trout Corporation are shown below: Trout Corporation Income Statement for the year ended December 31, 2017 Net sales Cost of goods sold Gross profit Selling and administrative expense Depreciation expense Income from operations Interest expense Loss on Sale of land Income Tax Expense Net Income 600,000 400,000 200,000 125,000 25,000 50,000 2,000 3,000 6,000 39,000 Trout Corporation Balance Sheet as of December 31, 2017 and 2016 Cash Accounts receivable Inventory 2017 10,000 81,000 158,000 2016 12,000 76,000 161,000 Land Equipment Less: Accumulated depreciation Total Assets 31,000 316,000 -185,000 411,000 56,000 270,000 -160,000 415,000 Accounts payable Other curent payables 60,000 13,000 52,000 23,000 Bonds Payable 40,000 74,000 Common stock Retained earnings Treasuy stock Total Liabilities and Stockholders' equity 122,000 182,000 -6,000 411,000 100,000 171,000 -5,000 415,000 Additional information 1. A dividend was declared and paid 2. Cash was received on the Land sale. 3. Equipment was purchased with cash 4. A payment was made on the bonds 5. Additional stock was issued for cash 6. Treasuy stock was purchased using cash Prepare Trout's Statement of Cash Flows for the year ended 12/31/17 using the indirect method. Use the Information from Trout's Statement of Cash Flows to answer the next 7 questions. (Enter cash inflows as a positive number and cash outflows as a negative number. Do not use dollar signs or commas) 12. How much is cash flow from operations for the year ending Dec 31, 2017 13. How much is cash flow from investing activities for the year ending Dec 31, 2017 14. How much is cash flow from financing activities for the year ending Dec 31, 2017 15. How much cash was received from the sale of land during 2017 16. How much cash was paid for the purchase of equipment during 2017 17. How much cash was paid for dividends during 2017 18. How much is the net change in cash for the year 2017 Use the following information from Boston Company to answer the next five independent questions. On January 1, 2015, Boston Company purchased a heavy duty machine having an invoice price of $18,000. Boston paid transportation and installation costs totaling $3,000. The machine is estimated to have a 6-year useful life and a $1,500 residual value. 19. How much is depreciation expense of the year ended December 31, 2016 assuming Boston Company uses Double Declining Balance Depreciation? (Round your answer to the nearest dollar. No dollar signs or commas). 20. What is the book value of the machine as of December 31, 2017 assuming Boston Company uses Double Declining Balance depreciation? (Round your answer to the nearest dollar. No dollar signs or commas). 21. How much is Accumulated depreciation as of December 31, 2017 assuming Boston Company uses Straight Line depreciation? 22. What is the book value of the machine as of December 31, 2018 assuming Boston Company uses Straight Line depreciation? 23. Assume that Boston uses Straight Line Depreciation and that the machine was sold on December 31, 2018 for $5,000. Compute the amount of Gain or Loss on the disposal of the machinery. Enter any gain as a positive number, and any loss as a negative number. 24. Williams Company purchased a machine costing $25,000 and is depreciating it over a 10-year estimated useful life with a residual value of $3,000. At the beginning of the eighth year, a major overhaul on it was completed at a cost of $8,000, and the total estimated useful life was changed to 12 years with the residual value unchanged. How much is the year 8 depreciation expense assuming use of the straight-line depreciation method? (Round to the nearest dollar. No commas or S) 25. Libby Company purchased equipment by paying $5,000 cash on the purchase date and agreeing to pay $5,000 every six months during the next four years. The first payment is due six months after the purchase date. Libby's incremental borrowing rate is 8%. How much is the liability reported on the balance sheet as of the purchase date, after the initial $5,000 payment was made? (Round to the nearest dollar. No dollar signs or commas). Use the following information about Tonika Company to answer the next 4 questions. On January 1, 2016, Tonika Company issued a four-year, $10,000, 7% bond. The interest is payable semi-annually each June 30 and December 31. The market rate of interest on January 1, 2016 is 8%. Tonika uses the effective- interest amortization method. 29. What is the issue price of the bonds on January 1, 2016? (Round to the nearest dollar. No dollar signs or commas). 30. What is the carrying value of the bonds on December 31, 2018? (Round to the nearest dollar. No dollar signs or commas). 31. How much interest expense would be recognized in the calendar year 2019 income statement? (Round to the nearest dollar. No dollar signs or commas). 32. How much cash would be paid to investors on June 30, 2016? (Round to the nearest dollar. No dollar signs or commas). 33. Wendell Company provided the following pertaining to its accounting year that ended December 31, 2016: Common stock with a $10,000 par value was sold for $50,000 cash Cash dividends totaling $20,000 were declared, of which $15,000 were paid Net income was $70,000 A5% stock dividend resulted in a common stock distribution, which had a $5,000 par value and a $23,000 market value Treasury stock repurchased in a prior year for $9,000 was resold for $7,000 and in the journal entry to record the sale, Additional paid-in capital was debited for the amount of the difference between the repurchase price and the resale price What is the amount of net increase in Wendell's additional paid-in capital account during the year 2016? (Round to the nearest dollar. No commas or $) 34. CBA Company reported total stockholders' equity of $85,000 on its balance sheet dated December 31, 2016. During the year ended December 31, 2017, CBA reported net income of $10,000, declared and paid a cash dividend of $2,000, and issued additional common stock for $20,000. What is total stockholders' equity as of December 31, 2017? (Round to the nearest dollar. No commas or $) 35. A company reported the following asset and liability balances at the end of 2015 and 2016: 2015 2016 Total Assets $7,600,000 $6,800,000 3,200,000 Total Liabilities 3,600,000 During 2016, cash dividends of $50,000 were declared and paid, and common stock was issued for $100,000. What was the amount of net income for 2016? (Round to the nearest dollar. No commas or $) 36. On February 1, 2015, Cue Company acquired 1,000 shares of its $1 par value stock for $47 per share and held these shares in treasury. On April 10, 2016, Cue resold all the treasury shares for $50 per share. Which of the following entries would be recorded when Cue Company resells the shares of treasury stock? Cash 50,000 Treasury stock 47,000 3,000 Additional paid-in capital Cash 50,000 Treasury stock 47,000 3,000 Retained earnings Cash 50,000 Common stock Additional paid-in capital 1,000 49,000 Cash 50,000 Treasury stock 47,000 Gain on sale of treasury stock 3,000 Debit Credit 21,000 58,000 33,000 35,000 14,000 3,000 8,800 352,500 15,000 10,000 Adjusted Trial Balance, Astro Inc. For the year ended December 31, 2017 (LISTED IN ALPHABETICAL ORDER) Accounts payable Accounts receivable Accrued liabilities Accumulated depreciation Additional paid-in capital Allowance for Bad Debt Bond Discount Bond Payable (10 year bonds) Cash Common stock (5000 shares of $2 par value stock issued) Cost of goods Sold Goodwill Income tax expense Interest expense Inventory Loss on sale of equipment Other assets (Long Term) Other current assets Other long-term liabilities Other operating expenses Property Plant and Equipment Retained Earnings Sales Revenue Selling general, and administrative expense Trademarks Treasury Stock (200 shares) Unearned revenue 438,000 35,000 27,800 16,000 84,000 4,400 74,000 28,000 35,000 45,000 250,000 40,000 883,000 287,000 67,000 2,500 14,000 1,440,500 1,440,500 Use the information from the Adjusted Trial Balance for Astro Inc. to answer the next 11 questions. 1. Total Assets as of 12/31/2017 (Round to the nearest dollar. No commas or $) 2. Total Liabilities as of 12/31/2017 (Round to the nearest dollar. No commas or $) 3. Total Shareholders' equity as of 12/31/2017(Round to the nearest dollar. No commas or $) 4. Current assets as of 12/31/2017 (Round to the nearest dollar. No commas or $) 5. Current liabilities as of 12/31/2017 (Round to the nearest dollar. No commas or $) 6. Gross Profit for the year ended 12/31/2017 (Round to the nearest dollar. No commas or $) 7. Operating income, year ended 12/31/2017 (Round to the nearest dollar. No commas or $) 8. Income before tax, year ended 12/31/2017 (Round to the nearest dollar. No commas or $) 9. Net income for the year ended 12/31/2017 (Round to the nearest dollar. No commas or $) 10. Earnings per share for the year ended 12/31/2017 (Round to the nearest penny). 11. How much is retained earnings at 12/31/2017. The 2017 income statement and comparative balance sheets of Trout Corporation are shown below: Trout Corporation Income Statement for the year ended December 31, 2017 Net sales Cost of goods sold Gross profit Selling and administrative expense Depreciation expense Income from operations Interest expense Loss on Sale of land Income Tax Expense Net Income 600,000 400,000 200,000 125,000 25,000 50,000 2,000 3,000 6,000 39,000 Trout Corporation Balance Sheet as of December 31, 2017 and 2016 Cash Accounts receivable Inventory 2017 10,000 81,000 158,000 2016 12,000 76,000 161,000 Land Equipment Less: Accumulated depreciation Total Assets 31,000 316,000 -185,000 411,000 56,000 270,000 -160,000 415,000 Accounts payable Other curent payables 60,000 13,000 52,000 23,000 Bonds Payable 40,000 74,000 Common stock Retained earnings Treasuy stock Total Liabilities and Stockholders' equity 122,000 182,000 -6,000 411,000 100,000 171,000 -5,000 415,000 Additional information 1. A dividend was declared and paid 2. Cash was received on the Land sale. 3. Equipment was purchased with cash 4. A payment was made on the bonds 5. Additional stock was issued for cash 6. Treasuy stock was purchased using cash Prepare Trout's Statement of Cash Flows for the year ended 12/31/17 using the indirect method. Use the Information from Trout's Statement of Cash Flows to answer the next 7 questions. (Enter cash inflows as a positive number and cash outflows as a negative number. Do not use dollar signs or commas) 12. How much is cash flow from operations for the year ending Dec 31, 2017 13. How much is cash flow from investing activities for the year ending Dec 31, 2017 14. How much is cash flow from financing activities for the year ending Dec 31, 2017 15. How much cash was received from the sale of land during 2017 16. How much cash was paid for the purchase of equipment during 2017 17. How much cash was paid for dividends during 2017 18. How much is the net change in cash for the year 2017 Use the following information from Boston Company to answer the next five independent questions. On January 1, 2015, Boston Company purchased a heavy duty machine having an invoice price of $18,000. Boston paid transportation and installation costs totaling $3,000. The machine is estimated to have a 6-year useful life and a $1,500 residual value. 19. How much is depreciation expense of the year ended December 31, 2016 assuming Boston Company uses Double Declining Balance Depreciation? (Round your answer to the nearest dollar. No dollar signs or commas). 20. What is the book value of the machine as of December 31, 2017 assuming Boston Company uses Double Declining Balance depreciation? (Round your answer to the nearest dollar. No dollar signs or commas). 21. How much is Accumulated depreciation as of December 31, 2017 assuming Boston Company uses Straight Line depreciation? 22. What is the book value of the machine as of December 31, 2018 assuming Boston Company uses Straight Line depreciation? 23. Assume that Boston uses Straight Line Depreciation and that the machine was sold on December 31, 2018 for $5,000. Compute the amount of Gain or Loss on the disposal of the machinery. Enter any gain as a positive number, and any loss as a negative number. 24. Williams Company purchased a machine costing $25,000 and is depreciating it over a 10-year estimated useful life with a residual value of $3,000. At the beginning of the eighth year, a major overhaul on it was completed at a cost of $8,000, and the total estimated useful life was changed to 12 years with the residual value unchanged. How much is the year 8 depreciation expense assuming use of the straight-line depreciation method? (Round to the nearest dollar. No commas or S) 25. Libby Company purchased equipment by paying $5,000 cash on the purchase date and agreeing to pay $5,000 every six months during the next four years. The first payment is due six months after the purchase date. Libby's incremental borrowing rate is 8%. How much is the liability reported on the balance sheet as of the purchase date, after the initial $5,000 payment was made? (Round to the nearest dollar. No dollar signs or commas). Use the following information about Tonika Company to answer the next 4 questions. On January 1, 2016, Tonika Company issued a four-year, $10,000, 7% bond. The interest is payable semi-annually each June 30 and December 31. The market rate of interest on January 1, 2016 is 8%. Tonika uses the effective- interest amortization method. 29. What is the issue price of the bonds on January 1, 2016? (Round to the nearest dollar. No dollar signs or commas). 30. What is the carrying value of the bonds on December 31, 2018? (Round to the nearest dollar. No dollar signs or commas). 31. How much interest expense would be recognized in the calendar year 2019 income statement? (Round to the nearest dollar. No dollar signs or commas). 32. How much cash would be paid to investors on June 30, 2016? (Round to the nearest dollar. No dollar signs or commas). 33. Wendell Company provided the following pertaining to its accounting year that ended December 31, 2016: Common stock with a $10,000 par value was sold for $50,000 cash Cash dividends totaling $20,000 were declared, of which $15,000 were paid Net income was $70,000 A5% stock dividend resulted in a common stock distribution, which had a $5,000 par value and a $23,000 market value Treasury stock repurchased in a prior year for $9,000 was resold for $7,000 and in the journal entry to record the sale, Additional paid-in capital was debited for the amount of the difference between the repurchase price and the resale price What is the amount of net increase in Wendell's additional paid-in capital account during the year 2016? (Round to the nearest dollar. No commas or $) 34. CBA Company reported total stockholders' equity of $85,000 on its balance sheet dated December 31, 2016. During the year ended December 31, 2017, CBA reported net income of $10,000, declared and paid a cash dividend of $2,000, and issued additional common stock for $20,000. What is total stockholders' equity as of December 31, 2017? (Round to the nearest dollar. No commas or $) 35. A company reported the following asset and liability balances at the end of 2015 and 2016: 2015 2016 Total Assets $7,600,000 $6,800,000 3,200,000 Total Liabilities 3,600,000 During 2016, cash dividends of $50,000 were declared and paid, and common stock was issued for $100,000. What was the amount of net income for 2016? (Round to the nearest dollar. No commas or $) 36. On February 1, 2015, Cue Company acquired 1,000 shares of its $1 par value stock for $47 per share and held these shares in treasury. On April 10, 2016, Cue resold all the treasury shares for $50 per share. Which of the following entries would be recorded when Cue Company resells the shares of treasury stock? Cash 50,000 Treasury stock 47,000 3,000 Additional paid-in capital Cash 50,000 Treasury stock 47,000 3,000 Retained earnings Cash 50,000 Common stock Additional paid-in capital 1,000 49,000 Cash 50,000 Treasury stock 47,000 Gain on sale of treasury stock 3,000