Due today and I am lost. Needs to be solved with numbers from Nov-Dec column

Ash LISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORT Exercise/ Account to Problem be changed Ch 1 Ex 2 Net income Depreciation Accounts payable Questions Original Amount 107000 12600 21000 YOUR ANSWERS BASED UPON COURSE START DATE Net Income Accounts receivable Inventory Accounts payable Depreciation Cash Flow from Operating Activities Account to be changed Ch 1 Ex 3 Net Income Trade accounts receivable Merchandise inventory Accumulated depreciation: equipment Accounts payable Accrued liabilities Gain on sale of investments Original Amount 110000 245000 230000 120000 190000 38000 18000 YOUR ANSWERS BASED UPON COURSE START DATE Net Income Trade accounts receivable Merchandise inventory Accumulated depreciation: equipment Accounts payable Accrued liabilities Gain on sale of investments Cash Flow from Operating Activities Account to be changed Ch 1 Ex 6 New equipment purchased Depreciation expense Original Amount Dec. 31, 20X4 280000 41000 YOUR ANSWERS BASED UPON COURSE START DATE Cost of equipment sold Accumulated depreciation of sold equipment Selling price of equipment sold Sale of equipment on cash flow statement Ch 1 Pb 2 Account to be changed Accounts payable decreased Accounts receivable increased Prepaid expenses increased wages payable increased Income taxes payable decreased Original Amount 32800 23700 2400 5600 800 YOUR ANSWERS BASED UPON COURSE START DATE Direct Method Cash collected Less cash paid for: Inventory Selling & administrative Interest expense Income taxes Net cash provided by operating activities Indirect Method Net income Accounts payable decreased Accounts receivable increased Prepaid expenses increased wages payable increased Inventory Income taxes payable decreased Depreciation Gain on sale of equipment Net cash provided by operating activities CH 1 Pb 3 Account to be changed Accounts receivable (net) Inventory Accounts payable Taxes payable Sales Net income Long tem investments purchased Sale of land cash proceeds Store equipment purchased - short term note Purchased equipment issue 3000 pref shares Long term note repaid Common stock issued - shares Original Amount 83800 243400 123600 43600 713800 145800 74600 76200 44000 150000 49400 20000 YOUR ANSWERS BASED UPON COURSE START DATE Prepare the operating activities section of the statement of cash flows by using the direct method. Cash collected Less cash paid for: Inventory Selling & administrative Interest expense Income taxes Net cash provided by operating activities Prepare the operating activities section of the statement of cash flows by using the indirect method. Net income Accounts receivable Inventory Prepaid expenses Accounts payable Taxes payable Interest payable Accrued liabilities Gain on sale of land Depreciation Net cash provided by operating activities Prepare the investing and financing activities sections of the statement of cash flows. Cash flows from investing activities Purchase of long-term investments Proceeds from sale of land Net cash provided by investing act. Cash flows from financing activities Repayment of long-term note Issuance of common stock* Dividends paid Net cash used by financing activities * 20,000 shares X $5.19 = $103,800 Note: The store equipment and telecommunications system transactions would be reported as noncash investing/ financing activities Ashford University ACC206 Guidance Report Week One YELLOW INDICATES ACCOUNT AMOUNTS CHANGED Change Account to: Based Upon Course Start Date Jan-Feb $ $ $ Mar-Apr May-Jun Jul-Aug 109,000 $ 111,000 $ 113,000 $ 13,000 $ 15,000 $ 16,000 $ 22,000 $ 23,000 $ 24,000 $ Sept-Oct 115,000 $ 120,000 18,000 $ 20,000 25,000 $ 26,000 Jan-Feb Mar-Apr May-Jun Jul-Aug Sept-Oct $ 112,000 $ 114,000 $ 116,000 $ 117,000 $ 118,000 $ 246,000 $ 248,000 $ 249,000 $ 250,000 $ 255,000 $ 231,000 $ 232,000 $ 232,000 $ 235,000 $ 240,000 $ 121,000 $ 122,000 $ 124,000 $ 125,000 $ 130,000 $ 191,000 $ 193,000 $ 194,000 $ 195,000 $ 200,000 $ 39,000 $ 40,000 $ 41,000 $ 45,000 $ 45,000 $ 18,000 $ 18,000 $ 18,000 $ 18,000 $ 18,000 Jan-Feb Mar-Apr May-Jun Jul-Aug Sept-Oct 1, 20X4 $ $ 290,000 42,000 $ $ 295,000 43,000 $ $ 296,000 44,000 $ $ 297,000 45,000 $ $ 298,000 46,000 Jan-Feb Mar-Apr May-Jun Jul-Aug Sept-Oct $ 33,800 $ 34,800 $ 35,800 $ 36,800 $ 37,800 $ 24,275 $ 24,850 $ 25,425 $ 26,000 $ 26,575 $ 2,975 $ 3,550 $ 4,125 $ 4,700 $ 5,275 $ 6,175 $ 6,750 $ 7,325 $ 7,900 $ 8,475 $ 1,375 $ 1,950 $ 2,525 $ 3,100 $ 3,675 Jan-Feb Mar-Apr May-Jun Jul-Aug $ 84,800 $ 85,800 $ 86,800 $ $ 244,400 $ 245,400 $ 246,400 $ $ 124,600 $ 125,600 $ 126,600 $ $ 44,600 $ 45,600 $ 46,600 $ $ 718,000 $ 723,000 $ 728,000 $ $ 150,000 $ 155,000 $ 160,000 $ $ 75,600 $ 76,600 $ 77,600 $ $ 77,200 $ 78,200 $ 79,200 $ $ 45,000 $ 46,000 $ 47,000 $ $ 151,000 $ 152,000 $ 153,000 $ $ 49,900 $ 50,400 $ 50,900 $ 20500 21000 21500 Sept-Oct $ 88,800 $ 248,400 $ 128,600 $ 43,600 $ 738,000 $ 170,000 78,600 $ 79,600 80,200 $ 81,200 48,000 $ 49,000 154,000 $ 155,000 51,400 $ 51,900 22000 22500 87,800 247,400 127,600 47,600 733,000 165,000 Nov-Dec $ 121,000 $ 21,000 $ 27,000 Nov-Dec $ 120,000 $ 256,000 $ 241,000 $ 141,000 $ 201,000 $ 46,000 $ 18,000 Nov-Dec $ $ 299,000 47,000 Nov-Dec $ 38,800 $ 27,150 $ 5,850 $ 9,050 $ 4,250 Nov-Dec $ 89,800 $ 249,400 $ 129,600 $ 43,600 $ 748,000 $ 180,000 $ 80,600 $ 82,200 $ 50,000 $ 156,000 $ 52,400 23000 Ash LISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORT Exercise/ Account to Problem be changed Ch 1 Ex 2 Net income Depreciation Accounts payable Questions Net Income Accounts receivable Inventory Accounts payable Depreciation Cash Flow from Operating Activities Account to be changed Ch 1 Ex 3 Net Income Trade accounts receivable Merchandise inventory Accumulated depreciation: equipment Accounts payable Accrued liabilities Gain on sale of investments Original Amount 107000 12600 21000 YOUR ANSWERS BASED UPON COURSE START DATE 121000 5000 -7000 7500 21000 147500 Original Amount 110000 245000 230000 120000 190000 38000 18000 Net Income Trade accounts receivable Merchandise inventory Accumulated depreciation: equipment Accounts payable Accrued liabilities Gain on sale of investments Cash Flow from Operating Activities Ch 1 Ex 6 Account to be changed New equipment purchased Depreciation expense YOUR ANSWERS BASED UPON COURSE START DATE 120000 -53000 67000 76000 77000 -27000 -18000 242000 Original Amount Dec. 31, 20X4 280000 41000 YOUR ANSWERS BASED UPON COURSE START DATE Cost of equipment sold 174000 Accumulated depreciation of sold equipment 72000 Selling price of equipment sold 93000 Sale of equipment on cash flow statement The $9000 would be adde Ch 1 Pb 2 Account to be changed Accounts payable decreased Accounts receivable increased Prepaid expenses increased wages payable increased Income taxes payable decreased Original Amount 32800 23700 2400 5600 800 YOUR ANSWERS BASED UPON COURSE START DATE Direct Method Cash collected Less cash paid for: Inventory Selling & administrative Interest expense Income taxes Net cash provided by operating activities Indirect Method Net income Accounts payable decreased Accounts receivable increased Prepaid expenses increased wages payable increased Inventory Income taxes payable decreased Depreciation Gain on sale of equipment Net cash provided by operating activities CH 1 Pb 3 Account to be changed Accounts receivable (net) Inventory Accounts payable Taxes payable Sales Net income Long tem investments purchased Sale of land cash proceeds Store equipment purchased - short term note Purchased equipment issue 3000 pref shares Long term note repaid Common stock issued - shares 952850 758800 145800 18000 31250 -1000 63000 -38800 -27150 -5850 9050 -25000 -4250 54000 -26000 -1000 Original Amount 83800 243400 123600 43600 713800 145800 74600 76200 44000 150000 49400 20000 YOUR ANSWERS BASED UPON COURSE START DATE Prepare the operating activities section of the statement of cash flows by using the direct method. Cash collected Less cash paid for: Inventory Selling & administrative Interest expense Income taxes Net cash provided by operating activities Prepare the operating activities section of the statement of cash flows by using the indirect method. Net income Accounts receivable Inventory Prepaid expenses Accounts payable Taxes payable Interest payable Accrued liabilities Gain on sale of land Depreciation Net cash provided by operating activities Prepare the investing and financing activities sections of the statement of cash flows. Cash flows from investing activities Purchase of long-term investments Proceeds from sale of land Net cash provided by investing act. Cash flows from financing activities Repayment of long-term note Issuance of common stock* Dividends paid Net cash used by financing activities * 20,000 shares X $5.19 = $103,800 712000 Note: The store equipment and telecommunications system transactions would be reported as noncash investing/ financing activities Ashford University ACC206 Guidance Report Week One YELLOW INDICATES ACCOUNT AMOUNTS CHANGED Change Account to: Based Upon Course Start Date Jan-Feb $ $ $ Mar-Apr May-Jun Jul-Aug 109,000 $ 111,000 $ 113,000 $ 13,000 $ 15,000 $ 16,000 $ 22,000 $ 23,000 $ 24,000 $ Sept-Oct 115,000 $ 120,000 18,000 $ 20,000 25,000 $ 26,000 Jan-Feb Mar-Apr May-Jun Jul-Aug Sept-Oct $ 112,000 $ 114,000 $ 116,000 $ 117,000 $ 118,000 $ 246,000 $ 248,000 $ 249,000 $ 250,000 $ 255,000 $ 231,000 $ 232,000 $ 232,000 $ 235,000 $ 240,000 $ 121,000 $ 122,000 $ 124,000 $ 125,000 $ 130,000 $ 191,000 $ 193,000 $ 194,000 $ 195,000 $ 200,000 $ 39,000 $ 40,000 $ 41,000 $ 45,000 $ 45,000 $ 18,000 $ 18,000 $ 18,000 $ 18,000 $ 18,000 Jan-Feb Mar-Apr May-Jun Jul-Aug Sept-Oct 1, 20X4 $ $ 290,000 42,000 $ $ 295,000 43,000 $ $ 296,000 44,000 $ $ 297,000 45,000 $ $ 298,000 46,000 9000 would be added to operating section since it is already included in net income, The Proce Jan-Feb Mar-Apr May-Jun Jul-Aug Sept-Oct $ 33,800 $ 34,800 $ 35,800 $ 36,800 $ 37,800 $ 24,275 $ 24,850 $ 25,425 $ 26,000 $ 26,575 $ 2,975 $ 3,550 $ 4,125 $ 4,700 $ 5,275 $ 6,175 $ 6,750 $ 7,325 $ 7,900 $ 8,475 $ 1,375 $ 1,950 $ 2,525 $ 3,100 $ 3,675 ` Jan-Feb Mar-Apr May-Jun Jul-Aug $ 84,800 $ 85,800 $ 86,800 $ $ 244,400 $ 245,400 $ 246,400 $ $ 124,600 $ 125,600 $ 126,600 $ $ 44,600 $ 45,600 $ 46,600 $ $ 718,000 $ 723,000 $ 728,000 $ $ 150,000 $ 155,000 $ 160,000 $ $ 75,600 $ 76,600 $ 77,600 $ $ 77,200 $ 78,200 $ 79,200 $ $ 45,000 $ 46,000 $ 47,000 $ $ 151,000 $ 152,000 $ 153,000 $ $ 49,900 $ 50,400 $ 50,900 $ 20500 21000 21500 Sept-Oct $ 88,800 $ 248,400 $ 128,600 $ 43,600 $ 738,000 $ 170,000 78,600 $ 79,600 80,200 $ 81,200 48,000 $ 49,000 154,000 $ 155,000 51,400 $ 51,900 22000 22500 87,800 247,400 127,600 47,600 733,000 165,000 Nov-Dec $ 121,000 $ 21,000 $ 27,000 Nov-Dec $ 120,000 $ 256,000 $ 241,000 $ 141,000 $ 201,000 $ 46,000 $ 18,000 Nov-Dec $ $ 299,000 47,000 527000 $ 299,000 d in net income, The Proceeds of the sales would appear in the investing Section Nov-Dec $ 38,800 $ 27,150 $ 5,850 $ 9,050 $ 4,250 Nov-Dec $ 89,800 $ 249,400 $ 129,600 $ 43,600 $ 748,000 $ 180,000 $ 80,600 $ 82,200 $ 50,000 $ 156,000 $ 52,400 23000