Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
Following are the most recent balance sheets for King Fisher Aviation. Excluding accumulated depreciation, determine whether each item is a use of cash, and the
Following are the most recent balance sheets for King Fisher Aviation.
Excluding accumulated depreciation, determine whether each item is a use of cash, and the amount:
Assets | 2015 | 2016 |
Cash | 49,280 | 44,816 |
Accounts Receivable | 98,155 | 101,412 |
Inventories | 82,400 | 87,715 |
Property, Plant, and Equipment | 223,994 | 242,085 |
Less: Accumulated depreciation | 76,174 | 85,688 |
Total Assets | 377,655 | 390,340 |
Liabilities and Equity | 2015 | 2016 |
Accounts Payable | 74,511 | 49,496 |
Accrued Expenses | 10,790 | 7,740 |
Long-term debt | 48,000 | 44,000 |
Common stock | 25,000 | 30,000 |
Accumulated Retained Earnings | 219,354 | 259,104 |
Total Liabilities and Equity. | 377,655 | 390,340 |
Fill in the values in the spreadsheet.
Balance Sheet | ||||
2011 | 2012 | |||
Assets | ||||
Cash | $49,280 | $44,816 | ||
Accounts receivable | 98,155 | 101,412 | ||
Inventories | 82,400 | 87,715 | ||
Property, plant, and equipment | 223,994 | 242,085 | ||
Less: Accumulated depreciation | 76,174 | 85,688 | ||
Total assets | $377,655 | $390,340 | ||
Liabilities and Equity | ||||
Accounts payable | $74,511 | $49,496 | ||
Accrued expenses | 10,790 | 7,740 | ||
Long-term debt | 48,000 | 44,000 | ||
Common stock | 25,000 | 30,000 | ||
Accumulated retained earnings | 219,354 | 259,104 | ||
Total liabilities and equity | $377,655 | $390,340 | ||
Output area: | ||||
Source or Use? | Amount | |||
Cash | ||||
Accounts receivable | ||||
Inventories | ||||
Property, plant, and equipment | ||||
Accounts payable | ||||
Accrued expenses | ||||
Long-term debt | ||||
Common stock | ||||
Accumulated retained earnings | ||||
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started