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green blank answer- use in excel foula D E G H Accounts Payable $15,000 520,500 Accrued Expenses $6,200 $7,300 Dividends Payable $5,000 $6,000 Current Portion
green blank answer- use in excel foula
D E G H Accounts Payable $15,000 520,500 Accrued Expenses $6,200 $7,300 Dividends Payable $5,000 $6,000 Current Portion of Long-Term Debt $15,000 $15,000 11 Long-Term Debt 12 Mortgage Payable 5300,000 5285,000 13 Notes Payable $200,000 $150,000 14 Owners' Equit 15 Common Stock $100,000 $200,000 16 Retained Earnings 560,000 $120,000 17 18 19 Additional information: 21 1. Assume that all current liabilities at the beginning of the year ended September 30, 20*4, were paid during the 20X4 fiscal year. 22 2. Net income for the year ended September 30, 20X4, totaled $60,000. The only other activity affecting Retained Earnings was Dividends Declared of $20,000. 23 3. The current portion of LTD relates to the Mortgage Payable account. 24 4. No portion of the Notes Payable was paid during the year. 25 5. Common stock of $100,000 was exchanged for a note payable of $100,000 on January 4, 20x4. 26 6. Any unexplained changes in the above accounts are due to single cash transactions. 27 Prepare a schedule showing the cash flow from financing activities. 29 30 31 Answer 32 cash Flows from Financing Activities: Account Analysis 33 Current Portion of LTD 34 Payment of Long-Term Debt 12/31/x3 Balance $15,000 35 Borrowing-Notes Payable - Payment of Long-Term Debt 36 Payment of Dividends + Reclassification $15,000 37 = 12/31/x4 Balance $15,000 Net Cash Flows from Financing Activities 39 Notes Payable 40 12/31/x3 Balance 5200,000 - Conversion to Common Stock $100,000 42 + Borrowing = 12/31/x4 Balance 5150,000 Retained Earning Balanace 12/31/x3 Balance + Net Income 560,000 - Dividend Declared = 12/31/x4 Balance $120,000 Dividends Payable Balanace 12/31/x3 Balance 55,000 + Dividend Declared - Dividend Paid = 12/31/x4 Balance 56,000Step by Step Solution
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