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Help fill in the wrong and blank answers!!! The following information was taken from Lamberson Company's accounting records: Account Balances January 1, December 31, Account
Help fill in the wrong and blank answers!!!
The following information was taken from Lamberson Company's accounting records: Account Balances January 1, December 31, Account Titles 2016 2016 Debits Cash $1,400 $2,400 Accounts Receivable (net) 2,800 2,690 Marketable Securities (at cost) 1,700 3,000 Allowance for Change in Value 500 800 Inventories 7,910 8,100 Prepaid Items 1,300 1,710 Investments (long-term) 7,000 5,400 Land 15,000 15,000 Buildings and Equipment 32,000 46,200 Discount on Bonds Payable 290 $69,800 $85,400 Credits Accumulated Depreciation $16,000 $16,400 Accounts Payable 3,800 4,150 Income Taxes Payable 2,504 2,400 Wages Payable 650 1,100 Interest Payable 400 Note Payable (long-term) 3,500 12% Bonds Payable 10,000 Deferred Taxes Payable 800 1,196 Convertible Preferred Stock, $100 par 9,000 Common Stock, $10 par 14,000 21,500 Additional Paid-in Capital 8,700 13,700 Unrealized Increase in Value of Marketable Securities 500 800 Retained Earnings 10,000 14,100 $69,800 $85,400 Additional information for the year: Sales $39,930 Cost of goods sold (19,890) Depreciation expense (2,100) (11,000) Wages expense Other operating expenses (1,000) Bond interest expense (410) Dividend revenue 820 Gain on sale of investments 700 Loss on sale of equipment (200) (2,050) Income tax expense $4,800 Net income Dividends declared and paid totaled $700 c. On January 1, 2016, convertible preferred stock that had originally been issued at par value were converted into 500 shares of common stock. The book value method was used to account for the conversion. d. Long-term nonmarketable investments that cost $1,600 were sold for $2,300 e. The long-term note payable was paid by issuing 250 shares of common stock at the beginning of the year. f. Equipment with a cost of $2,000 and a book value of $300 was sold for $100. The company uses one Accumulated Depreciation account for all depreciable assets. g. Equipment was purchased at a cost of $16,200. h. The 12% bonds payable were issued on August 31, 2016, at 97. They mature on August 31, 2026. The company uses the straight-line method to amortize the discount. i. Taxable income was less than pretax accounting income, resulting in a $396 increase in deferred taxes payable j. Short-term marketable securities were purchased at a cost of $1,300. The portfolio was increased by $300 to a $3,800 fair value at year-end by adjusting the related allowance account. Required 1. Prepare a spreadsheet to support Lamberson Company's 2016 statement of cash flows. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments. LAMBERSON COMPANY Cash Flows Worksheet For Year Ended December 31, 2016 Balances Worksheet Entries 01/01/2016 12/31/2016 Change Account Titles Credit Debit Debits Cash 1,400 1,000 2,400 1,000 Noncash Accounts: Accounts Receivable 2,800 2,690 -110 110 Marketable Securities 3,000 1,700 1,300 1,300 Allow for Change in Value 500 800 300 300 7,910 Inventories 8,100 -190 190 Prepaid Items 1,300 1,710 410 410 Investments (long-term) -1,600 7,000 5,400 1,600 Land 15,000 15,000 32,000 -2,400 X 14,200 X Buildings and Equipment 46,200 14,200 0X -290 X Discount on Bonds Payable 290 290 15,600V 69,800 85,400 Totals Credits Accumulated Depreciation 400 X 16,000 16,400 400 Accounts Payable 3,800 4,150 350 350 Income taxes Payable 2,400 2,504 104 104 Wages Payable 1,100 650 -450 450 Interest Payable 400 400 400 Notes Payable (long-term) 3,500 -3,500 3,500 10,000 12% Bonds Payable 10,000 10,000 Deferred Income Taxes 1,196 800 396 396 Convertible Preferred Stock 9,000 -9,000 9,000 Common Stock, $10 par 14,000 21,500 7,500 7,500 Additional Paid-in Capital 8,700 13,700 5,000 5,000 Unrealized Increase in Value of 300 300 500 800 Marketable Securities -5,900 X -5,900 X Retained Earnings 10,000 14,100 4,100 69,800 85,400 15,600 TotalsStep by Step Solution
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