Answered step by step
Verified Expert Solution
Question
1 Approved Answer
help please Required information The following information applies to the questions displayed below. The following financial statements and information are available for Blythe Industries Inc.
help please
Required information The following information applies to the questions displayed below. The following financial statements and information are available for Blythe Industries Inc. Balance Sheets As of December 31 Year 3 $ 163, 100 106, 100 189, 100 298,500 692,700 (306,600) 82,800 1,225,700 Year 2 $ 123,500 87,600 174,600 223,000 493,400 (236,900) 117,800 983,000 $ Assets Cash Accounts receivable Inventory Marketable securities (available for sale) Equipment Accumulated depreciation Land Total assets Liabilities and equity Liabilities Accounts payable (inventory) Notes payable-Long-term Bonds payable Total liabilities Stockholders' equity Common stock, no par Preferred stock, $50 par Paid-in capital in excess of par-Preferred stock Total paid-In capital Retained earnings Less: Treasury stock Total stockholders' equity Total liabilities and stockholders' equity 39,200 229,600 206,400 475,200 $ 69,000 253,000 103, 200 425,200 243, 100 113,400 37, 300 393,800 395,300 (38,600) 750,500 $1,225, 700 203,500 103,400 31,300 338,200 288, 200 (68,600) 557,800 $ 983,000 $1,052,800 (769,200) 283,680 Income Statement For the Year Ended December 31, Year 3 Sales revenue Cost of goods sold Gross profit Operating expenses Supplies expense $23,500 Salaries expense 94,900 Depreciation expense 93,300 Total operating expenses Operating incone Nonoperating items Interest expense Gain from the sale of marketable securities Gain from the sale of land and equipment Net income (211,780) 71,900 (14,100) 35,600 22, 100 $ 115,500 Additional Information 1. Sold land that cost $35,000 for $39,000 2. Sold equipment that cost $26,900 and had accumulated depreciation of $23,600 for $21,400. 3. Purchased new equipment for $226,200. 4. Sold marketable securities that were classified as available-for-sale and that cost $47100 for $82,700 5. Purchased new marketable securities, classified as available-for-sale, for $122,600 6. Paid $23,400 on the principal of the long-term note. 7. Pald off a $103. 200 bond issue and issued new bonds for $206,400 8. Sold 200 shares of treasury stock at its cost 9. Issued some new common stock 10. Issued some new $50 par preferred stock. 11. Pald dividends. (Note: The only transactions to affect retained carnings were not income and dividends.) a. Prepare the statement of cash flows for Blythe Industries using direct method (Amounts to be deducted and cash outflows should be indicated by a minus sign.) BLYTHE INDUSTRIES, INC. Statement of Cash Flows For the Year Ended December 31, Year 3 Cash flows from operating activities: Cash Receipts from $ 0 Total cash inflows Cash payments for Total cash outflows 0 0 Cash flows from investing activities: 0 Cash flows from financing activities: 0 Total cash outflows 0 0 Cash flows from investing activities: 0 Cash flows from financing activities: 0 0 Ending cash balance $ 0 Additional Information 1. Sold land that cost $35,000 for $39,000 2. Sold equipment that cost $26,900 and had accumulated depreciation of $23,600 for $21,400. 3. Purchased new equipment for $226,200. 4. Sold marketable securities that were classified as available-for-sale and that cost $47,100 for $82,700. 5. Purchased new marketable securities, classified as available-for-sale, for $122,600. 6. Paid $23,400 on the principal of the long-term note. 7. Pald off a $103,200 bond issue and issued new bonds for $206,400. 8. Sold 200 shares of treasury stock at its cost. 9. Issued some new common stock. 10. Issued some new $50 par preferred stock. 11. Pald dividends. (Note: The only transactions to affect retained earnings were net income and dividends.) b-1. What is the cost per share of the treasury stock? b-2. What was the issue price per share of the preferred stock? b-3. What was the book value of the equipment sold? b-1 b-2 b-3 Cost per share of the treasury stock Issue price of the preferred stock Book value of equipment per share Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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