Question
Here are the most recent balance sheets for Country Kettles, Inc. Excluding accumulated depreciation, determine whether each item is a source or a use of
| Here are the most recent balance sheets for Country Kettles, Inc. Excluding accumulated depreciation, determine whether each item is a source or a use of cash, and the amount.(Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Input allamounts as positive values): |
| COUNTRY KETTLES, INC. Balance Sheet December 31, 2016 | ||||||
| 2015 | 2016 | |||||
| Assets | ||||||
| Cash | $ | 31,100 | $ | 30,260 | ||
| Accounts receivable | 70,600 | 73,720 | ||||
| Inventories | 61,500 | 63,750 | ||||
| Property, plant, and equipment | 154,000 | 164,200 | ||||
| Less: Accumulated depreciation | (46,480 | ) | (50,600 | ) | ||
| Total assets | $ | 270,720 | $ | 281,330 | ||
| Liabilities and Equity | ||||||
| Accounts payable | $ | 45,600 | $ | 47,760 | ||
| Accrued expenses | 6,980 | 6,180 | ||||
| Long-term debt | 26,300 | 29,050 | ||||
| Common stock | 23,000 | 27,700 | ||||
| Accumulated retained earnings | 168,840 | 170,640 | ||||
| Total liabilities and equity | $ | 270,720 | $ | 281,330 | ||
| Item | Source/Use | Amount | ||
| Cash | (Click to select)UseSource | $ | ||
| Accounts receivable | (Click to select)UseSource | $ | ||
| Inventories | (Click to select)SourceUse | $ | ||
| Property, plant, and equipment | (Click to select)UseSource | $ | ||
| Accounts payable | (Click to select)SourceUse | $ | ||
| Accrued expenses | (Click to select)SourceUse | $ | ||
| Long-term debt | (Click to select)SourceUse | $ | ||
| Common stock | (Click to select)SourceUse | $ | ||
| Accumulated retained earnings | (Click to select)SourceUse | $ |
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
Fundamentals of Investments, Valuation and Management
Authors: Bradford Jordan, Thomas Miller, Steve Dolvin
8th edition
1259720697, 1259720691, 1260109437, 9781260109436, 978-1259720697
