Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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