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 | $ | 31,600 | $ | 30,810 | ||
| Accounts receivable | 71,100 | 74,320 | ||||
| Inventories | 62,000 | 64,375 | ||||
| Property, plant, and equipment | 159,000 | 170,200 | ||||
| Less: Accumulated depreciation | (46,880 | ) | (51,100 | ) | ||
| Total assets | $ | 276,820 | $ | 288,605 | ||
| Liabilities and Equity | ||||||
| Accounts payable | $ | 46,100 | $ | 48,310 | ||
| Accrued expenses | 7,480 | 6,580 | ||||
| Long-term debt | 26,800 | 29,800 | ||||
| Common stock | 28,000 | 33,200 | ||||
| Accumulated retained earnings | 168,440 | 170,715 | ||||
| Total liabilities and equity | $ | 276,820 | $ | 288,605 | ||
| Item | Source/Use | Amount | ||
| Cash | (Click to select)SourceUse | $ | ||
| Accounts receivable | (Click to select)SourceUse | $ | ||
| Inventories | (Click to select)SourceUse | $ | ||
| Property, plant, and equipment | (Click to select)SourceUse | $ | ||
| Accounts payable | (Click to select)SourceUse | $ | ||
| Accrued expenses | (Click to select)SourceUse | $ | ||
| Long-term debt | (Click to select)UseSource | $ | ||
| Common stock | (Click to select)UseSource | $ | ||
| Accumulated retained earnings | (Click to select)SourceUse | $ |
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Fundamental accounting principle
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
21st edition
1259119831, 9781259311703, 978-1259119835, 1259311708, 978-0078025587
