Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i just need the value that is marked with a red x GolfGear & More, Inc., is a regional and online golf equipment retailer. The

i just need the value that is marked with a red x
image text in transcribed
image text in transcribed
GolfGear & More, Inc., is a regional and online golf equipment retailer. The company reported the following for the current year Purchased a long-term investment for cash, $18,000. Paid cash dividend, $12,500. Sold equipment for $8,500 cash (cost, $26,000, accumulated depreciation, $17,500). Issued shares of no-par stock, 400 shares at $12 per share cash. Net income was $22.700. Depreciation expense was $3,500. Its comparative balance sheet is presented below. Balances Balances 12/31/Current 12/31/Prior Year Year Cash 19,500 22,500 Accounts receivable 27,000 27,000 Merchandise inventory 78.000 70,500 Investments 18,000 Equipment 91,000 117.000 Accumulated depreciation (28 500) (32,500) Total 215,000 204,500 Accounts payable $ 14,500 $ 19,500 Wages payable 2,000 3,500 Income taxes payable 5,500 3,500 Notes payable 59,600 59,000 Common stock and additional paid in capital 104,800 100,000 Retained earnings 29,200 19,000 Total $215,000 $204,500 Required: 1. Complete a T-account worksheet Answer is not complete. Cash Operating Net Income Depreciation expense Income taxes payable 22 700 3,500 2.000 7,500 Inventory 5.000 Accounts payable 1,500 Wages payable GO Net cash provided by operating activities > 14 200 Investing Sale of equipment > > 8.500 18,000 Purchase investment . 9.500 Net cash used in Investing activities Financing Proceeds from stock Issuance 4,800 12,500 7.700 Net cash used in financing activities (3.000) Not decrease in cash and cash equivalents O

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Financial Accounting (Chapters 1-17)

Authors: John Wild

25th Edition

1260780147, 9781260780147

More Books

Students also viewed these Accounting questions