I need help answering the following questions that are attached. Any help is greatly appreciated. Thanks in advance.

Problem 24-1 Your firm has been engaged to examine the financial statements of Almaden Corporation for the year 2014. The bookkeeper who maintains the financial records has prepared all the unaudited financial statements for the corporation since its organization on January 2, 2009. The client provides you with the information below. ALMADEN CORPORATION BALANCE SHEET DECEMBER 31, 2014 Assets Current assets Other assets Liabilities $1,889,260 5,181,169 $7,070,429 Current liabilities Long-term liabilities Capital $966,550 1,474,940 4,628,939 $7,070,429 The supplementary information below is also provided. 1 On May 1, 2014, the corporation issued at 95.3, $783,600 of bonds to finance plant expansion. The . long-term bond agreement provided for the annual payment of interest every May 1. The existing plant was pledged as security for the loan. Use the straight-line method for discount amortization. 2 The bookkeeper made the following mistakes. . (a) In 2012, the ending inventory was overstated by $184,160. The ending inventories for 2013 and 2014 were correctly computed. (b) In 2014, accrued wages in the amount of $225,310 were omitted from the balance sheet, and these expenses were not charged on the income statement. (c) In 2014, a gain of $176,330 (net of tax) on the sale of certain plant assets was credited directly to retained earnings. 3 A major competitor has introduced a line of products that will compete directly with Almaden's . primary line, now being produced in a specially designed new plant. Because of manufacturing innovations, the competitor's line will be of comparable quality but priced 50% below Almaden's line. The competitor announced its new line on January 14, 2015. Almaden indicates that the company will meet the lower prices that are high enough to cover variable manufacturing and selling expenses, but permit recovery of only a portion of fixed costs. 4 You learned on January 28, 2015, prior to completion of the audit, of heavy damage because of a . recent fire to one of Almaden's two plants; the loss will not be reimbursed by insurance. The newspapers described the event in detail. Analyze the above information to prepare a corrected balance sheet for Almaden in accordance with proper accounting and reporting principles. Prepare a description of any notes that might need to be prepared. The books are closed and adjustments to income are to be made through retained earnings. (List current assets in order of liquidity. Enter account name only and do not provide descriptive information.) ALMADEN CORPORATION Balance Sheet December 31, 2014 Assets $ $ : $ $ : $ Liabilities and Stockholders' Equity $ $ $ : $ Problem 24-2 Cineplex Corporation is a diversified company that operates in five different industries: A, B, C, D, and E. The following information relating to each segment is available for 2015. A Sales revenue Cost of goods sold Operating expenses Total expenses B C D E $57,700 $77,000 $582,100 $35,100 $54,900 20,600 10,060 51,100 57,700 273,000 244,800 20,600 12,110 31,800 18,600 108,800 517,800 32,710 50,400 Operating profit (loss) $27,040 30,660 $(31,800) $64,300 $2,390 $4,500 Identifiable assets $39,000 $89,900 $508,000 $74,500 $51,100 Sales of segments B and C included intersegment sales of $24,610 and $101,770, respectively. (a) Determine which of the segments are reportable based on the: Reportable Segment (1) Revenue test. (2) Operating profit (loss) test. (3) Identifiable assets test. (b) Prepare the necessary disclosures required by GAAP. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Exercise 23-4 The income statement of Vince Gill Company is shown below. VINCE GILL COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2014 Sales revenue $6,894,890 Cost of goods sold Beginning inventory $1,893,390 Purchases 4,385,910 Goods available for sale 6,279,300 Ending inventory 1,600,960 Cost of goods sold 4,678,340 Gross profit 2,216,550 Operating expenses Selling expenses Administrative expenses 441,730 691,990 Net income 1,133,720 $1,082,830 Additional information: 1. 2. 3. 4. 5. Accounts receivable decreased $310,140 during the year. Prepaid expenses increased $172,300 during the year. Accounts payable to suppliers of merchandise decreased $277,480 during the year. Accrued expenses payable decreased $129,500 during the year. Administrative expenses include depreciation expense of $69,330. Prepare the operating activities section of the statement of cash flows using the direct method. Click if you would like to Show VINCE GILL COMPANY Statement of Cash Flows (Partial) For the Year Ended December 31, 2014 Cash at End of Period $ Exercise 23-18 Cash Receiptsbelow from Customers The accounts appear in the ledger of Anita Baker Company. Retained Earnings Dr. $ Cr. Cash Payments to Suppliers Jan. 1, 2014 Credit Balance Aug. 15 Dividends (cash) Dec. 31 Net Income for 2014 Jan. 1, 2014 Debit Balance Aug. 3 Purchase of Equipment Sept. 10 Cost of Equipment Constructed Bal. $42,900 $15,540 $49,880 Cash Payments for Operating Expenses Equipment Nov. 15 Equipment Sold Net Cash Provided by Operating Activities 27,360 Dr. Cr. 77,240 Bal. $139,460 $61,480 200,940 $ 248,540 47,600 $66,190 1082830 182,350 Accumulated DepreciationEquipment Jan. 1, 2014 Credit Balance Apr. 8 Extraordinary Repairs Nov. 15 Accum. Depreciation on Equipment Sold Dec. 31 Depreciation for 2014 Dr. Cr. Bal. $84,570 $21,900 62,670 25,510 37,160 $16,050 53,210 From the postings in the accounts above, indicate how the information is reported on a statement of cash flows by preparing a partial statement of cash flows using the indirect method. The loss on sale of equipment (November 15) was $5,230. (Show amounts that decrease cash flow with either a sign e.g. -15,000 or in parenthesis e.g. (15,000).) ANITA BAKER COMPANY Statement of Cash Flows (Partial) For the Year Ended December 31, 2014 $ Adjustments to reconcile net income to $ XXX $XXX Click if you would like to Show Work for this question: Open Show Work Problem 23-2 The comparative balance sheets for Hinckley Corporation show the following information. December 31 Cash Accounts receivable Inventory Investments Buildings Equipment Patents Allowance for doubtful accounts Accumulated depreciationequipment Accumulated depreciationbuilding Accounts payable Dividends payable Notes payable, short-term (nontrade) Long-term notes payable Common stock Retained earnings 2014 2013 $38,140 15,030 20,890 -0- -0- 47,280 5,600 $14,690 10,650 9,490 3,770 30,630 21,460 6,840 $126,940 $97,530 $3,810 2,870 -0- 5,600 -0- 2,420 32,710 43,570 35,960 $5,060 5,100 6,120 3,770 4,340 3,820 25,980 33,290 10,050 $126,940 $97,530 Additional data related to 2014 are as follows. 1 . 2 . 3 . 4 . 5 . 6 . 7 . 8 . Equipment that had cost $12,820 and was 40% depreciated at time of disposal was sold for $2,540. $10,280 of the long-term note payable was paid by issuing common stock. Cash dividends paid were $4,340. On January 1, 2014, the building was completely destroyed by a flood. Insurance proceeds on the building were $32,270 (net of $2,600 taxes). Investments (available-for-sale) were sold at $1,300 above their cost. The company has made similar sales and investments in the past. Cash was paid for the acquisition of equipment. A long-term note for $17,010 was issued for the acquisition of equipment. Interest of $2,120 and income taxes of $8,280 were paid in cash. Prepare a statement of cash flows using the indirect method. Flood damage is unusual and infrequent in that part of the country. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) HINCKLEY CORPORATION Statement of Cash Flows For the Year Ended December 31, 2014 $ Adjustments to reconcile net income to $ $ Supplemental disclosures of cash flow information: $ $ $ $ Click if you would like to Show Work for this question: Open Show Work Problem 24-2 Your answer is partially correct. Try again. Cineplex Corporation is a diversified company that operates in five different industries: A, B, C, D, and E. The following information relating to each segment is available for 2015. A Sales revenue Cost of goods sold Operating expenses Total expenses B C D E $57,700 $77,000 $582,100 $35,100 $54,900 20,600 10,060 51,100 57,700 273,000 244,800 20,600 12,110 31,800 18,600 108,800 517,800 32,710 50,400 Operating profit (loss) $27,040 30,660 $(31,800) $64,300 $2,390 $4,500 Identifiable assets $39,000 $89,900 $508,000 $74,500 $51,100 Sales of segments B and C included intersegment sales of $24,610 and $101,770, respectively. (a) Determine which of the segments are reportable based on the: Reportable Segment (1) Revenue test. C (2) Operating profit (loss) test. A and C (3) Identifiable assets test. B and C (b) Prepare the necessary disclosures required by GAAP. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 24-1 This is the same as above I just added so you can see the titles they offer for each section. ALMADEN CORPORATION Balance Sheet December 31, 2014 Assets $ $ : $ $ : $ Liabilities and Stockholders' Equity $ $ $ : $ Click if you would like to Show Work for this question: Open Show Work 23-18 The title that is blank I need the correct header for it. ANITA BAKER COMPANY Statement of Cash Flows (Partial) For the Year Ended December 31, 2014 Cash Flows from Operating Activities $ Net Income 49880 Adjustments to reconcile net income to $ Depreciation Expense 16050 Loss on Sale of Equipment 5230 21280 Net Cash Provided by Operating Activities Cash Flows from Investing Activities For 23-2 The very last number is incorrect 71160 Almaden Corporation Balance sheet As at December 31, 2014 Assets: Non-current assets: Plant and equipment Less: Accumulated depreciation Land Total non-current assets Current Assets: Cash Investments in land Accounts receivable Less: Allowance for doubtful debts Inventory Prepaid expenses Cash surrender value of insurance policy Notes receivable Goodwill Bond discount Total current assets Total Assets Liabilities and Owners' Equity: Liabilities: Current liabilities Accounts payable Dividends payable Notes payable Unearned revenue Estimated income taxes payable Premium on common stock Accrued wages payable Non-current Liabilities: 8% long term bond payable(due may 1 2019) Total Liabilities Owners' Equity: Capital stock,$10 par value, 185,220 shares issued Retained earnings 5,564,000.00 (1,431,100.00) 749,360.00 234,276.00 513,500.00 (30,970.00) 482,530.00 832,100.00 63,710.00 85,180.00 163,530.00 252,280.00 29,463.00 Toal Liabilities and Owners' Equity Adjustments: Retained earnings = $176330+2776739 =$2,953,069 Cash =$176,330+573,030 = $749,360 Inventory = $184,160+647,940 = $832,100 Bond amortization: Bond discount = $4.7% * $783,600 = $$36,829 Bond amortization per year = $36,829/5 years = $7,366 Bond balance after the first year = 36,829-7366= $29,463 4,132,900.00 446,740.00 4,579,640.00 2,892,429.00 7,472,069.00 511,400.00 200,150.00 159,080.00 491,190.00 145,260.00 150,810.00 225,310.00 1,883,200.00 783,600.00 2,666,800.00 1,852,200.00 2,953,069.00 7,472,069.00 HINCKLEY CORPORATION Statement of Cash Flows For the Year Ended December 31, 2014 Cash flows from operating activities Net Income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Expense (equipment only) Amortization of Patent (6,840 - 5,600) Loss on sale of equipment Gain on sale of investment Gain from flood damage (32,270+2,600-(30,630-6,120) Increase in Accounts Receivable (net w/Allowance) Increase in Inventory Increase in Accounts Payable Net cash provided by operating activities Cash flows from investing activities Sales of Investments (3,770+1,300) Proceeds from damage to building (flood) Sale of Equipment Purchase of Equipment (with cash only) see schedule Net cash provided by investing activities Cash flows from financing activities Payment of Short-term Notes Payable Payment of Cash Dividends Net cash used by financing activities Increase in cash Cash at Beginning of Year Cash at End of Year Supplemental disclosures of cash flow information: Cash paid during the year for: Interest Income Taxes Noncash investing and financing activities Retired notes payable by issuing common stock Purchased equipment by issuing notes payable 2,898 1,240 5,152 (1,300) (10,360) (5,630) (11,400) 1,830 5,070 34,870 2,540 (21,630) (1,400) (4,340) 25,910 (17,570) 8,340 Supporting Computations: (a) Ending retained earnings Beginning Retained Earnings Net income 35,960 10,050 25,910 (b) Cost Accumulated Depreciation Book value Proceeds from sale Loss on sale 12,820 5,128 7,692 2,540 5,152 (c) Beginning Accumulated depreciation on equipment Disposed Depreciation Depreciation expense Ending Accumulated depreciation on equipment 20,850 (5,740) 23,450 14,690 38,140 2,120 8,280 $10,280 17,010 ($6,730) (d) Beginning equipment balance Cost of equipment sold Remaining balance Purchase of equipment with note Adjusted balance Ending equipment balance Purchased with cash 5,100 5,128 2,898 2,870 21,460 12,820 8,640 17,010 25,650 47,280 21,630 A Sales revenue B $57,700 Cost of goods sold 20,600 Operating expenses Total expenses C D $77,000 $582,100 E $35,100 $54,900 51,100 273,000 20,600 31,800 10,060 57,700 244,800 12,110 18,600 30,660 108,800 517,800 32,710 50,400 Operating profit (loss) $27,040 ($31,800) $64,300 $2,390 $4,500 Identifiable assets $39,000 $89,900 $508,000 $74,500 $51,100 a. 1 Revenue Test Segment C 2 Operating Loss Segment A, B and C 3 Identifiable assets test Segment B and C $80,680 $6,643 $76,250 b. A External Revenues Intersegment Revenues Total Revenues Cost of Goods Sold Operating Expenses Total Expenses Operating Profit (Loss) Identifiable Assets B $57,700 57,700 20,600 10,060 30,660 $27,040 $39,000 C Other Totals $52,390 $480,330 $90,000 $680,420 24,610 101,770 $126,380 77,000 582,100 90,000 806,800 51,100 273,000 52,400 57,700 244,800 30,710 108,800 517,800 83,110 -$31,800 $64,300 $6,890 $66,430 $89,900 $508,000 $125,600 $762,500 Total $806,800 397,100 343,270 740,370 $66,430 $762,500 Problem 24-1 Your firm has been engaged to examine the financial statements of Almaden Corporation for the year 2014. The bookkeeper who maintains the financial records has prepared all the unaudited financial statements for the corporation since its organization on January 2, 2009. The client provides you with the information below. ALMADEN CORPORATION BALANCE SHEET DECEMBER 31, 2014 Assets Current assets Other assets Liabilities $1,889,260 5,181,169 Current liabilities Long-term liabilities Capital $7,070,429 $966,550 1,474,940 4,628,939 $7,070,429 An analysis of current assets discloses the following. Cash (restricted in the amount of $302,730 for plant expansion) Investments in land Accounts receivable less allowance of $30,970 Inventories (LIFO flow assumption) $573,030 185,760 482,530 647,940 $1,889,260 Other assets include: Prepaid expenses Plant and equipment less accumulated depreciation of $1,431,100 Cash surrender value of life insurance policy Unamortized bond discount Notes receivable (short-term) Goodwill Land $63,710 4,132,900 85,180 36,829 163,530 252,280 446,740 $5,181,169 Current liabilities include: Accounts payable Notes payable (due 2017) Estimated income taxes payable Premium on common stock $511,400 159,080 145,260 150,810 $966,550 Long-term liabilities include: Unearned revenue Dividends payable (cash) 8% bonds payable (due May 1, 2019) $491,190 200,150 783,600 $1,474,940 Capital includes: Retained earnings Capital stock, par value $10; authorized 200,000 shares, 185,220 shares issued $2,776,739 1,852,200 $4,628,939 The supplementary information below is also provided. 1 On May 1, 2014, the corporation issued at 95.3, $783,600 of bonds to finance plant expansion. The . long-term bond agreement provided for the annual payment of interest every May 1. The existing plant was pledged as security for the loan. Use the straight-line method for discount amortization. 2 The bookkeeper made the following mistakes. . (a) In 2012, the ending inventory was overstated by $184,160. The ending inventories for 2013 and 2014 were correctly computed. (b) In 2014, accrued wages in the amount of $225,310 were omitted from the balance sheet, and these expenses were not charged on the income statement. (c) In 2014, a gain of $176,330 (net of tax) on the sale of certain plant assets was credited directly to retained earnings. 3 A major competitor has introduced a line of products that will compete directly with Almaden's . primary line, now being produced in a specially designed new plant. Because of manufacturing innovations, the competitor's line will be of comparable quality but priced 50% below Almaden's line. The competitor announced its new line on January 14, 2015. Almaden indicates that the company will meet the lower prices that are high enough to cover variable manufacturing and selling expenses, but permit recovery of only a portion of fixed costs. 4 You learned on January 28, 2015, prior to completion of the audit, of heavy damage because of a . recent fire to one of Almaden's two plants; the loss will not be reimbursed by insurance. The newspapers described the event in detail. Analyze the above information to prepare a corrected balance sheet for Almaden in accordance with proper accounting and reporting principles. Prepare a description of any notes that might need to be prepared. The books are closed and adjustments to income are to be made through retained earnings. (List current assets in order of liquidity. Enter account name only and do not provide descriptive information.)