Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Instructions The comparative balance sheet of Whitman Co. at December 31, 2012 and 2041, is as follows: Dec 31, 2012 Dec 31, 2011 Cash $918,000.00

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Instructions The comparative balance sheet of Whitman Co. at December 31, 2012 and 2041, is as follows: Dec 31, 2012 Dec 31, 2011 Cash $918,000.00 + Accounts receivable (net) 828,900.00 5 Inventories 1,268,460.00 5964,800.00 761.940.00 1.162.980.00 35.100.00 479.700.00 6 Prepaid expenses 29.340.00 Land 315,900.00 1.462,500.00 3 Buildings 900.900.00 9 Accumulated depreciation-buildings (408.600.00) (382.520.00) 10 Equipment 512.280.00 11. Accumulated depreciation equipment (141,300.00) $4,785,480.00 454,680.00 (158.760.00) $4,219.020.00 Total assets Liabilities and Stockholders' Equity 14 Accounts payable (merchandise creditors) 5922.500.00 5958,320.00 15 Bands payable 270,000.00 0.00 15 Common stock, $25 par 117.000.00 17 Paid-in capital: Excess of issue price over par-common stock 317,000.00 758,000.00 2.517.980.00 558.000.00 2,585,700.00 15 Retained earnings 19 Total liabilities and stockholders' equity $4.785,480.00 $4.219,020,00 Instructions The noncurrent asset, noncurrent liability, and stockholders equity accounts for 20Y2 are as follows: ACCOUNT Land ACCOUNT NO. Balance Date Debit Credit Debit Credit 20Y2 Jan. 1 Balance 479,700 Apr. 20 Realized S151,200 cash from sale 163,800 315,900 ACCOUNT Buildings ACCOUNT NO Balance Debit Date Item Debit Credit Credit 20Y2 Jan. 1 Balance 900,900 Apr. 20 Acquired for cash 561,600 1,462,500 ACCOUNT Accumulated DepreciationBuildings ACCOUNT NO Balance Debit Credit Debit Item Credit Date 2012 Jan. 1 Balance 382 320 Dec 31 Depreciation for year 26,280 408,600 Instructions Dec 31 Depreciation for year 26,280 408. ACCOUNT Equipment ACCOUNT NO Balance Item Date 2012 Debit Credit Debit Credit Jan. 1 Balance 454,680 26 Discarded, no salvage 46,800 407,880 Aug 11 Purchased for cash 104,400 512,280 ACCOUNT Accumulated Depreciation Equipment ACCOUNT NO. Balance Debit Credit Debit Item Credit Date 2012 Jan. 1 Balance 158,760 26 Equipment discarded 46,800 111.960 Dec 31 Depreciation for year 29,340 141,300 ACCOUNT Bonds Payable ACCOUNT NO Balance Debit Date Debit Credit Credit 20Y2 270,000 May 1 Issued 20-year bonds 270,000 Email Instructor Save and Exit Submit Assignment for Instructions ACCOUNT Common Stock $25 par ACCOUNT NO Balance Debit Debit Credit Credit Date 2012 Jan. 1 Balance 117,000 Dec. 7 Issued 8,000 shares of common stock for $50 per share 200,000 317.000 ACCOUNT Paid-In Capital in Excess of Par-Common Stock ACCOUNT NO Balance Debit Credit Debit Credit Date 20Y2 Jan. 1 Balance 558,000 Dec. 7 Issued 8,000 shares of common stock for $50 per share 200.000 758.000 ACCOUNT Retained Earnings ACCOUNT NO Balance Debit Item Debit Credit Credit Date 2012 Jan. 1 Balance 2,585,700 Dec. 31 Net loss 35,320 2,550,380 31 Cash dividends 32.400 2,517,980 Email Instructor Save and Exit Submit Assign Statement of Cash Flows Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. Use the minus sign to indicate cash outflows Whitman Co Statement of Cash Flows For the Year Ended December 31, 20Y2 1 Cash flows from operating activities: 2 Net loss Adjustments to reconcile net loss to net cash flow from operating activities: Denreriation

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

Passive Activity Loss IRS Audit Technique Guide

Authors: Internal Revenue Service

1st Edition

1304114325, 978-1304114327

More Books

Students also viewed these Accounting questions

Question

Do you think physicians should have unions? Why or why not?

Answered: 1 week ago