Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Management has decided to declare an additional $562,500 dividend, the date of declaration is December 30, Year 3. The date of record will be January
Management has decided to declare an additional $562,500 dividend, the date of declaration is December 30, Year 3. The date of record will be January 15, Year 4. and the date of payment will be January 30, Year 4. Create journal entries and make any necessary changes to the financial statements.
Balance Sheet Statement of Cash HoLS As of1251ear3 For Year Ended 1251Year3 Cash Howfrom Operations Net moome 37,087,771 CurentAsses (51,665,I0) 51,332,0O0 *199,500 (*166,500) 55,554,96953,330,0CO GhangeinAR 55,994,000 55,661,000Chage in Ienry Alowance for Bad Deb5 C333,000) (51,6i5,000)Change in Prepaid Insurance 57,42000 59,324,000thage in Prepaid Rent Prepaid Insurance Prepaid Rent 3199,500 599,000Deprecaion& Aon 3B32,500EN6,I0OChangeinAP 5951,430) 20,539,969 518,315,000GhangeinIncome Tax Payable 51,656,88I Toal CumentASSES Changein erest Payable Loans to uher businesses 266M,I00 2,6KM,00OChage Paid forinterest 32,843,56O52843,560Ghangein Uneamed Revene 55,507,5EO55,507,560Chage in Wages Payable 5199,800 (5166,500) 2,76A28 Net Cash Flowton Opera ons 39,857,000 57,326,000 3A,f52,000 55,328,0I0 55,28,000 Cash Flomfrom estments 518,648,0003B,65B,000Puhase ofLand b2,664,O0) (5B,65B,O0O) (V6,6EO,IIO)Puhase ofEipment Toal PPE tangible Assets Palens, net ToalAsses 322,644,000 511,988,000 NeCash Flowro esimens (512,654 0IO) 5999,0005949,000Cash Howfrom Fnancing 349,640,529 536,804,560 Repayment of Loans Issuance ofNotes Payable Issuance of Bonds Payable Liabiiies and Stodholders'Eqry Curent Liabies C200,000) Accous Payable terestPayable Income Tax Payable 3,0M4,5O3,96,000NetCash Fow rom Finan 330,000 232880 66.000 $1,198,800 99,000 SEE6,00O 5832,500 5333,0005333,000 5T,595,250 826,500 Net mrease(Decrease) in Cash Cash, Januay 1, Year3 Cash, December 31, Year:3 33,330,0O0 55,554,JGg ages Payable GurentPion ofLoan Payable Toal CumetLiabS Longtem Debt 33,653,000 53,96,000 Net Bonds Payablke Notes Payable 51,561,447 Total Logten Debt Toal Liabiiies 39,324,0I0 55,328,000 514,548,44759,324,000 22,143,697516,150,500 COTIIon s 32,6EO,II0 52,6EO,IOO 51 par, 4,655,000 aied, 266O,000 oustan) $1,998,000 51,998,000 523,633,803 516,746,032 Reained Eamings (5744,972) 5744,972) Tota Sudholders' Eqy 327,546,831 520,659,0EO TotalLiabiiies and Sactholder549,690,529 536,804,560
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