Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help with the cash flow statement and 3 questions. this is my 3rd time submitting this and I cant seem to get the correct

need help with the cash flow statement and 3 questions. this is my 3rd time submitting this and I cant seem to get the correct steps explaning how to do it

The following financial statements and information are available for Blythe Industries, Incorporated.

Balance Sheets
As of December 31
Year 2 Year 1
Assets
Cash $180,200 $135,700
Accounts receivable 116,100 96,000
Inventory 209,700 193,200
Marketable securities (available for sale) 294,000 230,000
Equipment 731,000 551,000
Accumulated depreciation (349,000) (270,000)
Land 90,000 135,000
Total assets $1,272,000 $1,070,900
Liabilities and equity
Liabilities
Accounts payable (inventory) $40,900 $74,500
Notes payableLong-term 259,000 281,000
Bonds payable 225,000 112,000
Total liabilities 524,900 467,500
Stockholders equity
Common stock, no par 270,300 225,000
Preferred stock, $50 par 122,000 112,000
Paid-in capital in excess of parPreferred stock 40,100 30,100
Total paid-in capital 432,400 367,100
Retained earnings 349,700 281,300
Less: Treasury stock (35,000) (45,000)
Total stockholders equity 747,100 603,400
Total liabilities and stockholders equity $1,272,000 $1,070,900

Income Statement
For the Year Ended December 31, Year 2
Sales revenue $1,181,000
Cost of goods sold (862,200)
Gross profit 318,800
Operating expenses
Supplies expense $22,900
Salaries expense 103,000
Depreciation expense 101,000
Total operating expenses (226,900)
Operating income 91,900
Nonoperating items
Interest expense (18,000)
Gain from the sale of marketable securities 29,000
Gain from the sale of land and equipment 12,000
Net income $114,900

Additional Information

  1. Sold land that cost $45,000 for $49,000.
  2. Sold equipment that cost $34,000 and had accumulated depreciation of $22,000 for $20,000.
  3. Purchased new equipment for $214,000.
  4. Sold marketable securities that were classified as available-for-sale and that cost $50,000 for $79,000.
  5. Purchased new marketable securities, classified as available-for-sale, for $114,000.
  6. Paid $22,000 on the principal of the long-term note.
  7. Paid off a $112,000 bond issue and issued new bonds for $225,000.
  8. Sold 100 shares of treasury stock at its cost.
  9. Issued some new common stock.
  10. Issued some new $50 par preferred stock.
  11. Paid dividends. (Note: The only transactions to affect retained earnings were net income and dividends.)
image text in transcribed

where would i fidn that? i copied and pasted the question so whatver is there is ehwt was provided
ndica a. What is the cost per share of the treasury stock sold? b. What was the price per share of the newly issued preferred stock? (Round final answer to the nearest whole number.) c. What was the book value of the equipment sold

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

More Books

Students also viewed these Accounting questions

Question

1. Describe the types of power that effective leaders employ

Answered: 1 week ago