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Net income not given, please show all work to calculate net income and to answer questions in detail - xo Question 10 [15 points] Benson
Net income not given, please show all work to calculate net income and to answer questions in detail
- xo Question 10 [15 points] Benson Inc.'s balance sheet accounts as of December 31, 2014 and 2015, and information relating to 2015 activities, are presented below. December 31 2015 2014 Assets Cash $1,018,500 $155,500 Accounts receivable, net 707,500 604,000 Prepaid expenses 243,000 298,500 Investments (held for trading). 399.500 0 HTM investments 254,000 269,000 Property, plant & equipment (PPE). 997,000 1,003,500 Accumulated depreciation (610,500) (523,500) Patents, net 561,500 585,000 Total assets $3,570,500 $2,392,000 Liabilities and shareholders' equity Accounts payable $542,500 $459,000 Income tax payable 326,500 224,500 Unearned revenue 135,000 214,500 Bonds payable 1,162,000 508,500 Common shares. 527,000 320,500 Retained earnings 877,500 665,000 Total liabilities and shareholders' equity. $3,570,500 $2,392,000 Information relating to 2015 activities: Cash dividends of $507,500 were declared and paid in 2015. Equipment costing $370,000 and having a carrying amount of $220,000 was sold for $200,000. A HTM investment was sold at par for $15,000. There were no other transactions affecting HTM investments in the year. HFT investments consist of treasury bills maturing on February 15, 2016. Changes in other balance sheet accounts resulted from usual transactions and events. Bonds payable were all issued at face value. Please make sure your final answer(s) are accurate to the nearest whole number. Determine the following amounts for Benson Inc. for the year 2015: a) Net cash from operating activities (indirect method) Net cash from operating activities indirect method) = $ b) Net cash from investing activities Net cash from investing activities = $ C) Net cash from financing activities Net cash from financing activities = $ ca 10:23 PM 2021-11-28 22Step by Step Solution
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