Question
Please refund the question thanks! The following information is provided for the Solitude Corporation. Balance Sheets December 31, 20XX December 31, 20XW Assets Cash $77,490
Please refund the question thanks!
The following information is provided for the Solitude Corporation.
Balance Sheets | ||||
December 31, 20XX | December 31, 20XW | |||
Assets | ||||
Cash | $77,490 | $29,520 | ||
Accounts receivable | 59,040 | 66,420 | ||
Inventory | 154,980 | 132,840 | ||
Equipment | 136,530 | 110,700 | ||
Less: Accumulated amortization | 33,210 | 22,140 | ||
Net equipment | 103,320 | 88,560 | ||
Total assets | $394,830 | $317,340 | ||
Liabilities and Equity | ||||
Accounts payable | $62,730 | $36,900 | ||
Taxes payable | 7,380 | 14,760 | ||
Common stock | 243,540 | 221,400 | ||
Retained earnings | 81,180 | 44,280 | ||
Total liabilities and equity | $394,830 | $317,340 | ||
During 20XX, the following occurred:
- Net income was $73,800.
- Equipment was purchased for cash, and no equipment was sold.
- Shares were sold for cash.
- Dividends were declared and paid.
a. Prepare a statement of cash flows for the Solitude Corporation. (Amounts to be deducted should be indicated with a minus sign. Omit $ sign in your response.)
Solitude Corporation Statement of Cash Flows | ||
For the Year Ended December 31, 20XX | ||
Operating Activities: | ||
(Click to select) Net income Net loss | $ | |
Add items not requiring an outlay of cash: | ||
(Click to select) Increase in inventory Increase in accounts receivable Decrease in accounts receivable Decrease in taxes payable Amortization expense Increase in accounts payable Decrease in inventory Decrease in accounts payable Increase in taxes payable | ||
Cash flow from operations | ||
Changes in non-cash working capital: | ||
(Click to select) Decrease in accounts receivable Increase in taxes payable Decrease in inventory Increase in accounts receivable Decrease in accounts payable Amortization expense | ||
(Click to select) Increase in inventory Increase in taxes payable Decrease in inventory Increase in accounts receivable Decrease in accounts payable Amortization expense | ||
(Click to select) Increase in accounts payable Increase in taxes payable Decrease in inventory Increase in accounts receivable Decrease in accounts payable Amortization expense | ||
(Click to select) Decrease in taxes payable Increase in taxes payable Decrease in inventory Increase in accounts receivable Decrease in accounts payable Amortization expense | ||
Net Change in non-cash working capital | ||
Cash (Click to select) used in provided by operating activities | ||
Investing activities: | ||
(Click to select) Increase in equipment Decrease in accounts receivable Increase in inventory Increase in accounts payable Decrease in taxes payable Increase in taxes payable Decrease in inventory Increase in accounts receivable Decrease in accounts payable Decrease in equipment | ||
Cash (Click to select) provided by used in investing activities | ||
Financing activities: | ||
(Click to select) Issue of common stock Increase in equipment Amortization expense Decrease in accounts receivable Increase in inventory Increase in accounts payable Decrease in taxes payable Increase in taxes payable | ||
(Click to select) Common stock dividends paid Increase in equipment Amortization expense Decrease in accounts receivable Increase in inventory Increase in accounts payable Decrease in taxes payable Increase in taxes payable | ||
Cash (Click to select) used in provided by financing activities | ||
(Click to select) Net increase in cash Net decrease in cash | ||
Cash, beginning of year | ||
Cash, end of year | $ | |
b. Identify the major accounts contributing to the change in cash position, from the three different components of the cash flow statement. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) b-1. Major accounts contributing to the positive change in cash position:
check all that apply 1
- Accounts receivableunanswered
- Dividends paidunanswered
- Equipmentunanswered
- Net incomeunanswered
- Inventoryunanswered
- Common stock issuanceunanswered
- Accounts payableunanswered
- Amortization expenseunanswered
b-2. Major accounts contributing to the negative change in cash position:
check all that apply 2
- Accounts receivableunanswered
- Equipmentunanswered
- Accounts payableunanswered
- Common stock issuanceunanswered
- Dividends paidunanswered
- Inventoryunanswered
- Amortization expenseunanswered
- Net income
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