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T account #1 Consider the following account starting balances and transactions involving these accounts. Use T-accounts to record the starting balances and the offsetting entries for the transactions. The starting balance of Accounts Receivable is $3,400 The starting balance of Cash is $9,000 The starting balance of Inventory is $5,100 1. Receive payment of $10 owed by a customer 2. Buy $16 worth of manufacturing supplies for cash 3. Sell product for $40 with historical cost of $40 What is the final amount in Cash? #2 Consider the following account starting balances and transactions involving these accounts. Use T-accounts to record the starting balances and the offsetting entries for the transactions. The starting balance of Accounts Payable is $1,900 The starting balance of Cash is $9,100 The starting balance of Debt is $2,400 The starting balance of Inventory is $4,800 1. Buy $18 worth of manufacturing supplies on credit 2. Borrow $53 from a bank 3. Pay $8 owed to a supplier What is the final amount in Debt? #3 Consider the following account starting balances and transactions involving these accounts. Use T-accounts to record the starting balances and the offsetting entries for the transactions. The starting balance of Cash is $8,400 The starting balance of Inventory is $4,200 The starting balance of Retained Earnings is $23,500 1. Pay expense of $2 2. Sell product for $40 with historical cost of $32 3. Sell service for $25 What is the final amount in Retained Earnings? #4 The T-accounts below summarize transactions of Torche Corporation from February 22 to February 25, 2013: Cash Balance 14,700 12 15 80 58 PP&E, Net 44 4 Accounts Receivable Balance 4,800 Balance 15,800 44 Other Assets 12 Balance 900 Inventory Balance 3,800 15 Accounts Payable 4 Balance 2,400 15 Debt Balance 3,700 58 Other Liabilities Balance 5,000 PaidIn Capital Balance 6,000 80 Retained Earnings 12 What is the final amount in Total Liabilities & Equity? Balance 22,900 3 #5 Stuart Company Balance Sheet As of March 11, 2013 (amounts in thousands) Cash Accounts Receivable Inventory Property Plant & Equipment Other Assets Total Assets 8,400 Accounts Payable 4,700 Debt 4,200 Other Liabilities 17,200 Total Liabilities 2,800 Paid-In Capital Retained Earnings Total Equity 37,300 Total Liabilities & Equity 2,800 3,400 900 7,100 6,700 23,500 30,200 37,300 Use T-accounts to record the transactions below, which occur on March 12, 2013, close the T-accounts, and construct a balance sheet to answer the question. 1. Borrow $52,000 from a bank 2. Purchase equipment for $48,000 in cash 3. Issue $85,000 in stock What is the final amount in Total Assets? Please specify your answer in the same units as the financial statement. #6 Lightspeed Industries Balance Sheet As of March 11, 2013 (amounts in thousands) Cash Accounts Receivable Inventory Property Plant & Equipment Other Assets 14,100 Accounts Payable 3,200 Debt 4,900 Other Liabilities 16,300 Total Liabilities 500 Paid-In Capital 1,900 3,600 2,000 7,500 7,200 Total Assets Retained Earnings Total Equity 39,000 Total Liabilities & Equity 24,300 31,500 39,000 Use T-accounts to record the transactions below, which occur on March 12, 2013, close the T-accounts, and construct a balance sheet to answer the question. 1. Issue $80,000 in stock 2. Borrow $65,000 from a bank 3. Receive payment of $12,000 owed by a customer 4. Pay $6,000 owed to a supplier 5. Buy $17,000 worth of manufacturing supplies on credit What is the final amount in Total Assets? Please specify your answer in the same units as the financial statement. #7 Lightspeed Industries Balance Sheet As of March 11, 2013 (amounts in thousands) Cash Accounts Receivable Inventory Property Plant & Equipment Other Assets Total Assets 14,100 Accounts Payable 3,200 Debt 4,900 Other Liabilities 16,300 Total Liabilities 500 Paid-In Capital Retained Earnings Total Equity 39,000 Total Liabilities & Equity 1,900 3,600 2,000 7,500 7,200 24,300 31,500 39,000 Use T-accounts to record the transactions below, which occur on March 12, 2013, close the T-accounts, and construct a balance sheet to answer the question. 1. Sell service for $20,000 2. Pay expense of $3,000 3. Sell product for $25,000 with historical cost of $20,000 What is the final amount in Total Assets? Please specify your answer in the same units as the financial statement. Statement of Cash flows #3 Siam Traders had Net Income for 2012 of $9,500,000. The firm invested $1,000,000 in manufacturing equipment during 2012. The equipment is being depreciated over five years using straight-line depreciation, starting in 2012. Assuming no other adjustments to cash flow than those mentioned here, create a statement of cash flows for 2012 with amounts in thousands. What is the Net Cash Flow in 2012? Please specify your answer in the same units as the financial statement. #4 Valley Technology had Net Income for 2012 of $9,600,000. The firm invested $5,000,000 in manufacturing equipment during 2011 but made no additional capital investments in 2012. The equipment is being depreciated over five years using straight-line depreciation, starting in 2011. Assuming no other adjustments to cash flow than those mentioned here, create a statement of cash flows for 2012 with amounts in thousands. What is the Net Cash Flow in 2012? Please specify your answer in the same units as the financial statement. #5 Suppose Siam Traders has the following results related to cash flows for 2012: Net Income of $9,400,000 Increase in Accounts Payable of $800,000 Decrease in Accounts Receivable of $600,000 Decrease in Inventory of $700,000 Assuming no other cash flow adjustments than those listed above, create a statement of cash flows with amounts in thousands. What is the Net Cash Flow from Operating Activities? Please specify your answer in the same units as the financial statement. #6 Suppose Hopewell Corporation has the following results related to cash flows for 2012: Net Income of $8,000,000 Increase in Accounts Payable of $500,000 Increase in Accounts Receivable of $700,000 Depreciation of $1,300,000 Decrease in Inventory of $300,000 Other Adjustments from Operating Activities of -$900,000 Assuming no other cash flow adjustments than those listed above, create a statement of cash flows with amounts in thousands. What is the Net Cash Flow from Operating Activities? Please specify your answer in the same units as the financial statement. #7 Suppose Dansko Integrated has the following results related to cash flows for 2012: Decrease in Debt of $200,000 Dividends of $800,000 Purchases of Property, Plant, & Equipment of $6,700,000 Other Adjustments from Financing Activities of -$600,000 Other Adjustments from Investing Activities of $300,000 Assuming no other cash flow adjustments than those listed above, create a statement of cash flows for financing and investing activities with amounts in thousands. What is the Net Cash Flow from Financing and Investing Activities? Please specify your answer in the same units as the financial statement. #8 Suppose Torche Corporation has the following results related to cash flows for 2012: Net Income of $8,500,000 Decrease in Accounts Payable of $400,000 Increase in Accounts Receivable of $800,000 Increase in Debt of $100,000 Depreciation Expenses of $1,600,000 Purchases of Property, Plant, & Equipment of $5,400,000 Assuming no other cash flow adjustments than those listed above, create a statement of cash flows with amounts in thousands. What is the Net Cash Flow? Please specify your answer in the same units as the financial statement. #9 Suppose Stuart Company has the following results related to cash flows for 2012: Net Income of $7,700,000 Decrease in Accounts Payable of $900,000 Decrease in Accounts Receivable of $300,000 Decrease in Debt of $600,000 Depreciation Expenses of $1,700,000 Dividends of $800,000 Increase in Inventory of $800,000 Purchases of Property, Plant, & Equipment of $7,500,000 Other Adjustments from Financing Activities of $300,000 Other Adjustments from Investing Activities of $300,000 Other Adjustments from Operating Activities of $600,000 Create a statement of cash flows with amounts in thousands. What is the Net Cash Flow? Please specify your answer in the same units as the financial statement. Use the starting balance sheet, income statement, and the list of changes to answer the question. Dansko Integrated Balance Sheet As of December 31, 2012 (amounts in thousands) Cash Other Assets Total Assets 29,000 26,000 55,000 Liabilities Equity Total Liabilities & Equity 33,000 22,000 55,000 Dansko Integrated Income Statement January 1 to March 31, 2013 (amounts in thousands) Revenue Expenses Net Income 7,100 2,800 4,300 Between January 1 and March 31, 2013: 1. Cash increases by $200,000 2. Other Assets decrease by $100,000 3. Paid-In Capital does not change 3. Dividends increase by $200,000 What is the value for Liabilities on March 31, 2013? Please specify your answer in the same units as the financial statements. #2 Nippon Technology Income Statement January 1 to December 31, 2012 (amounts in thousands) Revenue Cost of Goods Sold (COGS) Gross Income 8,700 1,740 6,960 Sales, General, & Administrative Expenses (SG&A) Depreciation Expense Other Expenses Earnings Before Interest & Taxes (EBIT) Interest Pre-Tax Income Income Taxes Net Income 870 1,200 400 4,490 50 4,440 1,776 2,664 Between January 1 and December 31, 2012: 1. Accounts Receivable decrease by $600,000 2. Accounts Payable increase by $800,000 3. Gross Property, Plant, & Equipment increase by $7,300,000 4. Long Term Debt decreases by $400,000 Assume no other changes What is the Net Cash Flow? Please specify your answer in the same units as the financial statement. #3 Torche Corporation Balance Sheet As of December 31, 2012 (amounts in thousands) Cash Accounts Receivable Inventory Property Plant & Equipment, Gross Accumulated Depreciation Property Plant & Equipment, Net Other Assets Total Assets 147,000 Accounts Payable 48,000 Debt 38,000 Other Liabilities 218,000 Total Liabilities 60,000 Paid-In Capital 158,000 Retained Earnings 9,000 Total Equity 400,000 Total Liabilities & Equity Torche Corporation 24,000 37,000 50,000 111,000 60,000 229,000 289,000 400,000 Statement of Cash Flows January 1 to March 31, 2013 (amounts in thousands) Net Income Depreciation Decrease (Increase) in Accounts Receivable Decrease (Increase) in Inventory Increase (Decrease) in Accounts Payable Other Adjustments Net Cash Flow from Operating Activities Purchase of Property, Plant, & Equipment Other Adjustments Net Cash Flow from Investing Activities Increase (Decrease) in Debt Dividends Other Adjustments Net Cash Flow from Financing Activities Net Cash Flow 8,500 2,000 (800) (300) (400) 0 9,000 (5,400) 0 (5,400) 100 (300) 0 (200) 3,400 What is the value for Total Liabilities & Equity on March 31, 2013? Please specify your answer in the same units as the financial statements. #4 Ruston Company Balance Sheet As of December 31, 2012 (amounts in thousands) Cash Accounts Receivable Inventory Property Plant & Equipment, Gross 90,000 Accounts Payable 34,000 Debt 51,000 Other Liabilities 230,000 Total Liabilities 12,000 36,000 21,000 69,000 Accumulated Depreciation Property Plant & Equipment, Net Other Assets Total Assets 55,000 Paid-In Capital 175,000 Retained Earnings 6,000 Total Equity 356,000 Total Liabilities & Equity 59,000 228,000 287,000 356,000 Ruston Company Balance Sheet As of March 31, 2013 (amounts in thousands) Cash Accounts Receivable Inventory Property Plant & Equipment, Gross Accumulated Depreciation Property Plant & Equipment, Net Other Assets Total Assets 88,000 Accounts Payable 40,000 Debt 41,000 Other Liabilities 230,000 Total Liabilities 55,800 Paid-In Capital 174,200 Retained Earnings 10,000 Total Equity 353,200 Total Liabilities & Equity Revenue and expenses information from January 1 to March 31, 2013 were: Sales Revenue of $8,700,000 COGS of 25% of Sales Interest of $60,000 Other Expenses of $500,000 SG&A of $870,000 Tax Rate of 38% What is the net income in the first quarter of 2013? Please specify your answer in the same units as the financial statements. 15,000 43,000 5,737 63,737 59,000 230,463 289,463 353,200