Answered step by step
Verified Expert Solution
Question
1 Approved Answer
plz help me answer part 1 statement cash and part 1 ratios with the information above please Spartan Cases Inc. Comparative Balance Sheet December 31,
plz help me answer part 1 statement cash and part 1 ratios with the information above please
Spartan Cases Inc. Comparative Balance Sheet December 31, 2013 and 2012 Current Assets: Cash Accounts Receivable, Net Inventory Prepaid Rent Property, Plant, and Equipment: Total Current Assets Equipment Less: Accumulated Depreciation - Equipment Total Assets Total Property, Plant, and Equipment Current Liabilities: Accounts Payable Dividends Payable Unearned Revenue Salaries Payable Federal Income Taxes Payable Total Current Liabilities Long Term Liabilities Mortgage Payable Note Payable Total Liabilities Stockholders' Equity: Common Stock, \$1 Par Paid-In Capital in Excess of Par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity \begin{tabular}{|r|r|} \hline & 2021 \\ \hline$ & 266,200 \\ $ & 150,000 \\ $ & 30,000 \\ $ & 70,000 \\ \hline$ & 516,200 \\ \hline$ & 270,000 \\ $ & (20,000) \\ \hline$250,000 \\ \hline$766,200 \\ \hline & \\ \hline$ & 35,000 \\ \hline$ & 10,000 \\ \hline$ & 10,000 \\ \hline$ & 25,000 \\ \hline$ & 80,000 \\ \hline$ & 60,000 \\ \hline$ & 20,000 \\ \hline$ & 80,000 \\ \hline$ & 160,000 \\ \hline & 120,000 \\ \hline$26,000 \\ \hline & 766,200 \\ \hline \end{tabular} Spartan Cases Inc. Comparative Statement of Income For the Years Ended December 31, 2022 and 2021 Sales Cost of Goods Sold Gross Margin \begin{tabular}{c} 2022 \\ $1,500,000 \\ $450,000 \\ \hline$1,050,000 \end{tabular} \begin{tabular}{cc} 2021 \\ $1,100,000 \\ $440,000 \\ \hline$ & 660,000 \end{tabular} Operating Expenses: Salaries and Wages Expense Rent Expense Depreciation Expense Total Operating Expenses Income from Operations Loss on Sale of Equipment Interest Expense Increase (Decrease) in Operating Incme Income before Taxes Federal Income Taxes Net Income \begin{tabular}{rr|rr} $ & 150,000 & $ & 120,000 \\ $ & 45,000 & $ & 25,000 \\ $ & 50,000 & $ & 40,000 \\ \hline$ & 245,000 & $ & 185,000 \\ \hline$ & 805,000 & $ & 475,000 \\ $ & 4,000 & $ & \\ $ & 16,000 & $ & 16,000 \\ \hline$ & (20,000) & $ & (16,000) \\ \hline$ & 785,000 & $ & 459,000 \\ $ & 235,500 & $ & 132,800 \\ \hline$ & 549,500 & $ & 326,200 \\ \hline \end{tabular} American Aircraft Manufacturers Comparative Statement of Retained Earnings For the Years Ended December 31, 2022 and 2021 Retained Earnings, Beginning of Year Net Income Less: Dividends Retained Earnings, End of Year \begin{tabular}{ll|ll} & 2022 & & 2021 \\ $ & 426,200 & $ & 200,000 \\ $ & 549,500 & $ & 326,200 \\ \hline$ & 180,000 & $ & 100,000 \\ \hline$ & 795,700 & $ & 426,200 \\ \hline \end{tabular} 1. Equipment with a cost of $24,000 on which accumulated depreciation has been recorded for cash. Equipment was purchased using cash and a long-term liability. 2. Stock was issued for cash.. 3. Dividends were paid in cash. Part 1 Statement of Cash Flow Spartan Cases, Inc. Statement of Cash Flow For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income *enter ansv Adjustments to reconcile net income to Depreciation Amortization Gain or Loss Adjusted Net Income Changes in current operating assets and liabilities . Net Cash Flow from Operating Activities Cash Flows from Investing Activities Cash received from sale Less cash used for purchases Net Cash Flow from Investing Activities Cash Flow from Financing Activities Cash received from sale Less cash paid dividends or long-term debt Net Cash Flow from Financing Activities Increase or decrease in cash Cash at the beginning of the year Cash at the end of the yearStep 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