{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T04:42:00-04:00", "answer_date": "2024-06-28 04:42:00", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4241061", "url": "\/study-help\/questions\/question-following-is-information-for-the-tricounty-carting-corporation-for-4241061", "question_creation_date_js": "2024-06-28T04:42:00-04:00", "question_creation_date": "Jun 28, 2024 04:42 AM", "meta_title": "[Solved] Question: Following is information for th | SolutionInn", "meta_description": "Answer of - Question: Following is information for the Tri-County Carting Corporation for fiscal years 20-A and 20-B: Tri-County C | SolutionInn", "meta_keywords": "question,information,tri-county,carting,corporation,fiscal,years,20-,comparative,balance,sheet,december", "question_title_h1": "Question: Following is information for the Tri-County Carting Corporation for fiscal years 20-A and 20-B: Tri-County Carting Corporation Comparative Balance Sheet December 31, 20-B and", "question_title": "Question: Following is information for the Tri-County Carting Corporation for fiscal years", "question_title_for_js_snippet": "Question Following is information for the Tri County Carting Corporation for fiscal years 20 A and 20 B Tri County Carting Corporation Comparative Balance Sheet December 31, 20 B and 20 A Assets 20 B 20 A Inc Dec Current assets Cash $ 58,240 $ 58,300 $ (60) Government notes 1,650 5,500 (3,850) Accrued interest receivable 82 192 (110) Accounts receivable (net) 154,245 139,150 15,095 Merchandise inventory 177,564 185,658 (8,094) Supplies and prepayments 11,041 7,524 3,517 Total current assets $402,822 $396,324 $ 6,498 Property, plant, and equipment Store equipment $132,000 $106,700 $25,300 Less accumulated depreciation store equipment (49,500) (38,500) (11,000) Delivery equipment 123,200 88,000 35,200 Less accumulated depreciation delivery equipment (34,375) (22,000) (12,375) Office equipment 105,050 93,472 11,578 Less accumulated depreciation office equipment (22,000 ) (16,775 ) (5,225 ) Total property, plant, and equipment $254,375 $210,897 $43,478 Total assets $657,197 $607,221 $49,976 Liabilities Current liabilities Notes payable $ 27,720 $ 32,450 $ (4,730) Accounts payable 89,416 128,550 (39,134) Accrued and withheld payroll taxes 2,722 4,180 (1,458) Accrued interest payable 231 220 11 Total liabilities $120,089 $165,400 $(45,311 ) Stockholders' Equity Common stock (100,000 shares, $10 par) $275,000 $269,500 $ 5,500 Paid in capital in excess of par common stock 110,000 107,250 2,750 Retained earnings 152,108 65,071 87,037 Total stockholders' equity $537,108 $441,821 $ 95,287 Total liabilities and stockholders' equity $657,197 $607,221 $ 49,976 Tri County Carting Corporation Income Statement For the Year Ended December 31, 20 B Net sales $1,265,275 Cost of goods sold 742,775 Gross profit $ 522,500 Operating expenses 398,063 Operating income $ 124,437 Other revenues and expenses Interest revenue $ 550 Interest expense (2,750 ) (2,200 ) Net income $ 122,237 Tri County Carting Corporation Statement of Retained Earnings For the Year Ended December 31, 20 B Retained earnings, January 1 $ 65,071 Net income $122,237 Less dividends (35,200 ) Net increase in retained earnings 87,037 Retained earnings, December 31 $152,108 Required 1 Prepare a schedule for the calculation of cash generated from operating activities for the year ended December 31, 20 B 2 Prepare a statement of cash flow for the year ended December 31, 20 B ", "question_description": "

Question:<\/strong><\/p>

Following is information for the Tri-County Carting Corporation for fiscal years 20-A and 20-B: <\/p>

Tri-County Carting Corporation Comparative Balance Sheet December 31, 20-B and 20-A<\/p> <\/td><\/tr>

Assets<\/p> <\/td>

20-B<\/u><\/p> <\/td>

20-A<\/u><\/p> <\/td>

Inc.\/Dec.<\/u><\/p> <\/td> <\/tr>

Current assets:<\/p> <\/td><\/tr>

Cash<\/p> <\/td>

$ 58,240<\/p> <\/td>

$ 58,300<\/p> <\/td>

$ (60)<\/p> <\/td> <\/tr>

Government notes<\/p> <\/td>

1,650<\/p> <\/td>

5,500<\/p> <\/td>

(3,850)<\/p> <\/td> <\/tr>

Accrued interest receivable<\/p> <\/td>

82<\/p> <\/td>

192<\/p> <\/td>

(110)<\/p> <\/td> <\/tr>

Accounts receivable (net)<\/p> <\/td>

154,245<\/p> <\/td>

139,150<\/p> <\/td>

15,095<\/p> <\/td> <\/tr>

Merchandise inventory<\/p> <\/td>

177,564<\/p> <\/td>

185,658<\/p> <\/td>

(8,094)<\/p> <\/td> <\/tr>

Supplies and prepayments<\/p> <\/td>

11,041<\/u><\/p> <\/td>

7,524<\/u><\/p> <\/td>

3,517<\/u><\/p> <\/td> <\/tr>

Total current assets<\/p> <\/td>

$402,822<\/u><\/p> <\/td>

$396,324<\/u><\/p> <\/td>

$ 6,498<\/u><\/p> <\/td> <\/tr>

Property, plant, and equipment:<\/p> <\/td><\/tr>

Store equipment<\/p> <\/td>

$132,000<\/p> <\/td>

$106,700<\/p> <\/td>

$25,300<\/p> <\/td> <\/tr>

Less accumulated depreciation store equipment<\/p> <\/td>

(49,500)<\/p> <\/td>

(38,500)<\/p> <\/td>

(11,000)<\/p> <\/td> <\/tr>

Delivery equipment<\/p> <\/td>

123,200<\/p> <\/td>

88,000<\/p> <\/td>

35,200<\/p> <\/td> <\/tr>

Less accumulated depreciation delivery equipment<\/p> <\/td>

(34,375)<\/p> <\/td>

(22,000)<\/p> <\/td>

(12,375)<\/p> <\/td> <\/tr> <\/tbody><\/table>

Office equipment<\/p> <\/td>

105,050<\/p> <\/td>

93,472<\/p> <\/td>

11,578<\/p> <\/td> <\/tr>

Less accumulated depreciation office equipment<\/p> <\/td>

(22,000<\/u>)<\/p> <\/td>

(16,775<\/u>)<\/p> <\/td>

(5,225<\/u>)<\/p> <\/td> <\/tr>

Total property, plant, and equipment<\/p> <\/td>

$254,375<\/u><\/p> <\/td>

$210,897<\/u><\/p> <\/td>

$43,478<\/u><\/p> <\/td> <\/tr>

Total assets<\/p> <\/td>

$657,197<\/u><\/p> <\/td>

$607,221<\/u><\/p> <\/td>

$49,976<\/u><\/p> <\/td> <\/tr>

Liabilities<\/p> <\/td><\/tr>

Current liabilities:<\/p> <\/td><\/tr>

Notes payable<\/p> <\/td>

$ 27,720<\/p> <\/td>

$ 32,450<\/p> <\/td>

$ (4,730)<\/p> <\/td> <\/tr>

Accounts payable<\/p> <\/td>

89,416<\/p> <\/td>

128,550<\/p> <\/td>

(39,134)<\/p> <\/td> <\/tr>

Accrued and withheld payroll taxes<\/p> <\/td>

2,722<\/p> <\/td>

4,180<\/p> <\/td>

(1,458)<\/p> <\/td> <\/tr>

Accrued interest payable<\/p> <\/td>

231<\/u><\/p> <\/td>

220<\/u><\/p> <\/td>

11<\/u><\/p> <\/td> <\/tr>

Total liabilities<\/p> <\/td>

$120,089<\/u><\/p> <\/td>

$165,400<\/u><\/p> <\/td>

$(45,311<\/u>)<\/p> <\/td> <\/tr>

Stockholders' Equity<\/p> <\/td><\/tr>

Common stock (100,000 shares, $10 par)<\/p> <\/td>

$275,000<\/p> <\/td>

$269,500<\/p> <\/td>

$ 5,500<\/p> <\/td> <\/tr>

Paid-in capital in excess of par common stock<\/p> <\/td>

110,000<\/p> <\/td>

107,250<\/p> <\/td>

2,750<\/p> <\/td> <\/tr>

Retained earnings<\/p> <\/td>

152,108<\/u><\/p> <\/td>

65,071<\/u><\/p> <\/td>

87,037<\/u><\/p> <\/td> <\/tr>

Total stockholders' equity<\/p> <\/td>

$537,108<\/u><\/p> <\/td>

$441,821<\/u><\/p> <\/td>

$ 95,287<\/u><\/p> <\/td> <\/tr>

Total liabilities and stockholders' equity<\/p> <\/td>

$657,197<\/u><\/p> <\/td>

$607,221<\/u><\/p> <\/td>

$ 49,976<\/u><\/p> <\/td> <\/tr> <\/tbody><\/table>

<\/p>

Tri-County Carting Corporation Income Statement For the Year Ended December 31, 20-B<\/p> <\/td><\/tr>

Net sales<\/p> <\/td>

$1,265,275<\/p> <\/td> <\/tr>

Cost of goods sold<\/p> <\/td>

742,775<\/u><\/p> <\/td> <\/tr>

Gross profit<\/p> <\/td>

$ 522,500<\/p> <\/td> <\/tr>

Operating expenses<\/p> <\/td>

398,063<\/u><\/p> <\/td> <\/tr>

Operating income<\/p> <\/td>

$ 124,437<\/p> <\/td> <\/tr>

Other revenues and expenses:<\/p> <\/td><\/tr>

Interest revenue<\/p> <\/td>

$ 550<\/p> <\/td> <\/tr>

Interest expense<\/p> <\/td>

(2,750<\/u>)<\/p> <\/td>

(2,200<\/u>)<\/p> <\/td> <\/tr>

Net income<\/p> <\/td>

$ 122,237<\/u><\/p> <\/td> <\/tr> <\/tbody><\/table>

Tri-County Carting Corporation Statement of Retained Earnings For the Year Ended December 31, 20-B<\/p> <\/td><\/tr>

Retained earnings, January 1<\/p> <\/td>

$ 65,071<\/p> <\/td> <\/tr>

Net income<\/p> <\/td>

$122,237<\/p> <\/td> <\/tr>

Less dividends<\/p> <\/td>

(35,200<\/u>)<\/p> <\/td> <\/tr>

Net increase in retained earnings<\/p> <\/td>

87,037<\/u><\/p> <\/td> <\/tr>

Retained earnings, December 31<\/p> <\/td>

$152,108<\/u><\/p> <\/td> <\/tr> <\/tbody><\/table>

Required:<\/p>

1.<\/p> <\/td>

Prepare a schedule for the calculation of cash generated from operating activities for the year ended December 31, 20-B.<\/p> <\/td> <\/tr>

2.<\/p> <\/td>

Prepare a statement of cash flow for the year ended December 31, 20-B.<\/p> <\/td> <\/tr> <\/tbody><\/table>", "transcribed_text": "", "related_book": { "title": "Income Tax Fundamentals 2013", "isbn": "1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516", "edition": "31st Edition", "authors": "Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/1124.jpg", "uri": "\/textbooks\/income-tax-fundamentals-2013-31st-edition-9781285586618", "see_more_uri": "" }, "free_related_book": { "isbn": "1949290786", "uri": "\/textbooks\/when-it-hurts-inside-a-pain-management-doctors-practice-1st-edition-978-1949290783-264678", "name": "When It Hurts Inside A Pain Management Doctors Practice", "edition": "1st Edition" }, "question_posted": "2024-06-28 04:42:00", "see_more_questions_link": "\/study-help\/questions\/business-economics-2023-September-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/the-following-elements-of-stockholders-equity-are-from-the-balance", "description": "The following elements of stockholders equity are from the balance sheet of Sandler Marketing Corp. Stockholders Equity Paid-In Capital: Preferred Stock7%, $ 2 Par Value; 100,000 shares authorized,...", "stars": 3 }, { "url": "\/study-help\/introduction-to-probability-statistics\/223-driving-emergencies-the-length-of-time-required-for-an-1980968", "description": "2.23 Driving Emergencies The length of time required for an automobile driver to respond to a particular emergency situation was recorded for n = 10 drivers. The times (in seconds) were 0.5, 0.8,...", "stars": 3 }, { "url": "\/alltalk-technologies-manufactures-capacitors-for-cellular-base-stations-and-other-242044", "description": "AllTalk Technologies manufactures capacitors for cellular base stations and other communications applications. The companys July 2014 flexible budget shows output levels of 6,500, 8,000, and 10,000...", "stars": 3 }, { "url": "\/study-help\/questions\/how-many-relational-tables-are-required-to-implements-the-following-9848490", "description": "How many relational tables are required to implements the following conversion UML class diagram? Multiple Choice 6 7 8 9 Materials Material Issue Production Authorization Sunset Partners Products...", "stars": 3 }, { "url": "\/study-help\/questions\/determine-a-route-whose-distance-is-less-than-11-miles-2205897", "description": "Determine a route whose distance is less than 11 miles for running errands to all three destinations and returning home Post Office 2 5 2 Choose the route that is less than 11 miles OA Home Bank Post...", "stars": 3 }, { "url": "\/study-help\/questions\/5-in-column-i-jayden-wants-to-display-a-reminder-1460782", "description": "5. In column I, Jayden wants to display a reminder to reorder plants if the store has 10 or fewer plants on hand. In cell I5, insert a formula using the IF function that tests whether the number of...", "stars": 3 }, { "url": "\/study-help\/questions\/reminiscence-therapy-and-life-review-therapy-are-approaches-to-assist-1542817", "description": "reminiscence therapy and life review therapy are approaches to assist older adults on reflecting on life aging and building a sense of self continuity however there are distinct differences between...", "stars": 3 }, { "url": "\/study-help\/questions\/eileen-went-to-las-vegas-for-spring-break-while-there-1410809", "description": "Eileen went to Las Vegas for Spring Break. While there she lost a bet at the roulette wheel, resulting in a shortfall of funds needed for the Fall semester's tuition. She bet on red, but the roulette...", "stars": 3 }, { "url": "\/study-help\/questions\/if-happiness-is-crucial-or-intimate-like-our-dna-as-1543980", "description": "If Happiness is crucial or intimate like our DNA as Layard then why are we still unhappy? Now if we think about it our reading so far provides us with ample answers as to what constitutes or...", "stars": 3 }, { "url": "\/study-help\/questions\/case-study-50-marks-part-a-on-1-july-2021-1285108", "description": "Case study: (50 marks) -PART A On 1 July 2021, Tom Ltd acquired all the shares of Hanks Ltd on an ex-div . basis. Tom Ltd paid $850,000 cash and issued 120,000 shares which had a fair value of $5.00...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/how-do-i-upload-a-document-in-tutoring-i-have-4241060", "next": "\/study-help\/questions\/httpswwwcourseherocomqawaitphpquestionid9607141c1-can-someone-please-answer-this-question-the-tutor-assigned-4241062" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "Question: Following is information for the Tri-County Carting Corporation for fiscal years", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/question-following-is-information-for-the-tricounty-carting-corporation-for-4241061" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } } "1" } }