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Scroll down to complete all parts of this task. The following condensed trial balance of Gator Co., a publicly held company, has been adjusted except

Scroll down to complete all parts of this task.

The following condensed trial balance of Gator Co., a publicly held company, has been adjusted except for income tax expense.

Gator Co. CONDENSED TRIAL BALANCE

12/31/Year 5 12/31/Year 4 Net
Balances Balances Change
Dr.(Cr.) Dr.(Cr.) Dr.(Cr.)
Cash $ 413,000 $ 757,000 $(344,000)
Accounts receivable, net 670,000 610,000 60,000
Property, plant, and equipment 1,070,000 995,000 75,000
Accumulated depreciation (345,000) (280,000) (65,000)
Available-for-sale securities 70,000 60,000 10,000
Dividends payable (25,000) (10,000) (15,000)
Income taxes payable 35,000 (150,000) 185,000
Deferred income tax liability (42,000) (42,000) --
Bonds payable (500,000) (1,000,000) 500,000
Unamortized premium on bonds (71,000) (150,000) 79,000
Common stock (350,000) (150,000) (200,000)
Additional paid-in capital (430,000) (375,000) (55,000)
Retained earnings (185,000) (265,000) 80,000
Accumulated other comprehensive income (10,000) (10,000)
Sales (2,420,000)
Cost of sales 1,863,000
Selling and administrative expenses 220,000
Interest income (14,000)
Interest expense 46,000
Depreciation 88,000
Loss on sale of equipment 7,000
Unusual in nature gain (90,000)
$ 0 $ 0 $ 300,000

Additional Information

  • During Year 5, equipment with an original cost of $50,000 was sold for cash, and equipment costing $125,000 was purchased.
  • On January 1, Year 5, bonds with a par value of $500,000 and related premium of $75,000 were redeemed. The $90,000 gain met the criteria for treatment as an extraordinary item. The $1,000 face amount, 10% stated rate, 20-year bonds had been issued 9 years ago, to yield 8%. Interest is paid on December 31.
  • Gator's tax payments during Year 5 were debited to income taxes payable.
  • On December 31, Year 4, 60,000 shares of common stock, $2.50 par, were outstanding. Gator issued an additional 80,000 shares on April 1, Year 5.
  • There were no changes in retained earnings other than dividends declared.

Enter the appropriate amount to be reported in Gator's Year 5 statement of cash flows prepared using the direct method in the designated cells below. Enter all amounts as positive values.

Transaction

Amount

1. Cash paid for income taxes
2. Cash paid for interest
3. Redemption of bonds payable
4. Issuance of common stock
5. Cash dividends paid
6. Proceeds from sale of equipment

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