{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-09-14T00:02:28-04:00", "answer_date": "2024-09-14 00:02:28", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "10718820", "url": "\/study-help\/questions\/the-comparative-balance-sheet-of-del-ray-enterprises-inc-at-10718820", "question_creation_date_js": "2024-09-14T00:02:28-04:00", "question_creation_date": "Sep 14, 2024 12:02 AM", "meta_title": "[Solved] The comparative balance sheet of Del Ray | SolutionInn", "meta_description": "Answer of - The comparative balance sheet of Del Ray Enterprises Inc. at December 31, 2016 and 2015, is as follows: 1 Dec. 31, 201 | SolutionInn", "meta_keywords": "comparative,balance,sheet,del,ray,enterprises,inc,december,31,2016,2015,1", "question_title_h1": "The comparative balance sheet of Del Ray Enterprises Inc. at December 31, 2016 and 2015, is as follows: 1 Dec. 31, 2016 Dec. 31, 2015", "question_title": "The comparative balance sheet of Del Ray Enterprises Inc. at December 31,", "question_title_for_js_snippet": "The comparative balance sheet of Del Ray Enterprises Inc at December 31, 2016 and 2015, is as follows 1 Dec 31, 2016 Dec 31, 2015 2 Assets 3 Cash $146,600 00 $179,800 00 4 Accounts receivable (net) 224,600 00 242,000 00 5 Merchandise inventory 321,600 00 299,200 00 6 Prepaid expenses 13,400 00 9,600 00 7 Equipment 655,000 00 537,000 00 8 Accumulated depreciation equipment (170,800 00) (132,200 00) 9 Total assets $1,190,400 00 $1,135,400 00 10 Liabilities and Stockholders Equity 11 Accounts payable (merchandise creditors) $250,200 00 $237,600 00 12 Mortgage note payable 0 00 336,000 00 13 Common stock, $10 par 74,000 00 24,000 00 14 Paid in capital Excess of issue price over parcommon stock 470,000 00 320,000 00 15 Retained earnings 396,200 00 217,800 00 16 Total liabilities and stockholders equity $1,190,400 00 $1,135,400 00 Additional data obtained from the income statement and from an examination of the accounts in the ledger for 2016 are as follows A Net income, $332,000 B Depreciation reported on the income statement, $83,400 C Equipment was purchased at a cost of $162,800 and fully depreciated equipment costing $44,800 was discarded, with no salvage realized D 10,000 shares of common stock were issued at $20 for cash E The mortgage note payable was not due until 2018 but the terms permitted earlier payment without penalty F Cash dividends declared and paid, $153,600 Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries Be sure to complete the heading of the statement In the operating activities section, use the minus sign to indicate cash outflows, decreases in cash and a net cash outflow, if required In the investing and financing activities section, use a minus sign only to indicate a NET cash outflow for the section and enter in the order listed on the Instructions page ", "question_description": "

The comparative balance sheet of Del Ray Enterprises Inc. at December 31, 2016 and 2015, is as follows:<\/p>

1<\/p> <\/td>

<\/p> <\/td>

Dec. 31, 2016<\/p> <\/td>

Dec. 31, 2015<\/p> <\/td> <\/tr>

2<\/p> <\/td>

Assets<\/p> <\/td>

<\/p> <\/td>

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

3<\/p> <\/td>

Cash<\/p> <\/td>

$146,600.00<\/p> <\/td>

$179,800.00<\/p> <\/td> <\/tr>

4<\/p> <\/td>

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

224,600.00<\/p> <\/td>

242,000.00<\/p> <\/td> <\/tr>

5<\/p> <\/td>

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

321,600.00<\/p> <\/td>

299,200.00<\/p> <\/td> <\/tr>

6<\/p> <\/td>

Prepaid expenses<\/p> <\/td>

13,400.00<\/p> <\/td>

9,600.00<\/p> <\/td> <\/tr>

7<\/p> <\/td>

Equipment<\/p> <\/td>

655,000.00<\/p> <\/td>

537,000.00<\/p> <\/td> <\/tr>

8<\/p> <\/td>

Accumulated depreciation-equipment<\/p> <\/td>

(170,800.00)<\/p> <\/td>

(132,200.00)<\/p> <\/td> <\/tr>

9<\/p> <\/td>

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

$1,190,400.00<\/p> <\/td>

$1,135,400.00<\/p> <\/td> <\/tr>

10<\/p> <\/td>

Liabilities and Stockholders Equity<\/p> <\/td>

<\/p> <\/td>

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

11<\/p> <\/td>

Accounts payable (merchandise creditors)<\/p> <\/td>

$250,200.00<\/p> <\/td>

$237,600.00<\/p> <\/td> <\/tr>

12<\/p> <\/td>

Mortgage note payable<\/p> <\/td>

0.00<\/p> <\/td>

336,000.00<\/p> <\/td> <\/tr>

13<\/p> <\/td>

Common stock, $10 par<\/p> <\/td>

74,000.00<\/p> <\/td>

24,000.00<\/p> <\/td> <\/tr>

14<\/p> <\/td>

Paid-in capital: Excess of issue price over parcommon stock<\/p> <\/td>

470,000.00<\/p> <\/td>

320,000.00<\/p> <\/td> <\/tr>

15<\/p> <\/td>

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

396,200.00<\/p> <\/td>

217,800.00<\/p> <\/td> <\/tr>

16<\/p> <\/td>

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

$1,190,400.00<\/p> <\/td>

$1,135,400.00<\/p> <\/td> <\/tr> <\/tbody> <\/table>

Additional data obtained from the income statement and from an examination of the accounts in the ledger for 2016 are as follows:<\/p>
A.<\/td> Net income, $332,000<\/td> <\/tr>
B.<\/td> Depreciation reported on the income statement, $83,400<\/td> <\/tr>
C.<\/td> Equipment was purchased at a cost of $162,800 and fully depreciated equipment costing $44,800 was discarded, with no salvage realized.<\/td> <\/tr>
D.<\/td> 10,000 shares of common stock were issued at $20 for cash.<\/td> <\/tr>
E.<\/td> The mortgage note payable was not due until 2018 but the terms permitted earlier payment without penalty.<\/td> <\/tr>
F.<\/td> Cash dividends declared and paid, $153,600<\/td> <\/tr> <\/tbody> <\/table>

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. In the operating activities section, use the minus sign to indicate cash outflows, decreases in cash and a net cash outflow, if required. In the investing and financing activities section, use a minus sign only to indicate a NET cash outflow for the section and enter in the order listed on the Instructions page.<\/p>", "transcribed_text": "", "related_book": { "title": "Accounting Tools for business decision making", "isbn": "978-0470117262, 9780470534786, 470117265, 470534788, 978-0470095461", "edition": "4th Edition", "authors": "kimmel, weygandt, kieso", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/107.jpg", "uri": "\/textbooks\/accounting-tools-for-business-decision-making-4th-edition-107", "see_more_uri": "" }, "free_related_book": { "isbn": "", "uri": "", "name": "", "edition": "" }, "question_posted": "2024-09-14 00:02:28", "see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/industrial-organizational-psychology-understanding-the-workplace\/2-there-is-a-negative-relationship-or-correlation-between-sleep-2007028", "description": "2. 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