Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

These all go together the first is posted to help with the other parts Dice Corp's balance sheet as of December 31. 2018 and 2017

These all go together the first is posted to help with the other parts image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Dice Corp's balance sheet as of December 31. 2018 and 2017 is presented below. Please prepare the changes in assets and liabilitiess December 31 2018 2017 Cash Current investments Accounts receivable Allowance foe doubtfial accounts Note A Note B 600,000 Prepaid expenses 15,000 215,000 1,730,000 Note C Note D Plant assets 1,000,000 450,000 100,000 Note E Total assets Accounts payable Interest payable Accrued expenses payable Income tax payable Current debt Common stock, $10 par Additional paid-in capital Retained earnings Total liabilities and equity 15,000 10,000 Note F Note G 800,000 620,000 170,000 Note H Note A Treasury bills of $300,000 were acquired for cash on December 31, 2018 and mature on 6/30/2019 Note B During 2018, Dice Corp wrete off $40,000 ef bad debt that was previously incloded in its allowance for bad debt Note C An investment (with a carrying value of $100,000) was sold for $135,000 during 2018 The value of marketable securities increased by $13,000 Note D Equipment costing $400,000 (carrying value of S140,000) was sold on January 1, 2018 for $150,000 cash Note E Goodwill for the amount of $10,000 was considered impaired. Note F Dice Corp received a5325,000 loan advance toward its working capital requirenments Note G 0,000 shares of common stock were issued in Year 6 for $22 a share Note H Cash dividends of $240,000 were declared and paid by Dice in 2018, Assets 2018 2017 Change Cash Current Investments Accounts Receivable $ 1,95,000.00 1,00,000.00 $ 95,000.00 3,00,000.00 $5,40,000.00$ 5,60,000.00 20,000.00 $ 3,00,000.00 Allowance for doubtful accounts $ -60,000.00 $ -50,000.00 10,000.00 Inventory Prepaid Expenses Investment Plant assets Accumulated depreciation Goodwill Total Assets Liabilities and Equity Accounts Payable Interest payable Accrued expenses payable 2,50,000.00 $ 3,00,000.00 s-50,000.0o income tax payable current debt common stock $10 par Additional Paid in Capital Retained Earnings Total Liabilities and Equity $ 32,25,000.00$ 21,80,000.00 $10,45,000.00 6,80,000.00 6,00,000.00 80,000.00 15,000.0020,000.00-5,000.00 $2,15,000.00 3,00,000.00 85,000.00 $ 17,30,000.00 5 10,00,000.00 $ 7,30,000.00 $ -4,80,000.00 -4,50,000.00 $-30,000.00 $90,000.00 1,00,000.00 $ -10,000.00 32,25,000.00 21,80,000.00 10,45,000.00 S 8,25,000.00 20,000.00$ 1,05,000.00 $ 15,000.00S 10,000.00 $5,000.00 $20,000.0030,000.00 10,000.00 3,25,000.00 $8,00,000.007,00,000.00 1,00,000.00 $ 3,70,000.00 2,50,000.00 $ 1,20,000.00 6,20,000.00 1,70,000.00 4,50,000.00 3,25,000.00 $ Change 2018 Value 2017 Value Dice's income statement for the year ended 2018 is presented below Income Statement Sales Cost of sales Depreciation and impairment loss Selling. general, administrative expenses Interest expense Unrealized gain on marketable securities Gain on disposal of equipment Gain on sale of investments Dividend income Interest income Income before income taxes Income tax expense Net income 7,840,000 5,500,000 300,000 ,100,000 140,000 5,000 10,000 35,000 10,000 30,000 900,000 210,000 Using the information provided on the first tab, please prepare the statement of cash flows for Dice using the indirect method. Select the item from the drop-down menu and fill-in the amounts Dice Corp. Statement of Cash Flows- Direct Methed for the Year Ended December 31. 2018 Net increase in cash Cash, beginning of year Cash, end of year Nice Company had the following partial unadjusted trial balance for 2018 Debit Credit Sales Unearned revenue 12,000 Freight in Beginning inventory Ending inventory Retained earnings, 1/1/17 Prepaid expenses Depreciation expense Administrative expenses Loss on sale of equipment 150,000 7,000 75,000 5,000 15,000 Interest revenue Freight out Loss on early retirement of long-tem debt Gain on the sale of equipment Unrcalized gain on the available-for-sale debt securitics Dividends declared Bad debt expense Totals 1,000 1,500 6,000 4,000 3,000 16,000 2 500 555.000 555,000 The controller of Nice Co. also notified you of the following * Nice Co. had an effective tax rate of 25% for 2017 and 2018. On January 1, 2018, Nice Co. decided to change its cost flow assumption of inventory from weighted-average to FIFO. Under the weighted-average method, the ending inventory for 2017 was $45,000 On December 31, 2018, Nice Co. discovered that it had erroneously recorded a $10,000 deposit from the proceeds of a loan as revenue in 2017 The depreciation expense was recorded on an asset that was purchased on January 1, 2015 for $20,000 and it was assumed to have a useful life of 10 years with no salvage value. On December 31, 2018, Nice Co. decided that the asset will last for a total of 15 years and will result in a salvage value of $2,000 Prepare a statement of retained earnings for 2018 only. Nice Company Statement of Retained Earnings Retained earnings at December 31, 2018

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting And Finance For Non Specialists

Authors: Eddie McLaney, Peter Atrill

8th Edition

9780273778165

More Books

Students also viewed these Accounting questions

Question

3 When might constructivist view of self be not relevant and why?

Answered: 1 week ago