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1. 2. 3. 4. 5. 6. Cash balance per bank, July 31, $7,538. July bank service charge not recorded by the depositor $44. Cash balance per books, July 31, $7,574. Deposits in transit, July 31, $2,910. $2,226 collected for Oriole Company in July by the bank through electronic funds transfer. The collection has not been recorded by Oriole Company. Outstanding checks, July 31, $692. Prepare a bank reconciliation at July 31, 2017. (List items that increase balance as per bank & books first.) ORIOLE COMPANY Bank Reconciliation $ : : $ $ : : $ Exercise 7-9 This information relates to the Cash account in the ledger of Wildhorse Company. Balance September 1$20,780; Cash deposited$64,000 Balance September 30$21,980; Checks written$62,800 The September bank statement shows a balance of $20,880 at September 30 and the following memoranda. Credits Collection of electronic funds transfer Interest earned on checking account $2,170 60 Debits NSF check: H. Kane Safety deposit box rent $900 75 At September 30, deposits in transit were $5,093 and outstanding checks totaled $2,738. Prepare the bank reconciliation at September 30, 2017. (List items that increase balance as per bank & books first.) WILDHORSE COMPANY Bank Reconciliation $ : : $ $ : $ : $ Exercise 8-14 Suppose the following information was taken from the 2017 financial statements of FedEx Corporation, a major global transportation/delivery company. (in millions) Accounts receivable (gross) Accounts receivable (net) Allowance for doubtful accounts Sales revenue Total current assets 2017 $ 3,488 3,231 257 33,480 6,987 2016 $ 4,225 3,923 302 35,299 6,756 Answer each of the following questions. Calculate the accounts receivable turnover and the average collection period for 2017 for FedEx Corporation. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) Accounts receivable turnover times The average collection period for 2017 days SHOW LIST OF ACCOUNTS LINK TO TEXT The current sections of Bridgeport Corp.'s balance sheets at December 31, 2016 and 2017, are presented here. Bridgeport Corp.'s net income for 2017 was $153,459. Depreciation expense was $27,081. 2017 2016 Current assets Cash $105,315 Accounts receivable $ 99,297 80,240 89,267 168,504 Inventory 172,516 Prepaid expenses 27,081 22,066 Total current assets $381,140 $383,146 $ 15,045 $ 5,015 Current liabilities Accrued expenses payable Accounts payable 85,255 92,276 $100,300 Total current liabilities $ 97,291 Prepare the net cash provided (used) by operating activities section of the company's statement of cash flows for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Bridgeport Corp. Partial Statement of Cash Flows $ Adjustments to reconcile net income to $ $ Don't show me this message again for the assignment Exercise 12-5 The following information is available for Tamarisk, Inc. for the year ended December 31, 2017. Beginning cash balance $ 47,205 Accounts payable decrease 3,881 Depreciation expense 169,938 Accounts receivable increase 8,602 Inventory increase 11,539 Net income 298,021 Cash received for sale of land at book value 36,715 Cash dividends paid 12,588 Income taxes payable increase 4,930 Cash used to purchase building 303,161 Cash used to purchase treasury stock 27,274 Cash received from issuing bonds 209,800 Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Tamarisk, Inc. Statement of Cash FlowsIndirect Method $ Adjustments to reconcile net income to $ $ Exercise 12-7 Shown below are comparative balance sheets for Waterway Industries. Waterway Industries Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Land 2017 $ 74,460 2016 $ 24,090 96,360 83,220 182,865 206,955 87,600 109,500 Equipment 284,700 219,000 Accumulated depreciationequipment (72,270 ) Total (35,040 ) $653,715 $607,725 Liabilities and Stockholders' Equity Accounts payable $ 42,705 $ 47,085 Bonds payable 164,250 219,000 Common stock ($1 par) 236,520 190,530 Retained earnings 210,240 151,110 $653,715 $607,725 Total Additional information: 1. 2. 3. 4. 5. 6. 7. Net income for 2017 was $101,835. Depreciation expense was $37,230. Cash dividends of $42,705 were declared and paid. Bonds payable amounting to $54,750 were redeemed for cash $54,750. Common stock was issued for $45,990 cash. No equipment was sold during 2017. Land was sold for its book value. Prepare a statement of cash flows for 2017 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000, or in parenthesis e.g. (15,000)). Waterway Industries Statement of Cash Flows $ Adjustments to reconcile net income to $ $ Exercise 12-14 The following information is available for Novak Corp. for 2017. Cash used to purchase treasury stock Cash dividends paid $ 126,984 57,552 Cash paid for interest 59,136 Net income 1,225,752 Sales revenue 2,117,280 Cash paid for taxes 261,360 Cash received from customers 1,494,504 Cash received from sale of building (at book value) 521,664 Cash paid for operating expenses 203,280 Beginning cash balance 29,040 Cash paid for goods and services 736,824 Cash received from issuing common stock 937,200 Cash paid to redeem bonds at maturity 528,000 Cash paid to purchase equipment 298,848 Prepare a statement of cash flows using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Novak Corp. Statement of Cash FlowsDirect Method $ : $ $ The current sections of Bridgeport Corp.'s balance sheets at December 31, 2016 and 2017, are presented here. Bridgeport Corp.'s net income for 2017 was $153,459. Depreciation expense was $27,081. 2017 2016 Current assets Cash $105,315 Accounts receivable $ 99,297 80,240 89,267 168,504 Inventory 172,516 Prepaid expenses 27,081 22,066 Total current assets $381,140 $383,146 $ 15,045 $ 5,015 Current liabilities Accrued expenses payable Accounts payable 85,255 92,276 $100,300 Total current liabilities $ 97,291 Prepare the net cash provided (used) by operating activities section of the company's statement of cash flows for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Bridgeport Corp. Partial Statement of Cash Flows $ Adjustments to reconcile net income to $ $ Don't show me this message again for the assignment Exercise 12-5 The following information is available for Tamarisk, Inc. for the year ended December 31, 2017. Beginning cash balance $ 47,205 Accounts payable decrease 3,881 Depreciation expense 169,938 Accounts receivable increase 8,602 Inventory increase 11,539 Net income 298,021 Cash received for sale of land at book value 36,715 Cash dividends paid 12,588 Income taxes payable increase 4,930 Cash used to purchase building 303,161 Cash used to purchase treasury stock 27,274 Cash received from issuing bonds 209,800 Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Tamarisk, Inc. Statement of Cash FlowsIndirect Method $ Adjustments to reconcile net income to $ $ Exercise 12-7 Shown below are comparative balance sheets for Waterway Industries. Waterway Industries Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Land 2017 $ 74,460 2016 $ 24,090 96,360 83,220 182,865 206,955 87,600 109,500 Equipment 284,700 219,000 Accumulated depreciationequipment (72,270 ) Total (35,040 ) $653,715 $607,725 Liabilities and Stockholders' Equity Accounts payable $ 42,705 $ 47,085 Bonds payable 164,250 219,000 Common stock ($1 par) 236,520 190,530 Retained earnings 210,240 151,110 $653,715 $607,725 Total Additional information: 1. 2. 3. 4. 5. 6. 7. Net income for 2017 was $101,835. Depreciation expense was $37,230. Cash dividends of $42,705 were declared and paid. Bonds payable amounting to $54,750 were redeemed for cash $54,750. Common stock was issued for $45,990 cash. No equipment was sold during 2017. Land was sold for its book value. Prepare a statement of cash flows for 2017 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000, or in parenthesis e.g. (15,000)). Waterway Industries Statement of Cash Flows $ Adjustments to reconcile net income to $ $ Exercise 12-14 The following information is available for Novak Corp. for 2017. Cash used to purchase treasury stock Cash dividends paid $ 126,984 57,552 Cash paid for interest 59,136 Net income 1,225,752 Sales revenue 2,117,280 Cash paid for taxes 261,360 Cash received from customers 1,494,504 Cash received from sale of building (at book value) 521,664 Cash paid for operating expenses 203,280 Beginning cash balance 29,040 Cash paid for goods and services 736,824 Cash received from issuing common stock 937,200 Cash paid to redeem bonds at maturity 528,000 Cash paid to purchase equipment 298,848 Prepare a statement of cash flows using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Novak Corp. Statement of Cash FlowsDirect Method $ : $ $