Answered step by step
Verified Expert Solution
Question
1 Approved Answer
what are the formulas for the blank questions? orth American Reserve Rare Coins (NARRC) was formed on January 1, 2016. Additional data for the year
what are the formulas for the blank questions?
orth American Reserve Rare Coins (NARRC) was formed on January 1, 2016. Additional data for the year follow (Click the icon to view the data.) Read the requirements Data Table Year Ended December 31, 2016 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: 675,300 10,200 Depreciation Expense Increase in Accounts Receivable Increase in Merchandise Inventory Increase in Accounts Payable a. On January 1, 2016. NARRC issued no par common stock for $510,000 b. Early in January, NARRC made the following cash payments: 1. For store fixtures, 551,000 2. For merchandise inventory, $250,000 3. For rent expense on a store building, $17.000 c. Later in the year, NARRC purchased merchandise inventory on account for $235,000. Before year-end, NARRC paid $135,000 of this account payable d. During 2016, NARRC sold 2,900 units of merchandise inventory for $375 each. Before year-end, the company collected 95% of this amount Cost of goods sold fe the year was $290,000, and ending merchandise inventory totaled $195,000 e. The store employs three people. The combined annual payroll is $80,000, of which NARRC still owes 55,000 at year-end 1. At the end of the year, NARRC paid income tax of $15,000. There are no income taxes payable 9. Late in 2016, NARRC paid cash dividends of $39.000 h. For store foxtures, NARRC uses the straight line depreciation method, over five years, with zero residual value 5.000 Increase in Salones Payable Net Cash Provided by (Used for) Operating Activities Cash Flows from investing Activities Print Done Cash Payment for Acquisition of Store Foxtures Net Cash Provided by (Used for) Investing Activities Cash Flows from Financing Activities Cash Receipt from Issuance of Common Stock Cash Payment of Dividends 510.000 39,000 471 Choose from any list or enter any number in the input fields and then continue to the next question Save for Later American Reserve Rare Coins (NARRC) was formed on January 1, 2016. Additional data for the year follow. Click the icon to view the data.) the requirements Provided by (Used for) Operating Activities: Data Table 10,200 Depreciation Expense Increase in Accounts Receivable Increase in Merchandise Inventory Increase in Accounts Payable Increase in Salaries Payable et Cash Provided by (Used for) Operating Activities ash Flows from Investing Activities 5,000 a. On January 1, 2016. NARRC issued no par common stock for 5510,000 b. Early in January, NARRC made the following cash payments: 1. For store foxtures, 551,000 2 For merchandise inventory, $250,000 3. For rent expense on a store building, $17.000 c. Later in the year, NARRC purchased merchandise inventory on account for $235,000. Before year-end, NARRC paid $135,000 of this account payable. d. During 2016, NARRC sold 2,900 units of merchandise inventory for $375 each Before year-end, the company collected 95% of this amount Cost of goods sold the year was $290,000, and ending merchandise inventory totaled $195,000 e. The store employs three people. The combined annual payroll is $80,000, of which NARRC still owes $5,000 a year-end 1. At the end of the year, NARRC paid income tax of $15,000. There are no income takes payable 9. Late in 2016, NARRC paid cash dividends of $39,000 h. For store fixtures, NARRC uses the straight-line depreciation method, over five years, with zero residual value Cash Payment for Acquisition of Store Foxtures Net Cash Provided by (Used for) Investing Activities Cash Flows from Financing Activities Print Done 510,000 -39.000 471 000 Cash Receipt from Issuance of Common Stock Cash Payment of Dividends Net Cash Provided by (Used for) Financing Activities Net Increase (Decrease in Cash Cash Balance December 31, 2015 Cash Balance December 31, 2016 Choose from any list or enter any number in the input fields and then continue to the next question Save for Later Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started