Question
will you please explain thank you. 1. Stine Corp.'s trial balance reflected the following account balances at December 31, 2014: Accounts receivable (net) $19,000 Trading
will you please explain thank you.
1. Stine Corp.'s trial balance reflected the following account balances at December 31, 2014:
Accounts receivable (net) $19,000
Trading securities 6,000
Accumulated depreciation on equipment and furniture 15,000
Cash 16,000
Inventory 30,000
Equipment 25,000
Patent 4,000
Prepaid expenses 2,000
Land held for future business site 18,000
In Stine's December 31, 2014 balance sheet, the current assets total is [A] (please enter your answer as a whole number without any dollar sign, thousand separator, or decimal points.
2. The Bolera Company had the following cash transactions during 2020. The Bolera Company uses the direct method of presenting the Statement of Cash Flows. Fill in thefollowing table by classifying the transactions of the Bolera Company as cash flows from operating activities, investing activities or financing activities (use capitalized O, I, and F as your answer) and identifying the cash flow as an inflow or outflow (use "Inflow" and "Outflow" as your answer).
Activity Inflow/Outflow
Bolera paid off a loan to the bank
Bolera received repayment of a loan it lent to another company
Bolera received dividends from investment in WalMart
Bolera paid salaries to employees
Bolera issued new stock to raise fund
3. In the space provided, prepare the Operating section of the statement of cash flow for Year 1, using the indirect approach.
Selected Information from Balance Sheets (As of Year End for Years 0 and 1) | Income Statement (Year 1) | ||||||||||||||||||||||||||||||
| Sales 20,000 Costs of Goods Sold (8,000) Wage Expense (4,000) Depreciation Expense (2,000) Loss from PP&E Sale (1,000) Net Income Before Tax 5,000 Tax Expense (2,000) Net Income 3,000 |
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