You are given incomplete beginning and ending balance sheets, an incomplete income statement and an incomplete...
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You are given incomplete beginning and ending balance sheets, an incomplete income statement and an incomplete statement of cash flows. Required: 1.1 30 points Balance Sheets (Years 1 and 2) Cash Accounts Receivables Inventory Prepaid Insurance Property, Plant and Equipment at cost (Accumulated Depreciation) Total Assets Accounts Payable Advances from Customers Interest Payable Wages Payable Rent Payable Dividends Payable Loan from Bank Common Stock Retained Earnings Total Liabilities and Equity Fill in the missing information in the shaded cells. Year 1 $86 $0 $510 ($225) $180 $0 $8 $22 $20 $342 $500 $490 Year 2 706.00 $64 $30 $590 ($295) $4 $88 $11 $5 $342 $510 Income Statement (Year 2) Sales Less Costs of Goods Sold (COGS) Less Depreciation Expense Less Interest Expense Less Insurance Expense Less Wage Expense Less Rent Expense Less Tax Expense Less Loss on Sales of Assets Net Income Statement of Cash Flows (Year 2) Collections from Customers (excl advance) Collections from customers in advance Payment to suppliers Insurance Rent payment Interest payment Wages payment Tax payment Cash Flows from operating Purchase of PP&E Proceeds from selling PP&E Cash Flows from Investing Paid Dividend Issue Stock Cash flows from financing Change in Cash Beginning Balance Ending Balance $1,738.0 $1,266.0 $110.0 $30.0 $80.0 $134.0 $5.0 $35.0 $1,420 $66 ($1,050) ****** ($9) ($77) ($5) ($200) ($155) $700 $632 You are given incomplete beginning and ending balance sheets, an incomplete income statement and an incomplete statement of cash flows. Required: 1.1 30 points Balance Sheets (Years 1 and 2) Cash Accounts Receivables Inventory Prepaid Insurance Property, Plant and Equipment at cost (Accumulated Depreciation) Total Assets Accounts Payable Advances from Customers Interest Payable Wages Payable Rent Payable Dividends Payable Loan from Bank Common Stock Retained Earnings Total Liabilities and Equity Fill in the missing information in the shaded cells. Year 1 $86 $0 $510 ($225) $180 $0 $8 $22 $20 $342 $500 $490 Year 2 706.00 $64 $30 $590 ($295) $4 $88 $11 $5 $342 $510 Income Statement (Year 2) Sales Less Costs of Goods Sold (COGS) Less Depreciation Expense Less Interest Expense Less Insurance Expense Less Wage Expense Less Rent Expense Less Tax Expense Less Loss on Sales of Assets Net Income Statement of Cash Flows (Year 2) Collections from Customers (excl advance) Collections from customers in advance Payment to suppliers Insurance Rent payment Interest payment Wages payment Tax payment Cash Flows from operating Purchase of PP&E Proceeds from selling PP&E Cash Flows from Investing Paid Dividend Issue Stock Cash flows from financing Change in Cash Beginning Balance Ending Balance $1,738.0 $1,266.0 $110.0 $30.0 $80.0 $134.0 $5.0 $35.0 $1,420 $66 ($1,050) ****** ($9) ($77) ($5) ($200) ($155) $700 $632
Expert Answer:
Answer rating: 100% (QA)
To complete the balance sheets we need to fill in the missing values For Year 1 Cash Already provided as 490 Inventory Already provided as 86 Prepaid Insurance Missing to be filled in Property Plant a... View the full answer
Related Book For
Management Accounting
ISBN: 978-0132570848
6th Canadian edition
Authors: Charles T. Horngren, Gary L. Sundem, William O. Stratton, Phillip Beaulieu
Posted Date:
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