Accounting HW for accountsguru
P16-04A
| Student Name: | |||||
| Class: | |||||
| Problem 16-04A | |||||
| GALLEY CORPORATION | |||||
| Statement of Cash Flows | |||||
| For Year Ended December 31, 2011 | |||||
| Cash flows from operating activities: | |||||
| Net income | |||||
| Adjustments to reconcile net income to net | |||||
| cash provided by operating activities | |||||
| Increase in accounts receivable | |||||
| Increase in inventory | |||||
| Decrease in accounts payable | |||||
| Increase in taxes payable | |||||
| Depreciation expense | |||||
| Net cash provided by operating activities | 0 | ||||
| Cash flows from investing activities: | |||||
| Cash paid for equipment | 0 | ||||
| Cash flows from financing activities: | |||||
| Cash received from issuing stock | |||||
| Cash paid for cash dividends | |||||
| Net cash used in financing activities | 0 | ||||
| Net increase in cash | 0 | ||||
| Cash balance at beginning of 2011 | 0 | ||||
| Cash balance at end of 2011 | 0 |
Enter appropriate data in yellow cells. Some of your entries will be verified.
P16-06A
| Student Name: | ||||||||
| Class: | ||||||||
| Problem 16-06A | ||||||||
| GALLEY CORPORATION | ||||||||
| Spreadsheet for Statement of Cash Flows | ||||||||
| For Year Ended December 31, 2011 | ||||||||
| December | Analysis of Changes | December | ||||||
| 31, 2010 | Debit | Credit | 31, 2011 | |||||
| Balance sheet-debit balance accounts: | ||||||||
| Cash | 117,000 | 174,000 | ||||||
| Accounts receivable | 81,000 | 93,000 | ||||||
| Merchandise inventory | 534,000 | 609,000 | ||||||
| Equipment | 297,000 | 333,000 | ||||||
| 1,029,000 | 1,209,000 | |||||||
| Balance sheet-credit balance accounts: | ||||||||
| Accumulated depreciation, equip. | 102,000 | 156,000 | ||||||
| Accounts payable | 96,000 | 69,000 | ||||||
| Income taxes payable | 24,000 | 27,000 | ||||||
| Common stock, $2 par value | 558,000 | 582,000 | ||||||
| Contributed capital in excess of | ||||||||
| par value, common stock | 162,000 | 198,000 | ||||||
| Retained earnings | 87,000 | 177,000 | ||||||
| 1,029,000 | 1,209,000 | |||||||
| Statement of cash flows: | ||||||||
| Operating activities: | ||||||||
| Net income | ||||||||
| Increase in accounts receivable | ||||||||
| Increase in merchandise inventory | ||||||||
| Decrease in accounts payable | ||||||||
| Increase in income tax payable | ||||||||
| Depreciation expense | ||||||||
| Investing activities: | ||||||||
| Payment for equipment | ||||||||
| Financing activities: | ||||||||
| Issued common stock for cash | ||||||||
| Paid cash dividends | ||||||||
| 0 | 0 |
Enter the letter given in the problem that corresponds to the transaction or event.
Enter appropriate data in yellow cells. Your totals in the debit and credit columns will be verified.
Enter the letter given in the problem that corresponds to the transaction or event.
Enter appropriate data in yellow cells. Your totals in the debit and credit columns will be verified.
Given P16-06A
| Given Data P16-06A: | ||||
| GALLEY CORPORATION | ||||
| Comparative Balance Sheet | ||||
| December 13, 2011 and 2010 | ||||
| December 31 | ||||
| 2011 | 2010 | |||
| Assets | ||||
| Cash | $ 174,000 | $ 117,000 | ||
| Accounts receivable | 93,000 | 81,000 | ||
| Merchandise inventory | 609,000 | 534,000 | ||
| Equipment | 333,000 | 297,000 | ||
| Accumulated depreciation, Equipment | (156,000) | (102,000) | ||
| Total assets | $ 1,053,000 | $ 927,000 | ||
| Liabilities and Equity | ||||
| Accounts payable | $ 69,000 | $ 96,000 | ||
| Income taxes payable | 27,000 | 24,000 | ||
| Common stock, $2 par value | 582,000 | 558,000 | ||
| Contributed capital in excess of | ||||
| par value, common stock | 198,000 | 162,000 | ||
| Retained earnings | 177,000 | 87,000 | ||
| Total liabilities and equity | $ 1,053,000 | $ 927,000 | ||
| GALLEY CORPORATION | ||||
| Income Statement | ||||
| For Year Ended December 31, 2011 | ||||
| Sales | $ 1,992,000 | |||
| Cost of goods sold | 1,194,000 | |||
| Gross profit | 798,000 | |||
| Operating expenses: | ||||
| Depreciation expense | $ 54,000 | |||
| Other expenses | 501,000 | 555,000 | ||
| Income before taxes | 243,000 | |||
| Income taxes | 42,000 | |||
| Net income | $ 201,000 | |||
| Additional information: | ||||
| Equipment purchased for cash | $ 36,000 | |||
| Number of stock shares issued | 12,000 | |||
| Price per share of stock issued | $ 5 | |||
| Cash dividends declared and paid | $ 111,000 | |||
| Check figure: | ||||
| (1) Analysis of Changes column totals: | $ 579,000 |