Accounting home work help 5 problems
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Chapter 13 Comp Do It Prob 1&2
| Name: | ||||||||||
| Course: | ||||||||||
| Date: | ||||||||||
| Chapter 13 Comprehensive Do It! Problems 1 & 2 | ||||||||||
| Financial Accounting, 7th Edition by Weygandt, Kieso, and Kimmel | ||||||||||
| Solving Financial Accounting Problems Using Microsoft Excel for Windows by Rex A Schildhouse | ||||||||||
| Chapter 13 Comprehensive Do It! Problems 1 & 2, The income statement for the year ended December 31, 2011, for John Kosinski Manufacturing Company contains the following condensed information. | ||||||||||
| JOHN KOSINSKI MANUFACTURING COMPANY | ||||||||||
| Income Statement (Partial) | ||||||||||
| For the Year Ended December 31, 2011 | ||||||||||
| Revenues | $6,583,000 | |||||||||
| Operating Expenses (excluding depreciation) | $4,920,000 | |||||||||
| Depreciation Expense | 880,000 | 5,800,000 | ||||||||
| Income Before Income Taxes | 783,000 | |||||||||
| Income Tax Expense | 353,000 | |||||||||
| Net Income | $430,000 | |||||||||
| Included in operating expenses is a | $24,000 | loss resulting from the sale of machinery for | $270,000 | cash. Machinery was | ||||||
| purchased at a cost of | $750,000 | |||||||||
| The following balances are reported on Kosinski's comparative balance sheets at December 31: | ||||||||||
| JOHN KOSINSKI MANUFACTURING COMPANY | ||||||||||
| Comparative Balance Sheet (Partial) | ||||||||||
| December 31, | ||||||||||
| 2011 | 2010 | |||||||||
| Cash | $672,000 | $130,000 | ||||||||
| Accounts Receivable | 775,000 | 610,000 | ||||||||
| Inventories | 834,000 | 867,000 | ||||||||
| Accounts Payable | 521,000 | 501,000 | ||||||||
| Income tax expense of | $353,000 | represents the amount paid in 2011. Dividends declared and paid in 2011 totaled | $200,000 | |||||||
| Instructions: | ||||||||||
| 1 - Prepare a statement of cash flows using the indirect method. | ||||||||||
| JOHN KOSINSKI MANUFACTURING COMPANY | ||||||||||
| Statement of Cash Flows - Indirect Method | ||||||||||
| For the Year Ended December 31, 2011 | ||||||||||
| Cash flows from operating activities | ||||||||||
| Net income | Amount | |||||||||
| Adjustments to reconcile net income to cash provided by operating activities: | ||||||||||
| Title | Amount | |||||||||
| Title | Amount | |||||||||
| Title | Amount | |||||||||
| Title | Amount | |||||||||
| Title | Amount | Formula | ||||||||
| Title | Formula | |||||||||
| Cash flows from investing activities | ||||||||||
| Title | Amount | |||||||||
| Title | Amount | |||||||||
| Title | Formula | |||||||||
| Cash flows from financing activities | ||||||||||
| Title | Amount | |||||||||
| Net increase in cash | Formula | |||||||||
| Cash at beginning of period | Amount | |||||||||
| Cash at end of period | Formula | |||||||||
| 2 - Prepare a statement of cash flows using the direct method. | ||||||||||
| JOHN KOSINSKI MANUFACTURING COMPANY | ||||||||||
| Statement of Cash Flows - Direct Method | ||||||||||
| For the Year Ended December 31, 2011 | ||||||||||
| Cash flows from operating activities | ||||||||||
| Cash receipts from customers | Amount | |||||||||
| Cash payments | ||||||||||
| Title | Amount | |||||||||
| Title | Amount | Formula | ||||||||
| Title | Formula | |||||||||
| Cash flows from investing activities | ||||||||||
| Title | Amount | |||||||||
| Title | Amount | |||||||||
| Title | Formula | |||||||||
| Cash flows from financing activities | ||||||||||
| Title | Amount | |||||||||
| Title | Formula | |||||||||
| Title | Amount | |||||||||
| Title | Formula | |||||||||
| Direct Method Computations: | ||||||||||
| Computation of cash receipts from customers: | ||||||||||
| Title | Amount | |||||||||
| Title | Amount | |||||||||
| Title | Formula | |||||||||
| Computation of cash payments for operating expenses | ||||||||||
| Title | Amount | |||||||||
| Title | Amount | |||||||||
| Title | Amount | |||||||||
| Title | Amount | |||||||||
| Title | Formula |
&CFileName: &F, Tab: &A, Page &P of &N, &D, &T
Exercise E13-4 (2)
| Name: | ||||||||||
| Course: | ||||||||||
| Date: | ||||||||||
| Exercise E13-4, Prepare the operating activities section—indirect method. | ||||||||||
| Financial Accounting, 7th Edition by Weygandt, Kieso, and Kimmel | ||||||||||
| Solving Financial Accounting Problems Using Microsoft Excel for Windows by Rex A Schildhouse | ||||||||||
| Exercise E13-4, Villa Company reported net income of | $195,000 | for 2011. Villa also reported depreciation expense of | ||||||||
| $45,000 | and a loss of | $5,000 | on the sale of equipment. The comparative balance sheets show a decrease in accounts | |||||||
| receivable of | $15,000 | for the year, an | $17,000 | increase in accounts payable, and a, | $4,000 | |||||
| decrease in prepaid expenses. | ||||||||||
| Instructions: | ||||||||||
| Prepare the operating activities section of the statement of cash flows for 2011. Use the indirect method. | ||||||||||
| VILLA COMPANY | ||||||||||
| Partial Statement of Cash Flows | ||||||||||
| For the Year Ended December 31, 2011 | ||||||||||
| Cash flows from operating activities | ||||||||||
| Net income | Amount | |||||||||
| Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||
| Account title | Amount | |||||||||
| Account title | Amount | |||||||||
| Decrease in accounts receivable | 15,000 | |||||||||
| Account title | Amount | |||||||||
| Account title | Amount | 15,000 | ||||||||
| Net cash provided by operating activities | Formula |
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Exercise E13-13
| Name: | |||||||||
| Course: | |||||||||
| Date: | |||||||||
| Exercise E13-13, Compute cash flow from operating activities—direct method. | |||||||||
| Financial Accounting, 7th Edition by Weygandt, Kieso, and Kimmel | |||||||||
| Solving Financial Accounting Problems Using Microsoft Excel for Windows by Rex A Schildhouse | |||||||||
| Exercise E13-13, The 2011 accounting records of Verlander Transportation reveal the following transactions and events: | |||||||||
| Payment of interest | $10,000 | Collection of accounts receivable | $182,000 | ||||||
| Cash sales | $48,000 | Payment of salaries and wages | $53,000 | ||||||
| Receipt of Dividends Revenues | $18,000 | Depreciation expense | $16,000 | ||||||
| Payment of income taxes | $12,000 | Proceeds from sale of vehicles | $12,000 | ||||||
| Net income | $38,000 | Purchase of equipment for cash | $22,000 | ||||||
| Payment of accounts payable for merchandise | $115,000 | Loss on sale of vehicles | $3,000 | ||||||
| Payment of dividends | $14,000 | ||||||||
| Payment for land | $74,000 | Payment of operating expenses | $28,000 | ||||||
| Instructions: | |||||||||
| Prepare the cash flows from operating activities section using the direct method. (Not all of the above items will be used.) | |||||||||
| Cash flows from operating activities | |||||||||
| Cash receipts from | |||||||||
| Title | Amount | ||||||||
| Title | Amount | ||||||||
| Formula | |||||||||
| Cash payments | |||||||||
| Title | Amount | ||||||||
| Title | Amount | ||||||||
| Title | Amount | ||||||||
| Title | Amount | ||||||||
| Title | Amount | Formula | |||||||
| Net cash provided by operating activities | Formula |
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Problem P13-3B
| Name: | |||||||||
| Course: | |||||||||
| Date: | |||||||||
| Problem P13-3B, Prepare the operating activities section—indirect method. | |||||||||
| Financial Accounting, 7th Edition by Weygandt, Kieso, and Kimmel | |||||||||
| Solving Financial Accounting Problems Using Microsoft Excel for Windows by Rex A Schildhouse | |||||||||
| Problem P13-3B, The income statement of Rosenthal Company is presented here: | |||||||||
| ROSENTHAL COMPANY | |||||||||
| Income Statement | |||||||||
| For the Year Ended December 31, 2011 | |||||||||
| Sales | $5,400,000 | ||||||||
| Cost of Goods Sold | |||||||||
| Beginning inventory | $1,780,000 | ||||||||
| Purchases | 3,430,000 | ||||||||
| Goods available for sale | 5,210,000 | ||||||||
| Ending inventory | 1,900,000 | ||||||||
| Cost of goods sold | 3,310,000 | ||||||||
| Gross profit | $2,090,000 | ||||||||
| Operating expenses | |||||||||
| Depreciation expense | 105,000 | ||||||||
| Amortization expense | 20,000 | ||||||||
| Other expenses | 945,000 | 1,070,000 | |||||||
| Net income | $1,020,000 | ||||||||
| Additional information: | |||||||||
| 1. Accounts receivable decreased by | $320,000 | during the year, and inventory increased | $120,000 | ||||||
| 2. Prepaid expenses increased | $175,000 | during the year. | |||||||
| 3. Accounts payable to merchandise suppliers increased | $50,000 | during the year. | |||||||
| 4. Accrued expenses payable increased | $155,000 | during the year. | |||||||
| Instructions: | |||||||||
| Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2011, for Rosenthal Company, using the indirect method. | |||||||||
| ROSENTHAL COMPANY | |||||||||
| Partial Statement of Cash Flows | |||||||||
| For the Year Ended December 31, 2011 | |||||||||
| Cash flows from operating activities | |||||||||
| Net income | Amount | ||||||||
| Adjustments to reconcile net income to net cash provided by operating activities | |||||||||
| Title | Amount | ||||||||
| Title | Amount | ||||||||
| Title | Amount | ||||||||
| Title | Amount | ||||||||
| Title | Amount | ||||||||
| Title | Amount | ||||||||
| Title | Amount | Formula | |||||||
| Net cash provided by operating activities | Formula |
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