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AP10-1A
On January 1, 2011, the ledger of Mane Company contains the following liability accounts.

 

 
Accounts payable$53,390
Sales taxes payable7,280
Unearned service revenue16,860

During January the following selected transactions occurred.

 

Jan.  5 Sold merchandise for cash totaling $30,952, which includes 6% sales taxes.
12 Provided services for customers who had made advance payments of $10,450. (Credit Service Revenue.)
14 Paid state revenue department for sales taxes collected in December 2010 ($7,280).
20 Sold 720 units of a new product on credit at $50 per unit, plus 6% sales tax.
21 Borrowed $24,600 from UCLA Bank on a 3-month, 6%, $24,600 note.
25 Sold merchandise for cash totaling $12,508, which includes 6% sales taxes.
 
 
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Journalize the January transactions. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)

 

DateAccount/DescriptionDebitCredit
Jan. 5          

   
        $

                        
             ,  
             $ ,  
            $   
                $

         
            ,  
            $  
               $

 

 

                       in the .

 

 

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AE12-6
On February 1, Neil Company purchased 530 shares (2% ownership) of Young Company common stock for $28 per share plus brokerage fees of $474. On March 20, Neil Company sold 100 shares of Young stock for $2,700, less a $56 brokerage fee. Neil received a dividend of $1.19 per share on April 25. On June 15, Neil sold 250 shares of Young stock for $8,750, less a $99 brokerage fee. On July 28, Neil received a dividend of $1.79 per share.

Prepare the journal entries to record the transactions described above. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2. Round answers to 0 decimal places, e.g. 125.)

 

DateAccount/DescriptionDebitCredit
Feb. 1                      
      $ 
     $ section of the .

 
 

 

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ADO IT! 13-2
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JMB Photography reported net income of $103,910 for 2011. Included in the income statement were depreciation expense of $9,340, patent amortization expense of $2,480, and a gain on sale of equipment of $4,000. JMB's comparative balance sheets show the following balances.

 

 
 12/31/10 12/31/11
Accounts receivable$29,160  $23,100 
Accounts payable7,450  11,750 

Calculate net cash provided by operating activities for JMB Photography. (List amounts from largest positive to smallest positive followed by most negative to least negative, e.g. 15, 14, 10, -17, -5, -1. If amount decreases cash flow, use either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

 

Cash flows from operating activities
       $$

 by operating activities

 

$

   section. The  is deducted from net income in the  section.

 

 Account / DescriptionDebitCredit
2. (a)  section.

 

 Account / DescriptionDebitCredit
3. (a)  section.

 

 Account / DescriptionDebitCredit
4. (a)  reported separately on the statement of cash flows.

 

 Account / DescriptionDebitCredit
5. (a)   activity at the bottom of the statement of cash flows.

 

 Account / DescriptionDebitCredit
6. (a)  section. The  is added to net income in the  section.
 

 

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AE13-4
Villa Company reported net income of $190,170 for 2011. Villa also reported depreciation expense of $48,910 and a loss of $6,490 on the sale of equipment. The comparative balance sheet shows a decrease in accounts receivable of $14,950 for the year, a $18,090 increase in accounts payable, and a $3,360 decrease in prepaid expenses.

Prepare the operating activities section of the statement of cash flows for 2011. Use the indirect method. (List amounts from largest positive to smallest positive followed by most negative to least negative, e.g. 15, 14, 10, -17, -5, -1. If amount decreases cash flow, use either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

 

VILLA COMPANY
Partial Statement of Cash Flows

For the Year Ended December 31, 2011

Cash flows from operating activities  
    $$

 $$

 $$

 by operating activities

  

 by financing activities

 

 in cash

  from the issue of stock was $ for dividends was $.

The payment of dividends would be classified as .

 
 

 

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AP13-9A
Condensed financial data of Arma Inc. follow.

 

 
ARMA INC.
Comparative Balance Sheets

December 31

Assets

2011

 

2010

Cash$90,783  $48,484 
Accounts receivable92,601  33,127 
Inventories112,355  102,896 
Prepaid expenses28,367  26,145 
Investments137,957  114,002 
Plant assets269,909  242,513 
Accumulated depreciation

(49,835)

 

(51,877)

     Total

$682,137 

 

$515,290 

    
Liabilities and Stockholders' Equity  
Accounts payable$112,111 $67,242
Accrued expenses payable16,572 16,933
Bonds payable110,600 146,000
Common stock220,300 174,600
Retained earnings

222,554

 

110,515

     Total

$682,137

 

$515,290

 

 
ARMA INC.
Income Statement

For the Year Ended December 31, 2011

Sales  $392,536
Less:   
   Cost of goods sold$134,473  
   Operating expenses, excluding depreciation12,371  
   Depreciation expense46,373  
   Income taxes27,154  
   Interest expense4,625  
   Loss on sale of plant assets

7,424

 

232,420

Net income  

$160,116

Additional information:

  1. New plant assets costing $84,896 were purchased for cash during the year.
  2. Old plant assets having an original cost of $57,500 were sold for $1,661 cash.
  3. Bonds matured and were paid off at face value for cash.
  4. A cash dividend of $48,077 was declared and paid during the year.
Complete the statement of cash flows using the indirect method. (List amounts from largest positive to smallest positive followed by most negative to least negative, e.g. 15, 14, 10, -17, -5, -1. If amount decreases cash flow, use either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

 

ARMA INC.
Statement of Cash Flows

For the Year Ended December 31, 2011

Cash flows from operating activities  
      $$

 by operating activities

 

 by investing activities

 

 by financing activities

 

 in cash

 [removed]
Cash at beginning of period 

[removed]

Cash at end of period 

$[removed]

 

 

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