Cash Flow_ P14-14A_P14-15A_P14-19A
accountguruGiven Data P14-14A:
TOP BRANDS, INC. | |||
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Account Title |
| 2012 | 2011 |
Accounts Receivable | $ 24,000 | $ 26,000 | |
Merchandise Inventory | 56,000 | 52,000 | |
Prepaid Insurance | 19,000 | 24,000 | |
Accounts Payable | 23,000 | 20,000 | |
Salaries Payable | 4,600 | 4,200 | |
Unearned Service Revenue | 1,000 | 2,700 | |
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Income Statement | |||
2012 | |||
Sales |
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| $ 6,03,000 |
Cost of goods sold |
| (3,83,000) | |
Gross margin |
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| 2,20,000 |
Service revenue |
| 4,000 | |
Insurance expense |
| (40,000) | |
Salaries expense |
| (1,60,000) | |
Depreciation expense |
| (6,000) | |
Operating income |
| 18,000 | |
Gain on sale of equipment |
| 3,000 | |
Net income |
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| $ 21,000 |
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Given Data P14-15A:
DESOTO COMPANY | ||||
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Account Title |
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| 2012 | 2011 |
Investment securities |
| $33,500 | $30,000 | |
Equipment |
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| 2,35,000 | 2,20,000 |
Buildings |
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| 8,45,000 | 9,62,000 |
Land |
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| 80,000 | 69,000 |
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Additional information for 2012: |
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Cost of investment securities sold |
| $5,600 | ||
Loss on sale of investment securities |
| $600 | ||
Cost of equipment purchased |
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| $50,000 | |
Equipment sold: |
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Gain on sale |
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| $6,000 |
Accumulated depreciation |
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| $8,000 | |
Original cost of demolished building |
| $1,58,000 | ||
Cost of land sold |
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| $25,000 | |
Selling price of land |
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| $22,000 | |
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Given Data P14-19A:
REDWOOD CORPORATION | ||||
Balance Sheets | ||||
As of December 31 | ||||
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| 2012 | 2011 |
Assets |
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Cash |
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| $68,800 | $40,600 |
Account Receivable |
| 30,000 | 22,000 | |
Merchandise Inventory |
| 1,60,000 | 1,76,000 | |
Prepaid Rent |
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| 2,400 | 4,800 |
Equipment |
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| 2,56,000 | 2,88,000 |
Accumulated Depreciation |
| (1,46,800) | (2,36,000) | |
Land |
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| 1,92,000 | 80,000 |
Total Assets |
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| $5,62,400 | $3,75,400 |
Liabilities |
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Accounts Payable (Inventory) | $67,000 | $76,000 | ||
Salaries Payable |
| 28,000 | 24,000 | |
Stockholders' Equity: |
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Common Stock, $25 par value | 2,50,000 | 2,00,000 | ||
Retained Earnings |
| 2,17,400 | 75,400 | |
Total Liabilities and Equity |
| $5,62,400 | $3,75,400 | |
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REDWOOD CORPORATION | ||||
Income Statement | ||||
For the Year Ended December 31, 2012 | ||||
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Sales |
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| 15,00,000 |
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Cost of Goods Sold |
| 7,97,200 |
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Gross Profit |
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| 7,02,800 |
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Operating Expenses: |
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Depreciation Expense |
| (22,800) |
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Rent Expense |
| (24,000) |
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Salaries Expense |
| (2,56,000) |
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Other Operating Expenses |
| (2,58,000) |
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Net Income |
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| $1,42,000 |
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Additional Information: |
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Land purchase |
| $1,12,000 |
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New equipment purchase |
| $1,00,000 |
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Old equipment: |
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Cost |
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| $1,32,000 |
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Accumulated depreciation. |
| $1,12,000 |
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Sales price |
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| $20,000 |
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Common stock issued |
| $50,000 |
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12 years ago
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cash_flow__p14-14a_p14-15a_p14-19a.xlsx
