Accounting Excel Assignment

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P14-8

Student Name:
Class:
Problem 14-8
1. and 2.
Calculation of depreciation to add back to Net Income:
Accumulated Depreciation, beginning balance $ 70 Correct!
Accumulated Depreciation, ending balance $ 85 Correct!
Debits to Accumulated Depreciation $ 10 Correct!
Credits to Accumulated Depreciation $ 25 Correct!
Changes in noncash balance sheet accounts that impact net income:
Increase in Decrease in
Account Account
Current Assets Balance Balance
Accounts receivable (80) Correct! 0
Inventory 35 0 Correct!
Prepaid expenses (2) Correct! 0
Current Liabilities
Accounts Payable 75 Correct! 0
Accrued liabilities (10) 0 Correct!
Income taxes payable 8 Correct! 0
Changes in noncash balance sheet accounts that impact investing and financing:
Increase in Decrease in
Account Account
Noncurrent Assets Balance Balance
Property, plant, and equipment (80) Correct! 0
Long-term investments 7 0 Correct!
Liabilities and Stockholders' equity
Bonds payable 25 Correct! 0
Common stock (40) 0 Correct!
Property, Plant and Equipment
Property, Plant and Equipment, beginning balance $ 420 Correct!
Property, Plant and Equipment, ending balance $ 500 Correct!
Debits to Property, Plant and Equipment $ 110 Correct!
Credits to Property, Plant and Equipment $ 30 Correct!
Retained Earnings
Retained Earnings, beginning balance $ 92 Correct!
Retained Earnings, ending balance $ 132 Correct!
Debits to Retained Earnings $ 16 Correct!
Credits to Retained Earnings $ 56 Correct!
EATON COMPANY
Statement of Cash Flows
For the Year Ended December 31, 2011
Operating activities:
Net income $ 56
Adjustments needed to convert net income to cash basis:
depreciation 25
accounts receivable 80
inventory 35
prepaid expense 2
accts payable 75
accrued liabilities 10
income tax payable 8
gain on sale of equipment 5
loos on sale of equipment 2 48
Net cash provided by operating activities 104 Correct!
Investing activities:
investment $ (12)
equipment sale 18
capital (110)
Net cash used for investing activities (80) Correct!
Financing activities:
bonds payable 25
common stock (40)
dividents (16)
Net cash used in financing activities $ (31) Correct!
Net decrease in cash (7)
Cash balance, January 1, 2011 11
Cash balance, December 31, 2011 4
Correct!
Enter appropriate data in yellow cells. Your answers for net cash provided or used for each section will be verified. Use the worksheet provided below to help with calculations.
HINT: Three of the variables are given. Solve for the fourth.
HINT: Three of the variables are given. Solve for the fourth.
HINT: Three of the variables are given. Solve for the fourth.

Given P14-8

Given Data P14-8:
EATON COMPANY
Comparative Balance Sheet
December 31, 2011, and 2010
2011 2010
Assets
Cash $ 4 $ 11
Accounts receivable 310 230
Inventory 160 195
Prepaid expenses 8 6
Total current assets 482 442
Property, Plant, and equipment 500 420
Less accumulated depreciation 85 70
Net property, plant, and equipment 415 350
Long-term investments 31 38
Total assets $ 928 $ 830
Liabilities and Stockholders' Equity
Accounts payable $ 300 $ 225
Accrued liabilities 70 80
Income taxes payable 71 63
Total current liabilities 441 368
Bonds payable 195 170
Total liabilities 636 538
Common stock 160 200
Retained earnings 132 92
Total stockholders' equity 292 292
Total liabilities and stockholders' equity $ 928 $ 830
EATON COMPANY
Income Statement
For the Year Ended December 31, 2011
Sales $ 750
Cost of goods sold 450
Gross margin 300
Selling and administrative expenses 223
Net operating income 77
Nonoperating items:
Gain on sale of investments $ 5
Loss on sale of equipment 2 3
Income before taxes 80
Income taxes 24
Net income $ 56
Equipment cost $ 30
Equipment selling price $ 18
Accumulated depreciation of equipment $ 10
Long-term investment purchase $ 7
Long-term investment sale $ 12
Paid cash dividend ?
Stock repurchase $ 40

P14-14

Student Name:
Class:
Problem 14-14
1. and 2.
Calculation of depreciation to add back to Net Income:
Accumulated Depreciation, beginning balance $ 190,000 Correct!
Accumulated Depreciation, ending balance $ 210,000 Correct!
Debits to Accumulated Depreciation $ 40,000 Correct!
Credits to Accumulated Depreciation $ 60,000 Correct!
Changes in noncash balance sheet accounts that impact net income:
Increase in Decrease in
Account Account
Current Assets Balance Balance
Accounts receivable 10,000 0 Correct!
Inventory (54,000) Correct! 0
Prepaid expenses 8,000 0 Correct!
Current Liabilities
Accounts Payable (55,000) 0 Correct!
Accrued liabilities (7,000) 0 Correct!
Income taxes payable 3,000 Correct! 0
Changes in noncash balance sheet accounts that impact investing and financing:
Increase in Decrease in
Account Account
Noncurrent Assets Balance Balance
Property, plant, and equipment (110,000) Correct! 0
Long-term investments 30,000 0 Correct!
Liabilities and Stockholders' equity
Bonds payable 100,000 Correct! 0
Common stock (5,000) 0 Correct!
Property, Plant and Equipment
Property, Plant and Equipment, beginning balance $ 750,000 Correct!
Property, Plant and Equipment, ending balance $ 860,000 Correct!
Debits to Property, Plant and Equipment $ 200,000 Correct!
Credits to Property, Plant and Equipment $ 90,000 Correct!
Retained Earnings
Retained Earnings, beginning balance $ 150,000 Correct!
Retained Earnings, ending balance $ 192,000 Correct!
Debits to Retained Earnings $ 28,000 Correct!
Credits to Retained Earnings $ 70,000 Correct!
ALLIED COMPANY
Statement of Cash Flows
For the Year Ended December 31, 2011
Operating activities:
Net income $ 70,000
Adjustments needed to convert net income to a cash basis:
Depreciation $ 60,000
Accounts Receivable 10,000
Inventory (54,000)
Prepaid Expense 8,000
Accounts Payable (55,000)
Accrued Liabilities (7,000)
Income tax payable 3,000
Gain on sale of equipment (20,000)
Loss on sale of equipment 6,000 49,000
Net cash provided by operating activities 21,000 Correct!
Investing activities:
Sale of long term investment 50,000
sale of equipment 44,000
Purchased equipment (200,000)
Net cash used for investing activities (106,000) Correct!
Financing activities:
divident payment (28,000)
issuance of bonds 100,000
purchase of common (5,000)
Net cash provided by financing activities 67,000 Correct!
Net decrease in cash 18,000
Cash balance, Beginning of year 33,000
Cash balance, End of year $ 15,000
Correct!
3. Free cash flow computation
Net cash provided by operating activities $ 21,000
Capital expenditures (200,000)
Dividends (28,000) (228,000)
Free cash flow $ (207,000)
Correct!
Enter appropriate data in yellow cells. Your answers for net cash provided or used for each section will be verified. Use the worksheet provided below to help with calculations.
HINT: Three of the variables are given. Solve for the fourth.
HINT: Three of the variables are given. Solve for the fourth.
HINT: Three of the variables are given. Solve for the fourth.

Given P14-14

Given Data P14-14:
Minimum cash balance $ 20,000
ALLIED COMPANY
Comparative Balance Sheet
December 31, 2011, and 2010
2011 2010
Assets
Current assets:
Cash $ 15,000 $ 33,000
Accounts receivable 200,000 210,000
Inventory 250,000 196,000
Prepaid expenses 7,000 15,000
Total current assets 472,000 454,000
Long-term investments 90,000 120,000
Plant and equipment 860,000 750,000
Less accumulated depreciation 210,000 190,000
Net plant and equipment 650,000 560,000
Total assets $ 1,212,000 $ 1,134,000
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 175,000 $ 230,000
Accrued liabilities $ 8,000 $ 15,000
Income taxes payable 42,000 39,000
Total current liabilities 225,000 284,000
Bonds payable 200,000 100,000
Total liabilities 425,000 384,000
Stockholders' equity:
Common stock 595,000 600,000
Retained earnings 192,000 150,000
Total stockholders' equity 787,000 750,000
Total liabilities and stockholders' equity $ 1,212,000 $ 1,134,000
ALLIED COMPANY
Income Statement
For the Year Ended December 31, 2011
Sales $ 800,000
Cost of goods sold 500,000
Gross margin 300,000
Selling and administrative expenses 214,000
Net operating income 86,000
Nonoperating items:
Gain on sale of investments $ 20,000
Loss on sales of equipment 6,000 14,000
Income before taxes 100,000
Income taxes 30,000
Net income $ 70,000
Additional information:
Long-term investment cost $ 30,000
Long-term investment sale $ 50,000
Equipment cost $ 90,000
Equipment accumulated depreciation $ 40,000
Equipment selling price $ 44,000
Dividends declared and paid ?
Stock was repurchased for cash ?

P14A-5

Student Name:
Class:
Problem 14A-5
EATON COMPANY
Adjusted Income Statement
For the Year Ended December 31, 2011
Sales $ 750
Adjustments to a cash basis:
Cost of goods sold 450
Adjustments to a cash basis:
Selling and administrative expenses 223
Adjustments to a cash basis:
Income taxes 24
Adjustments to a cash basis:
Net cash provided by operating activities $ 104
Correct!
EATON COMPANY
Statement of Cash Flows
For the Year Ended December 31, 2011
Operating activities:
Cash received from customers $ 4
Less cash disbursements for:
Total cash disbursements
Net cash provided by operating activities 0
Investing activities:
Net cash used in investing activities 0
Financing activities:
Net cash used in financing activities 0
Net decrease in cash
Cash balance, beginning
Cash balance, ending
0
Enter appropriate data in yellow cells. Your answer for "Net cash provided by operating activities" will be verified.
Enter appropriate data in yellow cells. Your answers for net cash provided or used for each section will be verified.

Given P14A-5

Given Data P14A-5:
EATON COMPANY
Comparative Balance Sheet
December 31, 2011, and 2010
2011 2010
Assets
Cash $ 4 $ 11
Accounts receivable 310 230
Inventory 160 195
Prepaid expenses 8 6
Total current assets 482 442
Property, Plant, and equipment 500 420
Less accumulated depreciation 85 70
Net property, plant, and equipment 415 350
Long-term investments 31 38
Total assets $ 928 $ 830
Liabilities and Stockholders' Equity
Accounts payable $ 300 $ 225
Accrued liabilities 70 80
Income taxes payable 71 63
Total current liabilities 441 368
Bonds payable 195 170
Total liabilities 636 538
Common stock 160 200
Retained earnings 132 92
Total stockholders' equity 292 292
Total liabilities and stockholders' equity $ 928 $ 830
EATON COMPANY
Income Statement
For the Year Ended December 31, 2011
Sales $ 750
Cost of goods sold 450
Gross margin 300
Selling and administrative expenses 223
Net operating income 77
Nonoperating items:
Gain on sale of investments $ 5
Loss on sale of equipment 2 3
Income before taxes 80
Income taxes 24
Net income $ 56
Equipment cost $ 30
Equipment selling price $ 18
Accumulated depreciation of equipment $ 10
Long-term investment purchase $ 7
Long-term investment sale $ 12
Paid cash dividend ?
Stock repurchase $ 40