Accounting Forum/Excel

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stice19_student_05-34.xlsx
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05-34

05-34 Name:
Enter the appropriate numbers/formulas in the blue-shaded cells.
The word “Wrong” will appear to the left of incorrect entries.
1. Cash collected from accounts receivable:
Accounts receivable, beginning balance
Sales in 2015
Total collectible accounts
Less: Accounts receivable, ending balance
Cash collected in 2015
2. Cash paid on accounts payable:
Inventory, ending balance
Add: Cost of goods sold in 2015
Total goods available in 2015
Less: Inventory, beginning balance
Inventory purchases in 2015
Accounts payable, beginning balance
Add: Inventory purchases in 2015
Total accounts to be paid in 2015
Less: Accounts payable, ending balance
Total cash paid on accounts payable in 2015
3. Cash dividend payment:
Retained earnings beginning balance
Add: Net income, 2015
Less: Retained earnings, ending balance
Total dividends declared
Less: Increase in dividends payable
Total cash dividend payment in 2015
4. Cash receipts not provided by operations:
Cash provided from financing:
Notes payable
Common stock
Cash receipts not provided by operations
5. Cash payments for assets not reflected in operations:
Available-for-sale securities
Property, plant, and equipment
Cash payments for assets not reflected in operations

Solution

05-34 Name: Solution
Enter the appropriate amounts/formulas in the blue-shaded cells.
The word “Wrong” will appear for incorrect amounts before the shaded cells.
1. Cash collected from accounts receivable:
Accounts receivable, beginning balance $ 372,000
Sales in 2015 3,946,000
Total collectible accounts $ 4,318,000
Less: Accounts receivable, ending balance 409,000
Cash collected in 2015 $ 3,909,000
2. Cash paid on accounts payable:
Inventory, ending balance $ 289,000
Add: Cost of goods sold in 2015 2,385,000
Total goods available in 2015 $ 2,674,000
Less: Inventory, beginning balance 304,000
Inventory purchases in 2015 $ 2,370,000
Accounts payable, beginning balance $ 174,000
Add: Inventory purchases in 2015 2,370,000
Total accounts to be paid in 2015 $ 2,544,000
Less: Accounts payable, ending balance 191,000
Total cash paid on accounts payable in 2015 $ 2,353,000
3. Cash dividend payment:
Retained earnings beginning balance $ 211,000
Add: Net income, 2015 769,000
$ 980,000
Less: Retained earnings, ending balance 525,000
Total dividends declared $ 455,000
Less: Increase in dividends payable 65,000
Total cash dividend payment in 2015 $ 390,000
4. Cash receipts not provided by operations:
Cash provided from financing:
Notes payable $ 104,000
Common stock 25,000
Cash receipts not provided by operations $ 129,000
5. Cash payments for assets not reflected in operations:
Available-for-sale securities $ 400,000
Property, plant, and equipment 115,000
Cash payments for assets not reflected in operations $ 515,000