Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Complete balance sheet and prepare a statement of changes in retained earnings Following is a statement of cash flows (indirect method) for Hartford, Inc., for the year ended December 31, 2011. Also shown is a partially completed comparative balance sheet as of December 31, 2011 and 2010:
HARTFORD, INC.
Statement of Cash Flows
For the Year Ended December 31, 2011
Cash Flows from Operating Activities:
Net income $
9,000
Add (deduct) items not affecting cash:
Depreciation expense
45,000
Decrease in accounts receivable
23,000
Increase in inventory
(7,000)
Increase in notes payable
12,000
Decrease in accounts payable
(6,000)
Net cash provided by operating activities.
$ 76,000
Cash Flows from Investing Activities:
Purchase of equipment.
$(50,000)
Purchase of buildings
(48,000)
Net cash used by investing activities
$(98,000)
Cash Flows from Financing Activities:
Proceeds from short-term debt.
5,000
Cash used for retirement of long-term debt
$(25,000)
Proceeds from issuance of common stock
10,000
Payment of cash dividends on common stock
(3,000)
Net cash used by financing activities
$(13,000)
Net decrease in cash for the year
$(35,000)
Comparative Balance Sheets
At December 31, 2011 and 2010
2011
2010
Assets
Current assets:
Cash.
$
$ 88,000
Accounts receivable
73,000
Inventory.
56,000
Total current assets
Land
$ 40,000
Buildings and equipment
260,000
Less: Accumulated depreciation
(123,000)
Total land, buildings, and equipment.
Total assets
Liabilities
Current liabilities:
Accounts payable.
$ 29,000
Short-term debt
32,000
Notes payable
36,000
Total current liabilities
$ 85,000
Long-term debt
Owners' Equity
Common stock
Retained earnings
Total owners' equity
Total liabilities and owners' equity
Required:
a. Complete the December 31, 2011 and 2010, balance sheets.
b. Prepare a statement of changes in retained earnings for the year ended December 31, 2011.
using the finance or similarly named department link of a citys web site download either the citys entire comprehensive
Prepare the sales portion of the entry for this sale on Janet's books and Prepare the cost of sales portion of the entry for this sale on Janet's books
then 200 for $7 and finally 150 units for $8. at the end of the month 180 remained. Calculate the amount of phantom profit that would result if the companyused FIFO rather than LIFO periodic method
Illustrate what type of cash flow pattern is this? What formula would you use to solve this problem? (Write down the formula!) When you put the above given numbers into your formula, do you get the same answer? Why or why not?
You are to research for an event (NOT BP-Gulf of Mexico or Exxon Valdez as they are likely to be discussed with you) where a company created a situation where their legitimacy was compromised.
read headline health rates as top social issue. would you expect management to worry about attitudinal surveys such as
Determine the rate and efficiency variances for the variable overhead item power cost and point out whether those variances are unfavorable or favorable.
The XTRA Appliance Manufacturing Corporation manufactures two vacuum cleaners, the Super and the Standard - Find the total sales-quantity variance in terms of budgeted contribution margin?
Discuss whether or not it would be possible for Calcor Company to achieve the first two of Kuhn’s goals without achieving his third goal of 30% return on average assets before interest and taxes.
Prepare Swag's consolidated balance sheet under each of the following independent situations - swag purchased the assets and assumed the liabilities of Perk by paying $1,400,000 in cash and issuing a $12,600,000 note.
The price elasticity of demand for a firm's product is equal to -1.8. The firm currently sells 4,000 units per day at a price of $2. If the firm increases its product price by 10%, then it can expect to sell approximately
Basic flexible budgeting Sydney, Inc., has the subsequent budgeted production costs:
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd