Maurice Tutor

(5)

$15/per page/Negotiable

About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 398 Weeks Ago, 5 Days Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 06 May 2018 My Price 9.00

Pavolik Company

The following changes took place last year in Pavolik Company’s balance sheet accounts:

  

 

Asset and Contra-Asset Accounts   Liabilities and Equity Accounts  
  Cash $ 25    D   Accounts payable $ 77    I
  Accounts receivable $ 29    I   Accrued liabilities $ 29    D
  Inventory $ 68    D   Income taxes payable $ 34    I
  Prepaid expenses $ 24    I   Bonds payable $ 244    I
  Long-term investments $ 26    D   Common stock $ 116    D
  Property, plant, and equipment $ 470    I   Retained earnings $ 97    I
  Accumulated depreciation $ 97    I        
 

 

D = Decrease; I = Increase.

 

  

 

      Long-term investments that had cost the company $26 were sold during the year for $56, and land that had cost $55 was sold for $29. In addition, the company declared and paid $23 in cash dividends during the year. Besides the sale of land, no other sales or retirements of plant and equipment took place during the year. Pavolik did not retire any bonds during the year or issue any new common stock.

 

  

 

The company’s income statement for the year follows:

 

   

 

  
  Sales     $ 1,170  
  Cost of goods sold       516  
         
  Gross margin       654  
  Selling and administrative expenses       470  
         
  Net operating income       184  
  Nonoperating items:        
      Loss on sale of land $ (26)       
      Gain on sale of investment   30       4  
         
  Income before taxes       188  
  Income taxes       68  
         
  Net income     $ 120  
         
 

 

  

 

The company’s beginning cash balance was $138 and its ending balance was $113.

 

  

 

Required:

 

1.

Using the indirect method, determine the net cash provided by / used in operating activities for the year. (List any deduction in cash and cash outflows as negative amounts.)

 

   

 

 

 

2.

Prepare a statement of cash flows for the year. (List any deduction in cash and cash outflows as negative amounts.)

 

   Statement of Cash Flows ndirect hod (Partial) Net income 120 Adjustments to convert net income to a cash basis: 07 Depreciation 20 Increase in accounts receivable 68 Decrease in inventory Increase in prepaid expenses Increase in accounts payable Decrease in accrued liabilities 20 Increase in income taxes payable Loss on sale of land 30 Gain on sale of long-term investments 14 Net cash provided by operating activities S 53 Prepare a statement of cash flows for the year. (List any deduction in cash and cash outflows as negative amounts.) Pavolik Company Statement of Cash Flows ndirect Method Operating activities: S 310 Net cash provided by operating activities Investing activities: Proceeds from sale of long-term investments Proceeds from Sale of land 20 525 Additions to property, plant & equipment Additions to long-term investments (440) 170 Net cash used in investing activities Financing activities: Cash dividends 244 Repurchase of common stock 116 Cash dividends 488 Net cash provided by financing activities Net decrease in cash 138 Beginning cash and cash equivalents Ending cash and cash equivalents

 

Please help. I labeled my table all wrong

 

 

Statement of Cash Flows ndirect hod (Partial) Net income 120 Adjustments to convert net income to a cash basis: 07 Depreciation 20 Increase in accounts receivable 68 Decrease in inventory Increase in prepaid expenses Increase in accounts payable Decrease in accrued liabilities 20 Increase in income taxes payable Loss on sale of land 30 Gain on sale of long-term investments 14 Net cash provided by operating activities S 53 Prepare a statement of cash flows for the year. (List any deduction in cash and cash outflows as negative amounts.) Pavolik Company Statement of Cash Flows ndirect Method Operating activities: S 310 Net cash provided by operating activities Investing activities: Proceeds from sale of long-term investments Proceeds from Sale of land 20 525 Additions to property, plant & equipment Additions to long-term investments (440) 170 Net cash used in investing activities Financing activities: Cash dividends 244 Repurchase of common stock 116 Cash dividends 488 Net cash provided by financing activities Net decrease in cash 138 Beginning cash and cash equivalents Ending cash and cash equivalents

 


Answers

Maurice Tutor
(5)
Status NEW Posted 06 May 2018 06:05 PM My Price 9.00

Hel-----------lo -----------Sir-----------/Ma-----------dam-----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g o-----------ur -----------web-----------sit-----------e a-----------nd -----------acq-----------uis-----------iti-----------on -----------of -----------my -----------pos-----------ted----------- so-----------lut-----------ion-----------.Pl-----------eas-----------e p-----------ing----------- me----------- on-----------cha-----------t I----------- am----------- on-----------lin-----------e o-----------r i-----------nbo-----------x m-----------e a----------- me-----------ssa-----------ge -----------I w-----------ill----------- be-----------

Not Rated(0)