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: 402 Weeks 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 11 Jul 2017 My Price 13.00

Riabko Company

A comparative balance sheet for Riabko Company containing data for the last two years is as follows:

 

Riabko Company
Comparative Balance Sheet
  This
Year		 Last
Year
Assets        
Current assets:        
Cash and cash equivalents $ 92,000 $ 66,800
Accounts receivable   632,000   662,500
Inventory   633,200   441,000
Prepaid expenses   26,800   15,500
 
Total current assets   1,384,000   1,185,800
 
Property, plant, and equipment   2,475,000   1,884,000
Less accumulated depreciation   640,200   578,900
 
Net property, plant, and equipment   1,834,800   1,305,100
 
Long-term investments   124,100   193,000
 
Loans to subsidiaries   141,000   80,500
 
Total assets $ 3,483,900 $ 2,764,400
 
Liabilities and Stockholders' equity        
Current liabilities:        
Accounts payable $ 903,600 $ 591,000
Accrued liabilities   37,600   60,900
Income taxes payable   160,300   134,800
 
Total current liabilities   1,101,500   786,700
Bonds payable   725,000   463,000
 
Total liabilities   1,826,500   1,249,700
 
Stockholders' equity:        
Common stock   1,132,000   1,021,000
Retained earnings   525,400   493,700
 
Total stockholders' equity   1,657,400   1,514,700
 
Total liabilities and stockholders' equity $ 3,483,900 $ 2,764,400
 

 

The following additional information is available about the company's activities during this year:
a. The company declared and paid a cash dividend this year.
b. Bonds with a principal balance of $401,000 were repaid during this year.
c. Equipment was sold during this year for $80,500. The equipment had cost $172,000 and had $65,200 in accumulated depreciation on the date of sale.
d. Long-term investments were sold during the year for $152,000. These investments had cost $68,900 when purchased several years ago.
e. The subsidiaries did not repay any outstanding loans during the year.
f. Riabko did not repurchase any of its own stock during the year.

 

The company reported net income this year as follows:

 

Riabko Company
Income Statement
Sales     $ 3,420,000
Cost of goods sold       2,120,400
     
Gross margin       1,299,600
Selling and administrative expenses       1,041,300
     
Net operating income       258,300
Non operating items:        
Gain on sale of investments $ 83,100    
Loss on sale of equipment   26,300   56,800
 
Income before taxes       315,100
Income taxes       101,000
     
Net income     $ 214,100
     

 

Required:
1.

Using the indirect method, prepare a statement of cash flows for this year. (Amounts to be deducted and negative amounts should be indicated with a minus sign.)

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Jul 2017 09:07 PM My Price 13.00

Hel-----------lo -----------Sir-----------/Ma-----------dam----------- Â----------- Th-----------ank----------- Yo-----------u f-----------or -----------usi-----------ng -----------our----------- we-----------bsi-----------te -----------and----------- ac-----------qui-----------sit-----------ion----------- of----------- my----------- po-----------ste-----------d s-----------olu-----------tio-----------n. -----------Ple-----------ase----------- pi-----------ng -----------me -----------on -----------cha-----------t I----------- am----------- on-----------lin-----------e o-----------r i-----------nbo-----------x m-----------e a----------- me-----------ssa-----------ge -----------I w-----------ill-----------

Not Rated(0)
Relevent Questions