1. Willy Willy Corporation's balance sheet and income statement for 2023 appear below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Cash and cash equivalents... $36 $32 Accounts receivable 74 65 Inventory... 58 54 Property, plant and equipment... 693 580 Less accumulated depreciation... 293 277 Total assets... $568 $454 Liabilities and stockholders' equity: Accounts payable... $58 $59 Accrued liabilities... 13 16 Income taxes payable... 33 41 Bonds payable... 290 300 Common stock... 43 40 Retained earnings... 131 (2) Total liabilities and stockholders' equity $568 $454 Income Statement Sales $1,118 Cost of goods sold... 719 Gross margin... 399 Selling and administrative expense... 170 Net operating income... 229 Gain on sale of equipment... 10 Income before taxes 239 Income taxes 72 Net income $167 1.The company sold equipment for $10 that was originally purchased for $4 and that had accumulated depreciation of $4. 2. Paid a cash dividend during the year of $34 3. Retire a $10 of Bonds Payable 4.Sold common stocks for $3 Prepare a statement of Cash Flows using the indirect method for the year ending December 31, 2023
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- Beginning balance: $32 - Ending balance: $36 - Change in cash: $36 - $32 = $4 Show more…
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Rosiak Fashion Center Trial Balance November 30, 2025 Debit: Cash 8,700 Accounts Receivable 27,700 Inventory 44,700 Supplies 6,200 Equipment 133,000 Accumulated Depreciation-Equipment Notes Payable Accounts Payable Share Capital-Ordinary Retained Earnings Dividends 8,000 Sales Revenue Sales Returns and Allowances 12,800 Cost of Goods Sold 497,400 Salaries and Wages Expense 136,000 Advertising Expense 24,400 Utilities Expense 14,000 Maintenance and Repairs Expense 12,100 Freight-Out 16,700 Rent Expense 24,000 Totals 965,700 Credit: Accumulated Depreciation—Equipment 23,000 Notes Payable 51,000 Accounts Payable 48,500 Share Capital—Ordinary 50,000 Retained Earnings 38,000 Sales Revenue 755,200 Totals 965,700 Adjustment data: 1. Supplies on hand totaled 2,100. 2. Depreciation is 11,500 on the equipment. 3. Interest of 4,000 is accrued on notes payable at November 30. 4. Inventory actually on hand is 44,520. Instructions: a. Enter the trial balance on a worksheet, and complete the worksheet. a. Adj. trial balance 981,200 Net loss 1,980 b. Journalize the adjusting entries. c. Prepare an income statement and a retained earnings statement for the year, and a classified statement of financial position as of November 30, 2025. c. Gross profit 244,820 Total assets 181,520 d. Journalize the closing entries. e. Prepare a post-closing trial balance.
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ABC Corporation Comparative Balance Sheets at December 31 (in millions) Assets 20X1 20X2 Cash $8 $6 Notes payable $15 $10 Accounts receivable 16 22 Accounts payable 6 12 Inventories 15 16 Accrued wages 4 6 Total current assets 39 44 Accrued taxes 3 5 Fixed assets, net 53 54 Total current liabilities 28 33 Other assets 3 5 Long-term debt 12 8 Common stock 15 18 Retained earnings 40 44 Total assets $95 $103 Total Liabilities & equity $95 $103 ABC Corporation Statement of Income and Retained Earnings Year ended December 31, 20X2 (in millions) Net sales $75 Expenses Cost of goods sold $35 SG&A expenses 7 Depreciation 12 Interest 3 57 Net income before taxes $18 Less: Taxes 6 Net income $12 Add: Retained earnings at 12/31/20X1 40 Subtotal $52 Less: Dividends 8 Retained earnings at 12/31/20X2 $44 In the sources and uses of funds statement, how much is the change in fixed asset? In the statement of cash flows, what is the cash flow under financing activities? In the sources and uses of funds statement, which one of the following is NOT a use of fund? In the statement of cash flows, which one of the following is NOT a financing activity? In the statement of cash flows, how much is the tax paid? In the statement of cash flows, what is the cash flow under operating activities? In the sources and uses of funds statement, which one of the following is NOT a source of fund? In the statement of cash flows, what is the cash flow under investing activities?
Statement of Cash Flows—Direct Method The comparative balance sheet of Navaria Inc. for December 31, 20Y3 and 20Y2, is as follows: Dec. 31, 20Y3 Dec. 31, 20Y2 Assets Cash $237,210 $224,090 Accounts receivable (net) 87,090 79,900 Inventories 245,470 236,030 Investments 0 91,840 Land 125,820 0 Equipment 268,260 211,230 Accumulated depreciation-equipment (63,700) (56,900) Total assets $900,150 $786,190 Liabilities and Stockholders' Equity Accounts payable $162,620 $154,880 Accrued expenses payable 16,350 20,440 Dividends payable 8,900 7,100 Common stock, $1 par 48,000 36,950 Paid-in capital: Excess of issue price over par-common stock 182,800 106,920 Retained earnings 481,480 459,900 Total liabilities and stockholders’ equity $900,150 $786,190 The income statement for the year ended December 31, 20Y3, is as follows: Sales $1,510,770 Cost of merchandise sold 929,120 Gross profit $581,650 Operating expenses: Depreciation expense $6,800 Other operating expenses 492,510 Total operating expenses 499,310 Operating income $82,340 Other income: Gain on sale of investments 15,300 Income before income tax $97,640 Income tax expense 39,060 Net income $58,580 Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows: The investments were sold for $107,140 cash. Equipment and land were acquired for cash. There were no disposals of equipment during the year. The common stock was issued for cash. There was a $37,000 debit to Retained Earnings for cash dividends declared.
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