D Bowers Week 5 HW.xlsx

D Bowers Week 5 HW.xlsx - P1-31 Compute the missing amounts...

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P1-31 Compute the missing amounts in the following financial statements. Balance Sheet at 31-Dec-11 31-Dec-12 Current assets Cash $18,000 15,000 Marketable securities 2,000 5,000 Accounts receivable 8,000 10,000 Merchandise inventory 41,000 58,000 Prepaid advertising 13,000 16,000 Total current assets 82,000 104,000 175,000 212,000 Accumulated depreciation -35,000 -63,000 Land 15,000 22,000 Intangible assets -10,000 7,000 Total assets $227,000 $282,000 Current liabilities Accounts payable $18,000 21,000 Wages payable 15,000 18,000 Interest payable 8,000 6,000 Dividends payable 2,000 4000 Taxes payable 5,000 1,000 Total current liabilities 48,000 50,000 Long-term debt $46,000 52,000 Shareholders’ equity Common stock 121,000 160,000 Retained earnings 22,000 32,000 Treasury stock -10,000 -12,000 Total liabilities and shareholders’ e $227,000 $282,000 Statement of Cash Flow for Year En 31-Dec-12 Cash flow from operating activities Cash collections from customers 138,000 Cash payments for: Inventory -101,000 You may assume that accounts receivable relate only to credit sales and that accounts payable relate only to credit purchases of inventory. There were no sales of property and
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