Chapter 21 Exercises

Chapter 21 Exercises - 187,700 Liabilities Current...

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P21-23A (50-60min) Req. 1 Cash Beginning Cash Balance g 50,200 Cash inflows: Cash sales h 50,400 Cash collections i 15,300 Credit collections h 16,800 Total Cash inflows 82,500 Cash outflows: Payment of March liabilities j (8,600) Purchase of Inventory l (10,800) Payments for April (credit) purchases l (18,600) Purchase of equipment b (16,900) Operating expenses paid e (13,200) Total Cash outflows (68,100) Ending balance 64,600 Inventory Beginning Inventory 11,800 k Add: Purchases 48,000 l Less: COGS (37,800) d Ending balance 22,000 Stockholders' Equity Beginning Balance 136,700 f Add: Sales Revenue 84,000 h Less: GOGS (37,800) d Depreciation Expense (600) c Operation Expenses (33,000) e
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Ending balance $149,300
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Budgeted Balance Sheet April 30, 2011 Assets Current assets: Cash 64,600 Accounts Receivable 16,800 Inventory 22,000 Total Current Assets 103,400 Plant assets: Accumulated Depreciation (13,500) Equipment 97,800 Total Plant Assets 84,300 Total Assets
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Unformatted text preview: 187,700 Liabilities Current liabilities: Accounts Payable 18,600 Expense Payable 19,800 Total Current Liabilities 38,400 Stockholders' Equity 149,300 149,300 Total Liabilities and Stockholder's Equity 187,700 Req. 2 Budgeted Statement of Cash Flows For the Month Ended April 30, 2011 Cash flows from operating activities: Receipts: Collections from customers 82,500 Total cash receipts 82,500 Payments Purchases ($10,800) Operating expenses (40,400) Total cash payments (51,200) Net cash inflow from operating activities 31,300 Cash flows from investing activities: Acquisition of equipment (16,900) Net cash outflow from investing activities (16,900) Cash flows from financing activities: 0 Net increase (decrease) in cash 14,400 Cash balance, April 1, 2011 50,200 Cash balance, April 30, 2011 64,600 Req. 3...
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This note was uploaded on 09/11/2011 for the course TERM 1 taught by Professor Smith during the Spring '11 term at FIT.

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Chapter 21 Exercises - 187,700 Liabilities Current...

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