SCh12 - Student Name: Instructor Class: McGraw-Hill/Irwin...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Student Name: Instructor Class: McGraw-Hill/Irwin Coached Problem 12-3 Requirement 1: Balance Sheet at December 31 2010 2009 Change Cash $44,000 $18,000 26,000 <-- Correct! Accounts Receivable 27,000 29,000 -2,000 <-- Correct! Merchandise Inventory 30,000 36,000 -6,000 <-- Correct! Property and Equipment 111,000 102,000 9,000 <-- Correct! Less: Accumulated Depreciation (36,000) (30,000)-6,000 <-- Correct! $176,000 $155,000 Accounts Payable $25,000 $22,000 3,000 <-- Correct! Wages Payable 800 1,000 -200 <-- Correct! Note Payable, Long-Term 38,000 48,000 -10,000 <-- Correct! Contributed Capital 80,000 60,000 20,000 <-- Correct! Retained Earnings 32,200 24,000 8,200 <-- Correct! $176,000 $155,000 Income Statement for 2010 Sales $100,000 Cost of Goods Sold 61,000 Other Expenses 27,000 Net Income $12,000 HUNTER COMPANY Statement of Cash Flows For the Year Ended December 31, 2010 Cash flows from operating activities: Net income $12,000 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense $6,000 Decrease in accounts receivable 2,000 Decrease in merchandise inventory 6,000 Increase in accounts payable 3,000 Decrease in wages payable (200) 16,800 Net cash provided by operating activities 28,800 Cash flows from investing activities: Cash payments to purchase equipment (9,000) Net cash provided by (used in) investing activities (9,000) Cash flows from financing activities: Cash payments on long-term note (10,000) Cash receipts from issuing stock 20,000 Cash payments for dividends (3,800) Net cash provided by financing activities 6,200 Net increase in cash during the year 26,000 Cash balance, January 1, 2010 18,000 Cash balance, December 31, 2010 $44,000 Correct! Given Data CP12-3: HUNTER COMPANY Comparative Balance Sheets and Income Statement For the Year Ended December 31, 2010 2010 2009 Balance Sheet at December 31 Cash $44,000 $18,000 Accounts Receivable 27,000 29,000 Merchandise Inventory 30,000 36,000 Property and Equipment 111,000 102,000 Less: Accumulated Depreciation (36,000) (30,000) $176,000 $155,000 Accounts Payable $25,000 $22,000 Wages Payable 800 1,000 Note Payable, Long-Term 38,000 48,000 Contributed Capital 80,000 60,000 Retained Earnings 32,200...
View Full Document

Page1 / 9

SCh12 - Student Name: Instructor Class: McGraw-Hill/Irwin...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online