- •94. Lite Travel Company's accounting records include the following information:
- •95. Freeman Company's accounting records include the following information:
- •99. Hogan Company had the following account balances for 2006:
- •100. Hanson Company had the following account balances for 2006:
- •Problems
- •Required:
- •113. The accounting records of Westlake Industries provided the data below.
- •Required:
- •114. Prepare the spreadsheet entries necessary to determine the amount of cash received from customers for each of the four independent situations below.
- •115. Prepare the spreadsheet entries necessary to determine the amount of cash paid to suppliers for each of the four independent situations below.
- •116. Following are the income statement and some additional information for Carolina Consulting Company.
- •Required:
- •117. Following are the income statement and some additional information for Parson Corporation for 2006.
- •Required:
- •118. Partial balance sheets and additional information are listed below for Sowell Company.
- •Required:
- •119. Partial balance sheets and additional information are listed below for Rickey Company.
- •Required:
- •120. Partial balance sheets and additional information are listed below for Monaco Company.
- •Required:
- •121. Partial balance sheets and additional information are listed below for Ensign Company.
- •Required:
- •122. Partial balance sheets and additional information are listed below for Funk Company.
- •Required:
- •123. Partial balance sheets and additional information are listed below for Julius Company.
- •Required:
- •124. Partial balance sheets for Yarborough Company and additional information are found below.
- •Required:
- •125. Partial balance sheets for abc Company and additional information are provided below.
- •Required:
- •126. The accounting records of Harrison Company provided the data below.
- •Required:
- •127. The accounting records of Unlucky Company provided the data below
- •Required:
- •128. The Murdock Corporation reported the following balance sheet data for 2006 and 2005.
- •Required:
- •129. The following are comparative balance sheets and on income statement for Wentworth Company.
- •In its 2005 Annual Report to Shareholders, Henchman & Co. Provided the following Statement of Cash Flows:
Required:
Calculate the amount of cash received from customers during 2006.
Answer:
-
Cash (received from customers)
796,000
Accounts receivable
4,000
Sales revenue
800,000
Learning Objective: 3 Level of Learning: 3
123. Partial balance sheets and additional information are listed below for Julius Company.
-
Julius Company
Partial Balance Sheets
as of December 31
Assets
2006
2005
Cash
$20,000
$40,000
Accounts receivable
90,000
60,000
Inventory
40,000
25,000
Liabilities
Accounts payable
$72,000
$58,000
Additional information for 2006:
Net income was $70,000.
Depreciation expense was $30,000.
Sales totaled $600,000.
Cost of goods sold totaled $325,000.
Required:
Calculate the amount of cash received from customers during 2006.
Answer:
-
Cash (received from customers)
570,000
Accounts receivable
30,000
Sales revenue
600,000
Learning Objective: 3 Level of Learning: 3
124. Partial balance sheets for Yarborough Company and additional information are found below.
-
Yarborough Company
Partial Balance Sheets
as of December 31
Assets
2006
2005
Equipment
$100,000
$75,000
Accumulated depreciation
(25,000
)
(20,000
)
Shareholders' equity
Common stock, $5 par
$150,000
$100,000
Paid-in capital - excess of par
20,000
0
Retained earnings
40,000
30,000
Additional information for 2006:
July 1: Issued 10,000 shares of common stock for cash.
July 1: Purchased new equipment for cash.
Dec. 31 Paid cash dividends of $30,000.
Required:
Prepare the investing activities section of the statement of cash flows for 2006.
Answer:
-
Cash flows from investing activities:
Purchase of equipment
$(25,000)
Net cash flows from investing activities
$(25,000)
Learning Objective: 5 Level of Learning: 3