Problem 2-3 (Video) Review Figure 2-12 and complete the blanks below to show the
ID: 2329301 • Letter: P
Question
Problem 2-3 (Video) Review Figure 2-12 and complete the blanks below to show the relationships among the four financial statements for Shamrock Brothers Corporation: Balance Sheet (12/31/2016) Statement of Cash Flows (year ending 12/31/2017) Balance Sheet (12/31/2017) Cash Other current assets Long-term investments Total assets $410 Cash-Operating 1,340 Cash-Investing 1,300 $410 Cash 1,450 1,500 (200) Other current assets Long-term investments Total assets Cash-Financing 260 $3,050 A in cash Cash-12/31/16 Cash-12/31/17 Current liabilities Long-term liabilities Common stock Retained earnings $650 1,100 1100 Revenue $1,030 1,100 1,400 Income Statement Current liabilities (year ending 12/31/2017) Long-term liabilities $4,110 Common stock 200 Expenses 3,970Retained earnings Total $3,050 Net income Total Statement of Shareholders' Equity (year ending 12/31/2017) Common Stock Retained Earnings 12/31/16 Net income Dividends Stock issuance $1,100 $200 (40 ) 300 12/31/17Explanation / Answer
Answer
Balance Sheet - 12/31/16
Statement of Cash Flows
Balance Sheet - 12/31/17
Cash
$ 410.00
Cash - Operating
$ 410.00
Cash
$ 880.00 (4 – value calculated at ‘3’)
Other Current Assets
$ 1,340.00
Cash - Investing
$ (200.00)
Other Current Assets
$ 1,450.00
Long Term Investments
$ 1,300.00
Cash - Financing
$ 260.00
Long Term Investments
$ 1,500.00
Total Assets
$ 3,050.00
Change in Cash
$ 470.00 (1 – Sum of above]
Total Assets
$ 3,830.00 (5 – Total)
Cash - 12/31/16
$ 410.00 (2 – from Balance sheet 12/31/16)
Cash - 12/31/17
$ 880.00 (3 – Sum of above)
Current Liabilities
$ 650.00
Income Statement
Current Liabilities
$ 1,030.00
Long Term Liabilities
$ 1,100.00
year ending 12/31/17
Long Term Liabilities
$ 1,100.00
Common Stock
$ 1,100.00
Revenues
$ 4,110.00
Common Stock
$ 1,400.00
Retained earnings
$ 200.00
Expenses
$ 3,970.00
Retained earnings
$ 300.00 ( 8 – value from ‘7’ calculated below)
Total
$ 3,050.00
Net Income
$ 140.00 (6 – revenue – Exp)
Total
$ 3,830.00
Statement of Shareholder's Equity
Common Stock
Retained Earnings
12/31/16
$ 1,100.00
$ 200.00
Net Income
$ 140.00 (6 – calculated above)
Dividends
$ (40.00)
Stock Issuance
$ 300.00
$ 0
12/31/17
$ 1,400.00
$ 300.00 ( 7 – Sum of above)
Balance Sheet - 12/31/16
Statement of Cash Flows
Balance Sheet - 12/31/17
Cash
$ 410.00
Cash - Operating
$ 410.00
Cash
$ 880.00 (4 – value calculated at ‘3’)
Other Current Assets
$ 1,340.00
Cash - Investing
$ (200.00)
Other Current Assets
$ 1,450.00
Long Term Investments
$ 1,300.00
Cash - Financing
$ 260.00
Long Term Investments
$ 1,500.00
Total Assets
$ 3,050.00
Change in Cash
$ 470.00 (1 – Sum of above]
Total Assets
$ 3,830.00 (5 – Total)
Cash - 12/31/16
$ 410.00 (2 – from Balance sheet 12/31/16)
Cash - 12/31/17
$ 880.00 (3 – Sum of above)
Current Liabilities
$ 650.00
Income Statement
Current Liabilities
$ 1,030.00
Long Term Liabilities
$ 1,100.00
year ending 12/31/17
Long Term Liabilities
$ 1,100.00
Common Stock
$ 1,100.00
Revenues
$ 4,110.00
Common Stock
$ 1,400.00
Retained earnings
$ 200.00
Expenses
$ 3,970.00
Retained earnings
$ 300.00 ( 8 – value from ‘7’ calculated below)
Total
$ 3,050.00
Net Income
$ 140.00 (6 – revenue – Exp)
Total
$ 3,830.00
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