DS My Blackboard-WL-Black × https://www.mathxl.com/student/PlayerHomework.aspx f

Question

DS My Blackboard-WL-Black × https://www.mathxl.com/student/PlayerHomework.aspx false&icliCSearch; MyAccountingLab Homework: Chapter 12 Problem Assignment ver P12-63A (similar to) Exercise Score: 0 of 5 pts Assignment Score: 66.67% (10 of 15 pts) 1 of 2 complete The 2014 and 2013 comparative balance sheets and 2014 income statement of Perfect Supply Corp. follow: (Click the icon to view the income statement.) eText Pages )(Click the icon to view the comparative balance sheet.) Perfect Supply had no noncash investing and financing transactions during 2014. During the year, there were no sales of land or equipment, no payment of notes payable, no retirements I Calculator Ask My Instructor Perfect Supply Corp Comparative Balance Sheets December 31 Increase 2013 (Decrease) Perfect Supply Corp Income Statement Year Ended December 31, 2014 Current assets ted Cash and cash equivalents Accounts receivable Inventories Prepaid expenses $ 65,400 $1,000 S 64,400 2,200 12,000 45,200 55,300 1,700 43,000 43,300 1,900 Revenues Sales revenue S 441,000 Expenses Plant assets Cost of goods sold Salary expense Depreciation expense Other operating expense Interest expense Income tax expense $ 185,500 76,200 17,200 50,300 25,000 28,500 17,600 10,800 $ 276,000 $ 169,200 S 106,800 48,400 30,800 Equipment, net 60,000 49,200 Total assets Current liabilities Accounts payable Salary payable Other accrued liablies $ 35,100 $ 27,800 $ 7,300 25,000 17,000 8,000 Total expenses 382,700 22,20023,800 Net income $ 58,300 Long-term liabilities Notes payable 56,000 32,000 24,000 Print Stockholders' equity: 24,400 44,700 $ 276,000 $ 169,200 S 106,800 88,100 63,700 Common stock, no-par Retained earnings 49,600 4,900 Total liabilities and stockholders' equity Print 4 parts remaining Final Check Save 11:16 PM 4/10/2016

Explanation / Answer

Cash Flow From Operating Activites Cash Collected from cutomers $ 4,38,800.00 Less: payment to suppliers $ 1,90,200.00 to employees $     68,200.00 for interest $     25,000.00 Income tax expense $     28,500.00 other operating expenses $     51,700.00 $ 3,63,600.00 Cash flow from operating activites $     75,200.00 Cash flow from investing activities Purchase of asset $   -45,600.00 (net purchase + depreciation expense) Cash flow from Financing Activites Issue of notes payable $     24,000.00 Issue of common stock $     24,400.00 Payment of dividend $   -13,600.00 $     34,800.00 Net cash flow $     64,400.00 Add: balance Dec 31, 2013 $       1,000.00 Balance on Dec 31 , 2014 $     65,400.00 Collection from customers Sales $ 4,41,000.00 less: Increase in accounts receivable $ 2,200.00 $ 4,38,800.00 Payment to suppliers cost of goods sold $ 1,97,500.00 less: increase in accounts payable $       7,300.00 $ 1,90,200.00 Payment for other operating expenses other operating expense $     50,300.00 Add: decrease in accrued liabilites $       1,600.00 $     51,900.00 less: prepaid expense $           200.00 $     51,700.00 Payment to employees Salary $     76,200.00 Less: increase in salary payable $       8,000.00 $     68,200.00 Calculation of dividend Paid Retained earning 31st Dec 2013 $   4,900.00 Add: net income $ 58,300.00 $ 63,200.00 Less: retained earnings Dec 31 2014 $ 49,600.00 Dividend Paid $ 13,600.00

Related Questions

Navigate

• Browse (All)
• Browse D
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.