can u answer all of them for me? Thanks very much! Comparative balance sheets fo
ID: 2490320 • Letter: C
Question
can u answer all of them for me? Thanks very much!
Comparative balance sheets for 2016 and 2015 and a statement of income for 2016 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2016 and 2015 (S in 000s) 2016 2015 Assets Cash Accounts receivable Inventory Land Building $1,230 $ 555 630 705 780 1,260 1,260 (660) (450) 3,210 2,430 (885) (660) 1,560 2,040 960 1,260 1,035 Less: Accumulated depreciation Equipment Less: Accumulated depreciation Patent $ 8,970 $7,290 Liabilities Accounts payable Accrued expenses payable Lease liability-land Shareholders' Equity Common stock Paid-in capital-excess of par Retained eamings $ 1,110 S 630 495 660 510 3,330 3,180 945 2,250 2,040 1,110 $8,970 $ 7,290Explanation / Answer
Answer
Cash Flow Statement (Metagrobolize Industries) for year ended December 31, 2016
Figures in $
in 000s
Particulars
Amount
Cash flow from Operating activity
Net income
1126
Gain on sale of land
-108
Depreciation expense -building
210
Depreciation expense - equipment
657
Loss on sale of equipment
36
Amortisation of patent
480
Increase in accounts receivable
-330
(630-960)
Increase in Inventory
-555
(705-1260)
Increase in Accounts payable
480
(1110-630)
Increase in Accrued Expenses payable
165
(660-495)
Cash flow from operating activity
a
2161
Cash flow from investing activity
Purchase of equipment
-1260
(See ledger account)
Sale of equipment
12
Book value(480-432) - loss(36)
Net addition of land adjusted for gain on sale
-147
(See ledger account)
Cash Flow from Investing activity
b
-1395
Cashflow from Financing activity
Lease liability Land
510
Cash dividend
-601
Cash flow from financing activity
c
-91
Net cash addition during the Year
(a+b+c)
675
Opening cash Balance
d
555
Closing cash balance
e
1230
Cash inflow during the year (e-d)
675
Ledger Accounts (All Figures are in 000s)
Land A/c
Dr
Cr
Figures in $
Particulars
Amount
Particulars
Amount
Opening balance
780
Net addition
147
(balancing figure)
Closing balance
1035
Gain on sale
108
1035
1035
Building A/c
Dr
Cr
Figures in $
Particulars
Amount
Particulars
Amount
Opening balance
1260
Closing balance
1260
1260
1260
Equipment
Dr
Cr
Figures in $
Particulars
Amount
Particulars
Amount
Opening balance
2430
Sale
480
Purchase
1260
Balancing figure
Closing balance
3210
3690
3690
Accumulated depreciation (Building)
Dr
Cr
Figures in $
Particulars
Amount
Particulars
Amount
Opening balance
450
Depreciation
210
Closing balance
660
Balancing figure
660
660
Accumulated depreciation (Equipment)
Dr
Cr
Figures in $
Particulars
Amount
Particulars
Amount
Opening balance
660
On equipment sold
432
(480*0.9)
Depreciation
657
(Balancing figure)
Closing balance
885
1317
1317
Patent
Dr
Cr
Figures in $
Particulars
Amount
Particulars
Amount
Opening balance
2040
Amortisation
480
Balancing figure
Closing balance
1560
2040
2040
Common stock
Figures in $
Dr
Cr
Particulars
Amount
Particulars
Amount
Opening balance
3180
Stock Dividend
150
Balancing figure
Closing balance
3330
3330
Paid in capital in excess of par
Dr
Cr
Figures in $
Particulars
Amount
Particulars
Amount
Opening balance
945
Stock dividend
165
Closing balance
1110
Balancing figure
1110
1110
Retained earnings
Dr
Cr
Figures in $
Particulars
Amount
Particulars
Amount
Opening balance
2040
Stock Dividend
315
Cash dividend
601
Net income
1126
Closing balance
2250
3166
3166
Cash Flow Statement (Metagrobolize Industries) for year ended December 31, 2016
Figures in $
in 000s
Particulars
Amount
Cash flow from Operating activity
Net income
1126
Gain on sale of land
-108
Depreciation expense -building
210
Depreciation expense - equipment
657
Loss on sale of equipment
36
Amortisation of patent
480
Increase in accounts receivable
-330
(630-960)
Increase in Inventory
-555
(705-1260)
Increase in Accounts payable
480
(1110-630)
Increase in Accrued Expenses payable
165
(660-495)
Cash flow from operating activity
a
2161
Cash flow from investing activity
Purchase of equipment
-1260
(See ledger account)
Sale of equipment
12
Book value(480-432) - loss(36)
Net addition of land adjusted for gain on sale
-147
(See ledger account)
Cash Flow from Investing activity
b
-1395
Cashflow from Financing activity
Lease liability Land
510
Cash dividend
-601
Cash flow from financing activity
c
-91
Net cash addition during the Year
(a+b+c)
675
Opening cash Balance
d
555
Closing cash balance
e
1230
Cash inflow during the year (e-d)
675
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