Prepare a statement of Cash Flow for the current year using the indirect method

Name: Techwhiff
Address: 1520 Lavalette Ave, Elkins, WV 26241, USA, Elkins, 26241, US
Telephone: +1 681-298-8325
Price range: 10000

Question

Prepare a statement of Cash Flow for the current year using the indirect method
Robust Robots, Inc. Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Assets Current Assets: Cash Accounts Recei

Robust Robots, Inc. Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Assets Current Assets: Cash Accounts Recei

2019 2018 Liabilities and Stockholders Equity Current Liabilities: Accounts Payable Unearned Revenue Salaries Payable Federa

Comparative Income Statement SOCIETY Robust Robots, Inc. Comparative Statement of Income For the Years Ended December 31, 201

Comparative Statement of Retained Earnings Robust Robots, Inc. Comparative Statement of Retained Earnings For the Years Ended

Robust Robots, Inc. Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Assets Current Assets: Cash Accounts Receivable, net Merchandise Inventory Supplies Prepaid Insurance Total Current Assets $ $ $ $ $ $ 65,000 150,000 135,000 9,700 30,000 389,700 $ $ $ $ $ $ 80,000 100,000 70,000 500 10,000 260,500 Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation - Equipment Total Property, plant, and Equipment Total Assets $ $ $ $ 500,000 (80,000) 420,000 809,700 $ $ $ $ 240,000 (90,000) 150,000 410,500 4 Page

2019 2018 Liabilities and Stockholders' Equity Current Liabilities: Accounts Payable Unearned Revenue Salaries Payable Federal Income Taxes Payable Total Current Liabilities 150,000 40,000 40,000 10,000 240,000 $ $ $ $ 40,000 50,000 30,000 10,000 130,000 Long Term Liabilities Note Payable Total Long Term Liabilities Total Liabilities S . $ $ $ 130,000 130,000 370,000 $ 130,000 $ 100,000 Stockholders' Equity: Common Stock, $10 Par Paid In Capital in Excess of Par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ $ $ $ $ 170,000 43,700 226,000 439,700 809,700 180,500 280,500 410,500 5 Page LLLLLLLLLEEEEESSSSSSSSSSSSSSS

Comparative Income Statement SOCIETY Robust Robots, Inc. Comparative Statement of Income For the Years Ended December 31, 2019 and 2018 2019 2018 $ $ $ 700,000 524,300 175,700 $ $ $ 600,000 420,000 180,000 Sales Cost of Goods Sold Gross Margin Operating Expenses: Salaries and Wages Expense Rent Expense Depreciation Expense Total Operating Expenses Income from Operations Loss on Sale of Equipment Interest Expense Increase (Decrease) in Operating Income Income before Taxes Federal Income Taxes Net Income $ $ $ $ $ $ $ $ 47,290 20,256 20,000 87,546 88,154 (5,213) (3,656) (8,869) $ $ $ $ $ $ $ $ 100,000 20,000 10,000 130,000 50,000 (5,000) (5,000) $ $ $ 79,285 (23,786) 55,500 $ $ $ 45,000 (13,500) 31,500 6 Page

Comparative Statement of Retained Earnings Robust Robots, Inc. Comparative Statement of Retained Earnings For the Years Ended December 31, 2019 and 2018 2019 2018 Retained Earnings, Beginning $ 180,500 $ 176,000 of Year Net Income $ 55,500 $ 31,500 Less: Dividends $ 10,000 $ 27,000 Retained Earnings, End of Year $ 226,000 $ 180,500 1. Equipment with a cost of $90,000 on which depreciation has been recorded, was sold for cash. Additional equipment was purchased for cash and a long-term note payable. 2. Stock was issued for cash. 3. The dividends were paid in cash. 71 Pa

 · Answer

Explanation: Equipment purchased for cash: Purchase Cost of Equipment = Ending Balance in PPE a/c + Cost of Sold Equipment - Beg. Balance in PPE a/c = 500000 + 90000 - 240000 = 350000 Equipment Purchased for Cash = Purchase cost of equipment - Note payable Issued = 350000 - 130000 = 220000 Sale Value of Equipment: Accumulated Depreciation on sold equipment = Beg. Balance in Acc. Depr a/c + Depreciation Expense - Ending Balance in Acc. Depr a/c = 90000 + 20000 - 80000 = 30000 Book Value of Sold Equipment = Cost - Acc.Depreciation = 90000 - 30000 = 60000 Sale Value of Equipment = Book Value - Loss on sale = 60000 - 5213 = 54787 Statement of Cash Flows (Indirect Method) Cash flow from Operating Activities: Net Income 55500 Adjustments to reconcile net income: Depreciation Expense Loss on sale of Equipment Increase in Accounts Receivable Increase in Inventory Increase in Supplies Increase in Prepaid Insurance Increase in Accounts payable Decrease in Unearned Revenue Increase in Salary payable 20000 5213 -50000 -65000 -9200 -20000 110000 -10000 10000 -8987) Net Cash provided by Operating activities 46513 Cash flow from Investing Activities: Purchase of Equipment Sale of Equipment -220000 54787 Net Cash used in Investing Activities -165213 Cash flow from Financing Activities: Cash dividends paid Proceeds from Issuance of Common Stock -10000 113700 Net Cash provided by Financing Activities 103700 Net Increase in Cash Cash, Beginning Balance Cash, Ending Balance Note: Non cash Activities Purchase of equipment by issuing Notes payable - 15000 80000 65000 130000 .

Prepare a statement of Cash Flow for the current year using the indirect method Robust Robots,...

Question:

Answers

Similar Solved Questions

What status do you think a 14-day embryo has? Is it a small group of cells...

Case 5-20 Audit - Client Acceptance Phase Description of the business: Compu Group Corporation designs, develops,...

The average American city has 50 buses that use green energy, with a standard deviation of...

1. In preparing its August 31 bank reconciliation, Reinstein Corp. has available the following balance per...

How do you simplify # \frac { ( 4- 3i ) ( 4+ 3i ) } { 3- 4i }#?

This discussion asks you to compose and post a research proposal for your final project assignment,...

The heights in inches of 14 randomly selected adult males in LA are listed as: 71, 67, 70, 59, 71, 68, 67, 71, 80, 68, 74, 69, 72, 68 Display the data in a stem and leaf plot

1. (20 pts.) In the following Problems: (a) Seek power series solutions of the given differential...

MKTG 300 - Da1d stationery and office suppiies isa expand its business and is setting up...

If possible I just need question 3 answered the rest is just for context. P6-6 Determining...

Questions 10-12 rely on the following prompt: Firm 1 and Firm 2 compete as Cournot duopolists,...

Question 5: Describe the relationship between trustworthiness and investment. Based on the data we examined in class, a...

Sandhill Co. sold $3,190,000, 8%, 10-year bonds on January 1, 2022. The bonds were dated January...

Give an example of each of the following. If you use a familiar example that was...

Polarization. What are the differences between an elliptically polarized TEM wave and an elliptic...

If a communication line has an attenuation of -10dB, a transmitted with a power of 5W...

3. A centrifugal pump performance data are shown in the following table for water. Pump speed...

How do you integrate #int-12x^2(-4x^3+2)^-3# using substitution?

I just keep getting the last two wrong. 1 point) The following stem-and-leaf plot the number...