1 answer

Question (4) Kite Corporation, a merchandiser, recently completed its calenda? year, (1) all sales are credit...

Question:

Question (4) Kite Corporation, a merchandiser, recently completed its calenda? year, (1) all sales are credit sales, (2) all
Question (4) Kite Corporation, a merchandiser, recently completed its calenda? year, (1) all sales are credit sales, (2) all credits to Accounts Receivable customers, (3) all purchases of inventory are on credit, (4) all de cash payments for inventory, and (5) Other Expenses are paid 1 to Prepaid Expenses. The company's balance sheets and income statement follow. d its calendar-year 2011 operations. For the ccounts Receivable reflect cash receipts from inventory are on credit, (4) all debits to Accounts Payable reflect > Other Expenses are paid in advance and are initially debited KITE CORPORATION Comparative Balance Sheets December 31, 2011 and 2010 2011 2010 KITE CORPORATION Income Statement For Year Ended December 31, 2011 $136.500 74.100 454.500 17.100 278.250 (108,750) $851.700 $ 71,550 90.750 420200 19.200 216000 (91 $794,700 $1.080.000 585.000 498,000 Assets Gach Accounts receivable.... Merchandise Inventory Prepaid expenses Equipment Accum. depreciation Equ Total assets . Liabilities and Equity Accounts payable Short-term notes payable Long-term notes payable Common stock. $5 par. Pald-in capital in excess of par.common stock Recained earnings Total liabilities and equity Sales Cost of goods sold Gross prol Operating expenses Depreciation Expense Other expenses Tocal operating expenses 36 600 3922850 $121.650 $117.450 17.250 112.500 465,000 429,450 68 550 11250 32.500 450,000 Other pis ones) on sale of equip 0 18.000 121.500 $851.700 2100 66-450 9,450 57.000 127.500 5794.700 $ Additional Information on Year 2011 Transactions a. The loss on the cash sale of equipment was $2,100 (details in b). b. Sold equipment costing $51,000, with accumulated depreciation of $20.850. for $28. oso cash. c. Purchased equipment costing $113,250 by paying $38,250 cash and signing a long-term note payable for the balance. d. Borrowed $6,000 cash by signing a short-term note payable. e Paid $45,000 cash to reduce the long-term notes payable. f. Issued 3,000 shares of common stock for $11 cash per share. g. Declared and paid cash dividends of $63,000.

Answers

X for outflow for operating expenses D KITE CORPORATION statement of cash flows (using direct method) for the year ended dece

For formulas and calculations, refer to the image below -

outflow for operating expenses KITE CORPORATION statement of cash flows (using direct method) for the year ended december 31,

In case you have any query, kindly ask in comments.

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