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The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is...

Question:

The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows:

Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows:

A. Net income, $190,000.

B. Depreciation reported on the income statement, $115,000.

C. Equipment was purchased at a cost of $395,000 and fully depreciated equipment costing $75,000 was discarded, with no salvage realized.

D. The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty.

E. 40,000 shares of common stock were issued at $15 for cash.

F. Cash dividends declared and paid, $50,000.

Complete the work sheet for statement of cash flow:

YELLOW DOG ENTERPRISES INC. Spreadsheet (Work Sheet) for Statement of Cash Flows For the Year Ended December 31, 20Y8 Balance, Transactions Balance, Dec. 31, 20Y7 100,000 300,000 400,000 10,000 750,000 (160,000) (90,000) (400,000) (200,000) (100,000) Credit Dec. 31, 20Y8 80,000 275,000 510,000 15,000 1,070,000 (200,000) (100,000) Debit Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accum. depr. equipment Accounts payable Mortgage note payable Common stock, $10 par Paid-in capital in excess of par Retained earnings Totals Operating activities: (600,000) (300,000) Net income Depreciation Decrease in accounts receivable Increase in inventory Increase in prepaid expenses Increase in accounts payable Investing activities: Purchase of equipment Financing activities: Payment of cash dividends Sale of common stock Payment of mortgage note payable Net change in cash Totals

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YELLOW DOG ENTERPRISES INC. Spreadsheet (Work Sheet) for Statement of Cash Flows For the Year Ended December 31, 20Y8 Balance, Transactions Balance, Dec. 31, 20Y7 100,000 300,000 400,000 10,000 750,000 (160,000) (90,000) (400,000) (200,000) (100,000) Credit Dec. 31, 20Y8 80,000 275,000 510,000 15,000 1,070,000 (200,000) (100,000) Debit Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accum. depr. equipment Accounts payable Mortgage note payable Common stock, $10 par Paid-in capital in excess of par Retained earnings Totals Operating activities: (600,000) (300,000) Net income Depreciation Decrease in accounts receivable Increase in inventory Increase in prepaid expenses Increase in accounts payable Investing activities: Purchase of equipment Financing activities: Payment of cash dividends Sale of common stock Payment of mortgage note payable Net change in cash Totals

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Balance Debit Credit Balance
Cash $ 100,000 $      20,000 $     80,000
Accounts receivable (net) $ 300,000 $      25,000 $   275,000
Merchandise inventory $ 400,000 $    110,000 $   510,000
Prepaid expenses $    10,000 $        5,000 $     15,000
Equipment $ 750,000 $    395,000 $      75,000 $1,070,000
Accum. depr.—equipment $-160,000 $      75,000 $    115,000 $ -200,000
Accounts payable $ -90,000 $      10,000 $ -100,000
Mortgage note payable $-400,000 $    400,000 $              -  
Common stock, $10 par $-200,000 $    400,000 $ -600,000
Paid-in capital in excess of par—common stock $-100,000 $    200,000 $ -300,000
Retained earnings $-610,000 $      50,000 $    190,000 $ -750,000
Totals $            -   $ 1,035,000 $ 1,035,000 $              -  
Operating activities:
Net income $    190,000
Depreciation $    115,000
Decrease in accts. receivable $      25,000
Increase in merchandise Inventory $    110,000
Increase in prepaid expenses $        5,000
Increase in accounts payable $      10,000
Investing activities:
Purchase of equipment $    395,000
Financing activities:
Payment of cash dividends $      50,000
Sale of common stock $    600,000
Payment of mortgage note Payable $    400,000
Net decrease in cash $      20,000
Totals $    960,000 $    960,000
.

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