Condensed financial data of Monopoly Corporation appear below: Solve for the mis
ID: 2405798 • Letter: C
Question
Condensed financial data of Monopoly Corporation appear below:
Solve for the missing numbers. (Enter any deductions and cash outflows as a negative value.)
MONOPOLY CORPORATION
Comparative Balance Sheet
December 31
Current Year
Prior Year
Assets
Cash
$ 66,410
$ 40,600
Accounts receivable
32,900
Inventories
70,900
Prepaid rent
3,490
2,900
Property, plant, and equipment
237,500
209,000
Accumulated depreciation
(60,400)
(44,500)
Total assets
$ 380,200
$ 311,800
Liabilities and Stockholders' Equity
Accounts payable
$ 39,800
$ 34,900
Accrued Liabilities
10,000
12,900
Notes payable (longterm)
134,500
159,000
Contributed capital
59,000
29,500
Retained earnings
136,900
75,500
Total liabilities and stockholders' equity
$ 380,200
$ 311,800
MONOPOLY CORPORATION
Income Statement
Year Ended December 31
Sales
$ 513,500
Expenses
Cost of goods sold
$ 299,000
Selling, general and administrative expenses
98,500
Depreciation expense
Interest expense
9,900
Income taxes
441,200
Net income
$ 72,300
MONOPOLY CORPORATION
Cash Flow Statement
Year End December 31
Cash flows from operating activities
Net income
$ 72,300
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
15,900
Change in current assets and current liabilities
Accounts Receivable
(4,900)
Inventories
$ (24,500)
Prepaid Rent
Accounts Payable
$ 4,900
Accrued Liabilities
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant, and equipment
(28,500)
Net cash provided by (used for) investing activities
(28,500)
Financing activities
Additional capital contributed by stockholders
Payments on longterm debt
(24,500)
Payment of cash dividends
Net cash provided by (used for) financing activities
Increase in cash and cash equivalents
25,810
Cash and cash equivalents, beginning of period
40,600
Cash and cash equivalents, end of period
$ 66,410
Condensed financial data of Monopoly Corporation appear below:
Explanation / Answer
Accounts receivable for current year = 32,900 + 4,900 = $37,800
Inventories for current year = 70,900 + 24,500 = $95,400
Depreciation expense = $15,900
Income taxes = 441,200 - (299,000 + 98,500 + 15,900 + 9,900) = $17,900
Prepaid rent = $(590)
Accrued liabilities = $(2,900)
Net cash provided by (used in) operating activities = 72,300 + 15,900 - 4,900 - 24,500 - 590 + 4,900 - 2,900 = $60,210
Additional capital contributed by stockholders = 59,000 - 29,500 = $29,500
Payment of cash dividend = 136,900 -72,300 - 75,500 = $(10,900)
Net cash provided by (used for) financing activities = 29,500 - 24,500 - 10,900 = $(5,900)
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