Data Table Outdoor Adventure Company Comparative Balance Sheet December 31, 2019
ID: 2409707 • Letter: D
Question
Data Table
Outdoor Adventure Company
Comparative Balance Sheet
December 31, 2019 and 2018
2019
2018
Assets
Current Assets:
Cash
$1,398,330
$14,790
Short-term Investments, net
29,000
0
Accounts Receivable, net
1,600
6,300
Merchandise Inventory
400
0
Office Supplies
70
300
Prepaid Rent
0
2,000
Property, Plant, and Equipment:
Land
615,000
75,000
Building
944,000
94,000
Canoes
13,920
13,920
Office Furniture and Equipment
140,000
0
Accumulated Depreciation—PP&E
(31,920)
(1,740)
Total Assets
$3,110,400
$204,570
Liabilities
Current Liabilities:
Accounts Payable
$6,420
$4,400
Utilities Payable
550
250
Telephone Payable
640
290
Wages Payable
3,700
1,200
Notes Payable
18,000
0
Interest Payable
630
30
Unearned Revenue
650
450
Long-Term Liabilities:
Notes Payable
6,720
6,720
Mortgage Payable
725,000
0
Bonds Payable
1,000,000
0
Discount on Bonds Payable
(1,140)
0
Total Liabilities
1,761,170
13,340
Stockholders' Equity
Paid-In Capital:
Preferred Stock
60,000
0
Paid-In Capital in Excess of Par—Preferred
480,000
0
Common Stock
229,000
189,000
Paid-In Capital in Excess of Par—Common
240,000
0
Retained Earnings
340,230
2,230
Total Stockholders' Equity
1,349,230
191,230
Total Liabilities and Stockholders' Equity
$3,110,400
$204,570
1.
20192019
a.
Net income, $ 435 comma 000$435,000
b.
$ 30 comma 180$30,180.
c.
$ 380$380.
2.
There were no disposals of property, plant and equipment during the year. All acquisitions of PP&E were for cash except the land, which was acquired by issuing preferred stock.
3.
$ 1 comma 000 comma 000$1,000,000 ,
$ 998 comma 480$998,480.
4.
8 comma 0008,000
$ 9.00$9.00
5.
The common stock, except for the stock dividend, was issued for cash.
6.
20192019
Net Cash Provided by (Used for) Investing Activities
(990,000)
Cash Flows From Financing Activities:
Cash Receipt from Issuance of Common Stock
Cash Receipt from Issuance of Notes Payable
Cash Receipt from Issuance of Mortgage Payable
Cash Receipt from Issuance of Bonds Payable
Cash Payment of Dividends
Net Cash Provided by (Used for) Financing Activities
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Outdoor Adventure Company
Comparative Balance Sheet
December 31, 2019 and 2018
2019
2018
Assets
Current Assets:
Cash
$1,398,330
$14,790
Short-term Investments, net
29,000
0
Accounts Receivable, net
1,600
6,300
Merchandise Inventory
400
0
Office Supplies
70
300
Prepaid Rent
0
2,000
Property, Plant, and Equipment:
Land
615,000
75,000
Building
944,000
94,000
Canoes
13,920
13,920
Office Furniture and Equipment
140,000
0
Accumulated Depreciation—PP&E
(31,920)
(1,740)
Total Assets
$3,110,400
$204,570
Liabilities
Current Liabilities:
Accounts Payable
$6,420
$4,400
Utilities Payable
550
250
Telephone Payable
640
290
Wages Payable
3,700
1,200
Notes Payable
18,000
0
Interest Payable
630
30
Unearned Revenue
650
450
Long-Term Liabilities:
Notes Payable
6,720
6,720
Mortgage Payable
725,000
0
Bonds Payable
1,000,000
0
Discount on Bonds Payable
(1,140)
0
Total Liabilities
1,761,170
13,340
Stockholders' Equity
Paid-In Capital:
Preferred Stock
60,000
0
Paid-In Capital in Excess of Par—Preferred
480,000
0
Common Stock
229,000
189,000
Paid-In Capital in Excess of Par—Common
240,000
0
Retained Earnings
340,230
2,230
Total Stockholders' Equity
1,349,230
191,230
Total Liabilities and Stockholders' Equity
$3,110,400
$204,570
Explanation / Answer
Particulars Remarks Amount $ Cash Flows From Financing Activities: Cash Receipt from Issuance of Common Stock WN#1 280,000 Cash Receipt from Issuance of Notes Payable Incr. in Current Liabilities 18,000 Cash Receipt from Issuance of Mortgage Payable Incr. in Mortgage Payable 725,000 Cash Receipt from Issuance of Bonds Payable Net Cash received 998,480 Cash Payment of Dividends WN#2 (25,000) Net Cash Provided by (Used for) Financing Activities 1,996,480 WN#1 Common Stock 2019 229,000 2018 189,000 Difference 40000 Add: Permium Received 240000 280000 WN#2 2019 Retained Earnings 340230 2018 Retained Earnings -2230 Change in retained earnings (A) 338000 Actual Net Income (B) 435000 Difference A- B i.e Dividend paid 97000 Less : Stock Dividened 8000*$9 72000 Cash Dividend 25000
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