Additional information: Accounts payable pertain to the purchase of inventory. P

Question

Additional information:

Accounts payable pertain to the purchase of inventory.

Plant assets were sold for $40,000. The cost of the plant assets was $40,000.

All dividends are cash.

For the year 2005:

Cash received/collected from customers is:

Purchases for the year is:

Cash paid to suppliers is:

Depreciation expense is:

Cash paid for operating expenses is:

Cash paid for interest is:

Cash paid for income taxes is:

Cash provided by/(used in)*operating activities is:  

Cash provided by/(used in)*investing activities is:  

Cash paid for dividends is:

Cash provided by/(used in)*financing activities is:

If your answer is cash “used in”, you must indicate this by writing your answer in parenthesis. For example, ($10,000). If your answer is cash “provided by”, you must write your answer without parentheses.

Balance Sheet December 31 2005 Assets Cash Accounts receivable Inventories Prepaid Rent Investments Plant assets Accumulated depreciation $ 20,000 160,000 80,000 15,000 100,000 210,000 $ 10,000 110,000 50,000 10,000 75,000 250,000 (65.000) 60,000 Total 000 $445,000 Liabilities and Stockholders' Equi Accounts payable Interest payable Income tax payable Note payable Common stock Retained eamings $ 50,000 20,000 5,000 130,000 155,000 160,000 $ 40,000 5,000 10,000 140,000 100,000 150,000 $445.000 Total Income Statenent For the Year Ended December 31, 2005 Sales Cost of goods sold Gross Profit Operating expenses (including Depreciation Expense) Interest expense Income tax expense $800,000 480,000 320,000 120,000 20,000 25.000 Total 165,000 155,000 5,000 S 160.000 Income before Gains and Losses ai n on sale of plant asset Net income

Explanation / Answer

1.

Cash which is received from the customers i.e., Account receivable account

2.

Purchases(Inventory)

3.

Cash paid to the supplier i.e.,

(Account payable account)

4.

Depreciation

Resource costing 40000 is sold for 40000 which apparantly are sold for no pick up however salary proclamation recommends the pick up of 5000 which implies conveying an estimation of benefit on date of offer was 35000. So 5000 was devaluation charged on resource

5.

Cash paid for operating expense

6.

Cash paid for interest (Interest payable)

Particulars Amount Opening balance 110000 Add:Sales 800000 Less:Collection 750000 Closing Balance 160000

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.