Janelle101
Feb 11, 2010, 06:36 AM
Can anyone please help me with the working for the unanswered questions and correct me with the answers I did get? :o
Selected Balance Sheet Data... 2008... 2007
Cash.. . 113,525
Acct. Receivables... 36,000... 42,000
Inventories... 28,000... 25,000
Acct. Payable... 31,000... 35,000
Salaries Payable... 2,000... 1,000
Equipment.. . 60,000... 40,000
Accum. Depreciation... 12,000... 16,000
Bonds Payable... 50,000... 100,000
Common Stock... 150,000... 100,000
Retained Earnings... 38,000... 20,000
Income Statement Data... 2008
Net Sales... 420,000
Cost of Goods Sold... 300,000
Salaries Expense... 84,000
Net Income... 30,000
Gain on Sales of Equipment... 2,000
(included in Net Income above)
Additional Information:
1. Equipment with a cost of $15,000 and a book value of $3,000 was sold for $5,000 during 2008.
2. Common stock was issued to retire bonds payable during 2008.
3. The only items affecting retained earnings in 2008 were net income and dividends declared and paid.
Questions
1. What amount of cash was collected from customers during 2008?
My answer - $426,000
2. What amount was paid for purchase of merchadise during 2008?
My answer - $303,000
3. What amount was paid for salaries expense during 2008?
my answer - $83,000
4. What amount was paid to acquire equipment during 2008?
My answer - I have problems with this working.
5. What amount was recorded as depreciation expense during 2008?
My answer - I have problem with this working.
6. What amount was declared and paid for dividends during 2008?
My answer - I have problem with this working.
7. What amount was paid to retire bonds payable during 2008?
My answer - $0
8. If the Indirect method is used to prepare the statement of cash flows, how much net cash was used for or provided by operating activities?
My answer - I have problem with this working.
9. What is the cash balance at December 31, 2008?
My answer - I have problem with this working.
Selected Balance Sheet Data... 2008... 2007
Cash.. . 113,525
Acct. Receivables... 36,000... 42,000
Inventories... 28,000... 25,000
Acct. Payable... 31,000... 35,000
Salaries Payable... 2,000... 1,000
Equipment.. . 60,000... 40,000
Accum. Depreciation... 12,000... 16,000
Bonds Payable... 50,000... 100,000
Common Stock... 150,000... 100,000
Retained Earnings... 38,000... 20,000
Income Statement Data... 2008
Net Sales... 420,000
Cost of Goods Sold... 300,000
Salaries Expense... 84,000
Net Income... 30,000
Gain on Sales of Equipment... 2,000
(included in Net Income above)
Additional Information:
1. Equipment with a cost of $15,000 and a book value of $3,000 was sold for $5,000 during 2008.
2. Common stock was issued to retire bonds payable during 2008.
3. The only items affecting retained earnings in 2008 were net income and dividends declared and paid.
Questions
1. What amount of cash was collected from customers during 2008?
My answer - $426,000
2. What amount was paid for purchase of merchadise during 2008?
My answer - $303,000
3. What amount was paid for salaries expense during 2008?
my answer - $83,000
4. What amount was paid to acquire equipment during 2008?
My answer - I have problems with this working.
5. What amount was recorded as depreciation expense during 2008?
My answer - I have problem with this working.
6. What amount was declared and paid for dividends during 2008?
My answer - I have problem with this working.
7. What amount was paid to retire bonds payable during 2008?
My answer - $0
8. If the Indirect method is used to prepare the statement of cash flows, how much net cash was used for or provided by operating activities?
My answer - I have problem with this working.
9. What is the cash balance at December 31, 2008?
My answer - I have problem with this working.