Financial Accounting Income Statement And Cash Flow Homework Help
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Selected transactions of Eller Company are listed below.
1. Common stock is sold for cash above par value.
2. Bonds payable are issued for cash at a discount.
3. Interest receivable on a short-term note receivable is collected.
4. Land is sold for cash at book value.
5. Accounts payable are paid in cash.
6. Equipment is purchased by signing a 3-year, 10% note payable.
7. Cash dividends on common stock are declared and paid.
8. 100 shares of XYZ common stock are purchased for cash.
9. Merchandise is sold to customers for cash.
10. Bonds payable are converted into common stock.
Classify each transaction as either
(a) an operating activity,
(b) an investing activity,
(c) a financing activity, or
(d) a noncash investing and financing activity.
A comparative balance sheet for Lyon Company appears below
Comparative Balance Sheet
Dec. 31, 2008 Dec. 31, 2007
Cash $ 23,000 $10,000
Accounts receivable 18,000 14,000
Inventory 27,000 18,000
Prepaid expenses 6,000 9,000
Long-term investments -0- 18,000
Equipment 60,000 32,000
Accumulated depreciation equipment (18,000) (14,000)
Total assets $116,000 $87,000
Liabilities and Stockholders’ Equity
Accounts payable $ 17,000 $ 7,000
Bonds payable 37,000 47,000
Common stock 40,000 23,000
Retained earnings 22,000 10,000
Total liabilities and stockholders’ equity $116,000 $87,000
1. Net income for the year ending December 31, 2008 was $24,000.
2. Cash dividends of $12,000 were declared and paid during the year.
3. Long-term investments that had a cost of $18,000 were sold for $16,000.
4. Sales for 2008 were $120,000.
Prepare a statement of cash flows for the year ended December 31, 2008, using the indirect method.
Flip Unicycle Company has been manufacturing its own seats for its unicycles. The company is currently operating at 100% capacity, and variable manufacturing overhead is charged to production at the rate of 60% of direct labor cost. The direct materials and direct labor cost per unit to make the bicycle seats are $8.00 and $9.00, respectively. Normal production is 50,000 unicycles per year. A supplier offers to make the unicycle seats at a price of $20 each. If the unicycle company accepts this offer, all variable manufacturing costs will be eliminated, but the $30,000 of fixed manufacturing overhead currently being charged to the unicycle seats will have to be absorbed by other products.
a. Prepare the incremental analysis for the decision to make or buy the bicycle seats.
b. Other than any increase or decrease in Net Income, should Flip Unicycle Company buy the seats from the outside supplier? Justify your answer.
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On January 1, 2012, Flip Corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred:
Mar. 1 Issued 25,000 shares of common stock for $550,000.
June 1 Declared a cash dividend of $2.00 per share to stockholders of record on June 15.
June 30 Paid the $2.00 cash dividend.
Dec. 1 Purchased 5,000 shares of common stock for the treasury for $22 per share.
Dec. 15 Declared a cash dividend on outstanding shares of $2.25 per share to stockholders of record on December 31.
Instructions: Prepare journal entries to record the above transactions.
Flip Company had a cash balance of $110,000 on their December 31, 2010 balance sheet. The company wants to maintain a balance of at least $100,000 cash at the end of each quarter. Other relevant cash receipts and disbursements budgeted for the quarter include:
Collections from customers $300,000
Payments for direct materials 80,000
Payment for Direct labor 90,000
Sale of equipment 75,000
Purchase of marketable securities 40,000
Selling & administrative expenses 80,000
Manufacturing overhead 90,000
Instructions: Prepare a cash budget for the first quarter.
Product Code: ACC335
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