Condensed financial data of Sinjh Inc. follow. - 14022

Solution Posted by
yousafbhutta

yousafbhutta

Rating : (28)C
Solution Detail
Price: $2.00
  • From: Business,
  • Posted on: Wed 19 Sep, 2012
  • Request id: None
  • Purchased: 0 time(s)
  • Average Rating: No rating
Request Description

 

Problem 17-9A

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

 

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

 

Your answer is correct.

 

 

Condensed financial data of Sinjh Inc. follow.

SINJH INC.
Comparative Balance Sheets
December 31

Assets

 

2012

 

2011

Cash

 

$90,800

   

$48,400

 

Accounts receivable

 

92,800

   

33,000

 

Inventory

 

112,500

   

102,850

 

Prepaid expenses

 

28,400

   

26,000

 

Investments

 

138,000

   

114,000

 

Plant assets

 

270,000

   

242,500

 

Accumulated depreciation

 

(50,000

)

 

(52,000

)

   Total

 

$682,500

 

 

$514,750

 

             

Liabilities and Stockholders’ Equity

           

Accounts payable

 

$112,000

   

$67,300

 

Accrued expenses payable

 

16,500

   

17,000

 

Bonds payable

 

110,000

   

150,000

 

Common stock

 

220,000

   

175,000

 

Retained earnings

 

224,000

 

 

105,450

 

   Total

 

$682,500

 

 

$514,750

 

 

SINJH INC.
Income Statement
For the Year Ended December 31, 2012

Sales

     

$392,780

Less:

       

     Cost of goods sold

 

135,460

   

     Operating expenses, excluding depreciation

 

12,410

   

     Depreciation expense

 

46,500

   

     Income taxes

 

27,280

   

     Interest expense

 

4,730

   

     Loss on sale of plant assets

 

7,500

 

233,880

Net income

     

$158,900


Additional information:

1.

 

New plant assets costing $85,000 were purchased for cash during the year.

2.

 

Old plant assets having an original cost of $57,500 were sold for $1,500 cash.

3.

 

Bonds matured and were paid off at face value for cash.

4.

 

A cash dividend of $40,350 was declared and paid during the year.


Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Solution Description

 

If you will give me A+++ rating with your nice words in it and you will purchase ten my posted tutorial, you will get 2 tutorial free , Please hurry up limited time offer .

 

Wish you good luck!

Attachments
Problem 17-9A.docx
Problem 17-9A.d...