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28 Sep 2019
(Question 1). The accounting staff of Wyoming Outfitters, Inc.,has assembled the following information for the year ended December31, 2015:
Cashand cash equivalents, Jan. 1 $ 35,800 Cashand cash equivalents, Dec. 31 150,000 Cashpaid to acquire plant assets 23,000 Proceeds from short-term borrowing 10,000 Loans made to borrowers 5,200 Collections on loans (excluding interest) 4,000 Interest and dividends received 32,400 Cashreceived from customers 835,000 Proceeds from sales of plant assets 9,000 Dividends paid 53,000 Cashpaid to suppliers and employees 606,000 Interest paid 19,000 Income taxes paid 70,000
Using this information, prepare a statement of cash flows underdirect method. (List any deduction in cash and cashoutflows as negative amounts.)
(Question 2). Acondensed balance sheet for Bradford Corporation prepared at theend of the year appears as follows:
Assets Liabilities & Stockholders' Equity Cash $ 95,000 Notes payable (due in 6 months) $ 43,000 Accounts receivable 140,000 Accounts payable 95,000 Inventory 280,000 Long-term liabilities 360,000 Prepaid expenses 60,000 Capital stock, $5 par 300,000 Plant & equipment (net) 570,000 Retained earnings 437,000 Other assets 90,000 Total $ 1,235,000 Total $ 1,235,000
During the year the company earned a gross profit of $1,116,000on sales of $2,950,000. Accounts receivable, inventory, and plantassets remained almost constant in amount throughout the year, soyear-end figures may be used rather than averages.
a. Compute the current ratio. (Round your answer to 2decimal places.)
b. Compute the quick ratio. (Round your answer to 2decimal places.)
c. Compute theworking capital
(Question 1). The accounting staff of Wyoming Outfitters, Inc.,has assembled the following information for the year ended December31, 2015:
Cashand cash equivalents, Jan. 1 | $ | 35,800 |
Cashand cash equivalents, Dec. 31 | 150,000 | |
Cashpaid to acquire plant assets | 23,000 | |
Proceeds from short-term borrowing | 10,000 | |
Loans made to borrowers | 5,200 | |
Collections on loans (excluding interest) | 4,000 | |
Interest and dividends received | 32,400 | |
Cashreceived from customers | 835,000 | |
Proceeds from sales of plant assets | 9,000 | |
Dividends paid | 53,000 | |
Cashpaid to suppliers and employees | 606,000 | |
Interest paid | 19,000 | |
Income taxes paid | 70,000 | |
Using this information, prepare a statement of cash flows underdirect method. (List any deduction in cash and cashoutflows as negative amounts.)
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Deanna HettingerLv2
28 Sep 2019