Data Table
Outdoor Adventure Company
Comparative Balance Sheet
December 31, 2019 and 2018
2019
2018
Assets
Current Assets:
Cash
$1,398,330
$14,790
Short-term Investments, net
29,000
0
Accounts Receivable, net
1,600
6,300
Merchandise Inventory
400
0
Office Supplies
70
300
Prepaid Rent
0
2,000
Property, Plant, and Equipment:
Land
615,000
75,000
Building
944,000
94,000
Canoes
13,920
13,920
Office Furniture and Equipment
140,000
0
Accumulated DepreciationâPP&E
(31,920)
(1,740)
Total Assets
$3,110,400
$204,570
Liabilities
Current Liabilities:
Accounts Payable
$6,420
$4,400
Utilities Payable
550
250
Telephone Payable
640
290
Wages Payable
3,700
1,200
Notes Payable
18,000
0
Interest Payable
630
30
Unearned Revenue
650
450
Long-Term Liabilities:
Notes Payable
6,720
6,720
Mortgage Payable
725,000
0
Bonds Payable
1,000,000
0
Discount on Bonds Payable
(1,140)
0
Total Liabilities
1,761,170
13,340
Stockholders' Equity
Paid-In Capital:
Preferred Stock
60,000
0
Paid-In Capital in Excess of ParâPreferred
480,000
0
Common Stock
229,000
189,000
Paid-In Capital in Excess of ParâCommon
240,000
0
Retained Earnings
340,230
2,230
Total Stockholders' Equity
1,349,230
191,230
Total Liabilities and Stockholders' Equity
$3,110,400
$204,570
1.
Theincome statement for20192019
included the following items: a.
Net income, $ 435 comma 000$435,000
b.
Depreciation expense for the year,$ 30 comma 180$30,180.
c.
Amortization on the bonds payable,$ 380$380.
2.
There were no disposals of property, plant and equipment duringthe year. All acquisitions of PP&E were for cash except theland, which was acquired by issuing preferred stock.
3.
Thecompany issued bonds payable with a face value of$ 1 comma 000 comma 000$1,000,000 ,
receiving cash of$ 998 comma 480$998,480.
4.
Thecompany distributed8 comma 0008,000
shares of common stock in a stock dividend when the market valuewas$ 9.00$9.00
per share. All other dividends were paid in cash. 5.
The common stock, except for the stock dividend, was issued forcash.
6.
Thecash receipt from the notes payable in20192019
is considered a financing activity because it does not relate tooperations.
Net Cash Provided by (Used for) Investing Activities
(990,000)
Cash Flows From Financing Activities:
Cash Receipt from Issuance of Common Stock
Cash Receipt from Issuance of Notes Payable
Cash Receipt from Issuance of Mortgage Payable
Cash Receipt from Issuance of Bonds Payable
Cash Payment of Dividends
Net Cash Provided by (Used for) Financing Activities
Choose from any list or enter any number in the input fields andthen click Check Answer.
Need help solving how to find the solution
Data Table
Outdoor Adventure Company | |||
Comparative Balance Sheet | |||
December 31, 2019 and 2018 | |||
2019 | 2018 | ||
Assets | |||
Current Assets: | |||
Cash | $1,398,330 | $14,790 | |
Short-term Investments, net | 29,000 | 0 | |
Accounts Receivable, net | 1,600 | 6,300 | |
Merchandise Inventory | 400 | 0 | |
Office Supplies | 70 | 300 | |
Prepaid Rent | 0 | 2,000 | |
Property, Plant, and Equipment: | |||
Land | 615,000 | 75,000 | |
Building | 944,000 | 94,000 | |
Canoes | 13,920 | 13,920 | |
Office Furniture and Equipment | 140,000 | 0 | |
Accumulated DepreciationâPP&E | (31,920) | (1,740) | |
Total Assets | $3,110,400 | $204,570 | |
Liabilities | |||
Current Liabilities: | |||
Accounts Payable | $6,420 | $4,400 | |
Utilities Payable | 550 | 250 | |
Telephone Payable | 640 | 290 | |
Wages Payable | 3,700 | 1,200 | |
Notes Payable | 18,000 | 0 | |
Interest Payable | 630 | 30 | |
Unearned Revenue | 650 | 450 | |
Long-Term Liabilities: | |||
Notes Payable | 6,720 | 6,720 | |
Mortgage Payable | 725,000 | 0 | |
Bonds Payable | 1,000,000 | 0 | |
Discount on Bonds Payable | (1,140) | 0 | |
Total Liabilities | 1,761,170 | 13,340 | |
Stockholders' Equity | |||
Paid-In Capital: | |||
Preferred Stock | 60,000 | 0 | |
Paid-In Capital in Excess of ParâPreferred | 480,000 | 0 | |
Common Stock | 229,000 | 189,000 | |
Paid-In Capital in Excess of ParâCommon | 240,000 | 0 | |
Retained Earnings | 340,230 | 2,230 | |
Total Stockholders' Equity | 1,349,230 | 191,230 | |
Total Liabilities and Stockholders' Equity | $3,110,400 | $204,570 |
1. | Theincome statement for 20192019 included the following items: | |
a. | Net income, $ 435 comma 000$435,000 | |
b. | Depreciation expense for the year, $ 30 comma 180$30,180. | |
c. | Amortization on the bonds payable, $ 380$380. | |
2. | There were no disposals of property, plant and equipment duringthe year. All acquisitions of PP&E were for cash except theland, which was acquired by issuing preferred stock. | |
3. | Thecompany issued bonds payable with a face value of $ 1 comma 000 comma 000$1,000,000 , receiving cash of$ 998 comma 480$998,480. | |
4. | Thecompany distributed 8 comma 0008,000 shares of common stock in a stock dividend when the market valuewas$ 9.00$9.00 per share. All other dividends were paid in cash. | |
5. | The common stock, except for the stock dividend, was issued forcash. | |
6. | Thecash receipt from the notes payable in 20192019 is considered a financing activity because it does not relate tooperations. |
Net Cash Provided by (Used for) Investing Activities | (990,000) |
Cash Flows From Financing Activities: | ||
Cash Receipt from Issuance of Common Stock | ||
Cash Receipt from Issuance of Notes Payable | ||
Cash Receipt from Issuance of Mortgage Payable | ||
Cash Receipt from Issuance of Bonds Payable | ||
Cash Payment of Dividends | ||
Net Cash Provided by (Used for) Financing Activities |
Choose from any list or enter any number in the input fields andthen click Check Answer.
Need help solving how to find the solution