ACCT 2001 Chapter : Classified Balance Sheet Categorization
Get access
Related Documents
Related Questions
Hocking Corporation's comparative balance sheet appearsbelow:
Ending | Beginning | |
Assets: | ||
Current assets: | ||
Cash and cash equivalents | $62,500 | $29,100 |
Accounts receivable | 25,000 | 30,500 |
Inventory | 68,000 | 65,500 |
Prepaid expenses | 13,000 | 15,500 |
Total current assets | 168,500 | 140,600 |
Property, plant and equipment | 367,000 | 344,000 |
Loss accumulated depreciation | 166,000 | 142,000 |
Net property, plant, and equipment | 201,000 | 202,000 |
Total assets | $369,500 | $342,600 |
Liabilities and Stockholder's Equity: | ||
Current liabilities: | ||
Accounts payable | $17,500 | $13,200 |
Accrued liabilities | 65,500 | 55,000 |
Income taxes payable | 54,500 | 51,200 |
Total current liabilities | 137,500 | 119,400 |
Bonds payable | 83,200 | 85,200 |
Total liabilities | 220,700 | 204,600 |
Stockholder's equity: | ||
Common stock | 31,800 | 30,000 |
Retained earnings | 117,000 | 108,000 |
Total stockholder's equity | 148,800 | 138,000 |
Total liabilities and stockholder's equity | $369,500 | 342,600 |
The company's net income (loss) for the year was $11,000 and itscash dividends were $2,000. It did not sell or retire any property,plant, and equipment during the year. The company uses the indirectmethod to determine the net cash provided by operatingactivities.
The company's net cash provided by operating activities is:
$61,100
$48,800
$58,600
$26,500
Hocking Corporation's comparative balance sheet appearsbelow:
Ending Balance | Beginning Balance | |
Assets: | ||
Current assets: | ||
Cash and cash equivalents | $74,800 | $32,700 |
Accounts receivable | 27,600 | 34,400 |
Inventory | 70,600 | 69,400 |
Prepaid expenses | 15,600 | 19,400 |
Total current assets | 188,600 | 155,900 |
Property, plant and equipment | 376,000 | 348,500 |
Loss accumulated depreciation | 171,400 | 146,500 |
Netproperty, plant, and equipment | 204,600 | 202,000 |
Total assets | $393,200 | $357,900 |
Liabilities and Stockholder's Equity: | ||
Current liabilities: | ||
Accounts payable | $21,400 | $16,200 |
Accrued liabilities | 69,400 | 56,800 |
Income taxes payable | 58,400 | 54,200 |
Total current liabilities | 149,200 | 127,200 |
Bonds payable | 86,200 | 88,200 |
Total liabilities | 235,400 | 215,400 |
Stockholder's equity: | ||
Common stock | 36,300 | 30,000 |
Retained earnings | 121,500 | 112,500 |
Total stockholder's equity | 157,800 | 142,500 |
Total liabilities and stockholder's equity | $393,200 | 357,900 |
The company's net income (loss) for the year was $11,900 and itscash dividends were $2,900. It did not sell or retire any property,plant, and equipment during the year. The company uses the indirectmethod to determine the net cash provided by operatingactivities.
The company's net cash provided by operating activities is:
$68,200
$28,700
$69,400
$53,600