Assets Cash Accounts receivable Inventories Prepaid expenses Land REYNOLDS COMPANY Comparative Balance Sheets December 31 Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Totals Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock ($1 par) Retained earnings Totals Revenues Cost of goods sold Operating expenses Interest expense Loss on sale of equipment 2003 $ 54,000 68,000 54,000 4,000 Income from operations Income tax expense Net income 45,000 200,000 (21,000) 193,000 (28,000) $569,000 $ 23,000 10,000 110,000 220,000 206,000 $569,000 REYNOLDS COMPANY Income Statement For the Year Ended December 31, 2003 Additional information: 1. Operating expenses include depreciation expense of $33,000 2002 $ 37,000 26,000 -0- 2. Land was sold at its book value for cash. 3. Cash dividends of $55,000 were declared and paid in 2003. 6,000 70,000 200,000 (11,000) 68,000 (10,000) $386,000 $ 40,000 -0- 150,000 60,000 136,000 $386,000 $465,000 221,000 12,000 2,000 Change Increase/Decrease $ 17,000 Increase 42,000 Increase 54,000 Increase 2,000 Decrease 25,000 Decrease -0- 10,000 Increase 125,000 Increase 18,000 Increase $ 17,000 Decrease 10,000 Increase 40,000 Decrease 160,000 Increase 70,000 Increase $890,000 700,000 190,000 65,000 $125,000 Equipment with a cost of $166,000 was purchased for cash. Equipment with a cost of $41,000 and a book value of $36,000 was sold for $34,000 cash. 6. Bonds of $10,000 were redeemed at their book value for cash. Bonds of $30,000 were converted into common stock. 7. Common stock ($1 par) of $130,000 was issued for cash.
Assets Cash Accounts receivable Inventories Prepaid expenses Land REYNOLDS COMPANY Comparative Balance Sheets December 31 Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Totals Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock ($1 par) Retained earnings Totals Revenues Cost of goods sold Operating expenses Interest expense Loss on sale of equipment 2003 $ 54,000 68,000 54,000 4,000 Income from operations Income tax expense Net income 45,000 200,000 (21,000) 193,000 (28,000) $569,000 $ 23,000 10,000 110,000 220,000 206,000 $569,000 REYNOLDS COMPANY Income Statement For the Year Ended December 31, 2003 Additional information: 1. Operating expenses include depreciation expense of $33,000 2002 $ 37,000 26,000 -0- 2. Land was sold at its book value for cash. 3. Cash dividends of $55,000 were declared and paid in 2003. 6,000 70,000 200,000 (11,000) 68,000 (10,000) $386,000 $ 40,000 -0- 150,000 60,000 136,000 $386,000 $465,000 221,000 12,000 2,000 Change Increase/Decrease $ 17,000 Increase 42,000 Increase 54,000 Increase 2,000 Decrease 25,000 Decrease -0- 10,000 Increase 125,000 Increase 18,000 Increase $ 17,000 Decrease 10,000 Increase 40,000 Decrease 160,000 Increase 70,000 Increase $890,000 700,000 190,000 65,000 $125,000 Equipment with a cost of $166,000 was purchased for cash. Equipment with a cost of $41,000 and a book value of $36,000 was sold for $34,000 cash. 6. Bonds of $10,000 were redeemed at their book value for cash. Bonds of $30,000 were converted into common stock. 7. Common stock ($1 par) of $130,000 was issued for cash.
Financial Management: Theory & Practice
16th Edition
ISBN:9781337909730
Author:Brigham
Publisher:Brigham
Chapter2: Financial Statements, Cash Flow,and Taxes
Section: Chapter Questions
Problem 1Q: Define each of the following terms:
Annual report; balance sheet; income statement
Common...
Related questions
Question
Please Solve the attached Cash flow statment problem by indirect way by using excel sheet in order to have readable answer.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you