Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Q1) The 20X8 comparative balance sheet and income statement of Genie Marketing, Inc., follows, Genie had no noncash investing and financing transactions in 20X8. In the year, there were no sales of land or equipment, no issuances of notes payable, no retirements of stock, and no treasury stock transactions.

Create 20X8 statement of cash flows, formatting operating activities by indirect method.

Comparative Balance Sheet
  20X8 20X7 Increase (Decrease)
Current assets:      
Cash and cash equivalents $8,700 $15,600 ($6,900)
Accounts receivanle 46,500 43,100 3,400
Interest receivable 600 900 (300)
Inventories 94,300 89,900 4,400
Prepaid expenses 1,700 2,200 (500)
Plant assets:      
Land 35,100 10,000 25,100
Equipment, net 100,900 93,700 7,200
Totla assets $287,800 $225,400 $32,400
Current liabilities:      
Accounts payable $16,400 $17,900 ($1,500)
Interest payable 6,300 6,700 (400)
Salary payable 2,100 1,400 700
Other accured liabilities 18,100 18,700 (600)
Income tax payable 6,300 3,800 2,500
Long-term liabilities:      
Notes payable 55,000 65,000 (10,000)
Stockholder\'s equity:      
Common stock, no=par 131,100 122,300 8,800
Retained earnings 52,500 19,600 32,900
Total liabilities and stockholder\'s equity $287,800 $255,400 $32,400

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M918430

Have any Question? 


Related Questions in Accounting Basics

Question 1the accounts receivable account has total debit

Question 1 The Accounts Receivable account has total debit postings of $1,900 and credit postings of $1,100. The balance of the account is a/an A. $800 debit. B. $800 credit. C. $2,600 credit. D. $2,600 debit. Question 2 ...

Problem -firm has consulted with investment bankers and

Problem - Firm has consulted with investment bankers and determined the interest rate it would pay for different capital structures, as shown below. Data for the risk-free rate, the market risk premium, an estimate of fi ...

1 identify an industry to focus on it is suggested that you

1) Identify an industry to focus on (It is suggested that you use an industry that is expanding rather than consolidating, but the choice is yours to make). Explain why you chose this industry and its environment. 2) Ide ...

Study guide1 what is the beta of a firm whose equity has an

STUDY GUIDE 1. What is the beta of a firm whose equity has an expected return of 21.30%, the risk-free rate is 7%, and the expected return on the stock market is 18%? 2. Two reasons for the agency problem in modern corpo ...

Last year cmc recorded a deferred tax asset related to

Last year, CMC recorded a deferred tax asset related to product warranties and a deferred tax asset related to accelerated depreciation. A 75% valuation allowance was also established. However, with an upcoming internati ...

Culturally diverse individuals are effective workerssuppose

Culturally Diverse Individuals Are Effective Workers Suppose you work as a human resource (HR) executive at Total Solutions, Inc., a culturally and geographically diverse organization. A recent government study on human ...

Write a 700- to 1050-word summary of the teams discussion

Write a 700- to 1,050-word summary of the team's discussion about IFRS versus GAAP, based on your team collaborative discussions. The summary should be structured in a subject-by-subject format. An introduction and a con ...

Financial paperso the idea is to have the same lenght

Financial Paper So the idea is to have the same lenght, quality and structure. The only thing missing on this paper is a conclusion, that will have to be at least half a page. The company to be compare on the paper will ...

Task -you have recently started as the financial accountant

Task - You have recently started as the Financial Accountant in a new organisation, 'Fruito'. Fruito is a local fruit shop which has both a retail shop selling to the public and distributes produce to other local busines ...

Essay question internal accountingone to two pages single

Essay Question Internal Accounting One to two pages (single spaced, Times New Roman 12 font) discussion. Clear and well-argued showing depth of knowledge and understanding of the concepts. Check grammar and spelling. Que ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro