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1.
Using the following data, prepare Stanley Inc.’s Cash Flows from Operating Ac
1.
Using the following data, prepare Stanley Inc.’s Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method.
Net income $525,000
Depreciation expense 82,500
Gain on disposal of equipment 14,600
Increase in accounts receivable 10,150
Decrease in accounts payable (3,300)
2.
The comparative balance sheet of Jones Furniture & Appliances for December 31, 2020 and 2019 is shown as follows:
Additional data obtained from an examination of the accounts in the ledger for 20Y7 are as follows:
A. The investments were sold for $120,000 cash.
B. Equipment and land were acquired for cash.
C. There were no disposals of equipment during the year.
D. The common stock was issued for cash.
E. There was a $280,000 credit to Retained Earnings for net income.
F. There was a $75,000 debit to Retained Earnings for cash dividends declared.
Prepare Jones Furniture & Appliances’ statement of cash flows, using the indirect method of presenting cash flows from operating activities
3.
Perform a current position analysis by calculating the working capital, current ratio, and quick ratio on the following company for 2020 and 2019 to determine if its ability to pay current liabilities has improved or gotten worse. Round ratios to one decimal place.
2020 2019
Current assets $195,000 $140,600
Quick assets 125,000 100,200
Current liabilities 196,100 145,600
Working capital (1,100) (5,000)
4.
Use the information below to calculate the working capital, current ratio, and quick ratio for 2020 and 2019. Has the corporation’s position to pay current liabilities improved or gotten worse? Round ratios to one decimal place.
2020 2019
Cash and cash equivalents $ 24,500 $ 22,650
Accounts receivable 129,800 135,000
Inventories 215,350 209,000
Total current assets $369,650 $366,650
Current liabilities $346,100 $345,200
Working capital 23,550 21,450
5.
With the common-sized income statements shown that compare Small Supply to the industry average, identify weaknesses the company has.
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