Question

The following is selected financial information of Katy Inc. for the year ended December 31, 2018....

The following is selected financial information of Katy Inc. for the year ended December 31, 2018.

Cash assets

$ 84,000

Operating cash flows

78,000

Sales

163,600

Stockholders’ equity

169,400

Cost of goods sold

104,000

Financing cash flows

(10,800)

Total liabilities

64,000

Noncash assets

149,400

Investing cash flows

(4,800)

Other expenses   

40,000

Net income  

19,600

Cash at beginning of the year     

21,600

Prepare an income statement, balance sheet and statement of cash flows for Katy Inc. at December 31, 2018.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The balance sheet for December 31, 2018, December 31, 2017, and the income statement for the...
The balance sheet for December 31, 2018, December 31, 2017, and the income statement for the year ended December 31, 2018, for Rocket Company follows. Rocket Company Balance Sheet December 31, 2018 and 2017 2018    2017 Assets Cash $ 25,000    $ 20,000 Accounts receivable, net 60,000    70,000 Inventory 80,000    100,000 Land 50,000    50,000 Building and equipment 130,000*   115,000 Accumulated depreciation (85,000)   (70,000) Total assets $260,000    $285,000 Liabilities and Stockholders' Equity Accounts payable $ 30,000    $ 35,000 Income taxes payable 4,000   ...
In preparation for developing its statement of cash flows for the year ended December 31, 2018,...
In preparation for developing its statement of cash flows for the year ended December 31, 2018, Rapid Pac, Inc., collected the following information: ($ in millions) Fair value of shares issued in a stock dividend $ 60.0 Payment for the early extinguishment of long-term bonds (book value: $79.0 million) 84.0 Proceeds from the sale of treasury stock (cost: $15.0million) 20.0 Gain on sale of land 2.4 Proceeds from sale of land 7.2 Purchase of Microsoft common stock 138.0 Declaration of...
Eduardo's Texas Cantina had the following results for December 31, 2017 and 2018 respectively   2017 2018...
Eduardo's Texas Cantina had the following results for December 31, 2017 and 2018 respectively   2017 2018 Cash $42,000 $49,000 Noncash current assets $162,000 $175,000 Cash flows from financing activities 313,000 Cash flows from operating activities 72,000 What was the amount of cash flows from investing activities for 2018? a. Cash outflow of $7,000 b. Cash outflow of $391,000 c. Cash inflow of $378,000 d. Cash outflow of $378,000
The following financial statements were prepared by Mystery Inc. for the year ended December 31, 2018....
The following financial statements were prepared by Mystery Inc. for the year ended December 31, 2018. Also presented are various financial statement ratios for Mystery Inc as calculated from the prior year's financial statements. Sales represent net credit sales. The total assets and the receivables and inventory balances at December 31, 2018, were the same as at December 31, 2017. Mystery Inc. Balance Sheet December 31, 2018 Assets: Liabilities and Capital Cash $ 840,000 Accounts payables $ 660,000 Receivables 400,000...
Motor SportsMotor Sports?, Inc. identified the following selected transactions that occurred during the year ended December?...
Motor SportsMotor Sports?, Inc. identified the following selected transactions that occurred during the year ended December? 31,2018?: a.??Issued 900 shares of $6 par common stock for cash of $20,000. b.??Issued 5,200 shares of $6 par common stock for a building with a fair market value of $93,000. c.??Purchased new truck with a fair market value of $33,000. Financed it? 100% with a? long-term note. d. Retired? short-term notes of $19,000 by issuing 2,500 shares of $6 par common stock. e.??Paid?...
Selected information taken from the financial statements of Verbeke Co. for the year ended December 31,...
Selected information taken from the financial statements of Verbeke Co. for the year ended December 31, 2016, follows: Gross profit $413,000 General and administrative expenses 84,000 Net cash used by investing activities 107,000 Dividends paid 54,000 Interest expense 65,000 Net sales 741,000 Advertising expense 76,000 Accounts payable 102,000 Income tax expense 81,000 Other selling expenses 44,000 Required:   a. Calculate income from operations (operating income) for the year ended December 31, 2016. b. Calculate net income for the year ended December...
Sunland Company’s income statement for the year ended December 31, 2020, contained the following condensed information....
Sunland Company’s income statement for the year ended December 31, 2020, contained the following condensed information. Service revenue $848,000 Operating expenses (excluding depreciation) $618,000 Depreciation expense 59,000 Loss on sale of equipment 25,000 702,000 Income before income taxes 146,000 Income tax expense 40,000 Net income $106,000 Sunland’s balance sheet contained the following comparative data at December 31. 2020 2019 Accounts receivable $39,000 $57,000 Accounts payable 39,000 32,000 Income taxes payable 4,200 8,900 (Accounts payable pertains to operating expenses.) Prepare the...
Following is a partially completed balance sheet for Hoeman Inc. at December 31, 2020, together with...
Following is a partially completed balance sheet for Hoeman Inc. at December 31, 2020, together with comparative data for the year ended December 31, 2019. From the statement of cash flows for the year ended December 31, 2020, you determine the following: Net income for the year ended December 31, 2020, was $97,500. Dividends paid during the year ended December 31, 2020, were $65,500. Accounts receivable decreased $11,000 during the year ended December 31, 2020. The cost of new buildings...
Selected financial information for the Adelphi Company for the fiscal years ended December 31, 2018 and...
Selected financial information for the Adelphi Company for the fiscal years ended December 31, 2018 and 2017 follows. Prepare a cash flow statement using the indirect method. Properly title the statement. 2018 2017 Cash balance $113,500 $37,500 Net income 142,500 162,000 Depreciation Expense 42,000 35,000 Purchase of Plant Assets 135,000 125,000 Disposal of Plant Assets 40,000 50,000 Gain (Loss) on Disposal of Plant Assets (10,000) 5,000 Accounts Receivable Balance 64,500 58,000 Accounts Payable Balance 42,000 39,000 Interest Expense 8,000 6,000...
Selected financial information for the Adelphi Company for the fiscal years ended December 31, 2018 and...
Selected financial information for the Adelphi Company for the fiscal years ended December 31, 2018 and 2017 follows. Prepare a cash flow statement using the indirect method. Properly title the statement. 2018 2017 Cash balance $113,500 $37,500 Net income 142,500 162,000 Depreciation Expense 42,000 35,000 Purchase of Plant Assets 135,000 125,000 Disposal of Plant Assets 40,000 50,000 Gain (Loss) on Disposal of Plant Assets (10,000) 5,000 Accounts Receivable Balance 64,500 58,000 Accounts Payable Balance 42,000 39,000 Interest Expense 8,000 6,000...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT