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question problem 1a when the accounts of willy wonka inc are examined the adjusting 4291839

Question

Problem 1A:

When the accounts of Willy Wonka Inc. are examined, the adjusting datalisted below are uncovered on December 31, the end of an annual fiscal period.

Problem 2A:

Auto Inc. had the following balance sheet on Dec 31, 2014

Auto Inc.

BALANCE SHEET

DECEMBER 31, 2014

Cash

$ 21,100

Accounts payable

$ 31,100

Accounts receivable

22,300

Bonds payable

42,100

Investments

32,000

Common stock

101,100

Plant assets (net)

82,100

Retained earnings

24,300

Land

41,100

Total Liab. & Equity

$198,600

Total assets

$198,600

During 2014 the following happened:

1.

Auto Inc. liquidated its available-for-sale investment portfolio at a loss of $5,000. Aero started the year with $42,000 in the investments account.

2.

A tract of land was purchased for $31,000 and equipment costing $10,000 was purchased.

3.

An additional $25,000 in common stock was issued at par.

4.

Dividends totaling $9,800 were declared and paid to stockholders.

5.

Net income for 2014 was $27,500, including $11,800 in depreciation expense.

6.

At December 31, 2013, Cash was $1,500, Accounts Receivable was $28,400, and Accounts Payable was $41,100.

Create a statement of cash flows for the year 2014.

Auto Inc.

BALANCE SHEET

DECEMBER 31, 2014

Cash

 

$ 21,100

 

Accounts payable

 

$ 31,100

Accounts receivable

 

22,300

 

Bonds payable

 

42,100

Investments

 

32,000

 

Common stock

 

101,100

Plant assets (net)

 

82,100

 

Retained earnings

 

24,300

Land

 

41,100

 

Total Liab. & Equity

 

$198,600

Total assets

 

$198,600

 

 

 

 

             

 

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