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Using the following financial statements for XYZ Corp., how cash did XYZ pay to suppliers for inventory during 2014?
Using the following financial statements for XYZ Corp., how much in dividends did XYZ pay during 2014? (Hint: this question requires a calculation)
Using the following financial statements for XYZ Corp., how much in current assets did XYZ report in its December 2014 balance sheet?
Income Statement-2014
Revenues 82,000
Cost of Goods Sold -35000
SG&A Expenses -15,500
Depreciation -6000
Interest Expense -2500
Income Tax Expense -5000
Net Income 18,000
Balance Sheets – 2014 and 2013
Dec 2014 Dec 2013
Cash 62,000 56,000
Accounts Receivable 25,000 28,000
Inventory 28,000 20,000
Land 120,000 120,000
Building, net 80,000 86,000
Total Assets 315,000 310,000
Accounts Payable 32,000 34,000
Bonds Payable 50,000 50,000
Common Stock 170,000 170,000
Retained Earnings 63,000 56,000
Total Liabilities and Equity 315,000 310,000
Expert Answer
1.
| Cost of goods sold | $ 35,000 |
| Add: Ending inventory | $ 28,000 |
| Less: Beginning inventory | $ (20,000) |
| Purchases during the year | $ 43,000 |
| Beginning accounts receivable | $ 28,000 |
| Add: Purchases during the year | $ 43,000 |
| Less: Ending accounts receivable | $ (25,000) |
| Cash paid during the year | $ 46,000 |
2.
| Beginning retained earnings | $ 56,000 |
| Add: Net income | $ 18,000 |
| Less: Ending retained earnings | $ (63,000) |
| Dividend | $ 11,000 |
3.
| Current assets | |
| Cash | $ 62,000 |
| Accounts receivable | $ 25,000 |
| Inventory | $ 28,000 |
| Total current assets | $ 115,000 |
