2024 Rodriquez Company Assignment Help
The income statement of Rodriquez Company is shown below RODRIQUEZ COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31 2012 2023
The income statement of Rodriquez Company is shown below. RODRIQUEZ COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2012 Sales $6,884,420 Cost of goods sold Beginning inventory $1,897,410 Purchases 4,478,260 Goods available for sale 6,375,670 Ending inventory 1,601,260 Cost of goods sold 4,774,410 Gross profit 2,110,010 Operating expenses Selling expenses 448,740 Administrative expenses 695,660 1,144,400 Net income $965,610 Additional information: 1. Accounts receivable decreased $317,330 during the year. 2. Prepaid expenses increased $160,690 during the year. 3. Accounts payable to suppliers of merchandise decreased $281,450 during the year. 4. Accrued expenses payable decreased $127,540 during the year. 5. Administrative expenses include depreciation expense of $56,710. Prepare the operating activities section of the statement of cash flows using the direct method. Situation A: Chenowith Co. reports revenues of $191,900 and operating expenses of $111,340 in its first year of operations, 2012. Accounts receivable and accounts payable at year-end were $82,360 and $37,200, respectively. Assume that the accounts payable related to operating expenses. Ignore income taxes. Using the direct method, compute net cash provided (used) by operating activities. (If an amount reduces the account balance then enter with negative sign.) Net cash providedused by operating activities $ Situation B: The income statement for Edgebrook Company shows cost of goods sold $310,820 and operating expenses (exclusive of depreciation) $227,710. The comparative balance sheet for the year shows that inventory increased $23,390, prepaid expenses decreased $8,240, accounts payable (related to merchandise) decreased $18,620, and accrued expenses payable increased $11,740. Compute (a) cash payments to suppliers and (b) cash payments for operating expenses. (a) Cash payments to suppliers $ (b) Cash payments for operating expenses $ Condensed financial data of Fairchild Company for 2012 and 2011 are presented below. FAIRCHILD COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2012 AND 2011 2012 2011 Cash $1,807 $1,095 Receivables 1,750 1,294 Inventory 1,593 1,902 Plant assets 1,897 1,703 Accumulated depreciation (1,203 ) (1,169 ) Long-term investments (held-to-maturity) 1,301 1,465 $7,145 $6,290 Accounts payable $1,216 $791 Accrued liabilities 200 230 Bonds payable 1,406 1,649 Common stock 1,900 1,692 Retained earnings 2,423 1,928 $7,145 $6,290 FAIRCHILD COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2012 Sales $6,812 Cost of goods sold 4,692 Gross margin 2,120 Selling and administrative expenses 920 Income from operations 1,200 Other revenues and gains Gain on sale of investments 90 Income before tax 1,290 Income tax expense 531 Net income $759 Additional information: During the year, $64 of common stock was issued in exchange for plant assets. No plant assets were sold in 2012. Cash dividends were $264. Prepare a statement of cash flows using the indirect method. (If an amount reduces the account balance then enter with negative sign.) Condensed financial data of Fairchild Company for 2012 and 2011 are presented below. FAIRCHILD COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2012 AND 2011 2012 2011 Cash $1,805 $1,096 Receivables 1,742 1,299 Inventory 1,585 1,905 Plant assets 1,894 1,700 Accumulated depreciation (1,206 ) (1,178 ) Long-term investments (held-to-maturity) 1,294 1,469 $7,114 $6,291 Accounts payable $1,209 $793 Accrued liabilities 210 236 Bonds payable 1,401 1,648 Common stock 1,891 1,703 Retained earnings 2,403 1,911 $7,114 $6,291 FAIRCHILD COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2012 Sales $6,854 Cost of goods sold 4,702 Gross margin 2,152 Selling and administrative expenses 939 Income from operations 1,213 Other revenues and gains Gain on sale of investments 83 Income before tax 1,296 Income tax expense 534 Net income $762 Additional information: During the year, $73 of common stock was issued in exchange for plant assets. No plant assets were sold in 2012. Cash dividends were $270. Prepare a statement of cash flows using the direct method. (If an amount reduces the account balance then enter with negative sign.)
