Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Chapter 12 accounting answer key

14/10/2021 Client: muhammad11 Deadline: 2 Day

ACCOUNTING CHAPTER 12 ASSIGNMENT WILEY PLUS

1)

Exercise 12-8 (Part Level Submission)

Shown below are comparative balance sheets for Schmitt Company.

SCHMITT COMPANY
Comparative Balance Sheets
December 31
Assets

2014

2013

Cash
$ 89,080

$ 28,820

Accounts receivable
115,280

99,560

Inventory
218,770

247,590

Land
104,800

131,000

Equipment
340,600

262,000

Accumulated depreciation—equipment
(86,460
)

(41,920
)
Total
$782,070

$727,050

Liabilities and Stockholders’ Equity

Accounts payable
$ 51,090

$ 56,330

Bonds payable
196,500

262,000

Common stock ($1 par)
282,960

227,940

Retained earnings
251,520

180,780

Total
$782,070

$727,050

Additional information:

1. Net income for 2014 was $121,830.
2. Depreciation expense was $44,540.
3. Cash dividends of $51,090 were declared and paid.
4. Bonds payable amounting to $65,500 were redeemed for cash $65,500.
5. Common stock was issued for $55,020 cash.
6. No equipment was sold during 2014.
7. Land was sold for its book value.
Prepare a statement of cash flows for 2014 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000, or in parenthesis e.g. (15,000)).

Compute these cash-based ratios: (Round ratios to 2 decimal places, e.g. 2.56.)

(1) Current cash debt coverage.

2) Cash debt coverage.

Condensed financial data of Odgers Inc. follow.

ODGERS INC.
Comparative Balance Sheets
December 31
Assets

2014

2013

Cash
$ 180,184

$ 107,932

Accounts receivable
195,794

84,740

Inventory
250,875

229,356

Prepaid expenses
63,332

57,980

Long-term investments
307,740

243,070

Plant assets
635,550

540,775

Accumulated depreciation
(111,500
)

(115,960
)
Total
$1,521,975

$1,147,893


Liabilities and Stockholders’ Equity

Accounts payable
$ 227,460

$ 150,079

Accrued expenses payable
36,795

46,830

Bonds payable
245,300

325,580

Common stock
490,600

390,250

Retained earnings
521,820

235,154

Total
$1,521,975

$1,147,893

ODGERS INC.
Income Statement Data
For the Year Ended December 31, 2014
Sales revenue
$866,266
Less:
Cost of goods sold
$302,076

Operating expenses, excluding depreciation
27,674

Depreciation expense
103,695

Income tax expense
60,834

Interest expense
10,548

Loss on disposal of plant assets
16,725

521,552
Net income
$ 344,714

Additional information:

1. New plant assets costing $223,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $128,225 and accumulated depreciation of $108,155 were sold for $3,345 cash.
3. Bonds payable matured and were paid off at face value for cash.
4. A cash dividend of $58,048 was declared and paid during the year.

Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Top Academic Tutor
Assignment Guru
Phd Writer
Essay & Assignment Help
Homework Master
Top Grade Tutor
Writer Writer Name Offer Chat
Top Academic Tutor

ONLINE

Top Academic Tutor

I find your project quite stimulating and related to my profession. I can surely contribute you with your project.

$38 Chat With Writer
Assignment Guru

ONLINE

Assignment Guru

I am an experienced researcher here with master education. After reading your posting, I feel, you need an expert research writer to complete your project.Thank You

$39 Chat With Writer
Phd Writer

ONLINE

Phd Writer

I am an academic and research writer with having an MBA degree in business and finance. I have written many business reports on several topics and am well aware of all academic referencing styles.

$25 Chat With Writer
Essay & Assignment Help

ONLINE

Essay & Assignment Help

I have worked on wide variety of research papers including; Analytical research paper, Argumentative research paper, Interpretative research, experimental research etc.

$21 Chat With Writer
Homework Master

ONLINE

Homework Master

I am an elite class writer with more than 6 years of experience as an academic writer. I will provide you the 100 percent original and plagiarism-free content.

$33 Chat With Writer
Top Grade Tutor

ONLINE

Top Grade Tutor

I am a PhD writer with 10 years of experience. I will be delivering high-quality, plagiarism-free work to you in the minimum amount of time. Waiting for your message.

$30 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

How to clean chalking paint - Chapter 3 recordkeeping lesson 3.2 preparing a budget sheet answers - Dog walking contract example - Red wire ceiling fan with remote - Management class (Assignment 2.3) (2-3 pages + Citations) - Half wave rectifier ppt - Www drugabuse gov publications drugfacts high school youth trends - Digital Marketing Strategies 2020 and Beyond: https://www.youtube.com/watch?v=bGQG_-OG6fs - Security Design principles - Reed supermarkets a new wave of competitors case analysis - Air filter home argos - International health care system profiles - Abl online money transfer - What is marlow's mission in heart of darkness - Www.mycapella.net login - Hypothesis Testing - Mcdonalds the horsley drive - Assessment 3: Self-Assessment of Leadership, Collaboration, and Ethics - Medium voltage fuse sizes - Informative speech about water pollution - Zo riley's cafe waratah - Finding the nth root of a complex number - Hay job evaluation system chart - Picot question template - Crystal ball excel add in - Teesside university graduation photography - Eco pentagon sdn bhd - Stakeholder Presentation - Information literacy - Final research paper - CJUS 420 WEEK 3 RESEARCH PAPER TOPIC AND THEISIS STATEMENT DUE 9/14/2020 - Business Law I - Countrywide garage doors ballycastle - Combustion experiment with limewater - Direct write off and allowance method - Test bank for primary care 5th edition - The drinking water needs of an office - Taking the lead lln - Iodine clock reaction experiment lab report - Two categories of expenses for merchandising companies are - Uncovering Your Rhetorical Self - Ucl clinical psychology masters - Hannah hoch the beautiful girl analysis - Ge rt8000 rule book 2018 - Job title for cleaner - A 30 mh inductor has a reactance of 2.10 - Mr palermo spectroscopy lab answers - Why are business transactions initially recorded in a journal - How to write a school captain speech - Comprehensive problem 3 kornett company balance sheet - Ge mckinsey nine cell matrix - 3 Discussions and on line observations - Death of a salesman questions and answers - Hess's law virtual lab - Diagnosis of Andrew - As nzs 3551 standard - Hcf hospital bronze plus - Hoya double aspheric lenses - Hi q antenna base station - I need 3000 words on instructions - Juvenile Delinquency and Drug Use - Dpp v smith 1961 - Werribee mercy hospital values - Matilda book report setting - List of all ps2 games - How to calculate error bars in physics - Helicopter experimental design - Eldon foote norfolk island - Serum5 - Criminal Law - My personal classroom management plan - 5E Lesson Plan - Peru chile trench location - Nurs340week6prompt - The sapir whorf hypothesis is the best known declaration of - Ms project cost estimate - Memory theme in 1984 - Dd wrt ssh server unexpectedly closed network connection - Folin wu tube uses - Week Two Study Guide - Discussion Question - NEED 3+ PAGES WITH 4 PEER REVIEWED REFERENCES CITED IN APA FORMAT - Bt community kit website - North shore private hospital visiting hours - Ben & jerry's promotion - Osim urelax price singapore - Exacto knife - bunnings - The snake charmer daily paragraph editing - Discussion Forum Week 8 - What was the occasion for monroe's articulation of this doctrine - Free waxing consent form - Https www youtube com watch v gf81d0ys58e - Trade potential index - Graduate diploma in construction management uts - The holtzman corporation has assets of - MK630 WK1 - Louis vuitton malletier sav haute diggity dog - Pamela smith university of cumberlands - Chapter 4 atomic structure test - Which sense is the fastest reaction time