SAFFORDVILLE COMPANY
Business, 06.04.2020 16:25, evsdcp44b3w
Condensed financial data of Saffordville Company are shown below.
SAFFORDVILLE COMPANY
Comparative Balance Sheets
December 31
Assets 2017 2016
Cash $102,700 $ 33,400
Accounts receivable 60,800 37,000
Inventory 126,900 102,650
Investments 79,500 107,000
Equipment 315,000 205,000
Accumulated depreciationâequipment (44,500) (40,000)
Total $640,400 $445,050
Liabilities and Stockholdersâ Equity
Accounts payable $ 57,700 $ 48,280
Accrued expenses payable 15,100 18,830
Bonds payable 145,000 70,000
Common stock 250,000 200,000
Retained earnings 172,600 107,940
Total $640,400 $445,050
SAFFORDVILLE COMPANY
Income Statement
For the Year Ended December 31, 2017
Sales revenue $297,500
Gain on disposal of plant assets 5,000
302,500
Less:
Cost of goods sold $99,460
Operating expenses, excluding depreciation 19,670
Depreciation expense 30,500
Income tax expense 37,270
Interest expense 2,940 189,840
Net income $112,660
Additional information:
1. New equipment costing $146,000 was purchased for cash during the year.
2. Investments were sold at cost.
3. Equipment costing $36,000 was sold for $15,000, resulting in a gain of $5,000.
4. A cash dividend of $48,000 was declared and paid during the year.
Prepare a statement of cash flows using the indirect method.
Answers: 3
Business, 22.06.2019 08:00, truthqmatic16
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Business, 22.06.2019 08:40, bchagnard2122
Exercise 18-15 sheffield appliance center is an experienced home appliance dealer. sheffield appliance center also offers a number of services for the home appliances that it sells. assume that sheffield appliance center sells ovens on a standalone basis. sheffield appliance center also sells installation services and maintenance services for ovens. however, sheffield appliance center does not offer installation or maintenance services to customers who buy ovens from other vendors. pricing for ovens is as follows. oven only $790 oven with installation service 850 oven with maintenance services 970 oven with installation and maintenance services 990 in each instance in which maintenance services are provided, the maintenance service is separately priced within the arrangement at $180. additionally, the incremental amount charged by sheffield appliance center for installation approximates the amount charged by independent third parties. ovens are sold subject to a general right of return. if a customer purchases an oven with installation and/or maintenance services, in the event sheffield appliance center does not complete the service satisfactorily, the customer is only entitled to a refund of the portion of the fee that exceeds $790. assume that a customer purchases an oven with both installation and maintenance services for $990. (b) indicate the amount of revenue that should be allocated to the oven, the installation, and to the maintenance contract.
Answers: 3
Business, 22.06.2019 11:00, andregijoe41
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Condensed financial data of Saffordville Company are shown below.
SAFFORDVILLE COMPANY
SAFFORDVILLE COMPANY
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