How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Neo Your Own Question
Neo
Neo, Bachelor's Degree
Category: Multiple Problems
Satisfied Customers: 12101
Experience:  BS Accounting
4224391
Type Your Multiple Problems Question Here...
Neo is online now
A new question is answered every 9 seconds

HI NEO, Please I need help on the home work questions due Friday

This answer was rated:

HI NEO, Please I need help on the home work questions due Friday the April 13, 2012. I sorry for been a little late it was due to work pressure.
Thanks,
E23-1 (Classification of Transactions) Springsteen Co. had the following activity in its most recent year of operations.
(a) Pension expense exceeds amount funded. (e) Exchange of equipment for furniture.
(b) Redemption of bonds payable. (f) Issuance of capital stock.
(c) Sale of building at book value. (g) Amortization of intangible assets.
(d) Depreciation. (h) Purchase of treasury stock. (i) Issuance of bonds for land. (k) Increase in interest receivable on notes receivable. (j) Payment of dividends. (l) Purchase of equipment.

Instructions
Classify the items as (1) operating—add to net income; (2) operating—deduct from net income; (3) investing; (4) financing; or (5) significant noncash investing and financing activities. Use the indirect method.

E23-3 (Preparation of Operating Activities Section—Indirect Method, Periodic Inventory). The income statement of Rodriquez Company is shown below.

RODRIQUEZ COMPANY
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2010

Sales $6,900,000
Cost of goods sold
Beginning inventory $1,900,000
Purchases 4,400,000
Goods available for sale 6,300,000
Ending inventory 1,600,000
Cost of goods sold 4,700,000
Gross profit 2,200,000
Operating expenses
Selling expenses 450,000
Administrative expenses 700,000 1,150,000
Net income $1,050,000

Additional information:
1. Accounts receivable decreased $310,000 during the year.
2. Prepaid expenses increased $170,000 during the year.
3. Accounts payable to suppliers of merchandise decreased $275,000 during the year.
4. Accrued expenses payable decreased $120,000 during the year.
5. Administrative expenses include depreciation expense of $60,000.

Instructions
Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2010, for Rodriquez Company, using the indirect method.

E23-4 (Preparation of Operating Activities Section—Direct Method) Data for the Rodriquez Company are presented in E23-3.

Instructions
Prepare the operating activities section of the statement of cash flows using the direct method.

E23-7 (Computation of Operating Activities—Direct Method) Presented below are two independent situations.
Situation A:
Chenowith Co. reports revenues of $200,000 and operating expenses of $110,000 in its first year of operations, 2010. Accounts receivable and accounts payable at year-end were $71,000 and $39,000, respectively. Assume that the accounts payable related to operating expenses. Ignore income taxes.

Instructions
Using the direct method, compute net cash provided (used) by operating activities.
Situation B:
The income statement for Edgebrook Company shows cost of goods sold $310,000 and operating expenses (exclusive of depreciation) $230,000. The comparative balance sheet for the year shows that inventory increased $21,000, prepaid expenses decreased $8,000, accounts payable (related to merchandise) decreased $17,000, and accrued expenses payable increased $11,000.

Instructions
Compute (a) cash payments to suppliers and (b) cash payments for operating expenses.

E23-11 (SCF—Indirect Method) Condensed financial data of Fairchild Company for 2010 and 2009 are presented below.
FAIRCHILD COMPANY
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2010 AND 2009
2011 2010
Cash $1,800 $1,100
Receivables 1,750 1,300
Inventory 1,600 1,900
Plant assets 1,900 1,700
Accumulated depreciation (1,200) (1,170)
Long-term investments (Held-to-maturity) 1,300 1,470
$7,150 $6,300
Accounts payable $1,200 $ 800
Accrued liabilities 200 250
Bonds payable 1,400 1,650
Capital stock 1,900 1,700
Retained earnings 2,450 1,900
$7,150 $6,300


FAIRCHILD COMPANY
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2010
Sales $6,900
Cost of goods sold 4,700
Gross margin 2,200
Selling and administrative expense 930
Income from operations 1,270
Other revenues and gains
Gain on sale of investments 80
Income before tax 1,350
Income tax expense 540
Net income $ 810

Additional information:
During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2010. Cash dividends were $260.

Instructions
Prepare a statement of cash flows using the indirect method.

E23-12 (SCF—Direct Method) Data for Fairchild Company are presented in E23-11.

Instructions
Prepare a statement of cash flows using the direct method. (Do not prepare a reconciliation schedule.)

P5-3 (Balance Sheet Adjustment and Preparation) The adjusted trial balance of Eastwood Company and other rel

Read more: HI NEO, Please I need help on the home work questions due Friday - JustAnswer http://www.justanswer.com/multiple-problems/6iq78-hi-neo-please-need-help-home-work-questions-due-friday.html#ixzz1t6SBsFMj
Good day!

I may be able to send these to you tomorrow morning.

Thank you so much! :)

Customer: replied 5 years ago.
Well, I copied and pasted this from another post I found. These were all of the problems that I needed. I need it turned in tonight, hoping that you still had the answers to forward to me. Is this possible? If not, I will email my instructor and try to get an extension. I've been dealing with a sick child since Saturday. I don't know if all of the message posted or not, but it's for Exercises E23-1, E23-4, E23-7, E23-11, and E23-12.

Please download HERE.

Please do not forget to click the Accept button.

Thank you so much! :)
Neo and other Multiple Problems Specialists are ready to help you

Related Multiple Problems Questions