Condensed financial data of Monopoly Corporation appear below: A cash dividend was declared and paid in...

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Accounting

Condensed financial data of Monopoly Corporation appear below: Acash dividend was declared and paid in full to stockholders duringthe year. Required: Solve for the missing numbers.

  • Balance Sheet
  • Income Stmt
  • Cash Flow Stmt

Solve for the missing numbers.

MONOPOLY CORPORATION
Comparative Balance Sheet
December 31
Current YearPrior Year
Assets
Cash$34,040$22,400
Accounts receivable31,600
Inventories69,600
Prepaid rent2,0601,600
Property, plant, and equipment218,000196,000
Accumulated depreciation(52,600)(38,000)
Total assets$324,300$283,200
Liabilities and Stockholders'Equity
Accounts payable$37,200$33,600
Accrued Liabilities10,00011,600
Notes payable (long-term)128,000146,000
Contributed capital46,00023,000
Retained earnings103,10069,000
Total liabilities andstockholders' equity$324,300$283,200
  • Balance Sheet
  • Income Stmt
  • Cash Flow Stmt

Solve for the missing numbers.

MONOPOLY CORPORATION
Income Statement
Year Ended December 31
Sales$461,500
Expenses
Cost of goods sold$286,000
Selling, general and administrativeexpenses92,000
Depreciation expense
Interest expense8,600
Income taxes417,800
Net income$43,700
  • Balance Sheet
  • Income Stmt
  • Cash Flow Stmt

Solve for the missing numbers. (Enter any deductions and cashoutflows as a negative value.)

MONOPOLY CORPORATION
Cash Flow Statement
Year Ended December 31
Cash flows from operatingactivities
Net income$43,700
Adjustments to reconcile net income tonet cash provided by operating activities:
Depreciation14,600
Change in current assets and currentliabilities
Accounts Receivable(3,600)
Inventories$(18,000)
Prepaid Rent
Accounts Payable$3,600
Accrued Liabilities
Net cash provided by (used in)operating activities
Cash flows from investingactivities
Purchase of property, plant, andequipment(22,000)
Net cash provided by (used for)investing activities(22,000)
Financing activities
Additional capital contributed bystockholders
Payments on long-term debt(18,000)
Payment of cash dividends
Net cash provided by (used for)financing activities
Increase in cash and cashequivalents11,640
Cash and cash equivalents, beginning ofperiod22,400
Cash and cash equivalents,end of period$34,040

Answer & Explanation Solved by verified expert
3.5 Ratings (573 Votes)
MONOPOLY CORPORATION Comparative Balance Sheet December 31 Current Year Prior Year Assets Cash 34040 22400 Accounts receivable 35200 31600 Inventories 87600 69600 Prepaid rent 2060 1600 Property plant and equipment 218000 196000 Accumulated depreciation 52600 38000 Total assets 324300 283200 Liabilities and Stockholders Equity Accounts payable 37200 33600    See Answer
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