Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. kooler company balance sheet december 31 2004 2

Kooler Company Balance Sheet December 31 2004 2005 Cash 9,600 20,800...

50.1K

Verified Solution

Question

Accounting

Kooler Company

Balance Sheet

December 31 2004 2005

Cash 9,600 20,800

Accounts Receivable (net) 18,400 36,700

Inventory 32,000 43,000

Investments in trading securities 17,000 0

Property, Plant & Equipment 120,000 184,200

Accumulated Depreciation (24,000) (32,400)

Totals 173,000 252,300

Accounts Payable 22,700 20,200

Notes Payable, short term 15,000 22,800

(nontrade)

Long-term Notes Payable 26,000 56,000

Common Stock 82,000 102,000

Retained Earnings 27,300 51,300

Totals 173,000 252,300

Additional data:

1. Net income for the year 2005, $54,000

2. Sold machinery costing $30,000 with a book value of $12,000 for $15,000.

3. Sold the investments for $15,000

4. Paid dividends of $30,000

5. Purchased machinery and gave a $50,000 long-term note payable

6. Paid a $20,000 long-term note payable by issuing common stock.

7. Accounts receivable written off during the year, $2,500.

8. Bad Debt Expense for the year 2005, $19,000

9. Cash inflow from customers in 2005, $459,000.

Requirements:

a. On the next page, prepare a statement of cash flows (in good form) for the year ended December 31, 20x5. Use the indirect approach to disclose the cash flows from operating activities.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students