Reference no: EM131871765
Question - Eastern Corp.
Use the following selected data and additional information from the records of Eastern Corp. to complete the requirements.
Balance Sheet Data 2018 2017
Accounts receivable $36,000 $42,000
Inventories 28,000 25,000
Accounts payable 31,000 35,000
Salaries payable 2,000 1,000
Equipment 60,000 40,000
Accumulated depreciation 12,000 16,000
Bonds payable 50,000 100,000
Common stock 150,000 100,000
Retained earnings 38,000 20,000
Income Statement Data 2018
Net sales $420,000
Cost of goods sold 300,000
Operating expenses (excluding depreciation expense) 84,000
Net income 30,000
Gain on sale of equipment (included in net income above) 2,000
Additional information:
A) Equipment with a cost of $15,000 and a book value of $3,000 was sold for $5,000 during 2018.
B) Common stock was issued to retire bonds payable during 2018.
C) The only items affecting retained earnings in 2018 were net income and dividends declared and paid.
REQUIRED
(1) What amount was paid to acquire equipment during 2018?
(2) What amount was recorded as depreciation expense during 2018?
(3) What amount was declared and paid for dividends during 2018?
(4) Prepare the Operating Activities section of statement of cash flows for Eastern Corp. for 2018 if the direct method is used to determine net cash flow from operating activities. Use good form.
|
Prepare journal entries to record interest and amortization
: Prepare Rick's journal entry to record for the right-of-use asset and lease liability at January 1, 2018. Prepare the journal entries to record interest
|
|
Find the probability that the average length
: Find the probability that the average length of a randomly selected bundle of steel rods is greater than 223.2-cm.
|
|
Discuss nine different change tools
: Your task is to choose two, and critically evaluate their usefulness to effect change for BOTH a manufacturing company and a service company.
|
|
What is the probability that this card is not a 4
: Suppose you draw a single card from a standard deck of 52 playing cards. a. What is the probability that this card is a diamond or a club?
|
|
What amount was paid to acquire equipment
: Common stock was issued to retire bonds payable during 2018. What amount was paid to acquire equipment during 2018
|
|
What is the probability of the ball falling into
: The wheel is spun, and a ball rounds the peripheral until gravity takes over and the ball lands in a slot. What is the probability of the ball falling into:
|
|
Items on the right based on the information
: Match the items on the left with the items on the right based on the above information.
|
|
What amount was paid to retire bonds payable
: Equipment with a cost of $15,000 and a book value of $3,000 was sold for $5,000 during 2018. What amount was paid to retire bonds payable during 2018
|
|
Determining the number of combinations
: In general, the number of combinations =PERMUT(N, n) /n!, or doing it with one Excel function, its COMBIN (N,n).
|