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We can loan up to $500 to Roanoke occupants, in view of qualifying elements. On the off chance that endorsed, your credit will be expected on your next payday that falls in the vicinity of 10 and 31 days after you get your advance. Nitty gritty data with respect to expenses and reimbursement is accessible on our Rates and Terms page. As you consider whether an advance is proper for your prompt needs, you ought to likewise investigate other subsidizing alternatives. A payday credit is a genuine budgetary duty, and not an answer for long haul issues. Getting from a companion of relative may be a superior alternative.
Wilson Corporation, a merchandiser recently completed its calendar-year 2009 operations. For the year, 1) all sales are credit sales, 2) all credits to Accounts Receivable reflects cash receipts from customers, 3) all purchases of inventory are on credit, 4) all debits to Accounts Payable reflect cash payments for inventory, and 5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company's balance sheets and income statement follow. Income Statement For Year Ended December 31, 2009 Sales CR: $585,000 COGS CR: 285,000 Gross Profit: CR:300,000 Operating Expenses Depreciation expense: DR: $20,000 Other expenses: DR: 134,000 Total operating expenses: CR: 154,000 146,000 Other Gains(losses) Loss on sale of equipment: CR: $5,625 Income before taxes: CR:140,375 Income taxes expense: CR: 24,250 Net income: CR: 116,125 Comparative Balance Sheets Dec 31, 2009 and 2008 Assets Cash $49,400 (2009) $74,000 (2008) A/R 65,830 (2009) 55,000 (2008) Merchandise Inventory $277,000 (2009) $252,000 (2008) Prepaid Expenses $1250 (2009) $1600 (2008) Equipment $158,500 (2009) $107,500 (2008) Accum. Depreciation--equipment ( $36,625) (2009) ($46,000) (2008) Total Assets $515,355 (2009) $444,100 (2008) Liabilities and Equity Accounts Payable $55,380 (2009) $112,000 (2008) Short term notes payable $9000 (2009) $7000 (2008) Long term notes payable $70,000 (2009) $48,250 (2008) Common Stock, $5 par $162,500 (2009) $150,750 (2008) Paid in capital in excess of par, common stock $32,250 (2009) $0 (2008) Retained Earnings $183,255 (2009) $ 126,100 (2008) Total liabilities and equity $515,355 (2009) $444,100 (2008) Additional information on Year 2009 Transactions a. The loss on the cash sale of equipment was $5625 (details in b) b. Sold equipment costing $46,500 with accumulated depreciation of $29,375 for $11,500 cash c. Purchased equipment costing $97,500 by paying $25,000 cash and signing a long-term note payable for the balance d. Borrowed $2000 cash by signing a short-term note payable e. Paid $50,750 cash to reduce the long-term notes payable f. Issued 2,350 shares of common stock for $20 cash per share g. Declared and paid cash dividends of $59,000 REQUIRED: 1. Prepare a complete statement of cash flows; report its operating activities using indirect method. Disclose any noncash investing and financing activities in a note. 2. Analyze and discuss the statement of cash flows prepared in part 1, giving special attention to the wisdom of the cash dividend payment. CHECK: cash from operating activities: $49,650
Typos in your question: I spent HOURS doing this for you cos you had typos in your question for 2009 - Paid in capital in excess of par is $35,250 and not $32,250; Retained Earnings is $183,225 and not $183,255. Operating Activities Net income 116,125 Adjustments for: -- Depreciation 20,000 -- Loss on sale of equipment 5,625 Changes in working capital: -- Roanoke (10,830) -- Inventory (25,000) -- Prepaid exp. 350 -- AP (56,620) Cash from op'g activities 49,650 Investing Activities Purchase of equipment (25,000) Proceeds from sale of equipment 11,500 Cash used in investing activities (13,500) Financing Activities Proceeds from S-T notes 2,000 Repayment of L-T notes (50,750) Proceeds from share issue 47,000 Payment of dividends (59,000) Cash used in financing activities (60,750) Decrease in CCE (24,600) CCE at beginning of year 74,000 CCE at end of year 49,400 Note: Equipment costing $97,500 was acquired by paying cash of $25,000 and signing a long-term note payable for the balance of $72,500. The company was unwise to pay the dividend as it didn't have the cashflow to do it and effectively paid the dividend from borrowed funds.