Feb 22nd, 2014
Price: $10 USD

Question description


Jetson Spacecraft Corp. shows the following information on its 2011 income statement: sales = $244,000; costs = $144,000; other expenses = $7,900; depreciation expense = $18,000; interest expense = $13,200; taxes = $21,315; dividends = $10,000. In addition, you’re told that the firm issued $4,700 in new equity during 2011 and redeemed $3,200 in outstanding long-term debt.


What is the 2011 operating cash flow?

 Operating cash flow$ ???

What is the 2011 cash flow to creditors?

 Cash flow to creditors$ ???

What is the 2011 cash flow to stockholders?

 Cash flow to stockholders$ ???

If net fixed assets increased by $30,000 during the year, what was the addition to NWC?

 Addition to NWC$ ???


Prepare a 2011 balance sheet for Cornell Corp. based on the following information: cash = $132,000; patents and copyrights = $630,000; accounts payable = $212,500; accounts receivable = $102,500; tangible net fixed assets = $1,630,000; inventory = $295,500; notes payable = $185,000; accumulated retained earnings = $1,268,000; long-term debt = $850,000. (Be sure to list the accounts in order of their liquidity.)

Balance Sheet
 (Click to select)Notes payableCashAccounts receivableAccounts payableInventory$ ???
 (Click to select)Accounts receivableIntangible net fixed assetsTangible net fixed assetsNotes payableAccounts payable
 (Click to select)CashInventoryAccounts payableCommon stockAccounts receivable
 Current assets$ ???
 (Click to select)Accounts payableAccounts receivableIntangible net fixed assetsTangible net fixed assetsInventory
 (Click to select)Accumulated retained earningsCommon stockTangible net fixed assetsIntangible net fixed assetsNotes receivable
 Total assets$ ???
 (Click to select)Notes payableLong-term debtAccounts receivableAccumulated retained earningsAccounts payable$ ???
 (Click to select)Notes payableCommon stockLong-term debtNotes receivableAccumulated retained earnings
 Current liabilities$ ???
 (Click to select)CashInventoryAccounts payableAccounts receivableLong-term debt
 Total liabilities$ ???
 (Click to select)Notes receivableCommon stockAccounts payableAccounts receivableNotes payable
 (Click to select)Accumulated retained earningsNotes payableCashAccounts payableCommon stock
 Total liabilities & owners' equity$ ???

Use the following information for Taco Swell, Inc., (assume the tax rate is 30 percent):
 Cost of goods sold4,9294,897
 Other expenses1,041919
 Accounts receivable8,2309,997
 Short-term notes payable1,3601,337
 Long-term debt20,89025,111
 Net fixed assets51,30658,120
 Accounts payable4,6885,214

For 2011, calculate the cash flow from assets, cash flow to creditors, and cash flow to stockholders.(Negative amounts should be indicated by a minus sign. Round your answers to 2 decimal places.)

 Cash flow from assets$ ???
 Cash flow to creditors$ ???
 Cash flow to stockholders$ ???

Tutor Answer

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School: University of Virginia

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