Quiz 1 due September 14, 2021 Student Name: _____________________________________________ Answer All Questions Completely Okay to submit a word document for essay questions Date:...

Sheet1
    Quiz 1 due September 14, 2021    Student Name: _____________________________________________
    Answer All Questions Completely
    Okay to submit a word document for essay questions    Date: _______________________________________________________
    Recommend using Excel for Problems
    Question 1
    Excel Steel Company
    Comparative Balance Sheet
        12/31/22        12/31/21        Change
    Cash    20,000.00        30,500.00
    Accounts receivable    17,000.00        13,000.00
    Inventory    25,000.00        20,000.00
    Supplies    900.00        500.00
    Prepaid insurance    800.00        2,000.00
    Equipment, net of accumulated depreciation    36,000.00        40,000.00
         Total assets    99,700.00        106,000.00
    Accounts payable    35,000.00        41,000.00
    Salaries payable    13,000.00        16,000.00
    Common stock, $10 par value    25,000.00        25,000.00
    Additional paid-in capital    14,000.00        14,000.00
    Retained earnings    12,700.00        10,000.00
         Total liabilities and stockholders' equity    99,700.00        106,000.00
    Excel Steel Company, Inc.
    Income Statement
    Fiscal Year Ending 12/31/2022
    Sales    70,000.00
    Cost of goods sold    30,000.00
    Gross profit    40,000.00
    Salary expense    10,000.00
    Supplies expense    1,000.00
    Insurance expense    20,000.00
    Depreciation expense    4,000.00
    Total Operating Expenses    35,000.00
         Net income    5,000.00
    (A) Using the direct method, prepare the operating activities section of the statement of cash flows for the year ended December 31, 2022 (recommend using the chart in item B below)
     for the year ended December 31, 2022 (recommend using the chart in item B below)
    (B) Enter the appropriate amounts in the designated cells below. Indicate negative numbers using parenthesis such as (1,000).
    ( C ) Show your calculations for each value you present in the chart below
    Cash flows from operating activities    Amount
    1. Cash received from customers
    2. Cash paid to purchase inventory
    3. Cash wages paid to employees
    4. Cash paid for supplies
    5. Cash paid for insurance
    6. Net cash flow from operating activities
    Question 2
     ABC Tile Company has the following items on its year-end trial balance:
        12/31/22
    Net sales    500,000.00
    Common stock    100,000.00
    Insurance expense    75,000.00
    Wages    50,000.00
    Cost of goods sold    100,000.00
    Cash    40,000.00
    Accounts payable    25,000.00
    Interest payable    25,000.00
    (a)What is the company’s gross profit?
    (b) What is the company's Net Income?
    (c) Prepare an income statement in proper format with a three line heading.
    Question 3
    The adjusted trial balance for XYZ Clothing Company for the fiscal year ending 12/31/2022 includes the following account balances:
    Common stock, $3 par    600,000.00
    Additional paid-in capital    800,000.00
    Treasury stock, at cost    50,000.00
    Accumulated Other Comprehensive Net Loss    20,000.00
    Retained earnings: Appropriated for
    uninsured earthquake losses    150,000.00
    Retained earnings: Unappropriated    200,000.00
    (a) What amount should XYZ Clothing Company report as total equity in its December 31, 2022, balance sheet?
    (b) On what financial statement(s) would the details for the Accumulated Other Comprehensive Net Loss appear?
    NOTE: The above balances are all normal balances based on their account name
    Question 4
    Chicago Brick Company’s worksheet for the preparation of its current-year statement of cash flows included the following:
        December 31    January 1
    Accounts receivable    29,000.00    23,000.00
    Allowance for uncollectible accounts    1,000.00    800.00
    Net Accounts Receivable    28,000.00    22,200.00
    Prepaid rent expense    8,200.00    12,400.00
    Accounts payable    22,400.00    19,400.00
    Chicago Brick Company reported net income of $150,000 for the current year. What amount should Lino include as net cash provided by operating activities in the statement of cash flows
    (a)What amount should Lino include as net cash provided by operating activities in the statement of cash flows
    (b) Would the total cash provided by operating activities in the statement of cash flows be different if prepared using the direct method rather than the indirect method?
    Question 5
    Center Products Company prepared its statement of cash flows at year-end using the direct method. The following amounts were used in the computation of cash flows from operating activities:
    Beginning inventory    300,000.00
    Ending inventory    150,000.00
    Cost of good sold    1,300,000.00
    Beginning accounts payable    400,000.00
    Ending accounts payable    200,000.00
    (a) What amount should Center Products Company report as cash paid to suppliers for inventory purchases?
    (b) Present your calculations to assist others to understand the value you present as the cash paid to suppliers for inventory purchases.
    Question 6
    Liberty Plastics Company comparative balance sheets are presented below.
    Liberty Plastics Company, Inc.
    Comparative Balance Sheets
    31-Dec
            2022            2021
    Cash        $28,700            $23,000
    Accounts receivable        22,000            24,000
    Prepaid Insurance        6,000            3,000
    Inventory        10,000            8,000
    Land        28,000            45,000
    Buildings        58,000            41,000
    Equipment        135,000            105,000
    Accumulated depreciation—buildings        (17,400)            (14,350)
    Accumulated depreciation—equipment        (91,500)            (75,000)
    Total        $178,800            $159,650
    Accounts payable        $23,000            $46,650
    Unearned revenue        $3,000            $2,000
    Common stock        40,000            30,000
    Retained earnings        112,800            81,000
    Total        $178,800            $159,650
    Additional information:
    a. Land was sold during the year for $50,000.
     No other changes occurred to the land account this year.
    b. Equipment was sold for $60,000 cash during the year. It had a net book value of $42,000.
     Original Cost was $84,000.
    c. An addition was built to the building, creating new space. New equipment was purchased
    d. Net income was $55,800. Dividends declared and paid were $24,000.
                Liberty Plastics Company
                Income Statement
                For the year ending December 31
            2022            2021
    Sales         400,000            330,000
    Cost of goods sold         260,000            225,000
    Gross profit         140,000            105,000
    All other expense        84,200            78,000
    Net income         55,800            27,000
    All sales were on account.
    All other expenses were paid in cash without any effect on accounts payable
    1. Complete the Statement of Cash Flows for Liberty Plastics Company using the indirect method.
    2. Complete the Statement of Cash Flows for Liberty Plastics Company using the direct method.
     Show your calculations based on information in the income statement and on the balance sheet
     for partial credit
    Question 7
    (a) Define the conceptual framework with at least on reference to FASB and one reference to a textbook from our ACCT 310 6382 course.
    (b) Describe on situation, where, as an accounting professional, you would consider the conceptual framework relative to a new accounting standard.
    Question 8
    (a) How do you know if a value on the statement of cash flows should be positive or negative?
    (b) What financial statements are used to create the values for the statement of cash flows?
    ( c ) List the three sections for the statement of cash flows, in proper order, for the indirect method and the direct method.
    (d)...