15,000
28,500
Retained earnings, January 31, 20Y5 256,000$
13,200 136,800$
120,000
Total property, plant, and equipment
Total current liabilities
Capital stock
Notes payable (due in ten years)
Wages payable
Accounts payable
Unearned rent
256,800
Total assets 381,500$
Less accumulated depreciation
Land
Less dividends
OASIS HEALTH CARE, INC.
Increase in retained earnings
Balance Sheet
Liabilities
Total current assets
Accounts receivable
Prepaid insurance
Name:
Section:
Score: 0%
Key Code:
Exercise 3-4
2
Reconcile Net Income to
Net Cash Flows from Operations
Name:
Section:
Score:
Scoring:
Exercise 3-4
See student sheet for student’s score
Instructions
Answers are entered in the cells with gray backgrounds.
SOLUTION
ON
A red asterisk (*) will appear in the column to the right of an incorrect answer.
Cells with non-gray backgrounds are protected and cannot be edited.
Reconcile Net Income to
Net Cash Flows from Operations
Name:
Section:
Score: 0%
*Since an answer box is correct when left blank, the beginning score is greater than 0%.
Key Code:
1.
Cash flows from operating activities:
Cash receipts from customers
Cash paid for expenses
2.
Net income
Add:
Deduct:
For the Month Ended January 31, 20Y5
2
OASIS HEALTH CARE
Statement of Cash Flows
Problem 3-4
Reconciliation of Net Income to
Net Cash flows from Operating Activities
Instructions
Answers are entered in the cells with gray backgrounds.
Net cash flows from operating activities
Net cash flows from financing activities
Name:
Section:
Score:
Scoring:
1.
Cash flows from operating activities:
Cash receipts from customers 55,400$
Cash paid for expenses
(44,900)
2.
Net income 43,500$
Add:
2,000$
Deduct:
Problem 3-4
See student sheet for student’s score
Instructions
Answers are entered in the cells with gray backgrounds.
SOLUTION
Reconciliation of Net Income to
Net Cash flows from Operating Activities
Depreciation expense
ON
For the Month Ended January 31, 20Y5
A red asterisk (*) will appear in the column to the right of an incorrect answer.
Cells with non-gray backgrounds are protected and cannot be edited.
OASIS HEALTH CARE
Statement of Cash Flows
Net cash flows from operating activities
Cash receipts from issuing capital stock
Cash payments for dividends
Net cash flows from financing activities
Name:
Section:
Score: 20%
*Since some answer boxes are correct when left blank, the beginning score is greater than 0%.
Corrected amounts
Problem 3-5
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
A red asterisk (*) will appear in the column to the right of an incorrect answer.
Name:
Section:
Score:
Scoring:
Cells with non-gray backgrounds are protected and cannot be edited.
A red asterisk (*) will appear in the column to the right of an incorrect answer.
SOLUTION
See student sheet for student’s score
Problem 3-5
ON
Instructions
Answers are entered in the cells with gray backgrounds.
Problem 3-6
Name:
Section:
Score: 38%
*Since some answer boxes are correct when left blank, the beginning score is greater than 0%.
Key Code:
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
A red asterisk (*) will appear in the column to the right of an incorrect answer.
1.
= +
Laundry Laundry Accum. Accounts Wages Capital Retained
Cash + Supplies + Prepaid Ins. + Equipment –Depr. = Payable + Payable + Stock + Earnings
Operating (revenues) 275,000 275,000 Laundry rev.
Financing (capital stock) 25,000 (110,000) Wages exp.
Operating (expenses) (200,000) (30,000) Rent exp.
2.
Revenues:
Expenses:
Retained earnings, January 1, 20Y8
Net income for the year
Less dividends
Increase (decrease) in retained earnings
2
Instructions
Statement of
Cash Flows
Balance Sheet
Income Statement
Assets
Liabilities
Stockholders’ Equity
MS. ELLEN’S LAUNDRY INC.
Income Statement
For the Year Ended December 31, 20Y8
MS. ELLEN’S LAUNDRY INC.
Retained Earnings Statement
For the Year Ended December 31, 20Y8
Retained earnings, December 31, 20Y8
3.
Current liabilities:
Accounts payable
Wages payable
Total liabilities
Capital stock
Retained earnings
Total stockholders’ equity
Total liabilities and stockholders’ equity
Cash flows from operating activities:
Cash received from customers
Cash paid for expenses
Net cash flows from operating activities
Net cash flows from financing activities
Balance Sheet
MS. ELLEN’S LAUNDRY INC.
Stockholders’ Equity
MS. ELLEN’S LAUNDRY INC.
Statement of Cash Flows
For the Year Ended December 31, 20Y8
December 31, 20Y8
Accumulated depreciation
Problem 3-6
Name:
Section:
Score:
Scoring:
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
A red asterisk (*) will appear in the column to the right of an incorrect answer.
1.
= +
Laundry Laundry Accum. Accounts Wages Capital Retained
Cash + Supplies + Prepaid Ins. + Equipment –Depr. = Payable + Payable + Stock + Earnings
Operating (revenues) 275,000 275,000 Laundry rev.
Financing (capital stock) 25,000 (110,000) Wages exp.
Operating (expenses) (200,000) (30,000) Rent exp.
2.
Utilities expense
Depreciation expense
Laundry supplies expense
Insurance expense
Net income
Miscellaneous expense
Revenues:
275,000$
Expenses:
112,150$
30,000
Retained earnings, January 1, 20Y8 101,500$
Net income for the year 82,750$
Less dividends 15,000
Increase (decrease) in retained earnings 67,750
Retained earnings, December 31, 20Y8 169,250$
Income Statement
Instructions
Liabilities
Assets
Statement of
Cash Flows
Balance Sheet
Stockholders’ Equity
SOLUTION
ON
See student sheet for student’s score.
MS. ELLEN’S LAUNDRY INC.
Income Statement
For the Year Ended December 31, 20Y8
Laundry revenue
Wages expense
Rent expense
MS. ELLEN’S LAUNDRY INC.
Retained Earnings Statement
For the Year Ended December 31, 20Y8
3.
Current assets:
Cash 53,000$
Laundry supplies 1,500
Current liabilities:
Accounts payable 7,000$
Wages payable 2,150
Total liabilities 9,150$
Capital stock 50,000$
Retained earnings 169,250
Total stockholders’ equity 219,250
Total liabilities and stockholders’ equity 228,400$
Cash flows from operating activities:
Cash received from customers 275,000$
Cash paid for expenses (200,000)
Net cash flows from operating activities
Net cash flows from financing activities
75,000$
Balance Sheet
December 31, 20Y8
Assets
MS. ELLEN’S LAUNDRY INC.
For the Year Ended December 31, 20Y8
Liabilities
Stockholders’ Equity
MS. ELLEN’S LAUNDRY INC.
Statement of Cash Flows
Accumulated depreciation