Refer to PB1-3. Data From PB1-3.Assume that you are the president

Refer to PB1-3. 

Data From PB1-3.

Assume that you are the president of Rock Point Adventures Inc. At the end of the second year of operations (June 30, 2017), the following financial data for the company are available: 

Required: 

1. Evaluate whether the company was profitable. 

2. Evaluate whether the company could have paid a greater amount for dividends. 

3. Evaluate whether the company is financed mainly by creditors or shareholders. 

4. Is it possible to determine the amount of cash increase or decrease that would be shown in the statement of cash flows from the information presented? If not, why not.

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Refer to PA1-3. Data From PA1-3.Assume that you are the owner/operator

Refer to PA1-3. 

Data From PA1-3.

Assume that you are the owner/operator of the College Park Veterinary Clinic. At the end of the second year of operations (June 30, 2017), the following financial data for the company are available: 

 

Required: 

1. Evaluate whether the company was profitable. 

2. Evaluate whether the company could have paid a greater amount in dividends. 

3. Evaluate whether the company is financed mainly by creditors or shareholders. 

4. Is it possible to determine the amount of cash increase or decrease that would be shown in the statement of cash flows from the information presented? If not, why not?

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Assume that Fitness and Fun, Inc. reported the following information

Assume that Fitness and Fun, Inc. reported the following information for the nine-month period ended September 30, 2017. Items are listed alphabetically and are in thousands of dollars. 

Required: 

Prepare the four basic for the nine months ended September 30, 2017. 

a. Income statement 

Net Income = $58,806,000

b. Statement of retained earnings 

Closing Retained Earnings = $258,696,000

c. Balance sheet 

Total Assets = $1,595,925,000

d. Statement of cash flows

Cash Provided by Operating Activities = $102,559,000 

Cash Used in Investing Activities = $192,370,000 

Cash Provided by Financing Activities = $91,576,000

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Refer to PA1-1.Data From  PA1-1You are the president of High

Refer to PA1-1.

Data From  PA1-1

You are the president of High Power Corporation. At the end of the first year of operations (December 31, 2017), the following financial data for the company are available: 

Required: 

1. Evaluate whether the company was profitable. 

2. Evaluate whether the company could have paid a greater amount for dividends. 

3. Evaluate whether the company is financed mainly by creditors or shareholders. 

4. Determine the amount of cash increase or decrease that would be shown in the statement of cash flows.

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Starbucks is a coffee company—a big coffee company. During a

Starbucks is a coffee company—a big coffee company. During a ten-year period, the number of Starbucks locations grew from 165 to over 8,800 stores in fifty countries. Assume the following is from Starbucks’ annual report for the year ended September 30, 2017, and dollars are reported in thousands. 

Assume that the following events occurred in the following quarter, which ended December 31, 2017. Dollars are in thousands. 

a. Paid $10,000 cash for additional other long-term assets 

b. Issued additional shares for $5,100 in cash

c. Purchased property, plant, and equipment; paid $11,200 in cash and signed additional long-term loans for $9,500

d. Sold, at cost, other long-term assets for $6,000 cash

e. Conducted negotiations to purchase a coffee farm, which is expected to cost $8,400 

Required: 

1. Analyze transactions (a) through (e) to determine their effects on the accounting equation. Use the format shown in the demonstration case. 

2. Record the transaction effects determined in requirement 1 using journal entries. 

3. Summarize the journal entry effects from requirement 2 using T-accounts. Use the September 2017 ending balances (reported above) as the beginning balances for the October–December 2017 quarter. 

4. Explain your response to the event (e). 

5. Prepare a classified at December 31, 2017. 

6. As of December 31, 2017, has the financing for the investment in assets made by Starbucks primarily come from liabilities or from shareholders’ equity?

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Alezandray’s Interiors, Inc., is a leading international manufacturer and retailer

Alezandray’s Interiors, Inc., is a leading international manufacturer and retailer of home furnishings. The following is from Alezandray’s as of September 30, 2017. (Dollars are in millions.) 

Assume that the following events occurred in the quarter ended December 31 (dollars are in millions): 

a. Paid $2,000,000 cash for an additional “other asset”

b. Issued additional shares for $2,000,000 in cash

c. Purchased property, plant, and equipment; paid $2,000,000 in cash and signed a note to pay the remaining $9,000,000 in two years

d. Sold, at cost, other assets for $1,000,000 cash

e. Conducted negotiations to purchase a sawmill, which is expected to cost $36,000,000

Required: 

1. Analyze transactions (a) through (e) to determine their effects on the accounting equation. Use the format shown in the demonstration case. 

2. Record the transaction effects determined in requirement 1 using journal entries. 

3. Summarize the journal entry effects from requirement 2 using T-accounts. Use the September 2017 ending balances as the beginning balances for the October to December 2017 quarter. 

4. Explain your response to event (e). 

5. Prepare a classified at December 31, 2017. 

6. As of December 31, 2017, has the financing for Alezandray’s investment in assets primarily come from liabilities or from shareholders’ equity?

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Lakeshore Cottages was incorporated as a private company on January

Lakeshore Cottages was incorporated as a private company on January 1, 2017. The company’s accounts included the following at January 31, 2017: 

During the month of February, the company had the following activities: 

a. Borrowed $150,000 cash from a local bank, payable June 30, 2020 

b. Repaid $250,000 cash to a local bank

c. Issued 1,500 shares for $150,000 cash 

d. Purchased equipment for $30,000, paying $3,000 in cash and signing a note due in six months for the balance

e. Purchased supplies for $30,000 on account 

Required: 

1. Analyze transactions (a) through (e) to determine their effects on the accounting equation. Use the format shown in the demonstration case. 

2. Record the transaction effects determined in requirement 1 using a journal entry format. 

3. Summarize the journal entry effects from requirement 2 using T-accounts. 

4. Prepare a classified at February 28, 2017. 

5. As of February 28, 2017, has the financing for Lakeshore Cottages’ investment in assets primarily come from liabilities or from shareholders’ equity?

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Blockhead and Sons is a motor vehicle repair centre specializing

Blockhead and Sons is a motor vehicle repair centre specializing in engine repair. At the end of the most recent year, 2016, the accounting records reported total assets of $746,000 and total liabilities of $534,000. During the current year, 2017, the following summarized events occurred: 

a. Repaid $50,000 cash on a bank note borrowed in a previous year

b. Bought a tow truck (equipment) from a supplier for $25,000; signed a one-year note for the liability

c. Disposed of a computer that was obsolete (net book value of zero) by turning it into a salvage centre; no proceeds from the disposal

d. Purchased shop equipment for $100,000; paid cash

e. Paid a $50,000 cash to the shareholders

f. Made a $100,000 down payment on a $500,000 building; signed a forty-year note for the remainder

g. Borrowed $100,000 cash from the bank and signed a ten-year note 

Required: 

1. Complete the spreadsheet that follows, using plus (+) for increases and minus (−) for decreases for each account. The first transaction is given as an example. 

2. Did you include event (c) in the spreadsheet? Why? 

3. Based on beginning balances plus the completed spreadsheet, provide the following amounts (show computations): 

a. Total assets at the end of the year

b. Total liabilities at the end of the year

c. Total shareholders’ equity at the end of the year

4. As of December 31, 2017, has the financing for Blockhead and Sons’s investment in assets primarily come from liabilities or from shareholders’ equity?

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Athletic Professional Training Company (APTC) was incorporated as a private

Athletic Professional Training Company (APTC) was incorporated as a private company on June 1, 2017. The company’s accounts included the following at July 1, 2017: 

During the month of July, the company did the following: 

a. Issued 2,000 shares for $200,000 cash 

b. Borrowed $30,000 cash from a local bank, payable June 30, 2017 

c. Bought a building for $141,000; paid $41,000 in cash and signed a three-year note for the balance

d. Paid cash for equipment that cost $100,000 

e. Purchased supplies for $10,000 on account 

Required: 

1. Analyze transactions (a) through (e) to determine their effects on the accounting equation. Using a spreadsheet format with a column for each account, enter the July 1, 2017, amounts in the first line under the account headings, and calculate ending balances. 

2. Record the transaction effects determined in requirement 1 using journal entries. 

3. Summarize the journal entry effects from requirement 2 using T-accounts. 

4. Prepare a classified at July 31, 2017. 

5. As of July 31, 2017, has the financing for APTC’s investment in assets come primarily from liabilities or shareholders’ equity?

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The four friends who organized Healthcare Services (HS) on January

The four friends who organized Healthcare Services (HS) on January 1, 2017, each invested $10,000 in the company and were issued 8,000 common shares. To date, they are the only shareholders. During the first month (January 2017), the company had the following five events: 

a. Collected a total of $40,000 from the organizers and issued the shares

b. Purchased a building for $65,000, equipment for $16,000, and three hectares of land for $12,000; paid $13,000 in cash and signed a note for the balance, which is due to be paid in 15 years

c. One shareholder reported to the company that 500 shares of his HS shares had been sold and transferred to another shareholder for $5,000 cash

d. Purchased supplies for $3,000 cash

e. Sold one hectare of land for $4,000 cash to another company 

Required: 

1. Was Healthcare Services organized as a or corporation? Explain the basis for your answer. 

2. During the first month, the records of the company were inadequate. You were asked to prepare a summary of the preceding transactions. To develop a quick assessment of their economic effects on Healthcare Services, you have decided to complete the spreadsheet that follows and to use plus (+) for increases and minus (−) for decreases for each account. 

3. Did you include the transaction between the two shareholders—event (c)—in the spreadsheet? Why? 

4. Based only on the completed spreadsheet, provide the following amounts (show computations): 

a. Total assets at the end of the month

b. Total liabilities at the end of the month

c. Total shareholders’ equity at the end of the month

d. Cash balance at the end of the month

e. Total current assets at the end of the month 

5. As of January 31, 2017, has the financing for HS’s investment in assets primarily come from liabilities or from shareholders’ equity?

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