Question Details
Answered: - George Winston Company George Winston Company Comparative
This is an Intermediate Accounting assignment concerning Cash Flows. Be sure on the excel template that you have completed the entire cash flow statement (operations, investing and financing) and that you've done operations both with the indirect method and direct method!? Also, be sure to show any items needed under the schedule of noncash investing and financing. ?Use Excel formulas for all of your numbers (cell reference, add, subtract, etc).
This should take about an hour to complete. Thank you.
George Winston Company
George Winston Company
Comparative statement of Financial Position
Cash Flow Statement (direct method)
As of May 31
current
past
as of May 31st of current year
year
year diff
Current Assets
cash
33250
20000
13250
accounts receivable
80000
58000
22000
merchandise inventory
210000
250000
-40000
prepaid expenses
9000
7000
2000
total
332250
335000
-2750
Plant assets
Plant assets
600000
502000
98000
Less: accumulated depreciation
150000
125000
25000
Net Plant assets
450000
377000
73000
total assets
782250
712000
70250
Currrent liabilities
accounts payable
123000
115000
8000
salaries payable
47250
72000
-24750
interest payable
27000
25000
2000
total
197250
212000
-14750
Long-term debt
Bonds payable
70000
100000
-30000
total liabilities
267250
312000
-44750
Stockholder's equity
common stock $10 par
370000
280000
90000
retained earnings
145000
120000
25000
total stockholder's equity
515000
400000
115000
total liabilities and stockholder's equity
782250
712000
70250
George Winston Company
Income statement
For the year ended May 31st of current year
Sales
Cost of goods sold
gross margin
Expenses
Salary expense
interest expense
other expenses
depreciation expense
total expenses
Operating income
Income tax expense
Net income
George Winston Company
Cash Flow Statement (indirect method)
as of May 31st of current year -- operations only
1255250
722,000
533,250
252,100
75,000
8,150
25,000
360,250
173,000
43,000
130,000
The following is additional information concerning Winston?s
transactions during the current year ended May 31st
1. All sales during the year were made on account.
2. All merchandise was purchased on account, comprising
the total accounts payable account.
3. Plant assets costing $98,000 were purchased by paying
$48,000 in cash and issuing 5,000 shares of stock.
4. The ?other expenses? are related to prepaid expenses
Schedule of noncash Investing and Financing
Solution details:
Answered
QUALITY
Approved
ANSWER RATING
This question was answered on: Oct 07, 2020
PRICE: $15
Solution~000.zip (25.37 KB)
This attachment is locked

Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
About this Question
STATUSAnswered
QUALITYApproved
DATE ANSWEREDOct 07, 2020
EXPERTTutor
ANSWER RATING
GET INSTANT HELP/h4>
We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.
You can also use these solutions:
- As a reference for in-depth understanding of the subject.
- As a source of ideas / reasoning for your own research (if properly referenced)
- For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
NEW ASSIGNMENT HELP?
Order New Solution. Quick Turnaround
Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.
WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN A DEADLINE.
