Question Details

(Solution Download) The income statement, balance sheet, and additional information for Virtual Gaming Systems are provi


 

 

 

 

 

 

 

The income statement, balance sheet, and additional information

 

for Virtual Gaming Systems are provided.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VIRTUAL GAMING SYSTEMS

 

Income Statement

 

For the year ended December 31, 2012

  Revenues$2,700,000
  Gain on sale of

 

land

 

2,200  

 

        Total revenues

 

2,702,200  

  Expenses:

 

       Cost of goods sold

$

 

1,610,000  

 

       Operating expenses

 

607,000  

 

       Depreciation expense

 

23,700  

 

       Interest expense

24,500

 

       Income tax expense

70,100

 

          Total

 

expenses

2,335,300
  Net income$366,900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VIRTUAL GAMING SYSTEMS

 

Balance Sheet

 

December 31

20122011

 

  Assets

  Current assets:

 

       Cash

$ 371,900

 

  

$ 146,000

 

  

 

       Accounts receivable

77,000

 

  

92,000

 

  

 

       Inventory

151,000

 

  

142,000

 

  

 

       Prepaid rent

4,900

 

  

6,300

 

  

  Long-term

 

assets:

 

       Investments

189,000

 

  

130,000

 

  

 

       Land

214,000

 

  

260,000

 

  

 

       Equipment

234,000

 

  

213,000

 

  

 

       Accumulated

 

depreciation

(133,700)(110,000)

 

          Total

 

assets

$ 1,108,100

 

  

$ 879,300

 

  

  Liabilities

 

and Stockholders' Equity

  Current

 

liabilities:

 

       Accounts payable

$

 

  34,000   

$

 

  95,000   

 

       Interest payable

4,900

 

  

3,000

 

  

 

       Income tax payable

22,000

 

  

26,000

 

  

  Long-term

 

liabilities:

 

       Notes payable

251,000

 

  

230,000

 

  

  Stockholders'

 

equity:

 

       Common stock

264,000

 

  

210,000

 

  

 

       Retained earnings

532,200

 

  

315,300

 

  

 

         Total

 

liabilities and stockholders' equity

$ 1,108,100

 

  

$ 879,300

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

Information for 2012:

1.Purchase additional investment

 

in stocks for $59,000.

2.Sell land costing $46,000 for

 

$48,200, resulting in a $2,200 gain on sale of land.

3.

 

Purchase $21,000 in equipment by borrowing $21,000 with a note

 

payable due in three years. No cash is exchanged in the

 

transaction.

 

4.Declare and pay a cash dividend

 

of $150,000.

5.Issue common stock for

 

$54,000.

 

 

 

 

 

 

 

 

 

 

Required:

 

Prepare the statement of cash flows for Virtual Gaming Systems

 

using the direct method. Disclose any noncash transactions

 

in an accompanying note. (Amounts to be deducted should be

 

indicated with minus sign. Omit the "$" sign in your

 

response.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VIRTUAL GAMING SYSTEMS

 

Statement of Cash Flows

 

For the year ended December 31, 2012

  Cash Flows from

 

Operating Activities

 

     (Click to select)Cash paid for income

 

taxesCash paid for interestCash paid for operating expensesCash

 

received from customersSale of landCash paid to employeesCash paid

 

to suppliers

 

$   

 

     (Click to select)Cash paid for

 

operating expensesCash paid for income taxesCash paid for

 

interestSale of landCash paid to employeesCash received from

 

customersCash paid to suppliers

 

  

 

     (Click to select)Cash paid for

 

interestCash paid to suppliersSale of landCash paid for income

 

taxesCash paid for operating expensesCash received from

 

customersCash paid to employees

 

  

 

     (Click to select)Cash paid to

 

employeesCash paid to suppliersSale of landCash received from

 

customersCash paid for income taxesCash paid for interestCash paid

 

for operating expenses

 

  

 

     (Click to select)Cash paid for

 

interestCash paid to suppliersSale of landCash received from

 

customersCash paid for operating expensesCash paid for income

 

taxesCash paid to employees

 

  

 

        Net cash flows from

 

operating activities

 

$   

  Cash Flows from

 

Investing Activities

 

     (Click to select)Purchase investment

 

in bondsPurchase investment in stockCash paid for income taxesCash

 

received from customersCash paid for interestSale of landCash paid

 

to suppliers

 

  

 

     (Click to select)Cash paid for

 

interestCash received from customersPurchase investment in

 

stockCash paid for income taxesSale of landPurchase investment in

 

bondsCash paid to suppliers

 

  

 

        Net cash flows from

 

investing activities

 

  

  Cash Flows from

 

Financing Activities

 

     (Click to select)Issue common

 

stockCash paid for operating expensesCash paid for interest

 

Purchase investment in bondsPayment of cash dividendsPurchase

 

investment in stockPurchase of equipment

 

  

 

     (Click to select)Cash paid for

 

interest Cash paid for operating expensesPurchase investment in

 

stockPayment of cash dividendsPurchase of equipmentIssue common

 

stockPurchase investment in bonds

 

  

 

        Net cash flows from

 

financing activities

 

  

  (Click to select)Net

 

increase in cashNet decrease in cash

 

  

  (Click to

 

select)Cash at the beginning of the periodCash at the end of the

 

period

 

  

  (Click to

 

select)Cash at the end of the periodCash at the beginning of the

 

period

 

$   

  Noncash

 

Activities

 

     (Click to select)Cash paid for

 

interestCash paid for income taxesPurchase equipment issuing a note

 

payableCash received from customersPurchase investment in bondsCash

 

paid for operating expensesCash paid to suppliers

 

$   

 


Solution details:
STATUS
Answered
QUALITY
Approved
ANSWER RATING

This question was answered on: Dec 08, 2020

PRICE: $15

Solution~000652147653917.zip (25.37 KB)

Buy this answer for only: $15

This attachment is locked

We have a ready expert answer for this paper which you can use for in-depth understanding, research editing or paraphrasing. You can buy it or order for a fresh, original and plagiarism-free solution (Deadline assured. Flexible pricing. TurnItIn Report provided)

Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
SiteLock

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

Dec 08, 2020

EXPERT

Tutor

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).
This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

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.

Order Now