Please do not give solution in image format ? Current Attempt in ProgressComparative balance sheet accounts of Buffalo Company are presented belowDebit BalancesCashAccounts ReceivableInventoryDebt investments (available-for-sale)EquipmentBuildingsLandTotalsCredit BalancesAllowance for Doubtful AccountsAccumulated Depreciation-EquipmentAccumulated Depreciation-BuildingsAccounts PayableIncome Taxes PayableLong-Term Notes PayableCommon StockRetained EarningsTotalsAdditional data1BUFFALO COMPANYCOMPARATIVE BALANCE SHEET ACCOUNTSAS OF DECEMBER 3123.45.2020$69,300155,40075,40054,60069,800146.30039,800$610,600$9.90020,90036,80065.80012,00062,000310,00093.200$610,6002019$51,100130,60060,80085,70048,100146,30025,300$547,900$7,90013.90027,80060,2009,90070,000260,00098.200$547.900Equipment that cost $10,000 and was 60% depreciated was sold in 2020.Cash dividends were declared and paid during the yearCommon stock was issued in exchange forlandInvestments that cost $34,900 were sold during the yearThere were no write-offs of uncollectible accounts during the year2 Buffalo's 2020 income statement is as follows.Sales revenueLess: Cost of goods soldGross profitLess: Operating expenses (includes depreciation expense and bad debt expense)Income from operationsOther revenues and expensesGain on sale of investmentsLoss on sale of equipmentIncome before taxesIncome taxesNet incomeNet cash flow from operating activitiesShow Transcribed TextBUFFALO COMPANYStatement of Cash FlowsFor 200Cau Opering AdHeAbtretst concle net income t$15,200100(3,000)$945,100596,800(a) Compute net cash provided by operating activities under the direct method. (Enter negative amounts using either a negative signpreceding the number eg.-45 or parentheses eg. (45))348,300250,60097,70012,200109,90044,900$65,000

The cash flow statement is prepared at the end of the period to know the cash position. It reflects…

Comparative balance sheet accounts of Buffalo Company are presented below BUFFALO COMPANY COMPARATIVE BALANCE SHEET ACCOUNTS AS OF DECEMBER 31 Debit Balances Cash Accounts Receivable Inventory 2020 $69,300 155,400 75,400 2019 $51.100 130,600 60,800

Comparative balance sheet accounts of Buffalo Company are presented below BUFFALO COMPANY COMPARATIVE BALANCE SHEET ACCOUNTS AS OF DECEMBER 31 Debit Balances Cash Accounts Receivable Inventory 2020 $69,300 155,400 75,400 2019 $51.100 130,600 60,800

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...

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(Preparation of a Classified Balance Sheet, Periodic Inventory) Presented below is a list of accounts in alphabetical order. Accounts ReceivableBuildingsAccumulated Depreciation—BuildingsCash (in bank)Accumulated Depreciation—EquipmentCash (on hand)Accumulated Other Comprehensive IncomeCash Surrender Value of Life InsuranceAdvances to EmployeesCommission ExpenseAdvertising ExpenseCommon StockAllowance for Doubtful AccountsInterest ReceivableBond Sinking FundInventory—BeginningBonds PayableInventory—EndingLandPrepaid RentLand for Future Plant SitePurchase Returns and AllowancesLoss from FloodPurchasesNotes Payable (due next year)Retained EarningsPaid-in Capital in Excess of Par—Preferred StockSalaries and Wages Expense (sales)PatentsSalaries and Wages PayablePayroll Taxes PayableSales DiscountsPension LiabilitySales RevenuePetty CashTreasury Stock (at cost)Preferred StockUnearned Subscriptions RevenuePremium on Bonds Payable InstructionsPrepare a classified balance sheet in good form.…
What to put in the income statement based on this list? InventoryBuildings & ImprovementsAccumulated Depreciation - Buildings & ImprovementsFurniture & FixturesAccumulated Depreciation - Furniture & FixturesOffice EquipmentAccumulated Depreciation - Office EquipmentAccounts PayableLoans PayableAccrued LiabilitiesSalaries PayableEmployee Benefits PayablePaid-Up Share Capital - CommonAdditional Paid in CapitalRetained EarningsSalesFees and Surcharges & FinesOther Income & GainsMiscellaneous IncomeCost of SalesInterest ExpenseOffice Supplies ExpenseTravel and TransportationTaxes and LicensesProfessional FeesRent ExpenseMeeting and ConferencesBad Debts ExpenseDepreciation Expense - B&IDepreciation Expense - FFDepreciation Expense - OEEmployees Benefit ExpenseSalaries & WagesCommunicationMiscellaneous ExpensesIncome Summary
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Available Options Are: Accounts Payable - Frist Accounts Payable - Lyon Accounts Receivable - Frist Accounts Receivable - Lyon Accumulated Depreciation Additional Paid-In Capital Bond Premium Bonds Payable Building Cash Common Stock Cost of Goods Sold Depreciation Expense Discount on bonds payable Dividends Declared Finance Costs Goodwill Intrerest Expense Interest Income Intrerest Payable Interest Receivable Land Merchandise Inventory Micellaneous Expense Other Expenses Sales
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Assets Current assets Cash and cash equivalents Accounts receivable, net Supplies Other current assets Total current assets Property and equipment Accumulated depreciation Net property and equipment Goodwill Deferred charges Other Total assets Liabilities and equity Current liabilities Accounts payable Accrued liabilities Current maturities of long-term debt Total current liabilities Operating lease liabilities non-current Long-term debt Other non-current liabilities Total liabilities Total liabilities Common stock Cummulative dividends Retained earnings Other Total equity Total liabilities and equities Revenue, net Operating charges Salaries, wages, and benefits Other operating expenses Supplies expense Depreciation and amortization Lease and rental expense Total operating charges Income from operations Interest expense, net Other (income) expense, net Income before income taxes Provision for income taxes Net income $61,268 1,560,847 Cost of debt (%) Cost of equity (%) Weighted…
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Unusual income statement items Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or unusual (U) items. If unusual item, then specify if it is a discontinued operations item (DO). a. Interest revenue on notes receivable. b. Gain on sale of segment of the company's operations that manufactures bottling equipment. c.Loss on sale of investments in stocks and bonds. d. Uncollectible accounts expense. e. Uninsured flood loss. (Hood insurance is unavailable because of periodic Hooding in the area.)