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Condensed Financial Data of Monopoly Corporation Appear Below

Question 195

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Condensed financial data of Monopoly Corporation appear below:
Monopoly Corporation
Comparative Balance Sheet
December 31
Current Year Prior Year
Assets
Cash $44,000 $28,000
Accounts receivable A 32,000
Inventories B 70,000
Prepaid rent 2,500 2,000
Property,plant,and equipment 224,000 200,000
Accumulated depreciation (55,000)(40,000)
Total assets $341,500 $292,000
Liabilities and Stockholders' Equity
Accounts payable $38,000 $34,000
Accrued liabilities 10,000 12,000
Notes payable (long-term)130,000 150,000
Contributed capital 50,000 25,000
Retained earnings 113,500 71,000
Total liabilities and stockholders' equity $341,500 $292,000
Monopoly Corporation
Income Statement
Year Ended December 31
Sales $477,500
Expenses
Cost of goods sold $290,000
Selling,general,and administrative expenses 94,000
Depreciation expense C
Interest expense 9,000
Income taxes ______D 425,000
Net income $ 52,500
Monopoly Corporation
Cash Flow Statement
Year End December 31
Cash Flows from Operating Activities
Net income $52,500
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 15,000
Changes in current assets and current liabilities:
Accounts Receivable (4,000)
Inventories (20,000)
Prepaid Expenses E
Accounts Payable 4,000
Accrued Liabilities F
Net cash provided by (used in)operating activities G
Cash flows from investing activities
Purchase of property,plant,and equipment (24,000)
Net cash provided by (used in)investing activities (24,000)
Financing activities
Additional capital contributed by stockholders H
Payments on long-term debt (20,000)
Payment of cash dividends I
Net cash provided by (used in)financing activities J
Increase in cash and cash equivalents 16,000
Cash and cash equivalents,beginning of period 28,000
Cash and cash equivalents,end of period $44,000
A cash dividend was declared and paid in full to stockholders during the year.
Required:
Solve for the missing numbers and summarize your answers in the table below.Be sure to indicate in parentheses ( )if the missing number is negative (that is,a cash outflow).
Condensed financial data of Monopoly Corporation appear below: Monopoly Corporation Comparative Balance Sheet December 31 Current Year Prior Year Assets Cash $44,000 $28,000 Accounts receivable A 32,000 Inventories B 70,000 Prepaid rent 2,500 2,000 Property,plant,and equipment 224,000 200,000 Accumulated depreciation (55,000)(40,000) Total assets $341,500 $292,000 Liabilities and Stockholders' Equity Accounts payable $38,000 $34,000 Accrued liabilities 10,000 12,000 Notes payable (long-term)130,000 150,000 Contributed capital 50,000 25,000 Retained earnings 113,500 71,000 Total liabilities and stockholders' equity $341,500 $292,000 Monopoly Corporation Income Statement Year Ended December 31 Sales $477,500 Expenses Cost of goods sold $290,000 Selling,general,and administrative expenses 94,000 Depreciation expense C Interest expense 9,000 Income taxes ______D 425,000 Net income $ 52,500 Monopoly Corporation Cash Flow Statement Year End December 31 Cash Flows from Operating Activities Net income $52,500 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 15,000 Changes in current assets and current liabilities: Accounts Receivable (4,000) Inventories (20,000) Prepaid Expenses E Accounts Payable 4,000 Accrued Liabilities F Net cash provided by (used in)operating activities G Cash flows from investing activities Purchase of property,plant,and equipment (24,000) Net cash provided by (used in)investing activities (24,000) Financing activities Additional capital contributed by stockholders H Payments on long-term debt (20,000) Payment of cash dividends I Net cash provided by (used in)financing activities J Increase in cash and cash equivalents 16,000 Cash and cash equivalents,beginning of period 28,000 Cash and cash equivalents,end of period $44,000 A cash dividend was declared and paid in full to stockholders during the year. Required: Solve for the missing numbers and summarize your answers in the table below.Be sure to indicate in parentheses ( )if the missing number is negative (that is,a cash outflow).

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