Following is selected financial information of Trimark for the year ended December 31, 2011. Financial Statements

Following is selected financial information of Trimark for the year ended December 31, 2011.

Financial Statements

Cash used by investing activities	$	(1,750	)
Net increase in cash		550
Cash used by financing activities		(2,550	)
Cash from operating activities		4,850
Cash, December 31, 2010		3,900

Required:

Prepare the 2011 statement of cash flows for Trimark Company. (Amounts to be deducted should be indicated by a minus sign. Omit the "$" sign in your response.)

Trimark Statement of Cash Flows For Year Ended December 31, 2011
Cash from operating activities	$ 4,850
Cash used by investing activities	-1,750
Cash used by financing activities	-2,550
Net increase in cash	$ 550
Cash, December 31, 2010	3,900
Cash, December 31, 2011	$ 4,450

Following is selected financial information for Boardwalk for the year ended December 31, 2011. Retained earnings, Dec. 31, 2011 $ 18,750 Cash dividends $ 2,000 Net income 11,750 Retained earnings, Dec. 31, 2010 9,000

Following is selected financial information for Boardwalk for the year ended December 31, 2011.

Retained earnings, Dec. 31, 2011	$	18,750		Cash dividends	$	2,000
Net income		11,750		Retained earnings, Dec. 31, 2010		9,000

Required:

Prepare the 2011 statement of Retained earnings for Boardwalk. (Amounts to be deducted should be indicated with a minus sign. Omit the "$" sign in your response.)

Boardwalk Statement of Owner’s Equity For Year Ended December 31, 2011
Retained earnings, Dec. 31, 2010	$ 9,000
Add: Net income	11,750
	20,750
Less: Cash dividends	-2,000
Retained earnings, Dec. 31, 2011	$ 18,750

The following is selected financial information for Sun Energy Company for the year ended December 31, 2011: revenues, $82,000; expenses, $63,796; net income, $18,204. Required: Prepare the 2011 calendar-year income statement for Sun Energy Company. (Input all amounts as positive values. Omit the "$" sign in your response.)

The following is selected financial information for Sun Energy Company for the year ended December 31, 2011: revenues, $82,000; expenses, $63,796; net income, $18,204.

Required:

Prepare the 2011 calendar-year income statement for Sun Energy Company. (Input all amounts as positive values. Omit the "$" sign in your response.)

Sun Energy Company Income Statement For Year Ended December 31, 2011
Revenues	$ 82,000
Expenses	63,796
Net income	$ 18,204

The following is selected financial information for Affiliated Company as of December 31, 2011: liabilities, $41,638; equity, $67,362; assets, $109,000.

The following is selected financial information for Affiliated Company as of December 31, 2011: liabilities, $41,638; equity, $67,362; assets, $109,000.

Required:

Prepare the balance sheet for Affiliated Company as of December 31, 2011. (Omit the "$" sign in your response.)

Affiliated Company Balance Sheet December 31, 2011
Assets	$ 109,000
Total Assets	$ 109,000
Liabilities	$ 41,638
Equity	67,362
Total Liabilities and Equity	$ 109,000

The following table contains financial information from 5 different companies:

The following table contains financial information from 5 different companies:

	Company A			Company B			Company C			Company D			Company E
December 31, 2010
Assets	$	37,000		$	28,860		$	23,680		$	65,860		$	101,010
Liabilities		30,340			20,202			12,787			45,443			?
December 31, 2011
Assets		40,000			28,800			?			72,800			110,400
Liabilities		?			19,584			13,132			34,944			87,216
During year 2011
Stock issuances		6,000			1,400			9,750			?			6,500
Net income (loss)		8,840			?			1,100			10,439			7,482
Cash dividends		3,500			2,000			5,875			0			11,000
Required:
Answer the following questions about Company A (Omit the "$" sign in your response):

1a.	What is the amount of equity on December 31, 2010?

Amount of equity

$ 6,660

1b.	What is the amount of equity on December 31, 2011?

Amount of equity

$ 18,000

1c.	What is the amount of liabilities on December 31, 2011?

Amount of liabilities

$ 22,000

 

Explanation:

Company A: 

a.	Equity on December 31, 2010:
	Assets	$	37,000
	Liabilities		(30,340	)
	Equity	$	6,660
b.	Equity on December 31, 2011:
	Equity, December 31, 2010	$	6,660
	Plus stock issuances		6,000
	Plus net income		8,840
	Less cash dividends		(3,500	)
	Equity, December 31, 2011	$	18,000
c.	Amount of liabilities on December 31, 2011:
	Assets	$	40,000
	Equity		(18,000	)
	Liabilities	$	22,000
Answer the following questions about Company B (Omit the "$" sign in your response):

2a.	What is the amount of equity on December 31, 2010?

Amount of equity

$ 8,658

2b.	What is the amount of equity on December 31, 2011?

Amount of equity

$ 9,216

2c.	What is net income for year 2011?

Net income

$ 1,158

 

Explanation

Explanation:

Company B:

a. and b.

	12/31/2010				12/31/2011
Equity:
Assets	$	28,860			$	28,800
Liabilities		(20,202	)			(19,584	)
Equity	$	8,658				9,216

c.

Net income for 2011:
Equity, December 31, 2010	$	8,658
Plus stock issuances		1,400
Plus net income		?
Less cash dividends		(2,000	)
Equity, December 31, 2011	$	9,216

  

Therefore, net income must have been   $ 1,158.

3.	Calculate the amount of assets for Company C on December 31, 2011. (Omit the "$" sign in your response)

Amount of Assets

$ 29,000

Explanation:

Company C:

First, calculate the beginning balance of equity:

	Dec. 31, 2010
Assets		$	23,680
Liabilities			(12,787	)
Equity		$	10,893

Next, find the ending balance of equity as follows:

Equity, December 31, 2010	$	10,893
Plus stock issuances		9,750
Plus net income		1,100
Less cash dividends		(5,875	)
Equity, December 31, 2011	$	15,868

Finally, find the ending amount of assets by adding the ending balance of equity to the ending balance of liabilities:

		Dec. 31, 2011
Liabilities			$	13,132
Equity				15,868
Assets			$	29,000
4.	Calculate the amount of stock issuances for Company D during year 2011. (Omit the "$" sign in your response):

Amount of stock issuances

$

Explanation:

Company D:

First, calculate the beginning and ending owner’s equity balances:

	12/31/2010				12/31/2011
Assets	$	65,860			$	72,800
Liabilities		(45,443	)			(34,944	)
Equity	$	20,417				37,856

Then, find the amount of stock issuances during 2011:

Equity, December 31, 2010	$	20,417
Plus stock issuances		?
Plus net income		10,439
Less cash dividends		0
Equity, December 31, 2011	$	37,856

Thus, stock issuances must have been: $ 7,000

5.	Calculate the amount of liabilities for Company E on December 31, 2010. (Omit the "$" sign in your response):

Amount of Liabilities

$

Explanation:

Company E:

First, compute the balance of equity as of December 31, 2011:

 

Assets		$	110,400
Liabilities			(87,216	)
Equity		$	23,184

 

Next, find the beginning balance of equity as follows:

Equity, December 31, 2010	$	?
Plus stock issuances		6,500
Plus net income		7,482
Less cash dividends		(11,000	)
Equity, December 31, 2011	$	23,184

Thus, the beginning balance of equity was $20,202.

Finally, find the beginning amount of liabilities by subtracting the beginning balance of equity from the beginning balance of assets:

	Dec. 31, 2010
Assets		$	101,010
Equity			(20,202	)
Liabilities		$	80,808