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    Midterm Practice Questions

    Uploaded by

    Gio Robakidze
    This document contains balance sheet and income statement information for Cartell Paper Products for the years ending December 31, 2011 and December 31, 2012. The balance sheet shows the company's assets, liabilities, and equity. Assets include current assets like cash and inventory as well as long-term assets such as fixed assets and patents. Liabilities include current liabilities like accounts payable and long-term liabilities such as bonds payable. The income statement displays the company's sales, expenses, and net income for 2012.

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    Download as DOCX, PDF, TXT or read online from Scribd

    Midterm Practice Questions

    Uploaded by

    Gio Robakidze
    41 views4 pages
    This document contains balance sheet and income statement information for Cartell Paper Products for the years ending December 31, 2011 and December 31, 2012. The balance sheet shows the company's assets, liabilities, and equity. Assets include current assets like cash and inventory as well as long-term assets such as fixed assets and patents. Liabilities include current liabilities like accounts payable and long-term liabilities such as bonds payable. The income statement displays the company's sales, expenses, and net income for 2012.

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    Midterm-Practice-Questions

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    This document contains balance sheet and income statement information for Cartell Paper Products for the years ending December 31, 2011 and December 31, 2012. The balance sheet shows the company's assets, liabilities, and equity. Assets include current assets like cash and inventory as well as long-term assets such as fixed assets and patents. Liabilities include current liabilities like accounts payable and long-term liabilities such as bonds payable. The income statement displays the company's sales, expenses, and net income for 2012.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    41 views4 pages

    Midterm Practice Questions

    Uploaded by

    Gio Robakidze
    This document contains balance sheet and income statement information for Cartell Paper Products for the years ending December 31, 2011 and December 31, 2012. The balance sheet shows the company's assets, liabilities, and equity. Assets include current assets like cash and inventory as well as long-term assets such as fixed assets and patents. Liabilities include current liabilities like accounts payable and long-term liabilities such as bonds payable. The income statement displays the company's sales, expenses, and net income for 2012.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    You are on page 1of 4

    Exhibit 5-1

    Cartell Paper Products


    Balance Sheet
    December 31, 2012 and 2011

    12/31/11 12/31/12
    Current Assets:
    Cash $ 4,600 $ 3,100
    Accounts Receivable 9,600 7,900
    Inventory 17,500 18,600
    Supplies 1,200 2,100
    Prepaid Insurance 1,400 1,000
    Total Current Assets 34,300 32,700
    Long-term Assets:
    Fixed Assets 71,000 58,000
    Accumulated Depreciation (30,400) (26,500)
    Patent 6,000 7,100
    Total Long-term Assets 46,600 38,600
    Total Assets $ 80,900 $ 71,300

    Current Liabilities:
    Accounts Payable $ 6,100 $ 4,900
    Wages Payable 2,200 2,600
    Interest Payable 800 1,000
    Taxes Payable 2,300 1,600
    Total Current Liabilities 11,400 10,100
    Long-term Liabilities: Bonds Payable 20,300 24,000
    Total Liabilities 31,700 34,100
    Stockholders' Equity:
    Common Stock 22,700 20,000
    Retained Earnings 26,500 17,200
    Total Stockholders' Equity 49,200 37,200
    Total Liabilities and Stockholders' Equity $ 80,900 $ 71,300
    Cartell Paper Products
    Income Statement
    For the Year Ended December 31, 2012

    Sales $147,600
    Cost of Goods Sold 63,800
    Gross Profit 83,800
    Less Operating Expenses:
    Wage Expense $ 40,100
    Supply Expense 3,600
    Insurance Expense 3,000
    Depreciation Expense 3,900
    Amortization Expense 1,100
    Rent Expense 5,400 57,100
    Operating Income 26,700
    Interest Expense 2,600
    Income before Taxes 24,100
    Income Tax Expense 10,800
    Net Income $ 13,300

    1) Referring to Exhibit 5-1, what was the cash collected from customers by Cartell Paper Products in 2012?
    2) Referring to Exhibit 5-1, how much inventory did Cartell Paper Products purchase in 2012?
    3) Referring to Exhibit 5-1, what was the cash paid to suppliers of inventory by Cartell Paper Products in
    2012?

    4) Referring to Exhibit 5-1, what was the cash paid to employees by Cartell Paper Products in 2012? ?
    5) Referring to Exhibit 5-1, what was the cash paid for supplies by Cartell Paper Products in 2012?
    (Assume all purchases of supplies were for cash.)
    6) Referring to Exhibit 5-1, what was the cash paid for income taxes by Cartell Paper Products in 2012?
    7) Referring to Exhibit 5-1, what was the net cash flow from operations for Cartell Paper Products in
    2012?
    8) Referring to Exhibit 5-1, what was the cash paid from the purchase of fixed assets by Cartell Paper
    Products in 2012? Assume no fixed assets were sold in 2012.
    9) Referring to Exhibit 5-1, what was the net cash flow from investing activities for Cartell Paper Products
    in 2012?
    10) Referring to Exhibit 5-1, what were the dividends paid by Cartell Paper Products in 2012?
    Stepp Entertainment has the following selected balance sheet and income statement information:

    For the Year Ended


    Income Statement Accounts December 31, 2012

    Income Tax Expense $ 15,000


    Cost of Goods Sold 164,000
    Sales 523,000
    Wage Expense 88,000

    Balance Sheet Accounts At December 31, 2012 At December 31, 2011


    Accounts Payable $19,000 $17,000
    Cash 19,000 12,000
    Income Taxes Payable 21,000 9,000
    Accounts Receivable 41,000 36,000
    Inventory 12,000 23,000
    Wages Payable 5,000 12,000

    Determine the following items for Stepp Entertainment for the year ended December 31, 2012:
    a. Cash received from customers

    Sales - increase in accounts receivable = 523,000 - (41,000 - 36,000) = 518000

    b. Cash paid to suppliers

    c. Cash paid for wages


    d. Cash paid for income taxes

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