1. Business
  2. Accounting
  3. 1000 points following are comparative balance sheets for millco inc...

Question: 1000 points following are comparative balance sheets for millco inc...

Question details

10.00 points Following are comparative balance sheets for Millco, Inc., at January 31 and February 28, 2017 MILLCO, INC Balance Sheets February 28 and January 31, 2017 February 28 Assets Cash Accounts receivable Merchandise inventory 54,600 48,100 68,900 122.200 $243,100 $239,200 83,200 105300 Total current assets Plant and equipment 215,800 197,600 Less. Accumulated depreciation (31200)27.300) $427,700 Total assets $409,500 Liabilities Accounts payable Short-term debt Other accrued liabilities s 48,100$ 53,300 57, 200 31,200 57,200 Total current iabilises Long-term debt 2,600 42,900 $175,500 141 59.800 Total Eabilities $201,500 Stockholders Equity Common słock no par value, 52,000 shares authorized, 39,000 and 36,40 Retained eamings $135,200 124 800 5 83 200 55 900 shares issued, respectively Beginning balance Net income for month Dividend:s Ending balance 37.700 10,400 46,800 117,000 Total stockholders equity Total liabilities and owners equity $427,700$ 2200$208 000 $409,500 Required: a. Calculate the change that occurred in cash during the month. You may assume that the change in each balance sheet amount s the retained earnings section of the batance sheet is, in and of itself, data to enter the ditterence between the February 28 and January 31 amounts of each balance sheet item an analysis of the change in the retained earnings account tor MILLCO, INC Balance Sheets January 31 and F February 28 January 31Change Assets $ 54,600 S 48,100 68,900 Cash 83,200 Merchandise inventory Total current assets Plant and equipment 105300 122200 S 243,100 S 239,200
he etarnt The Change of both a purchae
b. Prepare a statement of cash lows that explains above changes? (Amounts to be deducted should be indicated by a minus sign.) MILLCO, INC Statement of Cash Flows For the Month Ended February 28, 2017 Cash flows from operating activities Add (deduct) items not affecting cash Cash flows from investing activities Cash flows from financing activities
Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution