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For the year ending March 31, 20Y5, Omega Systems Inc. reported net income of $105,450 and paid dividends of $7,500. Comparative balance sheets as of March 31, 20Y5 and 20Y4, are as follows: OMEGA SYSTEMS INC. Balance Sheets Changes Increase March 31, 20YS 20Y4 (Decrease) Assets Current assets Cash.. $ 30,500 $ 29,250 $ 10,250 Accounts receivable 114,120 126,550 6,600 78,000 117,550 5,000 36,120 Inventory .. Estimated Retums lInventory. 9,000 1,600 Ofice supplies.. Prepaid insurance. 4255 4,435 4,500 (180) 3,075 25000 s236,735 (525) 5 56,265 Tetal cument assets. Property, plant, and equipment: Land... 5 30,000 5 30,000 Store equipment.. 350,000 285,000 65,000 (24,650) 8,355 Accumulated depreciation-store equipment. (118,550) 23,355 (3,900) 15,000 Ofice equipment. Accumulated depreciation-office equipment Total property, plant, and equipment.. Total assets .. 0,080) 327,725 S 572,725 (3,345) $232,755 S471,490 (3,735) 3 4,970 S101,235 Liabilities Current liabilities $ 24630 $ 13,905 $ 10725 Accounts payable . Customer refunds payable. Notes payable (curment portion). Salaries payabile.. Unearned rent. Total cument liabilities. 9,000 7,500 7,500 1,500 7,500 1,710 2,250 (540 2,700 3,600 45,540 3 34,75s (300) S 10,785 Long-tarm liabilities: Notes payable final p yment due in eight yan). 30,000 37,500 S 75,540 3 72,55 (7,500 $ 3,185 Totaliabilities. Stockholders' Equity $ 37,500 $ 37,500 361,735 $390,135 5471,490 Commen stock. Retained earnings. Total stockholders equity. 450,685 5497, 185 5 572,725 97,950 $ 97,950 S101,135 Tetaliabilities and stockholders'equity

For the year ending March 31, 20Y5, Omega Systems Inc. reported net income of $105,450 and paid dividends of $7,500. Comparative balance sheets as of March 31, 20Y5 and 20Y4, are as follows: OMEGA SYSTEMS INC. Balance Sheets Changes Increase March 31, 20YS 20Y4 (Decrease) Assets Current assets Cash.. $ 30,500 $ 29,250 $ 10,250 Accounts receivable 114,120 126,550 6,600 78,000 117,550 5,000 36,120 Inventory .. Estimated Retums lInventory. 9,000 1,600 Ofice supplies.. Prepaid insurance. 4255 4,435 4,500 (180) 3,075 25000 s236,735 (525) 5 56,265 Tetal cument assets. Property, plant, and equipment: Land... 5 30,000 5 30,000 Store equipment.. 350,000 285,000 65,000 (24,650) 8,355 Accumulated depreciation-store equipment. (118,550) 23,355 (3,900) 15,000 Ofice equipment. Accumulated depreciation-office equipment Total property, plant, and equipment.. Total assets .. 0,080) 327,725 S 572,725 (3,345) $232,755 S471,490 (3,735) 3 4,970 S101,235 Liabilities Current liabilities $ 24630 $ 13,905 $ 10725 Accounts payable . Customer refunds payable. Notes payable (curment portion). Salaries payabile.. Unearned rent. Total cument liabilities. 9,000 7,500 7,500 1,500 7,500 1,710 2,250 (540 2,700 3,600 45,540 3 34,75s (300) S 10,785 Long-tarm liabilities: Notes payable final p yment due in eight yan). 30,000 37,500 S 75,540 3 72,55 (7,500 $ 3,185 Totaliabilities. Stockholders' Equity $ 37,500 $ 37,500 361,735 $390,135 5471,490 Commen stock. Retained earnings. Total stockholders equity. 450,685 5497, 185 5 572,725 97,950 $ 97,950 S101,135 Tetaliabilities and stockholders'equity

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter16: Financial Statement Analysis
Section: Chapter Questions
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Appendix statement of cash flows using indirect method for the year ending march 31-20y5-omega
For the year ending March 31, 20Y5, Omega Systems Inc. reported net income of $105,450 and paid dividends of $7,500. Comparative balance sheets as of March 31, 20Y5 and 20Y4, are as follows: OMEGA SYSTEMS INC. Balance Sheets Changes Increase March 31, 20YS 20Y4 (Decrease) Assets Current assets Cash.. $ 30,500 $ 29,250 $ 10,250 Accounts receivable 114,120 126,550 6,600 78,000 117,550 5,000 36,120 Inventory .. Estimated Retums lInventory. 9,000 1,600 Ofice supplies.. Prepaid insurance. 4255 4,435 4,500 (180) 3,075 25000 s236,735 (525) 5 56,265 Tetal cument assets. Property, plant, and equipment: Land... 5 30,000 5 30,000 Store equipment.. 350,000 285,000 65,000 (24,650) 8,355 Accumulated depreciation-store equipment. (118,550) 23,355 (3,900) 15,000 Ofice equipment. Accumulated depreciation-office equipment Total property, plant, and equipment.. Total assets .. 0,080) 327,725 S 572,725 (3,345) $232,755 S471,490 (3,735) 3 4,970 S101,235 Liabilities Current liabilities $ 24630 $ 13,905 $ 10725 Accounts payable . Customer refunds payable. Notes payable (curment portion). Salaries payabile.. Unearned rent. Total cument liabilities. 9,000 7,500 7,500 1,500 7,500 1,710 2,250 (540 2,700 3,600 45,540 3 34,75s (300) S 10,785 Long-tarm liabilities: Notes payable final p yment due in eight yan). 30,000 37,500 S 75,540 3 72,55 (7,500 $ 3,185 Totaliabilities. Stockholders' Equity $ 37,500 $ 37,500 361,735 $390,135 5471,490 Commen stock. Retained earnings. Total stockholders equity. 450,685 5497, 185 5 572,725 97,950 $ 97,950 S101,135 Tetaliabilities and stockholders'equity
Transcribed Image Text:For the year ending March 31, 20Y5, Omega Systems Inc. reported net income of $105,450 and paid dividends of $7,500. Comparative balance sheets as of March 31, 20Y5 and 20Y4, are as follows: OMEGA SYSTEMS INC. Balance Sheets Changes Increase March 31, 20YS 20Y4 (Decrease) Assets Current assets Cash.. $ 30,500 $ 29,250 $ 10,250 Accounts receivable 114,120 126,550 6,600 78,000 117,550 5,000 36,120 Inventory .. Estimated Retums lInventory. 9,000 1,600 Ofice supplies.. Prepaid insurance. 4255 4,435 4,500 (180) 3,075 25000 s236,735 (525) 5 56,265 Tetal cument assets. Property, plant, and equipment: Land... 5 30,000 5 30,000 Store equipment.. 350,000 285,000 65,000 (24,650) 8,355 Accumulated depreciation-store equipment. (118,550) 23,355 (3,900) 15,000 Ofice equipment. Accumulated depreciation-office equipment Total property, plant, and equipment.. Total assets .. 0,080) 327,725 S 572,725 (3,345) $232,755 S471,490 (3,735) 3 4,970 S101,235 Liabilities Current liabilities $ 24630 $ 13,905 $ 10725 Accounts payable . Customer refunds payable. Notes payable (curment portion). Salaries payabile.. Unearned rent. Total cument liabilities. 9,000 7,500 7,500 1,500 7,500 1,710 2,250 (540 2,700 3,600 45,540 3 34,75s (300) S 10,785 Long-tarm liabilities: Notes payable final p yment due in eight yan). 30,000 37,500 S 75,540 3 72,55 (7,500 $ 3,185 Totaliabilities. Stockholders' Equity $ 37,500 $ 37,500 361,735 $390,135 5471,490 Commen stock. Retained earnings. Total stockholders equity. 450,685 5497, 185 5 572,725 97,950 $ 97,950 S101,135 Tetaliabilities and stockholders'equity
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