Q5 Chap 27

School: Humber College - Course: ACCT 352 - Subject: Accounting

Below are the most recent statements of financial position for Country Kettles Inc. Excluding accumulated depreciation, determine whether each item is a source or a use of cash, and the amount:(Do not round intermediate calculations. Negative amounts should be indicated by a minus sign. Omit $ sign in your response.) COUNTRY KETTLES, INC. Statement of Financial Position December 31, 2018 20172018 Assets Cash$48,180 $45,815 Accounts receivable100,155 105,413 Inventories83,60089,716 Property, plant, and equipment225,992 249,086 Less: Accumulated depreciation(77,194) (85,579) Total assets$ 380,733 $ 404,451 Liabilities and Equity Accounts payable$72,522 $50,396 Accrued expenses10,9809,840 Long-term debt49,50045,000 Common stock25,00030,000 Accumulated retained earnings$ 222,731 $ 269,215 Total liabilities and equity$ 380,733 $ 404,451 ItemSource / UseAmount CashSource Correct $ 2,365 Numeric Response 1.Edit Unavailable. 2,365 correct. Accounts receivable Use Correct$ -5,258 Numeric Response 2.Edit Unavailable. -5,258 correct. InventoriesUse Correct$ -6,116 Numeric Response 3.Edit Unavailable. -6,116 correct. Property,plant, andequipment Use Correct$ -23,094 Numeric Response 4.Edit Unavailable. -23,094 correct. Accounts payable Use Correct$ -22,126 Numeric Response 5.Edit Unavailable. -22,126 correct. AccruedexpensesUse Correct$ -1,140 Numeric

Response 6.Edit Unavailable. -1,140 correct. Long-term debt Use Correct$ -4,500 Numeric Response 7.Edit Unavailable. -4,500 correct. Common stock Source Correct $ 5,000 Numeric Response 8.Edit Unavailable. 5,000 correct. Accumulatedretainedearnings Source Correct $ 46,484 Numeric Response 9.Edit Unavailable. 46,484 correct.