Statistics homework help. 1. (Current Assets and Current Liabilities)The current assets and liabilities sections of the balance sheet of Agincourt Company appear as follows. AGINCOURT COMPANY Balance Sheet (Partial) December 31, 2010Accounts payable $61,000 Notes payable 67,000Less: Allowance for doubtful accounts 7,000$128,0009,000$302,000The following errors in the corporation’s accounting have been discovered: January 2011 cash disbursements entered as of December 2010 included payments of accounts payable in the amount of $35,000, on which a cash discount of 2% was taken. The inventory included $27,000 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $10,000 had been received on consignment; the remainder was purchased f.o.b. destination, terms 2/10, n/30. Sales for the first four days in January 2011 in the amount of $30,000 were entered in the sales book as of December 31, 2010. Of these, $21,500 were sales on account and the remainder were cash sales. Cash, not including cash sales, collected in January 2011 and entered as of December 31, 2010, totaled $35,324. Of this amount, $23,324 was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan. (a) Restate the current assets and liabilities sections of the balance sheet in accordance with good accounting practice. (Assume that both accounts receivable and accounts payable are recorded gross.) (List current liabilities with notes payable first.) (b) State the net effect of your adjustments on Agincourt Company’s retained earnings balance. (For negative numbers use either a negative sign preceding the number, e.g. -45 or parenthesis, e.g. (45).) 2. (Preparation of a Statement of Cash Flows)Presented below is a condensed version of the comparative balance sheets for Sondergaard Corporation for the last two years at December 31. 2010 2009 Cash $157,000 $78,000 Accounts receivable 180,000 185,000 Investments 52,000 74,000 Equipment 298,000 240,000 Less: Accumulated depreciation (106,000) (89,000) Current liabilities 134,000 151,000 Capital stock 160,000 160,000 Retained earnings 287,000 177,000 Additional information: Investments were sold at a loss (not extraordinary) of $7,000; no equipment was sold; cash dividends paid were $50,000 and net income was $160,000. (a) Prepare a statement of cash flows for 2010 for Sondergaard Corporation. (List multiple entries from the largest positive to the smallest positive amount followed by the most negative to the least negative amount, e.g. 15, 14, 10, -17, -5, -1. For negative numbers use either a negative sign preceding the number, e.g. -45 or parenthesis, e.g. (45).) (b) Determine Sondergaard Corporation’s free cash flow. (List multiple entries from the largest positive to the smallest positive amount followed by the most negative to the least negative amount, e.g. 15, 14, 10, -17, -5, -1. For negative numbers use either a negative sign preceding the number, e.g. -45 or parenthesis, e.g. (45).) 3. (Preparation of a Statement of Cash Flows and Balance Sheet)Aero Inc. had the following balance sheet at the end of operations for 2009. AERO INC. Balance Sheet December 31, 2009 Accounts payable $30,000 Bonds payable 41,000 Capital stock 100,000 Retained earnings 23,200 Land 40,000 $194,200$194,200During 2010 the following occurred. Aero liquidated its investment portfolio at a loss of $5,000.A tract of land was purchased for $38,000.An additional $30,000 in common stock was issued at par.Dividends totaling $10,000 were declared and paid to stockholders.Net income for 2010 was $35,000, including $12,000 in depreciation expense.Land was purchased through the issuance of $30,000 in additional bonds.At December 31, 2010, Cash was $70,200, Accounts Receivable was $42,000, and Accounts Payable was $40,000. Incorrect. Prepare a statement of cash flows for the year 2010 for Aero. (List multiple entries from the largest positive to the smallest positive amount followed by the most negative to the least negative amount, e.g. 15, 14, 10, -17, -5, -1. For negative numbers use either a negative sign preceding the number, e.g. -45 or parenthesis, e.g. (45).) Complete the balance sheet as it would appear at December 31, 2010. Compute Aero’s free cash flow for 2010. (List multiple entries from the largest positive to the smallest positive amount followed by the most negative to the least negative amount, e.g. 15, 14, 10, -17, -5, -1. For negative numbers use either a negative sign preceding the number, e.g. -45 or parenthesis, e.g. (45).)

Statistics homework help