An analysis of accounts follows: a. Purchased equipment, $19,000, and issued capital stock in full payment. b.
Question:
An analysis of accounts follows:
a. Purchased equipment, $19,000, and issued capital stock in full payment.
b. Purchased a long-term investment for cash, $15,000.
c. Paid cash dividend, $10,000.
d. Sold operational asset for $6,000 cash (cost, $21,000, accumulated depreciation, $15,000).
e. Sold capital stock, 300 shares at $12 per share cash.
Required:
Complete the spreadsheet for the statement of cash flows using the indirectmethod.
Transcribed Image Text:
ANALYSIS OF CHANGES Beginning Balaneces, Ending Balances, Items from Financial Statements 12/31/2012 Debit Credit 12/31/2013 Income statement items Sales $140,000 $59,000 Cost of goods sold Depreciation Wage expense Income tax expense 5,000 28,000 9,000 Interest expense 5,000 Remaining expenses Net income 15,800 18,200 Balance sheet items S 20,500 S 18,800 Cash Accounts receivable 22,000 22,000 Merchandise inventory Investments, long-term Equipment 68,000 75,000 15,000 114,500 112,500 Total debits $225,000 $243.300 S 32,000 17,000 S 22,000 Accumulated depreciation Accounts payable Wages payable Income taxes payable Bonds payable Common stock, no par Retained earnings 14,000 1,500 2,500 3,000 4,500 54,000 54,000 122,600 100,000 16,500 24,700 $243,300 Total credits $225,000 Outflows Inflows Statement of cash flows Cash flows from operating activities: Cash flows from investing activities: Cash flows from financing activities: Net increase (decrease) in cash Totals
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (15 reviews)
Balances Analysis Balances Item 12312012 Debit Credit 12312013 Cash 20500 l 1700 18800 Noncash accou...View the full answer
Answered By
Issa Shikuku
I have vast experience of four years in academic and content writing with quality understanding of APA, MLA, Harvard and Chicago formats. I am a dedicated tutor willing to hep prepare outlines, drafts or find sources in every way possible. I strive to make sure my clients follow assignment instructions and meet the rubric criteria by undertaking extensive research to develop perfect drafts and outlines. I do this by ensuring that i am always punctual and deliver quality work.
5.00+
6+ Reviews
13+ Question Solved
Related Book For
Question Posted:
Students also viewed these Managerial Accounting questions
-
An analysis of accounts follows: a. Purchased equipment, $16,000, and issued capital stock in full payment. b. Purchased a long-term investment for cash, $10,000. c. Paid cash dividend, $15,000. d....
-
The company selected is Johnson and Johnson. Go to the website for that company and download its most recent annual report (10-K). Locate the company's consolidated balance sheets to answer these...
-
Ming Limited was organized on January 1, 2020. It is authorized to issue 15,000 7%, $1,000 par value preference shares, and 400,000 no-par ordinary shares with a stated value of $15 per share. The...
-
C.J mensah started a new park business called Jane park on February 1, 2016. The following selected events and transaction occurs during February. February 1. Invested $40,000 by issuing a common...
-
What is the advantage of a synthetic lease?
-
Hampton Manufacturing estimates that its WACC is 12.5%.The company is considering the following 7 investment projects: a. Assume that each of these projects is independent and that each is just as...
-
(a) Show that for Poiseuille flow in a tube of radius \(R\) the magnitude of the wall shearing stress, \(\tau_{r z}\), can be obtained from the relationship \[ \left|\left(\tau_{r z} ight)_{\text...
-
For each of the following cases, indicate (a) to what interest rate columns and (b) to what number of periods you would refer in looking up the discount rate. (1) In Table 3 (present value of 1): (2)...
-
Chadwick Enterprises, Incorporated, operates several restaurants throughout the Midwest. Three of its restaurants located in the center of a large urban area have experienced declining profits due to...
-
Superior Interiors is owned and operated by Ken Lopez, an interior decorator. In the ledger of Superior Interiors, the first digit of the account number indicates its major account classification...
-
Refer to the following summarized income statement and additional selected information for Huanca , Inc.: Income Statement Revenues $146,500 Cost of sales 55,500 Gross margin 91,000 Salary expense...
-
HiDef Films , Inc., is developing its annual financial statements at December 31, 2012. The statements are complete except for the statement of cash flows. The completed comparative balance sheets...
-
What is a patent, and how do governments use patents as incentives or barriers for companies to enter into an industry?
-
If we are given the current flowing across a resistor, how do we find the voltage across the resistor? Does the current flow from the side of the resistor with higher electric potential to the side...
-
Pears acquired a 40 percent interest in Apples on 1 January x6 when the fair value of the net assets of Apples was RM23 million. The cost of the investment was RM11 million. The fair value of the net...
-
High Country, Incorporated, produces and sells many recreational products. The company has just opened a new plant to produce a folding camp cot that will be marketed throughout the United States....
-
Complete Form 940, Employer's Federal Unemployment (FUTA) Tax Return & Federal Deposit Information Worksheet, for Glo-Brite Company. Also, complete the Federal Deposit Information Worksheet, using...
-
Two regular six-sided dice are tossed. Compute the probability that the sum of the pips on the upward faces of the two dice is the following. At most 4
-
Find the following sales indexes for the accompanying retail sales volume (in thousands of dollars) with the base year indicated. Year 1984 1985 1986 (a) 1984 (b) 1988 Sates ($) 85,390 86,745 88,452...
-
Write each fraction as a percent. 7 50
-
In Problem find the sum of the finite geometric series a + ar + ar 2 + g+ ar n 1 . a = 30, r = 1, n = 100
-
The purchase schedule for Lumbermans and Associates is as follows: The inventory balance as of the beginning of the year was $15,000 (15,000 units @ $1), and an inventory count at year-end indicated...
-
The purchase schedule for Laundryman's Corporation is as follow: The inventory balance as of the beginning of the year was $35,000 (500 units @ $70 each). During the year ended December 31, the...
-
The Magic Teddy Bear Toy Company entered into the following transactions during January 2011: January 3:Purchased 7,000 teddy bears at $20 each with the terms 2/10, n/30. 3:Sold 2,000 teddy bears at...
-
A floating ice block is pushed through a displacement a = (23.0 m ) - (22.0 m ), along a straight embankment by rushing water, which exerts a force = (266 N )i (186 (186 N ); on displacement? on the...
-
For this problem, consider a model of the hydrogen atom where the "atom" is an electron confined to be in a one-dimensional box. Take the length of the box, L, to be twice the Bohr radius ao. The...
-
Two blocks are stacked on top of one another (7 kg and 12 kg). A 50 N force is applied to the bottom block. There is 8 N of friction between the bottom block and the desk. Show a free body diagram...
Study smarter with the SolutionInn App