Question: Blake Weaver Cook Enterprises controller is preparing the financial statements

Blake Weaver, Cook Enterprises' controller, is preparing the financial statements for 2013. He has completed the comparative balance sheets and income statement, which follow, and has gathered this additional information:
• On December 31, 2013, Cook sold a piece of equipment with an original cost of $25,000 for $30,000 cash. The equipment had a book value of $13,000.
• On February 1, 2013, Cook issued $100,000 of common stock to raise cash in anticipation of the purchase of a new building later in the year.
• On February 2, 2013, Cook took out a ten-year $75,000 long-term loan to provide the remaining funds needed to purchase the building.
• On May 15, 2013, Cook paid $150,000 for the new building.
• The company repaid $4,600 of the long-term debt before the end of the year.

Using the indirect method, prepare Cook Enterprises' statement of cash flows for2013.

Sale on SolutionInn
  • CreatedFebruary 21, 2014
  • Files Included
Post your question