Galvin Software Corp. has assembled the following data for the year ended December 31, 2012: Requirement 1.
Question:
Requirement
1. Prepare Galvin Software Corp.s statement of cash flows using the indirect method to report operating activities. Include an accompanying schedule of non-cash investing and financingactivities.
Transcribed Image Text:
December 31, 2012 2011 Current Accounts: Current assets: Cash and cash equivalents Accounts receivable Inventories Prepaid expenses 585,600$10,000 44,90064,700 39,000 78,000 3,000 2,200 Current liabilities: Accounts payable Income tax payable Accrued liabilities 58,100 5,400 28,400 16,300 15,400 7,000 Transaction Data for 2012: Acquisition of land by issuing long-term note payable . Stock dividends Purchase of treasury stock$12,100 $203,000 Gain on sale of equipment..8,000 40,100 Payment of cash dividends19,000 Collection of loan10,600 Issuance of long-term note 21,000 Depreciation expense.. Purchase of building....134,000 Net in Retirement of bonds payable payable to borrow cas..50,600 61,000 come. Issuance of common stock by issuing common stock Purchase of long-term 80,000 52,000 Proceeds from sale of 12,900 4,600 45,200 equpment Amortization expense..
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 81% (11 reviews)
Galvin Software Corp Statement of Cash Flows Year Ended December 31 2012 Cash flows from operating a...View the full answer
Answered By
Subash Murugaih
I am leading expert in this web site couple of years and My clients are much happy with my works and services.
4.60+
309+ Reviews
539+ Question Solved
Related Book For
Financial accounting
ISBN: 978-0132751124
9th edition
Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom
Question Posted:
Students also viewed these Managerial Accounting questions
-
Napanee Resources Inc. has assembled the following data for the year ended June 30, 2020: Payment of dividends ............................................ $ 12,000 Cash received from issuing shares...
-
From station 4+70 with center heights of 1 m in fill, the ground line makes a uniform slope of 4.7% to station 4+135 whose center heights is 2.5m in cut. Determine the slope of the new roadway (%)....
-
Neighbor Software Corp. has assembled the following data for the year ended December 31, 2010: Requirement 1. Prepare Neighbor Software Corp. s statement of cash flows using the indirect method to...
-
Under what circumstances can partners with passive losses from partnerships deduct their passive losses?
-
Discuss the relative advantages and disadvantages of single, double, and multiple sampling plans.
-
1. If Blades uses call options to hedge its yen payables, should it use the call option with the exercise price of $.00756 or the call option with the exercise price of $.00792? Describe the...
-
The water depths upstream and downstream of a hydraulic jump are 0.3 and \(1.2 \mathrm{~m}\), respectively. Determine the upstream velocity and the power dissipated if the channel is \(50...
-
Taylor Company manufactures tablecloths. Sales have grown rapidly over the past 2 years. As a result, the president has installed a budgetary control system for 2012. The following data were used in...
-
In 1978, the Bureau of Indian Affairs generated its first procedures and criteria for federal recognition of tribes, now found in 25 CFR Part 83.7 . in summary, the Mandatory Criteria include:...
-
In a crank and slotted lever quick return motion mechanism, the distance between the fixed centres O and C is 200 mm. The driving crank CP is 75 mm long. The pin Q on the slotted lever, 360 mm from...
-
Use the Classic Automobiles of Cedar Grove, Inc., data from Problem 12-67B. Requirements 1. Prepare Classics income statement for the year ended December 31, 2012. Use the single step format, with...
-
The comparative balance sheets of Moynihan Movie Theater Company at September 30, 2012 and 2011, reported the following: Moynihans transactions during the year ended September 30, 2012, included the...
-
Hector is 66 years of age. During the year, his wife dies. Identify the tax issue(s) posed by the facts presented. Determine the possible tax consequences of each issue that you identify.
-
Max Laboratories Inc. has been operating for over thirty years producing medications and food for pets and farm animals. Due to new growth opportunities they are interested in your expert opinion on...
-
Can you elaborate on the role of goal setting theory and expectancy theory in shaping performance management processes, examining how clear, challenging goals and performance incentives can motivate...
-
What is FP's total current taxes payable and current tax expense/(benefit) for 2020? What is FP's DTA/DTL (federal and state) and deferred tax expense/(benefit) for 2020? What is FP's total income...
-
The cash register tape for Bonita Industries reported sales of $28,002.00. Record the journal entry that would be necessary for each of the following situations. (a) Sales per cash register tape...
-
Company A announced an offer to buy Company B for $22/sh; $17/sh in cash, $5/sh in stock (Explain) Cash component is about $22 Bn Revenue of target is 6.5x the acquiror Combined EBITDA is $6.5 Bn...
-
Write a VHDL description for the state- machine diagram for the jawbreaker vending machine described in Problem 4-38. You may obtain the state- machine diagram by either solving Problem 4-38 or...
-
Activator rod AB exerts on crank BCD a force P directed along line AB. Knowing that P must have a 100-N component perpendicular to arm BC of the crank, determine (a) The magnitude of the force P, (b)...
-
Queens Park Plc. issued preference shares with par value $100 and annual preferred dividend of 10 percent. What is the price of Queens Park Plc preference shares if the appropriate discount rate for...
-
A $450,000 bond issue on which there is an unamortized premium of $25,000 is redeemed for $441,000. Journalize the redemption of the bonds.
-
On the firs day of the fiscal year, a company issues $100,000, 8%, six-year installment notes that have annual payments of $21,632. The first note payment consists of $8,000 of interest and $13,632...
-
On the first day of the fiscal year, a company issues $55,000, 9%, five-year installment notes that have annual payments of $ 14,140. The first note payment consists of $4,950 of interest and $9,190...
-
So I'm new to arduino, and I am working on a project for school and I was wondering if I am correct in my wiring and coding. The premise of the project is an automatic pet feeder. Basically, a pet...
-
Image transcription text Wind tunnel measurements of the pressure and skin friction around a NACA 2415 airfoil at 8 degrees angle of attack resulted in the following data of pressure and skin...
-
Image transcription text The following table contains load-extension data from a tensile test on a cylindrical specimen with gauge length 9mm and gauge diameter 5mm. Load-extension Data Load [KN] 0...
Study smarter with the SolutionInn App