p14-25a preparing the statement of cash flows—indirect method

Project Description:

p14-25a preparing the statement of cash flows—indirect method [35–45 min]

accountants for johnson, inc., have assembled the following data for the year ended
december 31, 2012:

december 31,
3
2012 2011




current accounts:
current assets:
cash and cash equivalents ………………………………….. $ 92,100 $ 17,000

accounts receivable ……………………………………………..64,500 69,200

inventories ………………………………………………………...87,000 80,000


current liabilities:
accounts payable . ………………………………………………57,900 56,200

income tax payable ……………………………………………..14,400 17,100




transaction data for 2012:

issuance of common stock

for cash . . . . . . . . . . . . . . ……….$ 40,000 payment of note payable . . . . . . $48,100

depreciation expense . . . . . . . . . 25,000 payment of cash dividends . . . . . 54,000

purchase of equipment . . . . . . . . 75,000 issuance of note payable
to borrow cash . . . . . . . . . 67,000
acquisition of land by issuing
long-term note payable . . ………122,000 gain on sale of building . . . . . . . 5,500

cost basis of building sold . . . . …53,000 net income . . . . . . . . . . . . . . . . . 70,500







requirement
1. prepare johnson’s statement of cash flows using the indirect method. include an

accompanying schedule of noncash investing and financing activities.
Skills Required:
Project Stats:

Price Type: Fixed

Project Budget: $0 to $10
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