0 PR 16-2A Statement of cash flows OBJ. 2, 3, 4, 5 The comparative balance sheet...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
0 PR 16-2A Statement of cash flows OBJ. 2, 3, 4, 5 The comparative balance sheet of Orange Angel Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Cash... Accounts receivable (net)... Merchandise inventory.. Prepaid expenses.. Assets Equipment.... Accumulated depreciation-equipment.. Total assets... Dec. 31, 20Y8 $ 151,000 522,000 968,000 28,000 2,032,000 (380,000) $3,321,000 Dec. 31, 2017 $ 190,000 569,000 759,000 19,000 1,424,000 (304,000) $2,657,000 (Continued) Liabilities and Stockholders' Equity Accounts payable (merchandise creditors).. Mortgage note payable.... Common stock, $10 par.. Paid-in capital in excess of par.. Retained earnings...... Total liabilities and stockholders' equity... Dec. 31, 2018 $ 190,000 0 1,140,000 570,000 1,421,000 $3,321,000 Dec. 31, 2017 $ 171,000 759,000 380,000 190,000 1,157,000 $2,657,000 Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: a. Net income, $359,000. b. Depreciation reported on the income statement, $218,000. c. Equipment was purchased at a cost of $750,000, and fully depreciated equipment costing $142,000 was discarded, with no salvage realized. d. The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty. e. 76,000 shares of common stock were issued at $15 for cash. f. Cash dividends declared and paid, $95,000. Instructions Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities. 0 PR 16-2A Statement of cash flows OBJ. 2, 3, 4, 5 The comparative balance sheet of Orange Angel Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Cash... Accounts receivable (net)... Merchandise inventory.. Prepaid expenses.. Assets Equipment.... Accumulated depreciation-equipment.. Total assets... Dec. 31, 20Y8 $ 151,000 522,000 968,000 28,000 2,032,000 (380,000) $3,321,000 Dec. 31, 2017 $ 190,000 569,000 759,000 19,000 1,424,000 (304,000) $2,657,000 (Continued) Liabilities and Stockholders' Equity Accounts payable (merchandise creditors).. Mortgage note payable.... Common stock, $10 par.. Paid-in capital in excess of par.. Retained earnings...... Total liabilities and stockholders' equity... Dec. 31, 2018 $ 190,000 0 1,140,000 570,000 1,421,000 $3,321,000 Dec. 31, 2017 $ 171,000 759,000 380,000 190,000 1,157,000 $2,657,000 Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: a. Net income, $359,000. b. Depreciation reported on the income statement, $218,000. c. Equipment was purchased at a cost of $750,000, and fully depreciated equipment costing $142,000 was discarded, with no salvage realized. d. The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty. e. 76,000 shares of common stock were issued at $15 for cash. f. Cash dividends declared and paid, $95,000. Instructions Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities.
Expert Answer:
Answer rating: 100% (QA)
Statement of cash flows For the Year Ended December 31 20Y8 Amount WN Cash flows from used for opera... View the full answer
Related Book For
Forensic And Investigative Accounting
ISBN: 9780808056300
10th Edition
Authors: G. Stevenson Smith D. Larry Crumbley, Edmund D. Fenton
Posted Date:
Students also viewed these accounting questions
-
The comparative balance sheet for Mosaic Travel Services, Inc., for December 31, 2014 and 2013, is as follows: The following information is taken from the records of Mosaic Travel Services, Inc.: a....
-
The comparative balance sheet for Dream Travel Services, Inc., for December 31, 2014 and 2013, is as follows: The following information is taken from the records of Dream Travel Services, Inc.: a....
-
The comparative balance sheet for Waterfall Travel Services, Inc., for December 31, 2012 and 2011, is as follows: The following information is taken from the records of Waterfall Travel Services,...
-
A Bernoulli random variable has variance 0.21 . What are the possible values for its success probability?
-
Herrera Music Company is considering the sale of a new sound board used in recording studios. The new board would sell for $27,000, and the company expects to sell 1,600 per year. The company...
-
In 2008, getting your hands on a new iPhone meant signing a two-year AT&T contract. Some markets, because of the costs of being a player, tend toward either a single firm or a small number of firms....
-
Use your calculator to calculate \(19+(-36)\). Explain how the answer agrees with what was expected.
-
Consider how Star Valley, a popular ski resort, could use capital budgeting to decide whether the $ 9 million River Park Lodge expansion would be a good investment. Requirements 1. Compute the...
-
Mundes Corporation uses the weighted-average method in itsprocess costing system. The beginning work in process inventory inits Painting Department consisted of 3,800 units that were 60%complete wi 2...
-
New Age Solar sells and installs solar panels for residential homes. The companys sales representatives contact and pay a personal visit to potential customers to present the benefits of installing...
-
Determine the optimum bit life for the bit run described below using cost per foot analysis. (13 Marks) Bit cost: 600 $ Rig operating cost: 1000 $ Trip time: 6 hours Drilling time (hours) Footage...
-
Calculate the Holding Period Return for an investment purchased at $155.20 and sold at $184.39. Assume no additional dividends during the holding period.
-
ABC Designs, which produces rings, is developing direct material standards. Each ring requires 0.52 kilograms of a special metal. The allowance for waste is 0.03 kilograms per ring, while the...
-
Your sisters Rebecca and Debra each just bought a house. Each sister paid $750,000 for the house. Each sister had a down payment of $200,000. Each sister got a mortgage with a 5 year term and a 25...
-
Suppose you are buying stocks on margin. The margin requirement is 40% while the maintenance margin is 20%. Right now, you put $800 of your own money and the stock you want to buy today has a price...
-
How might we implement a sustainable development approach to future sport tourism ventures? What sorts of career opportunities are available in sport tourism for sport management majors? How do you...
-
Help me in preparing a report on "Financial Ratio Analysis of Two PSX (Pakistan Stock Exchange) firms" The report should include the following: 1. Overview & Introduction 2. Literature Review 3....
-
Beginning with a country that has a trade deficit, demonstrate graphically what will happen to a countrys potential output with globalization if that countrys costs of production fall. Explain your...
-
The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors: a. Purchased $250,000 of materials. b....
-
a. How is a predetermined factory overhead rate computed? b. Name three common bases used in computing the rate?
-
Income statement data for Winthrop Company for two recent years ended December 31 are as follows: a. Prepare a comparative income statement with horizontal analysis, indicating the increase...
-
On the 2017 consolidation working paper, eliminating entry (R) reduces the Investment in Starfruit by On January 1, 2015, Pomegranate Company acquired 90% of the voting stock of Starfruit Company for...
-
If Pomegranate follows IFRS and uses the alternative method of valuing the noncontrolling interest, at the date of acquisition the noncontrolling interest in Starfruit appears in the equity section...
-
On the 2017 consolidated income statement, the noncontrolling interest in net income of Starfruit is On January 1, 2015, Pomegranate Company acquired 90% of the voting stock of Starfruit Company for...
Study smarter with the SolutionInn App