Diamond Corp. has provided the following information for the year ended December 31, 2018. Diamond Corp...
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Diamond Corp. has provided the following information for the year ended December 31, 2018. Diamond Corp Comparative Balance Sheet December 31, 2018 and 2017 Cash Accounts Receivable Merchandise Inventory Plant Assets, net Total Assets Accounts Payable Accrued Liabilities Long-term Notes Payable Total Liabilities Common Stock Retained Earnings Treasury Stock Total Stockholders' Equity Total Liabilities and Stockholders' Equity Sales Revenue Interest Revenue Gain on Sale of Plant Assets Total Revenues and Gains Cost of Goods Sold Salaries and Wages Expense Total Expenses Net Income Depreciation Expense-Plant Assets Other Operating Expense Interest Expense Income Tax Expense 2018 $33,000 29,000 56,000 126,000 $244.000 Diamond Corp Income Statement $9,000 7,000 70,000 86,000 55,000 115,000 (12,000) 158,000 $244.000 Year ended December 31, 2018 $291,300 1,000 6,000 145,000 49,000 16,000 25,000 3,500 7,800 2017 $13,000 36,000 29,000 92,000 $170.000 $13,000 3,000 79,000 95,000 3,000 78,000 (6,000) 75,000 $170,000 $298,300 246,300 $52,000 Increase (Decrease) $20,000 (7,000) 27,000 34,000 $74.000 $(4,000) 4,000 (9,000) (9,000) 52,000 37,000 (6,000) 83,000 $74.000 Sales Revenue Interest Revenue Gain on Sale of Plant Assets Total Revenues and Gains Cost of Goods Sold Salaries and Wages Expense Diamond Corp Income Statement Year ended December 31, 2018 $291,300 Total Expenses Net Income Depreciation Expense-Plant Assets Other Operating Expense Interest Expense Income Tax Expense 1,000 6,000 145,000 49,000 16,000 25,000 3,500 7,800 $298,300 246,300 $52,000 Additional information provided by the company includes the following: Equipment costing $60,000 was purchased for cash. Equipment with a net book value of $10,000 was sold for a gain of $6,000. During 2018, the company repaid $43,000 of long-term notes payable. During 2018, the company borrowed $34,000 on a new long-term note payable. Prepare the 2018 statement of cash flows, using the indirect method. Diamond Corp. has provided the following information for the year ended December 31, 2018. Diamond Corp Comparative Balance Sheet December 31, 2018 and 2017 Cash Accounts Receivable Merchandise Inventory Plant Assets, net Total Assets Accounts Payable Accrued Liabilities Long-term Notes Payable Total Liabilities Common Stock Retained Earnings Treasury Stock Total Stockholders' Equity Total Liabilities and Stockholders' Equity Sales Revenue Interest Revenue Gain on Sale of Plant Assets Total Revenues and Gains Cost of Goods Sold Salaries and Wages Expense Total Expenses Net Income Depreciation Expense-Plant Assets Other Operating Expense Interest Expense Income Tax Expense 2018 $33,000 29,000 56,000 126,000 $244.000 Diamond Corp Income Statement $9,000 7,000 70,000 86,000 55,000 115,000 (12,000) 158,000 $244.000 Year ended December 31, 2018 $291,300 1,000 6,000 145,000 49,000 16,000 25,000 3,500 7,800 2017 $13,000 36,000 29,000 92,000 $170.000 $13,000 3,000 79,000 95,000 3,000 78,000 (6,000) 75,000 $170,000 $298,300 246,300 $52,000 Increase (Decrease) $20,000 (7,000) 27,000 34,000 $74.000 $(4,000) 4,000 (9,000) (9,000) 52,000 37,000 (6,000) 83,000 $74.000 Sales Revenue Interest Revenue Gain on Sale of Plant Assets Total Revenues and Gains Cost of Goods Sold Salaries and Wages Expense Diamond Corp Income Statement Year ended December 31, 2018 $291,300 Total Expenses Net Income Depreciation Expense-Plant Assets Other Operating Expense Interest Expense Income Tax Expense 1,000 6,000 145,000 49,000 16,000 25,000 3,500 7,800 $298,300 246,300 $52,000 Additional information provided by the company includes the following: Equipment costing $60,000 was purchased for cash. Equipment with a net book value of $10,000 was sold for a gain of $6,000. During 2018, the company repaid $43,000 of long-term notes payable. During 2018, the company borrowed $34,000 on a new long-term note payable. Prepare the 2018 statement of cash flows, using the indirect method.
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Related Book For
Horngrens Financial and Managerial Accounting The Financial Chapters
ISBN: 978-0134486857
6th edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
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