The records of Bernard Company showed the following data: 2 0 2 6 2 0 2 5
Fantastic news! We've Found the answer you've been seeking!
Question:
The records of Bernard Company showed the following data:
Changes
Cash
Accounts Receivable
Allow for Bad debts
Inventory
Plant and Equipment
Accumulated Depreciation
Investments
Patents
Totals
Accounts Payable
Accrued Liabilities
Bonds Payable
Discount on Bonds Payable
Common Stock $about
Paid in Capital
Retained Earnings
Totals
Additional Information
Dividends declared and paid $
Equipment with a cost of and accumulated depreciation of was sold for $
Cash paid for investments $ Other investments were sold at a loss.
On July Rudy retired the bonds outstanding at a price of $ Discount amortization on the bonds from January to July totaled $
Major equipment was purchased was acquired by issuing shares of common stock when the market was $ and cash of $
Patents were amortized during the year.
Bad Debt Expense of was recorded and included under other operating expenses.
Bernard\'s Income Statement for the year ending December revealed the following:
Revenues
Sales $
Gain on Bond Retirement
Total $
Expenses
Cost of Goods Sold $
Depreciation
Other Operating Expenses
Amortization of patents
Interest expense
Loss on sale of investments
Loss on sale of equipment
Income Tax Expense
Total $
Net Income $
On the next tab, complete the SOCF for BOTH the Statement of Cash Flows under both the direct and indirect methods for For the direct method, only the operating section is needed. For the exam, you will be given a format similar to the SOCF tab. You may choose to also complete the worksheet but please note, you will not be given the excel worksheet for the exam.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: