Suppose, at December 31, 2017, Lee Consulting Corporation has the following comparative balance sheet: Additional information: Lee
Question:
Additional information: Lee Consulting Corporation declared and paid $10,000 in dividends during 2017. Net income for the year ended December 31, 2017, was $38,910.
Required
Using this information, prepare the cash flow statement for Lee Consulting Corporation using the indirect method for operating activities.
Transcribed Image Text:
LEE CONSULTING CORPORATION Balance Sheet December 31.2017 and 2016 2017 2016 Current assets $ 5,000 2,200 420 10,000 3,600 55,000 (2,753) 20,000 $93,467 Cash $ 8,100 1,700 300 2,000 3,600 Accounts receivable Supplies Equipment Furniture Building Less: accumulated amortization Land Total assets (93) $15,607 Current liabilities $ 350 2,500 Accounts payable Salary payable Long-term liabilities Notes payable Shareholders' equity Common shares Retained earnings $3,900 40,000 20,000 30,617 $93,467 10,000 1,707 $15,607 Total liabilities and shareholders' equity
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (12 reviews)
Lee Consulting Corporation Cash Flow Statement For the Year Ended December 31 2017 Cash fl...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Horngrens Accounting
ISBN: 978-0133855388
10th Canadian edition Volume 2
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood
Question Posted:
Students also viewed these Cost Accounting questions
-
To raise cash for future expansion, Michael Lee incorporated his proprietorship and created Lee Consulting Corporation. The corporation is authorized to issue an unlimited number of common shares and...
-
Lee Consulting Corporation is considering raising capital for a planned business expansion to a new market. Lee believes the company will need $500,000 and plans to raise the capital by issuing 6...
-
After issuing bonds in Chapter 15, Lee Consulting Corporation has some excess cash on hand. Michael Lee, the corporation's major shareholder, intends to invest some of the cash for different time...
-
Khairul has been working with Tun Hamid Energy Bhd since 1 February 2009 as a Human Resource Executive. Beginning 1 January 2014, he was promoted as Human Resource Manager. Details of his...
-
Sherman Company manufactures and sells small pumps made to customer specifications. It has two service departments and two production departments. Data on current year operations follow: Management...
-
Ilana Industries, Inc., needs a new lathe. It can buy a new high-speed lathe for $1 million. The lathe will cost $35,000 per year to run, but will save the firm $125,000 in labor costs, and will be...
-
What is the difference between domain definition and domain dictionary? Give an example for each.
-
When (R)-(+)-2-phenyl-2-butanol is allowed to stand in methanol containing a few drops of sulfuric acid; racemic 2-methoxy-2-phenylbutane is formed. Suggest a reasonable mechanism for this reaction.
-
Evaluate the reliability of the hardness test. Consider the following: - No known hardness for each material. Prior to the test we did not know the BHN of each material, therefore we didn't have a...
-
Cambridge Tool Co. is a supplier that assembles purchased parts into components for three distinct marketsscooter parts, lawn mower parts, and hand tool parts. Following is the statement of operating...
-
The income statement and additional data of Wandell Consulting Ltd. follow: Additional data: a. Collections from clients are $3,500 more than revenues. b. Increase in cash balance, $5,000. c....
-
Canadian Tire Corporation, Limited's cash flow statement for the years ended December 28, 2013, and December 29, 2012, is reproduced below: Adapted from the Canadian Tire Annual Report 2013....
-
After the school instituted a new aerobics program, data was gathered in a follow-up survey administered in all the grades. The collected information is shown in Table 8-6. Imagine you are the editor...
-
Sam owes Lyle $300. Sam promises, in writing, to give Lyle a PlayStation 5 in lieu of payment of the debt. Lyle agrees, and Sam delivers the gaming console. Substituting and performing one duty for...
-
Chelsey Bike Makers agrees to sell forty mountain bikes to Orange Mountain Recreation under a shipment contract. Chelsey delivers the goods to Sugar Trucking to take to Orange Mountain. Sugar...
-
Robert and Lynette Knigge owned a B&L Food Store in Redfield, South Dakota. Robert, diagnosed with brain cancer and given five months to live, entered into an oral contract with his brother, David,...
-
On Monday, Stan buys a mountain bike from Pierre, his neighbor, who says, Take the bike. Stan says, Ill leave it in your garage until Friday. On Tuesday, Rosie steals the bike from Pierres garage....
-
Under certain circumstances, an oral contract for a sale of goods priced at $500 or more can be enforceable despite the absence of a writing. (True/False)
-
What is the advantage of using local variables in functions?
-
The Higher the time period of the financial security the higher the. ............... risk. O a. Maturity O b. Default and Maturity Oc. Default O d. Liquidity
-
The following questions are unrelated except that they apply to property, plant, and equipment: 1. Julian Lyon, the owner of Lyon's Actuarial Services, regularly debits the cost of repairs and...
-
Canam Group Developers purchased land and a building for a lump sum of $8.0 million. To get the maximum tax deduction, Canam's owner allocated 85 percent of the purchase price to the building and...
-
The board of directors of Mabel's Montessori is having its regular quarterly meeting. Accounting policies are on the agenda, and amortization is being discussed. Marcia Goodwin, a new board member,...
-
On August 1, 2015, Lifters, a gym, sells 5 annual memberships for $1,500 each. What would the entry look like to record the receipt of cash as deferred revenue?
-
Lyme Incorporated issues 3,000 shares of no-par-value common stock for $20 per share. What is the correct journal entry for this transaction?
-
Unsubstantiated Expenses Your client, Randy Ross, owns a business that sells hinges, brackets, and fuses used in the manufacturing of machinery. Randy spends a large amount of time traveling to...
Study smarter with the SolutionInn App