The 2011 and 2012 balance sheets and related income statement of Watson and Holmes Detective Agency follow:
Question:
The 2011 and 2012 balance sheets and related income statement of Watson and Holmes Detective Agency follow:
RequiredPrepare a statement of cash flows under both the direct and indirect methods for 2012.
Transcribed Image Text:
2012 2011 BALANCE SHEET ASSETS S 6,000 2,000 (500) 10,000 11,000 (2,000) $26,500 Cash Accounts receivable Less: Allowance for doubtful accounts S10,000 7,000 (1,000) 8,000 12,000 (4,000) $32,000 Inventory Long-lived assets Less: Accumulated depreciation Total assets LIABILITIES AND SHAREHOLDERS EQUITY S 6,000 2,000 10,000 (1,000) 6,000 3,500 $26,500 Accounts payable Deferred revenues $5,000 1,000 10,000 Long-term note payable Less: Discount on note payable Common stock Retained earnings Total liabilities and shareholders' equity (800) 12,000 4,800 $32,000 INCOME STATEMENT $42,000 (24,000) (2,000) (3,000) (2,000) (9,000) S2,000 Revenues Cost of goods sold Depreciation expense Interest expense Bad debt expense Other expense Net income
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 94% (18 reviews)
Watson and Holmes Detective Agency Statement of Cash Flows Direct Method For the Year Ended December ...View the full answer
Answered By
Mary Njunu
I posses Vast, diversified knowledge and excellent grammar as a result of working in ACADEMIC WRITING for more than 5 years. I deliver work in various disciplines with assurance of quality work. I purpose at meeting the clients’ expectations precisely. Let’s work together for the best and phenomenal grades.
4.90+
928+ Reviews
2551+ Question Solved
Related Book For
Question Posted:
Students also viewed these Managerial Accounting questions
-
The 2017 and 2018 balance sheets and related income statement of Watson and Holmes Detective Agency follow: REQUIRED: Prepare a statement of cash flows under both the direct and indirect methods for...
-
The 2014 and 2015 balance sheets and related income statement of Watson and Holmes Detective Agency follow: REQUIRED: Prepare a statement of cash flows under both the direct and indirect methods...
-
The 2011 and 2012 balance sheets for Victor and Sons showed net accounts receivable of $12,000 and $16,000, respectively, inventory of $9,000 and $7,000, respectively, and accounts payable of $6,500...
-
What is a safe edge on a file?
-
Listed below are foot lengths in inches of randomly selected Army women measured in the 1988 Anthropometric Survey (ANSUR). Are the statistics representative of the current population of all Army...
-
How do you create a new E-R diagram in the MySQL Workbench?
-
Happy Company operates four departments kitchen, bathroom, office and laundry. When preparing a departmental statement of financial performance, the stores accountant allocates indirect expenses...
-
Great Lakes Pharmaceuticals, Inc. (GLPI), produces both prescription and over-the-counter medications. In January, GLPI introduced a new prescription drug, Capestan, to relieve the pain of arthritis....
-
5. Find the derivative of the following. a. y = 2x+3 x-2 b. y = In (cos(2x-1)) c. y = ex arc sin (2x+3) d. 4x+2xy + y = 0 e. Find the partial derivative with respect to x of the function xy - 5y + 6...
-
A number of costs are listed below that may be relevant in decisions faced by the management of Svahn, AB, a Swedish manufacturer of sailing yachts: Requirement 1 relates to Case 1, and requirement 2...
-
Pendleton Enterprises began operations on January 1, 2012. Balance sheet and income statement information for 2010, 2011, and 2012 follow: Required(a) Prepare the operating sections of the statement...
-
ISS Inc. began operations on January 1, 2012. It engaged in the following economic events during 2012: 1. Issued 6,000 shares of no-par common stock for $10 per share. 2. Purchased on account 20,000...
-
Auditor does not guarantee that the books of accounts do correctly show the true position of the entitys affairsComment.
-
The Caesars Tunica casino in Tunica, MS, was the company showcased in the case study. This casino was just a 45-minute drive south of Memphis, TN, which happens to be the 4 th largest gaming market...
-
Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its average costs per unit are as follows: Average Cost Per Unit Direct labor...
-
American Literature II Researched Essay Preparation Research Essay, Exercise One Choose a single concrete thing an item or person, not an idea or concept) from a text. For example, from "To Build a...
-
Unfortunately disasters and emergencies can provide opportunities for malicious employees to take advantage of the chaos and perform criminal activity such as stealing information or looting physical...
-
Domestically, a base unit iPhone costs 67,990 PHP and costs 999 USD. Assume a nominal exchange rate of 1 USD = 56 PHP Solve for e: e= 1/56=0.01785714286=0.018 Then, solve for: = e *(P...
-
Personal information, such as a persons name by itself, can be considered sensitive information A. True B. False
-
Find the volume of the described solid S. A frustum of a right circular cone with height h, lower base radius R, and top radius r -r- --R
-
What product(s) would be obtained when cellulose is treated first exhaustively with dimethyl sulfate/NaOH, then with 1 M aqueous HCl?
-
American Greetings Corporation, a large producer of greetings cards, repurchased some of its outstanding long-term debt. Shortly thereafter the company issued new debt. At the time of the...
-
The following information was taken from the balance sheet of Cohort Enterprises as of December 31, 2015: The bonds have a stated interest rate of 5 percent and will mature on December 31, 2017. The...
-
On January 1, 2014, Q-Mart entered into a five-year lease agreement requiring annual payments of $10,000 on December 31 of each year. The fair market value of the facility was estimated by appraisers...
-
Building and construction projects must comply with environmental requirements. Identify the legislation that relates to the environmental Acts for New South Wales.
-
make a program that does the following: 1) give an example of an abstract class named SpaceShip . It will include: - a data member named numEngines of type int - a data member named name of type...
-
Consider the following function over the given interval. f(x) = 16x2, [-4,4] b Evaluate the integral, f(x) dx. 256 3 Find the average value of the function over the given interval. (Round your answer...
Study smarter with the SolutionInn App