The 2016 comparative balance sheet and income statement of Abilene Group, Inc. follow. Abilene disposed of a plant asset at book value in 2016.
Prepare the spreadsheet for the 2016 statement of cash flows. Format cash flows from operating activities by the indirect method. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $12,400. There were no sales of land, no retirement of common stock, and no treasury stock transactions. Assume plant asset and land acquisitions were for cash.
Answer to relevant QuestionsThis problem continues the Daniels Consulting situation from Problem P13-47 of Chapter 13. Daniels Consulting’s comparative balance sheet is shown on the next page. Additional data follow: a. Depreciation expense for the ...1. Compute earnings per share (EPS) for 2016 for Shine’s. Round to the nearest cent. 2. Compute Shine’s Companies’ price/earnings ratio for 2016. The market price per share of Shine’s stock is $65.50. 3. What do ...Tri Designs, Inc. has the following data: Perform a vertical analysis of Tri Designs’s balance sheet for each year. The following data are adapted from the financial statements of Jims Shops, Inc.: Prepare Jims condensed balance sheet as of December 31, 2016. The following information was taken from the records of Grey Motorsports, Inc. at November 30, 2016: Prepare a multi-step income statement for Grey Motorsports for the fiscal year ended November 30, 2016. Include earnings ...
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