The comparative balance sheet of Builders Supply Co. at December 31, 2007 and 2006, is as follows:
Question:
The noncurrent asset, the noncurrent liability, and the stockholders equity accounts for 2007 are as follows:
Instructions
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operatingactivities.
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Transcribed Image Text:
Dec. 31, 2007 Dec. 31, 2006 Assets 45,200 87,900 122,800 Cash Accounts receivable (net) Inventories Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total 40,400 95,100 140,700 3,900 5,000 75,000 315,000 (70,200) 225,600 (81.400) $744,100 100,000 140,000 (58,300) 210,400 (85,900) $567,100 Dec. 31, 2007 Dec. 31, 2006 Liabilities and Stockholders' Equity 97,000 $100,500 Accounts payable (merchandise creditors) Income tax payable Bonds payable Common stock, $1 par Paid-in capital in excess of pa Retained earnings Total 7,100 6,400 40,000 32,000 200,000 368,000 $744,100 30,000 120,000 310,200 $567,100 stock LAND Jan. 1 Balance 100,000Apr. 20 Realized $31,000 cash from sale. 25,000 Dec. 3 Balance 75,000 BUILDINGS Jan. 1 Balance Apr. 20 Acquired for cash Dec. 31 Balance 140,000 175,000 315,000 ACCUMULATED DEPRECIATION BUILDINGS Jan. Balance Dec. 31 Depreciation for year Dec. 31 Balance 58,300 11,900 70,200 EQUIPMENT Jan. 1 Balance Aug. 11 Purchased for cash Dec. 31 Balance 210,400Jan. 26 Discarded, no salvage 24,000 39.200 225,600 ACCUMULATED DEPRECIATION- EQUIPMENT Jan. 26 Discarded, no salvage 24,000 Jan Balance 85,900 19,500 81,400 3 Depreciation for Dec. 31 Balance BONDS PAYABLE May 1Issued 20-year bonds40,000 Dec. 3 Balance 40,000 COMMON STOCK Jan. Balance Dec. 7 Issued 2,000 shares 30,000 of common stock for $41 per share 2,000 32,000 Dec. 3 Balance PAID-IN CAPITAL IN EXCESS OF PAR Jan. Balance Dec. 7 Issued 2,000 shares of 120,000 common stock for $41 per share 80,000 200,000 Dec. 31 Balance RETAINED EARNINGS Dec. 3 Cash dividends 310,200 72,800 368,000 15,000 Jan Balance Dec. 31 Net income Dec. 31 Balance
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Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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