The comparative balance sheets of Majestic Movie Theater Company at September 30, 2014 and 2013, reported the
Question:
Majestics transactions during the year ended September 30, 2014, included the following:
Requirements
1. Prepare Majestic Movie theater Companys statement of cash flows for the year ended September 30, 2014, using the indirect method to report cash flows from operating activities. Report noncash investing and financing activities in an accompanying schedule.
2. Evaluate Majestics cash flows for the year. Mention all three categories of cash flows, and give the reason for yourevaluation.
Transcribed Image Text:
A1 September 30, 20142013 Current assets: $59,600 Cash and cash equivalents Accounts receivable Inventories Prepaid expenses 14,300 63,200 11,700 26,700 23,800 60,600 6,000 8 Current liabilities: Accounts payable Accrued liabilities 57,700 35,800 14,1007,100 10,300 11 Income tax payable 15,300 Acquisition of land Proceeds from sale of long- by issuing note payable Amortization expense... Payment of cash dividend S125,000 8,000 ...15,300 000 65,400 Depreciation expense. 2.5,000 Cash purchase of building44, Cash purchase of 82,200 Issuance of common Issuance of long-term note payable to borrow caslh stock for cash12,000 13,000 40,000 Stock dividend
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Related Book For
Financial Accounting
ISBN: 978-0133427530
10th edition
Authors: Walter Harrison, Charles Horngren, William Thomas
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