The following 2013 information is available for Stewart Company: Condensed Income Statement for 2013 Sales..................................... $ 9,000

Question:

The following 2013 information is available for Stewart Company:

Condensed Income Statement for 2013

Sales..................................... $ 9,000

Cost of goods sold..................... (6,000)

Other expenses......................... (2,000)

Loss on sale of equipment............ (260)

Gain on sale of land.................... 400

Net income.............................. $ 1,140

The following 2013 information is available for Stewart Company:
Condensed Income

Partial additional information:
• The equipment that was sold for cash had cost $400 and had a book value of $300.
• Land that was sold brought a cash price of $530.
• Fifty shares of stock were issued at par.
Required:
Making whatever additional assumptions that are necessary,
1. Prepare a spreadsheet to support a 2013 statement of cash flows for Stewart.
2. Prepare the statement of cash flows.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Intermediate Accounting Reporting and Analysis

ISBN: 978-1111822361

1st edition

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

Question Posted: