This 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 year, $1,616.
b. Daniels Consulting had no disposal of plant assets during the year. Plant assets were acquired for cash.
c. Amortization of the discount on bonds payable for the year, $11,206.
d. Daniels Consulting issued a bonds payable with a face value of $900,000, receiving cash of $787,932.
e. Net income for the year was $190,537.
f. Cash receipts from issuance of common stock totaled $115,000. Prepare the statement of cash flows using the indirect method.

  • CreatedJune 15, 2015
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