Accountants for Johnson, Inc. have assembled the following data for the year ended December 31, 2015: Prepare
Question:
Accountants for Johnson, Inc. have assembled the following data for the year ended December 31, 2015:
Prepare Johnson’s statement of cash flows using the indirect method. Include an accompanying schedule of non-cash investing and financingactivities.
Transcribed Image Text:
2015 2014 Current Assets: Cash Accounts Receivable Merchandise inventony 92,100 64,500 87,000 $ 17,000 69,200 80,000 Current Liabilities Accounts Payable Income Tax Payable 57,900 14,400 56,200 17,100 Transaction Data for 2015: Issuance of common stock for cash Depreciation expense Purchase of equipment with cash Acquisition of land by issuing long-term note payable Book value of building sold 40,000 Payment of notes payable 25,000 Payment of cash dividends 48,100 54,000 75,000 Issuance of note payable to borrow cash 67,000 5,500 70,500 122,000 Gain on sale of building 53,000Net income
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 46% (15 reviews)
ACCOUNTANTS FOR JOHNSON INC Statement of Cash Flows Year Ended December 31 2015 Cash Flows from Oper...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133255584
4th Edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Question Posted:
Students also viewed these Managerial Accounting questions
-
Accountants for Smithson, Inc. have assembled the following data for the year ended December 31, 2016: Prepare Smithsons statement of cash flows using the indirect method. Include an accompanying...
-
Prepare the statement of cash flows using the indirect method. The income statement for 2014 and the balance sheets for 2014 and 2013 are presented for Griffin Industries. Additional information...
-
Prepare the statement of cash flows using the indirect method. The income statement for 2012 and the balance sheets for 2012 and 2011 are presented for Henderson Industries. Additional information...
-
Draw a plausible mechanism for each of the following transformations: (a) (b) [TSOH] MENH2 -H20
-
Describe the formation of a covalent bond in H2 from atoms. What does it mean to say that the bonding electrons are shared by the two atoms?
-
Let \(X_{1}, X_{2}, \ldots\) be independent and identically distributed random variables with \(E\left[X_{i}ight]=0\), and let \[S_{n}=\sum_{i=1}^{n} X_{i}\] Show that \(S_{1}, S_{2}, \ldots\) form a...
-
The following are four items that are traded internationally: wheat; computers; textiles; insurance. In which one of the four is each of the following most likely to have a comparative advantage:...
-
During the fourth quarter of 2016, there were seven biweekly paydays on Friday (October 7, 21; November 4, 18; December 2, 16, 30) for Quality Repairs. Using the forms supplied on pages 4-44 to 4-47...
-
Two in-series UV reactors are disinfecting water for a small system (not potable use). The microorganism of concern is Ecoli dispersing to the water source from a close-by composite facility. Due to...
-
Consider the reduced-sphere unit cell shown in Problem 3.20, having an origin of the coordinate system positioned at the atom labeled with an O. For the following sets of planes, determine which are...
-
Classic Reserve Rare Coins (CRRC) was formed on January 1, 2015. Additional data for the year follows: a. On January 1, 2015, CRRC issued common stock for $ 425,000. b. Early in January, CRRC made...
-
The 2015 income statement and comparative balance sheet of Rolling Hills, Inc. follow: Additionally, Rolling Hills purchased land of $ 23,600 by financing it 100% with long- term notes payable during...
-
Leona was interested in purchasing property that she intended to use for her familys expanding brickyard business. She spoke with the owner, who had recently inherited the property from his elderly...
-
Consider an SIRS model: dS =-BSI+R dt dI = BSI-1 dt dR =I-R. dt Suppose a vaccination program is implemented, which effectivly moves a number, vS, of susceptibles to the R class per unit time. (a)...
-
Vaughn Towel Company completely stocked out of its cotton yarn for making towels in April (last month). So management is starting over, trying to build up an inventory of yarn while ensuring there is...
-
Hannah is a Tax Senior working for the prestigious tax advisers Arden Taxation UK Ltd . Hannah is going to have a meeting with one of its clients, Jonathan Matteo. She knows that he is now working...
-
Texas Shoe Company in Dallas manufactures footwear there. It entered into a two-year contract to sell its boots to Barunia, an Asian nation that uses the boots for its military. The sales price of...
-
4. An array of n distinct keys were inserted into a hash table of size m sequentially over n time slots, suppose chaining was used to resolve collisions, let Xk be the random variable of the number...
-
The following information in an inventory problem is available: Calculate EOQ, Re-order level and total annual inventory cost. How much does the total inventory cost vary if the unit price is changed...
-
Draw the major product for each of the following reactions: (a) (b) (c) 1) 9-BBN 2) H2O2, NaOH 1) Disiamylborane 2) H20, NaOH
-
The beginning balance sheet of Text Source Co. included a $700,000 investment in Taylor stock (20% ownership). During the year, Text Source completed the following investment transactions: Mar. 3...
-
This problem continues the Canyon Canoe Company situation from Chapter 9. Amber and Zack Wilson are pleased with the growth of their business and have decided to invest its temporary excess cash in a...
-
This problem continues the Canyon Canoe Company situation from Chapter 9. Amber and Zack Wilson are pleased with the growth of their business and have decided to invest its temporary excess cash in a...
-
Does the Mean Value Theorem apply to f(x) = xsquared + 2x - 5, between [1, 5]? Responses f(x) is differentiable everywhere in the interval between [1, 5] so the MVT does apply. f(x) is differentiable...
-
solve for P P(8) = 10 C8 (0.72) (0.28)2
-
Prepare a flexible budget for the year using the actual units sold in each channel that made up the total actual unit sales of 325,556. Use a standard sales price of $42 for sales through the...
Study smarter with the SolutionInn App