Mortonson Company has not yet prepared a formal statement of cash flows for the 2012 fiscal year.
Question:
Mortonson Company has not yet prepared a formal statement of cash flows for the 2012 fiscal year. Comparative balance sheets as of December 31, 2011 and 2012, and a statement of income and retained earnings for the year ended December 31, 2012, are presented below and on page 1492.
InstructionsPrepare a statement of cash flows using the direct method. Changes in accounts receivable and accounts payable relate to sales and cost of goods sold. Do not prepare a reconciliation schedule.
Transcribed Image Text:
MORTONSON COMPANY COMPARATIVE BALANCE SHEETS As OF DECEMBER 31 (S000 OMITTED) Assets 2012 2011 Current assets $ 333 $ 100 Cash U.S. Treasury notes (available-for-sale) Accounts receivable 10 50 780 500 Inventory 720 560 Total current assets 1,843 1,210 Long-term assets Land 150 70 Buildings and equipment Accumulated depreciation Patents (less amortization) 910 600 (200) (120) 105 130 Total long-term assets 965 680 $2,808 $1,890 Total assets Liabilities and Stockholders' Equity Current liabilities $ 420 Accounts payable Income taxes payable Notes payable 330 40 320 30 320 Total current liabilities 780 680 Long-term notes payable-due 2014 200 200 Total liabilities 980 880 Stockholders' equity Common stock 700 1,300 Retained earnings 528 310 Total stockholders' equity 1,828 1,010 Total liabilities and stockholders' equity $2,808 $1,890
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 77% (9 reviews)
MORTONSON COMPANY Statement of Cash Flows For the Year Ended December 31 2012 000 Omitted Cash flows ...View the full answer
Answered By
Pushpinder Singh
Currently, I am PhD scholar with Indian Statistical problem, working in applied statistics and real life data problems. I have done several projects in Statistics especially Time Series data analysis, Regression Techniques.
I am Master in Statistics from Indian Institute of Technology, Kanpur.
I have been teaching students for various University entrance exams and passing grades in Graduation and Post-Graduation.I have expertise in solving problems in Statistics for more than 2 years now.I am a subject expert in Statistics with Assignmentpedia.com.
4.40+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
Mortonson plc has not yet prepared a formal statement of cash flows for the 2022 fiscal year. Comparative statements of financial position as of December 31, 2021 and 2022, and a statement of income...
-
Mardi Gras Company has not yet prepared a formal statement of cash flows for the 2008 fiscal year. Comparative balance sheets as of December 31, 2007 and 2008, and a statement of income and retained...
-
To prepare its statement of cash flows for the year ended December 31, 2010, Sweet Confections, Inc., gathered the following information: Gain on sale of land .............. $ 25,000 Proceeds from...
-
On a cold winter day, the atmospheric temperature is - (on Celsius scale) which is below 0C. A cylindrical drum of height h made of a bad conductor is completely filled with water at 0C and is kept...
-
Two years ago, you purchased 100 shares of a cola company. Your purchase price was $50 a share, plus a commission of $5 per share, for a total cost of $55 per share. After one year, the stock's...
-
If relation below is for matrix multiplication, Find the asymptotic runtime efficiency. T(n) = ST(n/2)+cn
-
Consider the simple linear regression model fit to the oxygen purity data in Problem 2.7. Problem 2.7 The purity of oxygen produced by a fractional distillation process is thought to be related to...
-
Television Broadcasting, Public television station KQED in San Francisco broadcasts a sinusoidal radio signal at a power of 316 kW. Assume that the wave spreads out uniformly into a hemisphere above...
-
Simplify. 74 y3 12n 3 21x y 3mn
-
A us resident exchanges $100 for rmb650 from a local bank in the us, how would it account in the US Balance of Payment?
-
The following are Sullivan Corp.'s comparative balance sheet accounts at December 31, 2012 and 2011, with a column showing the increase (decrease) from 2011 to 2012. Additional information:1. On...
-
Michaels Company had available at the end of 2012 the information shown below. InstructionsPrepare a statement of cash flows for Michaels Company using the direct method accompanied by a...
-
What is vertical analysis and what is its purpose?
-
You use a hammer to give a sharp horizontal blow to a \(10-\mathrm{kg}\) lead brick suspended from the ceiling by a wire that is \(5.0 \mathrm{~m}\) long. It takes \(70 \mathrm{~ms}\) for the pulse...
-
You shove a cube of inertia \(m\) and side length \(d\) so that it slides along a smooth table with speed \(v_{1}\) (Figure P12.77a). The cube then hits a raised lip at the end of the table. After it...
-
One long solenoid is placed inside another solenoid. Both solenoids have the same length and the same number of turns of wire, but the outer solenoid has twice the diameter of the inner solenoid....
-
Is a second sonic boom generated when a plane reaches a speed of Mach 2?
-
A \(3.0-\mathrm{kg}\) rod that is \(1.5 \mathrm{~m}\) long is free to rotate in a vertical plane about an axle that runs through the rod's center, is perpendicular to the rod's length, and runs...
-
Openness, country size, and government size. Ram (2009) questions the body of influential research that suggests that there is a negative association between country size (as measured by logarithm of...
-
Calculate the number of neutrons of 239Pu.
-
The dynamic fund protection feature in an equity-linked fund product guarantees a predetermined protection level K to an investor who owns the underlying fund. Let S t denote the value of the...
-
Blaedon Co. makes ongoing design refinements to lawnmowers that are produced for it by contractors. Blaedon stores the lawnmowers in its own warehouse and sells them at list price, directly to...
-
Retail, Inc., sells normal brandname household products both from its own store and on consignment through The Mall Space Company. Required 1. Explain whether Retail, Inc., should include in its...
-
Diane Company, a retailer and wholesaler of national brand-name household lighting fixtures, purchases its inventories from various suppliers. Required 1. a. What criteria are used to determine which...
-
Complete the table by: i. Defining each type of taxable transaction data provided below. ii. Listing one unique source of information for each type of taxable transaction data listed below. iii....
-
You are a partner in a CPA firm. You have a client that is being audited by the IRS. The IRS is using an indirect method of proof of his income. Your client is an attorney but not a tax attorney and...
-
Duncan Corp enters into a contract with Perry Company to sell four different products and each of the products is considered a separate performance obligation. The total price of the contract is...
Study smarter with the SolutionInn App