Michaels Company had available at the end of 2015 the following information. Instructions Prepare a statement of
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Michaels Company had available at the end of 2015 the following information.
Instructions Prepare a statement of cash flows for Michaels Company using the direct method. Assume the short-term investments are non-trading. Bond premium amortized was £5,550.
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MICHAELS COMPANY COMPARATIVE STATEMENTS OF FINANCIAL POSITION AS OF DECEMBER 31, 2015 AND 2014 2015 Land 125,000 2014 175,000 Buildings 350,000 350,000 Accumulated depreciation-buildings (105,000) (87,500) Equipment 525,000 400,000 Accumulated depreciation-equipment (130,000) (112,000) Patents 45,000 50,000 Inventory 42,000 35,000 Prepaid rent 3,000 12,000 Prepaid insurance 2,100 900 Supplies 1,000 750 Accounts receivable 20,500 12,950 Short-term equity investments 22,000 30,000 Cash 10,000 4,000 Total assets 910,600 871,100 Share capital-ordinary 240,000 220,000 Share premium-ordinary 25,000 17,500 Retained earnings 123,297 88,747 Long-term notes payable 60,000 70,000 Bonds payable 420,303 425,853 Accounts payable 22,000 32,000 Income taxes payable 5,000 4,000 Salaries and wages payable 5,000 3,000 Short-term notes payable 10,000 10,000 Total equity and liabilities 910,600 871,100
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Related Book For
Intermediate Accounting IFRS Edition
ISBN: 9781118443965
2nd Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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