A comparative balance sheet for Hartman Corporation is presented below: HARTMAN CORPORATION Comparative Balance Sheet 2011...
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A comparative balance sheet for Hartman Corporation is presented below: HARTMAN CORPORATION Comparative Balance Sheet 2011 2010 Assets $ 46,000 70,000 25,000 18,000 70,000 (20,000) $209.000 $ 31,000 60,000 17,000 40,000 60,000 (13,000) $195,000 Cash Accounts receivable (net) Prepaid insurance Land Equipment Accumulated depreciation Total Assets Accounts payable Bonds payable Common stock Retained earnings Liabilities and Stockholders' Equity $11,000 27,000 140,000 6,000 19,000 115,000 55,000 31,000 $209,000 Total liabilities and stockholders' $195.000 equity Additional information: Net loss for 2011 is $10,000. Cash dividends of $14,000 were declared and paid in 2011. Land was sold for cash at a loss of $4,000. This was the only land 1. 2. 3. transaction during the year. 4. Equipment with a cost of $15,000 and accumulated depreciation of $10,000 was sold for $5,000 cash. 5. $22,000 of bonds were retired during the year at carrying (book) value. Equipment was acquired for common stock. The fair market value of the 6. stock at the time of the exchange was $25,000. Instructions Prepare a statement of cash flows for the year ended 2011, using the indirect method. A comparative balance sheet for Hartman Corporation is presented below: HARTMAN CORPORATION Comparative Balance Sheet 2011 2010 Assets $ 46,000 70,000 25,000 18,000 70,000 (20,000) $209.000 $ 31,000 60,000 17,000 40,000 60,000 (13,000) $195,000 Cash Accounts receivable (net) Prepaid insurance Land Equipment Accumulated depreciation Total Assets Accounts payable Bonds payable Common stock Retained earnings Liabilities and Stockholders' Equity $11,000 27,000 140,000 6,000 19,000 115,000 55,000 31,000 $209,000 Total liabilities and stockholders' $195.000 equity Additional information: Net loss for 2011 is $10,000. Cash dividends of $14,000 were declared and paid in 2011. Land was sold for cash at a loss of $4,000. This was the only land 1. 2. 3. transaction during the year. 4. Equipment with a cost of $15,000 and accumulated depreciation of $10,000 was sold for $5,000 cash. 5. $22,000 of bonds were retired during the year at carrying (book) value. Equipment was acquired for common stock. The fair market value of the 6. stock at the time of the exchange was $25,000. Instructions Prepare a statement of cash flows for the year ended 2011, using the indirect method.
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cash flow statement Indirect method Cash flow from operating activities Net loss 10000 Adjustemnts t... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1119048473
7th Canadian Edition Volume 2
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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