Assets Cash 2020 88.000 174 000 Accounts Receivable Inventory Prepaid Expenses Land Buildings Ac Deprec-buildings Equipment Acc
Question:
Assets
Cash
2020
88.000
174 000
Accounts Receivable
Inventory
Prepaid Expenses
Land
Buildings
Ac Deprec-buildings
Equipment
Acc Deprec-equipment
Totals
136.000
101.000
145.000
142.000
-54.000
199 000
-67.000
864.000
2019
62.000
126.000
118.000
52.000
230.000
142.000
-36.000
120.000
-42.000
772.000
Change
INC/DEC
26.000 INC
48.000 INC
18.000 DEC
49.000 DEC
-85.000 DEC
18.000 INC
79.000 INC
25.000 INC
Liabilities and Stockholders Equity
Accounts Payable
Accrued Expenses
Bonds Payable
Common Stock ($1 par value)
Retained Earnings
Totals
39.000
34.000
135.000
330.000
326.000
864 0001
36.000
46.000
275.000
280.000
135.000
772.0001
3.000 DEC
-12.000 DEC
- 140.000 DEC
50.000 INC
191.000 INC
1. Equipment with a cost of $35,000, and a book value of $21,000, was sold for $19,000 cash
2. Cash Dividends were declared and paid on August 1st, in the amount of $.25 per share
3. Bonds of $140,000 were redeemed at a loss of $5,000
4. Land was sold for cash, for a gain of $7000
5. Common stock was issued in the amount of $50,000 on July 1st
Required:
Use this information above to prepare a SOCF using the indirect method.
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso