Comparative Statements of Financial Position December 31 2,014 2,013 Cash 43,000 24,000 Accounts Receivable, net 35,000 38,000
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Question:
Comparative Statements of Financial Position December 31
2,014 | 2,013 | |
Cash | 43,000 | 24,000 |
Accounts Receivable, net | 35,000 | 38,000 |
Inventory | 114,000 | 82,000 |
Land | 120,000 | 190,000 |
Building | 200,000 | 200,000 |
Accumulated Depreciation | -50,000 | -40,000 |
Equipment | 1,030,000 | 600,000 |
Accumulated Depreciation | -118,000 | -94,000 |
1,374,000 | 1,000,000 | |
Accounts Payable | 115,000 | 100,000 |
4% Bonds Payable | 320,000 | 0 |
Common Shares | 750,000 | 750,000 |
Retained Earnings | 189,000 | 150,000 |
1,374,000 | 1,000,000 |
Additional data:
1. Net income for the year was $84,000.
2. Cash dividends were paid.
3. Land was sold for $80,000.
4. Old equipment was sold for $70,000. This equipment had cost $150,000 and had accumulated depreciation of $60,000 to date of sale. New equipment was purchased to replace it.
Instructions
Prepare a statement of cash flows for calendar 2014, using the indirect method
Related Book For
Financial accounting
ISBN: 978-1118285909
IFRS Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
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