Chekov Corpo- ration's statement of financial position at the end of 2014 included the following items....
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Chekov Corpo- ration's statement of financial position at the end of 2014 included the following items. $ 30,000 120,000 Bonds payable Current lkabilities Share capital-ordinary Retained earnings $100.000 Land Buildings Equipment Accum. depr. -buildings Accum. depr.-equipment Patents 150.000 180,000 90,000 (30,000) (11,000) 44,000 Total $474,000 40,000 Current assets 235,000 Total $474,000 The following information is available for 2015. 1. Net income was $55,000. 2. Equipment (cost $20,000 and accumulated depreciation $8,00) was sold for $9,000. 3. Depreciation expense was $4,000 on the building and $9,000 on equipment. 4. Patent amortization was $2,500. 5. Current assets other than cash increased by $25,000. Current liabilities increased by $13,000. 6. An addition to the building was completed at a cost of $27,000. 7. A long-term investment in debt securities was purchased for $16,000. 8. Bonds payable of $50,000 were issued. 9. Cash dividends of $25,000 were declared and paid. 10. Treasury shares were purchased at a cost of $11.000. Instructions (Show only totals for current assets and current liabilities.) (a) Prepare a statement of cash flows for 2015. (b) Prepare a statement of financial position at December 31, 2015. Chekov Corpo- ration's statement of financial position at the end of 2014 included the following items. $ 30,000 120,000 Bonds payable Current lkabilities Share capital-ordinary Retained earnings $100.000 Land Buildings Equipment Accum. depr. -buildings Accum. depr.-equipment Patents 150.000 180,000 90,000 (30,000) (11,000) 44,000 Total $474,000 40,000 Current assets 235,000 Total $474,000 The following information is available for 2015. 1. Net income was $55,000. 2. Equipment (cost $20,000 and accumulated depreciation $8,00) was sold for $9,000. 3. Depreciation expense was $4,000 on the building and $9,000 on equipment. 4. Patent amortization was $2,500. 5. Current assets other than cash increased by $25,000. Current liabilities increased by $13,000. 6. An addition to the building was completed at a cost of $27,000. 7. A long-term investment in debt securities was purchased for $16,000. 8. Bonds payable of $50,000 were issued. 9. Cash dividends of $25,000 were declared and paid. 10. Treasury shares were purchased at a cost of $11.000. Instructions (Show only totals for current assets and current liabilities.) (a) Prepare a statement of cash flows for 2015. (b) Prepare a statement of financial position at December 31, 2015.
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Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
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