Eagles Inc. had the following statement of financial position at the end of operations for 2017:...
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Eagles Inc. had the following statement of financial position at the end of operations for 2017: Cash Accounts receivable 16,000 Accounts payable 16,960 Bonds payable 25,600 Intangibles Equipment Accumulated Depre. Land 114,800 (50,000) Common shares 32,000 Retained earnings 155,360 During 2018, the following occurred: 1. Eagles sold its Intangible assets at a loss of $14,800. 2. A parcel of land was purchased for $17,600. 3. Common shares were bought back at $10,000. 4. Dividends totalling $9,600 were declared and paid to shareholders. 5. Net income for 2018 was $17,200. 24,000 32,800 80,000 18,560 155,360 6. Depreciation for 2018 was 9,600. 7. At December 31, 2018, Cash was $22,560; Accounts Receivable was $33,600; and Accounts Payable was $32,000. 1. Prepare the statement of financial position as it would appear at December 31, 2018. Accounts Payable 32,000 Bonds Payable Cash Accounts receivable Intangibles Equipment Accumulated Depre. Land 22,560 33,600 Common Shares Retained Earnings 2. Prepare a statement of cash flows for the year ended December 31, 2018 using the indirect method. Assume dividends paid are treated as financing activities. 1 Eagles Inc. had the following statement of financial position at the end of operations for 2017: Cash Accounts receivable 16,000 Accounts payable 16,960 Bonds payable 25,600 Intangibles Equipment Accumulated Depre. Land 114,800 (50,000) Common shares 32,000 Retained earnings 155,360 During 2018, the following occurred: 1. Eagles sold its Intangible assets at a loss of $14,800. 2. A parcel of land was purchased for $17,600. 3. Common shares were bought back at $10,000. 4. Dividends totalling $9,600 were declared and paid to shareholders. 5. Net income for 2018 was $17,200. 24,000 32,800 80,000 18,560 155,360 6. Depreciation for 2018 was 9,600. 7. At December 31, 2018, Cash was $22,560; Accounts Receivable was $33,600; and Accounts Payable was $32,000. 1. Prepare the statement of financial position as it would appear at December 31, 2018. Accounts Payable 32,000 Bonds Payable Cash Accounts receivable Intangibles Equipment Accumulated Depre. Land 22,560 33,600 Common Shares Retained Earnings 2. Prepare a statement of cash flows for the year ended December 31, 2018 using the indirect method. Assume dividends paid are treated as financing activities. 1
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Related Book For
Intermediate Accounting
ISBN: 978-1119048534
11th Canadian edition Volume 1
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
Posted Date:
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