The comparative balance sheet of Coulson, Inc. at December 31, 2016 and 2015, is as follows: The
Question:
The comparative balance sheet of Coulson, Inc. at December 31, 2016 and 2015, is as follows:
The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 2016 are as follows:
Instructions
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.
Balance SheetBalance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Dec. 31, 2016 Dec. 31, 2015 Assets Cash Accounts rece 300,600 704,400 918,600 18,600 990,000 1,980,000 (397,200) 660,600 (133,200 5,042,400 337,800 609,600 865,800 26,400 1,386,000 990,000 (366,000) 529,800 vable (net)... Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment … 162 Total assets $4,217,400 Liabilities and Stockholders'Equity Accounts payable (merchandise creditors) Income taxes payable Bonds payable Common stock, $20 par Paid-in capital: Excess of issue price over par-common stock...... Retained earnings ...S 594,000 26,400 330,000 320,000 950,000 2,822,000 $5.042.400 631,200 21,600 180,000 810,000 2,574,600 $4,217,400 ACCOUNT Land ACCOUNT NO. Balance Date Item DebitCredi Debit Credit 2016 Balance Apr. 20 Realized $456,000 cash 1,386,000 from sale 396,000990,000 ACCOUNT Buildings ACCOUNT NO. Balance Date Item DebiCredit Debit Credit 2016 JanBalance 990,000 1,980,000 20 Acquired for cash 990,000 ACCOUNT Accumulated Depreciation-Buildings ACCOUNT NO. Balance Date Item DebiCredit Debit Credit 2016 JanBalance Dec. 3Depreciation for year 366,000 397,200 31,200 ACCOUNT Equipment ACCOUNT NO. Balance Date Item DebiCredit Debit Credit 2016 JanBalance 529,800 66,000463,800 660,600 26 Discarded, no salvage Aug. 11 Purchased for cash 196,800 ACCOUNT Accumulated Depreciation-Equipment ACCOUNT NO. Balance Date Item DebiCredit Debit Credit 2016 162,000 96,000 133,200 JanBalance 26 Equipment discarded 66,000 Dec. 31 Depreciation for year 37,200 ACCOUNT Bonds Payable ACCOUNT NO. Balance Date Item DebiCredit Debit Credit 2016 May 1Issued 20-year bonds 330,000 330,000 ACCOUNT Common Stock, $20 par ACCOUNT NO. Balance Date Item DebiCredit Debit Credit 2016 Jan.Balance Dec. 7 180,000 Issued 7,000 shares of com stock for $40 per share mon 140,000 320,000 ACCOUNT Paid-In Capital in Excess of Par Common Stock ACCOUNT NO. Balance Date Item DebiCredit Debit Credit 2016 an. Balance Dec. 7 Issued 7,000 shares of common 810,000 stock for $40 per share 140,000 950,000 ACCOUNT Retained Earnings ACCOUNT NO. Balance Date Item DebiCredit Debit Credit 2016 Jan. Balance 2,574,600 2,901,200 2,822,000 Dec. 31 Net income 326,600 31 Cash dividends 79,200
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COULSON INC Statement of Cash Flows For the Year Ended December 31 2016 Cash flows from operating activities Net income loss 326600 Adjustments to rec...View the full answer
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Related Book For
Managerial Accounting
ISBN: 978-1285866307
13th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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