The comparative balance sheet of House Construction Co. for June 30, 2010 and 2009, is as follows:

Question:

The comparative balance sheet of House Construction Co. for June 30, 2010 and 2009, is as follows:

June 30, 2010 June 30, 2009 Assets $ 41,600 121,900 $ 28,200 110,700 170,500 60,000 Cash Accounts receivable (net). Inve

The income statement for the year ended June 30, 2010, is as follows:

The comparative balance sheet of House Construction Co. for June

The following additional information was taken from the records:
a. Equipment and land were acquired for cash.
b. There were no disposals of equipment during the year.
c. The investments were sold for $54,000 cash.
d. The common stock was issued for cash.
e. There was a $60,000 debit to Retained Earnings for cash dividends declared.
Instructions
Prepare a statement of cash flows, using the direct method of presenting cash flows from operatingactivities.

Balance Sheet
Balance 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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Accounting

ISBN: 978-0324662962

23rd Edition

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

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