The comparative balance sheet of Mills Engine Co. at December 31, 2013 and 2012, is as follows:
Question:
The noncurrent asset, noncurrent liability, and stockholders equity accounts for 2010 are as follows:
Instructions
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operatingactivities.
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...
Transcribed Image Text:
Dec. 31, 2013 Dec. 31, 2012 Assets Cash 714,000 750,400 592,620 904,540 27,300 373,100 700,700 (317,800) (297,360) 353,640 (109,900) 123480) 644,700 986,580 22,820 245,700 ,137,500 Inventories 398,440 Accumulated depreciation-equipment 3,722,040 $3,281,460 Liabilities and Stockholders'Equity Accounts payable (merchandise creditors) 717,500 210,000 245,000 588,000 745,360 91,000 434,000 1,961,540201100 $3,281,460 3,722,040 ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2013 Jan Apr. 20 Realized $117,600 cash 1 Balance 373,100 from sale 127,400245,700 ACCOUNT Buildings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2013 Jan Apr 20Acquired for cash 1 Balance 700,700 1,137,500 436,800 ACCOUNT Accumulated Depreciation-Buildings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2013 an. Dec. 31 Depreciation for year 1 Balance 297,360 317,800 20,440 ACCOUNT Equipment ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2013 Jan 1 Balance 26 Discarded, no salvage 353,640 36,400 317,240 398,440 Aug. 1 Purchased for cash 81,200 ACCOUNT Accumulated Depreciation-Equipment ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2013 1 Balance 123,480 87,080 109,900 an. 26 Equipment discarded Dec. 31 Depreciation for year 36,400 22,820 ACCOUNT Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2013 May 1Issued 20-year bonds 210,000 210,000 ACCOUNT Common Stock, $20 par ACCOUNT NO. Balance Date tem Debit Credit Debit Credit 2013 Jan. Dec. 1 Baance 91,000 7 Issued 7,700 shares of common stock for $40 per share 154,000 245,000 ACCOUNT Paid-In Capital in Excess of Par-Common Stock ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2013 Jan. Dec. 1 Baance 434,000 7 Issued 7,700 shares of common stock for $40 per share 154,000 588,000 ACCOUNT Retained Earnings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2013 Jan. Dec. 31 Net loss 1Blance 24,360 25,200 2,011,100 1,986,740 1,961,540 31 Cash dividends
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MILLS ENGINE CO Statement of Cash Flows For the Year Ended December 31 2013 Cash flows from operating activities Net loss 24360 Adjustments to reconci...View the full answer
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