The December 31, 2013, balance sheet and the 2014 statement of cash flows for Mobley, Inc., follow:
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Requirement
Prepare the December 31, 2014, balance sheet for Mobley,Inc.
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Mobley, Inc. Balance Sheet December 31, 2013 Assets: Cash Accounts receivable (net) Inventory Prepaid expenses 11,000 92,000 103,000 6,000 69,000 7 8 Machinery and equipment (net) Total 340,000 1 Liabilities: 11 Accounts payable 12Unearned revenue 66,000 1,000 4,000 Income taxes payable 14Long-term debt 5 Total liabilities 146,000 26,000 194 000 Stockholders' equity: Common stock, no par 18 Retained earnings 20 Total liabilities and stockholders' equity Total stockholders' equity Mobley, Inc. Statement of Cash Flows Year Ended December 31, 2014 Cash flows from operating activities Net income $ 18,000 Adjustments to reconcile net income to net cash provided by operating activities: 6 Depreciation 7 Loss on sale of equipment 16,000 15,000 8 Gain on sale of land 6,000 Change in assets and liabilities unts receivable 10 11 Inventory 10,000 7,000 12,000 1,500 Prepaid expenses 13 Accounts payable 14 ↓-Taxes payable 1Unearned revenue 40,000 Net cash provided by operating activities $ 58,000 7 Cash flows from investing activities: 19 Sale of equipment Purchase of equipment 25,000 9,000 Sale of land 21 Net cash used for investing activities 22 Cash flows from financing activities: (5,000) 16,000) 20,000 5,000 23 Repayment of long-term debt Issuance of common stock Dividends paid (dividends declared, $7,000) Net cash used for financing activities 27 Increase (decrease) in cash 28 Cash balance, December 31, 2013 11,000 Cash balance, December 31, 2014
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Related Book For
Financial Accounting
ISBN: 978-0133427530
10th edition
Authors: Walter Harrison, Charles Horngren, William Thomas
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