The following balance sheets are taken from the records of Golding Company (numbers are expressed in thousands):
Question:
The following balance sheets are taken from the records of Golding Company (numbers are expressed in thousands):
Additional information is as follows:
(a) Equipment costing $10,000,000 was purchased at yearend; no equipment was sold;
(b) Net income for the year was $25,000,000, and $10,000,000 in dividends were paid.
Required:
1. Prepare a statement of cash flows using the indirect method.
2. Assess Golding's ability to use cash to acquire Lemmons Company. Consider the information in Exhibit 14.2 (p. 795) and Example 14.6 (p. 800) as part of your analysis.
Transcribed Image Text:
20X1 20X2 Assets Cash Accounts rcccivablc 25,000 50,000 (20,000) 10,000 $195,000 130,000 $150,000 20,000 60,000 (25,000) 10,000 $215,000 Plant and cquipment Accumulated depreciation Land Total assets Liabilities and equity Accounts payable Bonds payabloe Common stock Retained carnings 8,000 120,000 57,000 $195,000 10,000 5,000 18,000 120,000 72,000 $215,000 Total liabilities and equity
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Related Book For
Managerial Accounting The Cornerstone of Business Decision Making
ISBN: 978-1337115773
7th edition
Authors: Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
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