The statement of cash flows for the year ended December 31, 2017, and other data for Bradley

Question:

The statement of cash flows for the year ended December 31, 2017, and other data for Bradley Corporation are shown below:
The statement of cash flows for the year ended December

Additional data:
a. Bradley's Dividends receivable account decreased by $2,000 during the year.
b. The Machinery account, net of accumulated depreciation, increased by $100,000 during the year. The only transaction involving Machinery, other than depreciation and the purchase shown in the statement above, was the write-off on May 15, 2017, of obsolete machinery that had a book value of $8,000.
c. Accounts receivable increased by $40,000 during 2017. The Allowance account increased by $4,000. There were no write-offs of uncollectible accounts.
d. Salaries payable at the beginning of the year were $6,000; at the end of the year, $10,000.
e. Inventories decreased $12,000 during 2017.
f. Taxes payable increased $6,000 during the year.
g. The investments that were sold had a book value of $30,000.
Required:
On the basis of the above data, prepare Bradley Corporation's single-step income statement for the year ended December 31, 2017.

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Financial Reporting and Analysis

ISBN: 978-1259722653

7th edition

Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer

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