The three accounts shown below appear in the general ledger of Lauber Corp. during 2014. Instructions From
Question:
The three accounts shown below appear in the general ledger of Lauber Corp. during 2014.
Instructions
From the postings in the accounts, indicate how the information is reported on a statement of cash flows using the indirect method. The loss on disposal of plant assets was$8,000.
Transcribed Image Text:
Equipment Date Debit Credit Jan. 1 July 31 Sept. 2 Nov. 10 Balance Purchase of equipment Cost of equipment constructed Cost of equipment sold Balance 160,000 230,000 283,000 234,000 70,000 53,000 49,000 Accumulated Depreciation-Equipment Date Debit Credit Balance 71,000 Jan. Balance Nov. 10 Accumulated depreciation on equipment sold Depreciation for year 55,000 83,000 16,000 Dec. 31 28,000 Retained Earnings Date Debit Credit Jan. 1 Aug. 23 Dec. 31 Balance 105,000 91,000 163,000 Balance Dividends (cash) Net income 14,000 72,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (10 reviews)
LAUBER CORP Partial Statement of Cash Flows For the Year Ended December 31 2014 Cash flows ...View the full answer
Answered By
John Aketch
I have a 10 years tutoring experience and I have helped thousands of students to accomplish their educational endeavors globally. What interests me most is when I see my students being succeeding in their classwork. I am confident that I will bring a great change to thins organization if granted the opportunity. Thanks
5.00+
8+ Reviews
18+ Question Solved
Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118128169
5th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Question Posted:
Students also viewed these Managerial Accounting questions
-
The three accounts shown below appear in the general ledger of Chaudry NV during 2017. Instructions From the postings in the accounts, indicate how the information is reported on a statement of cash...
-
The three accounts shown below appear in the general ledger of Herrick Corp. during 2017 Instructions From the postings in the accounts, indicate how the information is reported on a statement of...
-
The three accounts shown below appear in the general ledger of Chaudry NV during 2020. Instructions From the postings in the accounts, indicate how the information is reported on a statement of cash...
-
Enviro-Tech has only two retail and two wholesale customers. Information relating to each customer for 2012 follows (in thousands): Enviro-Tech's annual distribution-channel costs are $33 million for...
-
In Exercises 1-2, find all of the eigenvalues of the matrix A over the complex numbers C. Give bases for each of the corresponding eigenspaces. 1. 2. 0 1
-
Below are some terms commonly found in a management setting. Are they concepts or constructs? Give two different operational definitions for each. a. Employee morale. b. Assembly line. c. Overdue...
-
Describe triggers. Discuss their advantages and disadvantages.
-
Faced with rising pressure for a $15 per hour minimum wage rate, the farming industry is currently exploring the possible use of robotics to replace some farm workers. The Lettuce Bot is one such...
-
EDGAR: The Boeing Company (ticker: BA) Visit www.sec.gov/edgar and search for the Boeing annual report (10-K) for the year ended December 31, 2019, using EDGAR (Electronic Data Gathering, Analysis,...
-
Richard chooses technique 0 and 2 requiring 10+10-20 efforts and provising 10+11=21 benefits. Hence, 21 is returned as the output Example 2: input1: 3 input2: (10,10,10,10) input3: (10,11,12,15)...
-
The following information is available for Ramos Corporation for the year ended December 31, 2014. Beginning cash balance....................... $ 45,000 Accounts payable...
-
Shown below and on the next page are comparative balance sheets for Schmitt Company. Additional information: 1. Net income for 2014 was $93,000. 2. Depreciation expense was $34,000. 3. Cash dividends...
-
A 4-m-long section of a 5-cm-diameter horizontal pipe in which a refrigerant flows passes through a room at 20C. The pipe is not well insulated and the outer surface temperature of the pipe is...
-
Explain with an example how organizations plan and coordinate demand and supply in a supply chain.
-
The research hypothesizes that companies that emphasize LTSM are more likely to share information and encourage collaborative planning, forecasting, and replenishment (CPFR) across supplier tiers....
-
Debt contracts represent fixed claims against the firm, while an equity contract entitles the shareholder to claim against the residual cash flows of the firm. Consider a small firm with one...
-
what types of incentives could a financial institution offer to the unbanked population?
-
Why is a cross functional team consisting of engineering, manufacturing and supply management personnel a positive when contributing to specifications development, market analysis, productivity/cost...
-
Redo exercise 10 assuming a 16M 16 memory built using 512 8 RAM chips.
-
Write a paper about how diet relates to breast cancer in women study design to use: case control study purpose & rationale the purpose of this final project is to utilize the methods and...
-
A customer has been ordering 5,000 special design metal columns at the rate of 1,000 per order during the past year. The production cost is 12 a unit8 for materials and labour and 4 for overheads...
-
On July 31, 2015, the general ledger of Hills Legal Services Inc. showed the following balances: Cash $4,000; Accounts Receivable $1,500; Supplies $500; Equipment $5,000; Accounts Payable $4,100;...
-
You are presented with the following alphabetical list of selected items from the financial statements of Danier Leather Inc.: Accounts payable and accrued...
-
You are presented with the following transactions for Paddick Enterprises Ltd. for the month of February: Feb. 2 Purchased supplies on account, $600. 3 Purchased equipment for $10,000 by signing a...
-
Calculating Present Values Imprudential, Inc., has an unfunded pension liability of $645 million that must be paid in 25 years. To assess the value of the firm's stock, financial analysts want to...
-
Describe the operating activities of each company noting similarities and difference between COCA COLA & PEPSICO. Identify two economy wide factors and industry wide factors that could impact on the...
-
The trial balance for a company listed the following account balances at December 31, Year 1, the end of its fiscal year: cash, $36,000; accounts receivable. $31,000; Inventory, $45,000; equipment...
Study smarter with the SolutionInn App