To prepare the statement of cash flows, accountants for Dora Electric Company have summarized 2012 activity in
Question:
Doras 2012 income statement and balance sheet data follow:
Requirements
1. Prepare the statement of cash flows of Dora Electric Company for the year ended December 31, 2012, using the direct method to report operating activities. Also prepare the accompanying schedule of non-cash investing and financing activities.
2. Use Doras 2012 income statement and balance sheet to prepare a supplementary schedule of cash flows from operating activities by using the indirectmethod.
Transcribed Image Text:
Cash Beginning bal Sale of long-term investment Collections from customers Issuance of common stock Receipts of dividends 399,700 27,400 661,200 Payments of salaries and wages 134,900 29,200 31,100 34,000 Payment of long-term note payable 41,400 19,000 18,400 9,100 Payments on accounts payable 21,500 Payments of dividends 61,000 Payments of interest 17,500 Purchase of equipment Payments of operating expenses Purchase of treasury stock Payment of income tax Ending Bal 35,200 Common Stock Beginning bal Issuance for cash Issuance to acquire land Issuance to retire note pavable Ending bal 56,600 61,000 80,300 219,900 Dora Electric Company Income Statement Year Ended December 31, 2012 Revenues: $679,100 17,500 696,600 ales revenue Dividend revenue Total revenue Expenses and losses Cost of goods sold Salary and wage expense Depreciation expense Other operating expense Interest expense Income tax expense Loss on sale of investments $348,200 142,800 19,300 43,900 28,300 16,000 27,400 Total expenses Net income and losses 625,900 S 70,700 Dora Electric Company Selected Balance Sheet Data December 31, 2012 Increase Decrease Current assets: Cash and cash equivalents S 26,100 17,900 59,700 Inventories Prepaid expenses Long-term investments Equipment, net (48,900) 11,800 80,300 Current liabilities: Accounts payable Interest payable Salary payable Other accrued liabilities Income tax payable 8,200 (900) 7,900 10,500 (2,400) (63,400) 163,300 43,300 (19,000) Long-term note payable Common stock Retained earnings Treasury stock
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Related Book For
Financial accounting
ISBN: 978-0132751124
9th edition
Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom
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