To prepare the statement of cash flows, accountants for Rosie Electric Company have summarized 2012 activity in
Question:
Rosies 2012 income statement and balance sheet data follow:
Requirements
1. Prepare the statement of cash flows of Rosie 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 Rosies 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 44,300 Payments on accounts payable 32,400 Payments of dividends 399,000 27,800 143,900 27,000 31,100 34,300 41,000 26,300 18,600 661,500 Payments of salaries and wages 47,300 Payments of interest 16,900 Purchase of equipment Payments of operating expenses ng-term note payable Purchase of treasury stock income tax Ending Bal 53,400 Common Stock Beginning bal Issuance for cash Issuance to acquirel Issuance to retire note payable Ending bal 56,600 47,300 52,000 24,000 179,900 Rosie Electric Company Income Statement Year Ended December 31, 2012 Revenues: Sales revenue $634,000 16,900 650,900 Dindend revente 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 $347,500 151,500 18,600 23,500 28,700 15,200 16,500 Total expenses and losses 601,500 $ 49,400 Net income Rosie Electric Company Selected Balance Sheet Data December 31, 2012 Increase Decrease) Current assets: Cash and cash equivalents Accounts receivable Prepaid expenses Long-term investments Equipment, net Land Current liabilities: $ 9,100 (27,500) 59,700 400 (48,900) 12,500 52,000 Accounts payable Interest payable Salary payable Other accrued liabilities Income tax payable 8,200 1,700 7,600 (10,400) (3,400) (65,000) 123,300 21,600 (26,300) 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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