Condensed financial data of Minnie Hooper Company are shown below. Additional information:1. New plant assets costing $146,000
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Condensed financial data of Minnie Hooper Company are shown below.
Additional information:1. New plant assets costing $146,000 were purchased for cash during the year.2. Investments were sold at cost.3. Plant assets costing $36,000 were sold for $15,000, resulting in a gain of $5,000.4. A cash dividend of $48,000 was declared and paid during the year.InstructionsPrepare a statement of cash flows using the indirectmethod.
DividendA dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...
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MINNIE HOOPER COMPANY Comparative Balance Sheets December 31 2012 Assets 2011 $ 33,400 Cash $102.700 Accounts receivable 60,800 37,000 Inventory Investments 126.900 102.650 79,500 107,000 Plant assets 315.000 205,000 Accumulated depreciation (44.500) (40,000) Total $640,400 $445,050 Liabilities and Stockholders Equity $ 57,700 $ 48,280 Accounts payable Accrued expenses payable Bonds payable Common stock 15.100 18,830 145,000 70,000 250,000 200,000 Retained earnings 172,600 107,940 Total $640,400 $445,050 MINNIE HOOPER COMPANY Income Statement For the Year Ended December 31, 2012 $297.500 Sales revenue Gain on sale of plant assets 5,000 302,500 Less: $99,460 Cost of goods sold Operating expenses, excluding depreciation expense Depreciation expense 19.670 30.500 37.270 Income taxes Interest expense 2.940 189.840 $112,660 Net income
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Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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