The comparative balance sheet of Coulson, Inc. at December 31, 2014 and 2013 is as follows: The
Question:
The comparative balance sheet of Coulson, Inc. at December 31, 2014 and 2013 is as follows:
The noncurrent asset, noncurrent liability, and stockholders’ equity accounts for 2014 are as follows:
Instructions
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operatingactivities.
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Transcribed Image Text:
Dec. 31, 2014 Dec. 31, 2013 Assets 300,600 704,400 918,600 18,600 990,000 1,980,000 (397,200) 660,600 (133,200) 5,042,400 337,800 609,600 865,800 26,400 1,386,000 990,000 (366,000) 529,800 (162,000 4,217 400 Accoun ts receivable (net).. Prepaid expenses._ Buildings... . Accumulated depreciation-buildings.. Accumulated depreciation-equipment Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Income taxes payable Bonds payable Common stock, $20 par Paid-in capital: Excess of issue price over Retained earnings. . ..._. . 631,200 21,600 26,400 330,000 320,000 950,000 180,000 810,000 2,574 $5,042,400 4,217,400 ACCOUNT Land ACCOUNT NO Balance Date Item Debit Credit Debit Credit 2014 Jan. Apr. 20 Realized $456,000 cash Balance 1,386,000 from sale 396,000 990,000 ACCOUNT Buildings ACCOUNT NO Balance Date Item Debit Credit Debit Credit 2014 Jan. Apr. 20 Acquired for cash Balance 990,000 1,980,000 990,000 ACCOUNT Accumulated Depreciation- Buildings ACCOUNT NO. Balance Date Debit Credit Debit Credit 2014 1 Balance 366,000 397,200 an. Dec. 31 Depreciation for year 31,200 ACCOUNT Equipment ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2014 1 Balance 26 Discarded, no salvage Purchased for cash 529,800 66,000 463,800 660,600 Aug. 196,800 ACCOUNT Accumulated Depreciation Equipment ACCOUNT NO. Balance Date Item Debit Credit DebiCredit 2014 1 Balance 26 Equipment discarded Dec. 3 Depreciation for year 162,000 96,000 133,200 66,000 37,200 ACCOUNT Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2014 May 1Issued 20-year bonds 330,000 330,000 ACCOUNT Common Stock, $10 par ACCOUNT NO Balance Date Item Debit Credit Debit Credit 2014 Jan. Dec.7Issued 7,000 shares of common 1 Balance 180,000 stock for $40 per share 140,000 320,000 ACCOUNT Paid-In Capital in Excess of Par-Common Stock ACCOUNT NO Balance Date Item Debit Credit Debit Credit 2014 Jan. 1Balance 810,000 Dec. 7ssued 7,000 shares of common stock for $40 per share 140,000 950,000 ACCOUNT Retained Earnings ACCOUNT NO Balance Date Item Debit Credit Debit Credit 2014 Jan. Dec. 31 Net income 1Baance 2,574,600 2,901,200 2,822,000 326,600 31 Cash dividends 79,200
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COULSON INC Statement of Cash Flows For the Year Ended December 31 2014 Cash flows from operating activities Net income loss 326600 Adjustments to rec...View the full answer
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Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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