The comparative balance sheet of Juras Equipment Co. for December 31, 2013 and 2012, is as follows:
Question:
The comparative balance sheet of Juras Equipment Co. for December 31, 2013 and 2012, is as follows:
The following additional information was taken from the records of Juras Equipment:
a. Equipment and land were acquired for cash.
b. There were no disposals of equipment during the year.
c. The investments were sold for $129,600 cash.
d. The common stock was issued for cash.
e. There was a $228,960 credit to Retained Earnings for net income.
f. There was a $144,000 debit to Retained Earnings for cash dividends declared.
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, 2013 Dec. 31, 2012 Assets 67,680 265,680 409,200 144,000 0 505,440 (119040) $1,272,960 Accounts receivable (net). Inventories $99,840 292,560 421,440 Land._. Equipment... . 417,600 619,200 (139.920) 1,710,720 Liabilities and Stockholders'Equity 290,400 43,200 36,000 162,000 594,000 585,120 $1,710,720 274,080 37,920 28,800 144,000 288,000 500,160 $1,272960 Paid-in capital in excess of par-common stock
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JURAS EQUIPMENT CO Statement of Cash Flows For the Year Ended December 31 2013 Cash flows from operating activities Net income 228960 Adjustments to reconcile net income to net cash flow from operatin...View the full answer
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