The comparative balance sheet of Wen Technology, Inc. at December 31, 2013 and 2012, is as follows:
Question:
The comparative balance sheet of Wen Technology, Inc. at December 31, 2013 and 2012, is as follows:
The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 2013 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, 2013 Dec. 31, 2012 Assets Cash 450,900 1,056,600 1,377,900 27,900 1,485,000 2,970,000 (595,800) 990,900 (199,800) $7,563,600 S 506,700 914,400 1,298,700 39,600 2,079,000 1,485,000 (549,000) 794,700 (243,000) 6,326,100 Inventories Buildings Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) . .. . 891,000 39,600 495,000 378,000 1,701,000 4,059,000 $7,563,600 946,800 32,400 0 270,000 1,215,000 3,861,900 6,326,100 Bonds payable. .. Common stock, $10 par... ACCOUNT Land ACCOUNT NO. Date Debit Credit Debit Credit 2013 1 Balance Apr. 20 ealized $684,000 cash from sale 594,000 1,485,000 ACCOUNT Buildings ACCOUNT NO. Date tem DebitCredit Debit Credit 2013 1 Balance Apr. 20Aquired for cash 1,485,000 2,970,000 1,485,000 ACCOUNT Accumulated Depreciation-Buildings ACCOUNT NO. Date tem DebiCredit Debit Credit 2013 1 Balance Dec. 3 Depreciation for year 549,000 595,800 ACCOUNT Accumulated Depreciation-Buildings ACCOUNT NO. Balance Date em Debit Credit Debit Credit 2013 Dec. 31 Depreciation for year ACCOUNT Equipmet 549,000 595,800 Balance 46,800 ACCOUNT NO Balance Date Item Debit Credit Debit Credit 2013 Jan Balance Discarded, no salvage Purchased for cash 794,700 99,000 695,700 990,900 26 Aug. 295,200 ACCOUNT Accumulated Depreciation-Equipment ACCOUNT NO Balance Date Debit Credit Debit Credit 2013 Jan 243,000 144,000 199,800 Balance 26 Equipment discarded Dec. 31 Depreciation for year 99,000 55,800 ACCOUNT Bonds Payable ACCOUNT NO ance Date Debit Credit Debit Credit 2013 May Issued 20-year bonds 495,000 495,000 ACCOUNT Commo Stock, $10 par ACCOUNT NO Balance Date Item Debit Credit Debit Credit 2013 Jan Dec. 1Balance 270,000 7 ssued 10,800 shares of common stock for $10 per share 108,000 378,000 ACCOUNT Paid-In Capital in Excess of Par-Common Stock ACCOUNT NO Balance Date Debit Credit Debit Credit 2013 Balance 1,215,000 Dec. 7 Issued 10,800 shares of common stock for $10 per share 486,000 1,701,000 ACCOUNT Retained Earnings ACCOUNT NO. nce Date Item Debit Credit Debit Credit 2013 Jan. Dec. 1 Balance 31 Net income 31 Cash dividends 3,861,900 4,177,800 4,059,000 315,900 118,800 ACCOUNT Accumulated Depreciation-Buildings ACCOUNT NO. Balance Date Debit Credit Debit Credit 2013 Dec. 31 Depreciation for year ACCOUNT Equipment 1 Balance 549,000 595,800 46,800 ACCOUNT NO. nce Date Debit Credit Debit Credit 2013 Jan 1 Balance 794,700 99,000695,700 990,900 26 Discarded, no salvage Aug. 1 Purchased for cash 295,200 ACCOUNT Accumulated Depreciation-Equipment ACCOUNT NO. Balance Date Debit Credit Debit Credit 2013 Jan 1 Balance 243,000 144,000 199,800 26 Equipment discarded 99,000 Dec. 31 Depreciation for year 55,800 ACCOUNT Bonds Payable ACCOUNT NO. nce Date Debit Credit Debit Credit 2013 May 1Issued 20-year bonds 495,000 495,000 ACCOUNT Common Stock, $10 par ACCOUNT NO. nce Date Debit Credit Debit Credit 2013 1Balance 270,000 7 Issued 10,800 shares of common stock for $10 per share 108,000 378,000 ACCOUNT Paid-In Capital in Excess of Par-Common Stock ACCOUNT NO. Balance Date Debit Credit Debit Credit 2013 Jan 1Balance 1,215,000 7 Issued 10,800 shares of common stock for $10 per share 486,000 1,701,000 ACCOUNT Retained Earnings ACCOUNT NO. Balance Date Debit Credit Debit Credit 2013 Jan 1Balance 31 Net income 31 Cash dividends 3,861,900 4,177,800 4,059,000 315,900 118,800
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WEN TECHNOLOGY INC Statement of Cash Flows For the Year Ended December 31 2013 Cash flows from operating activities Net income 315900 Adjustments to reconcile net income to net cash flow from operatin...View the full answer
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