An analysis of accounts follows: a. Purchased equipment, $19,000, and issued capital stock in full payment. b.
Question:
An analysis of accounts follows:
a. Purchased equipment, $19,000, and issued capital stock in full payment.
b. Purchased a long-term investment for cash, $15,000.
c. Paid cash dividend, $10,000.
d. Sold operational asset for $6,000 cash (cost, $21,000, accumulated depreciation, $15,000).
e. Sold capital stock, 300 shares at $12 per share cash.
Required:
Complete the spreadsheet for the statement of cash flows using the indirectmethod.
Transcribed Image Text:
ANALYSIS OF CHANGES Beginning Balaneces, Ending Balances, Items from Financial Statements 12/31/2012 Debit Credit 12/31/2013 Income statement items Sales $140,000 $59,000 Cost of goods sold Depreciation Wage expense Income tax expense 5,000 28,000 9,000 Interest expense 5,000 Remaining expenses Net income 15,800 18,200 Balance sheet items S 20,500 S 18,800 Cash Accounts receivable 22,000 22,000 Merchandise inventory Investments, long-term Equipment 68,000 75,000 15,000 114,500 112,500 Total debits $225,000 $243.300 S 32,000 17,000 S 22,000 Accumulated depreciation Accounts payable Wages payable Income taxes payable Bonds payable Common stock, no par Retained earnings 14,000 1,500 2,500 3,000 4,500 54,000 54,000 122,600 100,000 16,500 24,700 $243,300 Total credits $225,000 Outflows Inflows Statement of cash flows Cash flows from operating activities: Cash flows from investing activities: Cash flows from financing activities: Net increase (decrease) in cash Totals
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 62% (16 reviews)
Balances Analysis Balances Item 12312012 Debit Credit 12312013 Cash 20500 l 1700 18800 Noncash accou...View the full answer
Answered By
Issa Shikuku
I have vast experience of four years in academic and content writing with quality understanding of APA, MLA, Harvard and Chicago formats. I am a dedicated tutor willing to hep prepare outlines, drafts or find sources in every way possible. I strive to make sure my clients follow assignment instructions and meet the rubric criteria by undertaking extensive research to develop perfect drafts and outlines. I do this by ensuring that i am always punctual and deliver quality work.
5.00+
6+ Reviews
13+ Question Solved
Related Book For
Question Posted:
Students also viewed these Managerial Accounting questions
-
An analysis of accounts follows: a. Purchased equipment, $16,000, and issued capital stock in full payment. b. Purchased a long-term investment for cash, $10,000. c. Paid cash dividend, $15,000. d....
-
The company selected is Johnson and Johnson. Go to the website for that company and download its most recent annual report (10-K). Locate the company's consolidated balance sheets to answer these...
-
Ming Limited was organized on January 1, 2020. It is authorized to issue 15,000 7%, $1,000 par value preference shares, and 400,000 no-par ordinary shares with a stated value of $15 per share. The...
-
C.J mensah started a new park business called Jane park on February 1, 2016. The following selected events and transaction occurs during February. February 1. Invested $40,000 by issuing a common...
-
What is the advantage of a synthetic lease?
-
Using the purchases from Exercise 2: a) Standardize the minimum and maximum purchase using the mean from Exercise 6b and the standard deviation from Exercise 8d. b) Which has the more extreme...
-
Preparing a Statement of Financial Position} Refer to the information for Sparrow Company above. \section*{Required:} Prepare a classified statement of financial position for Sparrow at December 31,...
-
Stoney Saure, Votives, Inc.s accountant, must group the costs ofmanufacturing tealights. Indicate whether each of the following items should be classified as direct materials (DM), direct labor (DL),...
-
(1 point) Find all critical points of f (x) = 9x2 -5x3. Critical points are (If there is more than one critical point, enter a comma-separated list. If there are no critical points, enter "none".)
-
Compute the area in acres of a triangular parcel of land whose sides measure 48.78 mm, 84.05 mm, and 69.36 mm on a vertical photograph taken from 6050 ft above average ground with a 152.4 mm focal...
-
Refer to the following summarized income statement and additional selected information for Huanca , Inc.: Income Statement Revenues $146,500 Cost of sales 55,500 Gross margin 91,000 Salary expense...
-
HiDef Films , Inc., is developing its annual financial statements at December 31, 2012. The statements are complete except for the statement of cash flows. The completed comparative balance sheets...
-
If P dollars are invested at a yearly interest rate r per year, compounded m times per year for t years, then the compound amount A is When m , then the interest is compounded continuously. Use the...
-
Interest expense of \($45,500\) is recorded, after discount amortization of \($4,500\). Interest payable has increased by \($2,000\) during the year. How much cash was paid for interest?
-
Assume that a Canadian company borrowed US\($325,000\), for five years, when US\($1\) = Cdn\($1.10\). If the exchange rate at the end of the first year is US\($1\) = Cdn\($1.08\), and at the end of...
-
Find P(F). box is filled with several party favors. It contains 12 hats, 15 noisemakers, ten finger traps, and five bags of confetti. Let H = the event of getting a hat. Let N = the event of getting...
-
What is being counted? The Ice Chalet offers dozens of different beginning iceskating classes. All of the class names are put into a bucket. The 5 P.M., Monday night, ages 8 to 12, beginning...
-
In words, define the random variable P. The Ice Chalet offers dozens of different beginning iceskating classes. All of the class names are put into a bucket. The 5 P.M., Monday night, ages 8 to 12,...
-
Consider the following statements: 1). The condition of stability of a governor requires that the slope of the controlling force curve should be less than that of the line representing the...
-
Write each fraction as a percent. 7 50
-
In Problem find the sum of the finite geometric series a + ar + ar 2 + g+ ar n 1 . a = 30, r = 1, n = 100
-
The purchase schedule for Lumbermans and Associates is as follows: The inventory balance as of the beginning of the year was $15,000 (15,000 units @ $1), and an inventory count at year-end indicated...
-
The purchase schedule for Laundryman's Corporation is as follow: The inventory balance as of the beginning of the year was $35,000 (500 units @ $70 each). During the year ended December 31, the...
-
The Magic Teddy Bear Toy Company entered into the following transactions during January 2011: January 3:Purchased 7,000 teddy bears at $20 each with the terms 2/10, n/30. 3:Sold 2,000 teddy bears at...
-
A U . S . company's foreign subsidiary had these amounts in local currency units ( LCU ) in 2 0 2 4 : \ table [ [ Cost of goods sold,LCU 5 , 0 4 0 , 0 0 0
-
Sharp Company manufactures a product with the following standards: \ table [ [ , Standard Quantity,Standard Price or , Standard ] , [ , or Hours,Rate,Cost ] , [ Direct materials, 3 feet,$ 5 per...
-
Beyer Company is considering buying an asset for $ 2 7 0 , 0 0 0 . It is expected to produce the following net cash flows. \ table [ [ , Year 1 , Year 2 , Year 3 , Year 4 , Year 5 ] , [ Net cash...
Study smarter with the SolutionInn App