Data for Jackson Ski Haus are presented in E23-13B. In E23-13B, Jackson Ski Haus had the following
Question:
In E23-13B, Jackson Ski Haus had the following statements prepared as of December 31, 2014.
Additional information:
1. Dividends in the amount of $20,000 were declared and paid during 2014.
2. Depreciation expense and amortization expense are included in operating expenses.
3. Equipment that had a cost of $25,000 and was 20% depreciated was sold during 2014.
Instructions
Prepare a statement of cash flows using the indirectmethod.
Transcribed Image Text:
JACKSON SKI HAUS COMPARATIVE BALANCE SHEET As oF DECEMBER 31 2014 2013 Cash Accounts receivable Short-term investments (Available-for-sale) Inventories Prepaid insurance Ski equipment Accumulated depr.-equipment Trademarks $ 2,500 103,000 96,000 91,000 4,000 89,000 (23,500) 79,000 $441,000 $ 4,000 97,000 121,000 54,000 6,000 43,000 (18,000) 83,000 $390,000 Total assets Accounts payable Income taxes payable Wages payable Short-term loans payable to bank Long-term loans payable Common stock, $1 par Additional paid-in capital Retained earnings $92,200 21,800 4,000 23,500 75,000 100,000 20,000 104,500 $441,000 $75,000 15,700 9,000 125,000 100,000 20,000 45,300 $390,000 Total liabilities & equity JACKSON SKI HAUS INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2014 Sales Cost of goods sold Gross margin Operating expenses Operating income Interest expense Loss on sale of equipment Income before income tax Income tax expense Net income $540,200 302,000 238,200 94,000 144,200 $20,500 4,000 24,500 119,700 40,500 $ 79,200
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 56% (16 reviews)
JACKSON SKI HAUS Statement of Cash Flows For the Year Ended December 31 2014 Cash flows from operati...View the full answer
Answered By
Saleem Abbas
Have worked in academic writing for an a years as my part-time job.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
Question Posted:
Students also viewed these Accounting questions
-
Jackson Ski Haus had the following statements prepared as of December 31, 2014. Additional information: 1. Dividends in the amount of $20,000 were declared and paid during 2014. 2. Depreciation...
-
Cash dividends of $50,000 were declared and paid in 2007. Weighted average number of shares of common stock outstanding during 2007 were 62,000 shares. Market value of common stock on December...
-
Information for Gifford, Inc., as of December 31 follows: Administrative salaries $ 35,000 Depreciation of factory equipment 25,000 Depreciation of delivery vehicles 6,000 Direct labor 68,000 Factory...
-
Bruno Corp. has decided to expand its operations. The bookkeeper recently completed the following statement of financial position in order to obtain additional funds for expansion: Instructions (a)...
-
The circuit in Fig. 8.123 is the electrical analog of body functions used in medical schools to study convulsions. The analog is as follows: C1 = volume of fluid in a drug C2 = volume of blood stream...
-
List suggestions that would ensure that your nonverbal messages reinforce your verbal messages effectively.
-
Read the Center for Creative Leaderships (2014) GLOBE study at www.ccl.org/leadership/pdf/assessments/globestudy.pdf. Select three countries and write a two- to three-page paper on how their cultural...
-
Action Athletics manufactures sporting goods that are then sold to retailers. It is a very competitive industry, where quality and price are important to gain space on retailers shelves. Actions...
-
M 0/1 pt '0 3 Z 98 U Details Use linear approximation to estimate the amount of paint in cubic centimeters needed to apply a coat of paint 0.08 cm thick to a hemispherical dome with a diameter of 65...
-
Your company is considering deploying a chatbot, a virtual customer assistant, to initially handle customer service calls and, only when necessary, route callers to human operators for additional...
-
Data for Fulton Corp. are presented in E23-11B. In E23-11B, Condensed financial data of Fulton Corp. for 2014 and 2013 are presented below. FULTON CORP. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER...
-
Presented below are data taken from the records of Natural Homes Company. Additional information: 1. Held-to-maturity securities carried at a cost of $25,000 on December 31, 2013, were sold in 2014...
-
Which makes the most sense economically? (LO2) a) individual self-sufficiency b) national self-sufficiency c) national specialization d) none of the above
-
O L2 B L2 k object wwww m ktleli rijit ubuk ULUL According to these; wwwww wwwwwww C k m [kg] 8 L k 2k 2m L [m] 2,2 wwwww www In the system shown in the static equilibrium position, the rod mass m...
-
Using the following Relational database Schema write queries to retrieve the specified information. Record Label Name Rating Ceo Group Name Main Genre Record Company Part Of Group Name Artist ID...
-
ALGORITHM MinDistance (A[0..n-1]) //Input: Array A[0..n-1] of numbers //Output: Minimum distance between two of its elements dmin co for i 0 ton - 1 do for j-0 to n-1 do return dmin if i j and A[i] -...
-
Two investors are going to co-invest in a three-year project whose cost in year 0 is $100M. Investor 1 is a passive investor that finances 90% of the cost of the project. Investor 2 (the operator)...
-
Translate into symbols the following compound statements and give the form of the compound Statement. In each case, list the statements p, q, r... (a) If x is odd and y is odd then x + y is even. (b)...
-
Think of an example of how a specific organization (for-profit or not-for-profit) tried to establish a better customer relationship with you. What did the organization do? Was it effective? Why or...
-
Find the radius of convergence of? 1.2.3 1.3.5 (2n-1) r2n+1 -1
-
Referring to similarly situated cases, did the Kuwaiti Government engage in unfair and discriminatory treatment to foster an illegal expropriation of the assets of Aminoil?
-
Assigned Accounts ReceivableJournal Entries Salen Company finances some of its current operations by assigning accounts receivable to a finance company. On July 1, 2010, it assigned, under guarantee,...
-
Notes Receivable with Realistic Interest Rate On October 1, 2010, Arden Farm Equipment Company sold a pecan-harvesting machine to Valco Brothers Farm, Inc. In lieu of a cash payment Valco Brothers...
-
Notes Receivable Journal Entries On December 31, 2010, Oakbrook Inc. rendered services to Begin Corporation at an agreed price of $102,049, accepting $40,000 down and agreeing to accept the balance...
-
If the fixed capital balances method ( method 2 ) is used to account for partnership equity, both the profit or loss and the partner's drawings are closed to the: a . partners' capital accounts. b ....
-
Job Costing at Amazon Amazon is tracking the costs for a new project. Values: Cost Element Amount Direct Materials $3,000,000 Direct Labor $1,500,000 Overhead Rate 150% of Direct Labor Requirements:...
-
( i ) Exercise 1 2 - 1 Payback Method [ LO 1 2 - 1 ] The management of Unter Corporation, an architectural design firm, is considering an investment with the following cash flows: \ table [ [ Year ,...
Study smarter with the SolutionInn App