P17-8B The comparative balance sheet of Shin-Etsu Chemical Company at June 30, 20x2. included the following balances:
Question:
P17-8B The comparative balance sheet of Shin-Etsu Chemical Company at June 30, 20x2. included the following balances: SHIN-ETSU CHEMICAL COMPANY Balance Sheet June 30, 20X2 and 20X1 20X2 20X1 Increase (Decrease) Current assets: Cash $ 31.500 $ 8,600 Accounts receivable. 48,800 51.900 Inventories: 68,600 60,200 $ 22,900 (3.100) 8,400 Prepaid expenses.. 3,700 2,800 900 Long-term investment. 10.100 5.200 4,900 Equipment, net. 82,500 73,600 8.900 Land. 42,400 96.000 (53.600) $287.600 $298,300 $(10.700) Current liabilities: Notes payable, short-term (for general borrowing). $ 13,400 Accounts payable. 42,400 $ 18.100 40.300 $ (4,700) 2,100 Income tax payable. 13,800 14,500 (700) Accrued liabilities. 12.800 15.200 (2.400) Long-term notes payable. 47.400 94.100 (46.700) Common stock 59.800 51.200 8.600 Retained earnings.. 98,000 64,900 33.100 $287,600 $298.300 S(10,700) Transaction data for the year ended June 30, 20X2:
a. Net income. $71,200.
b. Depreciation expense. $5,400.
c. Purchased long-term investment. $4.900.
d. Sold land for $46.900, including a $6.700 loss.
e. Acquired equipment by issuing long-term note payable. $14,300.
f. Paid long-term note payable. $61.000. g. Received cash for issuance of common stock. $3.900. h. Paid cash dividends. $38.100. i. Paid short-term note payable by issuing common stock. $4,700. Required Prepare the statement of cash flows of Shin-Etsu Chemical Company for the year ended June 30. 20X2. using the indirect method to report operating activities. Also prepare the accompanying schedule of noncash investing and financing activities. All current accounts except shon-term notes payable result from operating transactions.
Step by Step Answer:
Accounting
ISBN: 9780130906991
5th Edition
Authors: Charles T. Horngren, Walter T. Harrison, Linda S. Bamber, Betsy Willis, Becky Jones