Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

3. The following information is available for the Dynamite Corporation: Dynamite Corporation Balance Sheet For Year Ending Dec. 31, 2015 2015 2014 Assets: Cash.... .

image text in transcribed
3. The following information is available for the Dynamite Corporation: Dynamite Corporation Balance Sheet For Year Ending Dec. 31, 2015 2015 2014 Assets: Cash.... . Accounts receivable ................... Merchandise inventory. .. Long-term investments ....... Equipment................. Accumulated depreciation ........ Total assets... S 24.640 32,180 73.125 55,900 175,500 (33.550) $327.795 S 23,040 29,400 61.710 56,400 145,500 (31.200) $284.850 Liabilities: Accounts payable................. Income taxes payable.... Bonds payable... Total liabilities... Equity: Common stock.......... Contributed capital in excess of par.... $ 65,000 10.725 48.750 $124,475 S 40,380 10.200 66.000 S116.580 117.000 13.000 73.320 $203.320 $327.795 96.000 9,000 63.270 S168.270 $284,850 Total equity........ Total liabilities and equity. Sales Income Statement January 1 - December 31, 2015 S240.000 Cost of goods sold... S80.900 Depreciation expense..... 29,400 Other operating expenses................ 48.000 Interest expense... 2.000 (160.300) Other gains (losses) Loss on sale of equipment....... (8.400) Income before taxes.. 71.300 Income taxes expense 27.650 Not income... S 43.650 Additional information: (1) There was no gain or loss on the sales of the long-term investments, nor on the bonds retired. (2) Old equipment with an original cost of $37,550 was sold for $2.100 cash. (3) New equipment was purchased for $67,550 cash (4) Cash dividends were paid. (5) All additional shares of stock were issued for cash. Prepare a complete statement of cash flows for calendar-year 2015 using the indirect method

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

IT Auditing And Application Controls For Small And Mid Sized Enterprises Revenue Expenditure Inventory Payroll And More

Authors: Jason Wood, William Brown, Harry Howe

1st Edition

1118072618, 9781118072615

More Books

Students also viewed these Accounting questions

Question

Guidelines for Informative Speeches?

Answered: 1 week ago