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Question 3 [30 points) Une the Courtand Coup financial statements and supplementary information given below to prepare a statement of cash flows for the your ended December 31, 2014, using the Indirect method Additional Information a Purchased equipment for 545,000 cash b Sold the long term investment on January 1, 2014 for $12,000 Sold equipment for $11.500 cash that had originally cost $90 500 and had $40,000 of accumulated depreciation The short form investment is a treasury Did that was purchased with maturty in 90 days Siement of Cashow Cash flows from operating activities Cortland Corp Comparative Balance Sheet Information December 31 Assets 2014 2013 Cash 298.900 225.000 Short-term investments 256.000 240,000 Accounts receivable 32.300 66 000 Merchandise inventory 3.300 2000 0 Long term investment 31.000 Equipment 195.500 210.000 Adjust to reconcile come to cash provided to act Cash flows from investing activities G1 AM 2014 1 Moly O Tyne here to search Ajust to reconcile et income to cash provoca y opera conquiz-servietsuizServlet?cid=11112 STOFFET vesimenes 250,000 240,000 Accounts receivable 32,900 66,000 Merchandise inventory 3,300 2,000 En teun investment 0 31,000 Equipment 195,500 210,000 Auto-depreciation (139,000) (160,000) Tsets 647,600 620,000 Cash flows from investing activities Cash flows from financing activities Liabilities and Equity Accounts payable Dividends payable Bonds payable Share capital Retained earnings Total liabilities and equity 42,600 11,000 58.000 393,000 143,000 647,600 68,000 28,000 0 393 000 131 000 620,000 Net increase (decrease) in cash Cash at beginning of year Cash at end of year Courtland Corp Income Statement For Year Ended December 31, 2014 Sales 800,000 Cost Of Goods Sold 700,000 Depreciation expense 27 000 Other expenses 42.000 (769,000) Loss on sale of long-term investment (19.000) 12.000 Net income SUBMIT AND MARK Time Remaining: 84:06 Salomon a Purchased equipment for $45,000 cash. Sok the long teen investment on January 1, 2014 for $12,000 Sakegument for $11,500 cash that had originally cost $59,500 and had $48,000 of accumulated depreciation $68.000 of bonds payable at face value the short-term ivestment is a treasury bill that was purchased with maturity in 90 days Statement of Cashika el Cash flows from operating activities Courtland Corp Comparatie Balance Sheet Information December 31 Assets 2014 2013 Cash 298,900 225,000 Short-term investments 256,000 246 000 Accounts receivable 32 900 66,000 Merchandise inventory 3,300 2,000 Long term investment 0 31,000 Equipment 195,500 210,000 Accumulated depreciation (139.000) (160,000) Total assets 647,600 620.000 Adjust to reconcile net income to cash provided by operact x + Cash flows from investing activities x Cash flows from financing activities x + Liabilities and Equity Accounts payable Dividends payable Bonds payable Share capital Retained earnings Total liabilities and equity 42 600 11 000 58.000 393 000 143,000 847,600 68,000 28,000 0 393 000 131 000 620.000 Net increase (decrease) in cash Cash at beginning of year Cash at end of year Adjust to reconciler income to cash provided by opera X Le counting Concepts ll Test August 14, 2021 - Lyrys learning Inc - Google Chrome lifal lyryx.com/quiz-servlets/QuizServlet/ccide11112 STORITVestments 250,00 240,000 Accounts receivable 32,900 66,000 Merchandise inventory 3,300 2,000 long term investment 0 31,000 Equipment 195,500 210,000 Aiated depreciation (139,000) (160,000) STARLSets 647,600 620,000 Cash flows from investing activities Cash flows from financing activities X + Latities and Equity Accounts payable Dividends payable Bonds payable Share capital Retained earnings Total liabilities and equity 42,600 11,000 58,000 393,000 143,000 647 600 68,000 28,000 0 393,000 131 000 620,000 Net increase (decrease) in cash Cash at beginning of year Cash at end of year Courtland Corp Income Statement For Year Ended December 31, 2014 Sales 800,000 Cost Of Goods Sold 700.000 Depreciation expense 27.000 Other expenses 42.000 (769.000) Loss on sale of long-term investment (19.000) 12 000 Net income SUBMIT AND MARK Time Romaining: 84:06
