Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ASSETS 2014 2013 Cash 469,320.00 439,440.00 Accounts Receivable (Net) 170,880.00 156,720.00 Inventories 481,320.00 462,840.00 Prepaid expenses - - Investments (long term) - 180,000.00 Land 246,000.00
| ASSETS | 2014 | 2013 |
| Cash | 469,320.00 | 439,440.00 |
| Accounts Receivable (Net) | 170,880.00 | 156,720.00 |
| Inventories | 481,320.00 | 462,840.00 |
| Prepaid expenses | - | - |
| Investments (long term) | - | 180,000.00 |
| Land | 246,000.00 | - |
| Equipment | 528,840.00 | 414,840.00 |
| Accumulated depreciation Equipment | (124,800.00) | (111,000.00) |
| Machinery and Equipment | - | - |
| Accumulated depreciation-Machinery & Eqpt | - | - |
| Patents | - | - |
| Total assets | 1,771,560.00 | 1,542,840.00 |
| LIABILITIES & STOCKHOLDERS EQUITY | ||
| Accounts payable (merchandise creditors) | 318,360.00 | 303,720.00 |
| Accrued expenses payable (operating expenses) | 31,680.00 | 39,480.00 |
| Income taxes payable | - | - |
| Dividends payable | 18,000.00 | 14,400.00 |
| Mortgage notes payable (due 2024) | - | - |
| Bonds payable | - | - |
| Common stock (P2 par) | 95,000.00 | 75,000.00 |
| Excess of issue price over par-Common stock | 290,000.00 | 210,000.00 |
| Retained earnings | 1,018,520.00 | 900,240.00 |
| Total Liabilities and Stockholders Equity | 1,771,560.00 | 1,542,840.00 |
Prepare a statement of cash flow using indirect method
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
GAO Financial Audit Manual Volume 3 June 2018
Authors: United States Government GAO
2018 Edition
979-8733166001
