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can you please assist with the homework on the attached document? E17-8 Here are the comparative balance sheets for Velo compnay Velo Company Comparative balance
can you please assist with the homework on the attached document?
E17-8 Here are the comparative balance sheets for Velo compnay Velo Company Comparative balance sheets Dec 31 Assets Cash Accounts Receivable Inventory Land Equipment Accumulated deprecitation - equipment Total Liabilities and Stockholders Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total 2014 $63000 85000 170000 75000 270000 (66000) 2013 22000 76000 189000 100000 200000 (32000) 597000 555000 $39000 150000 216000 192000 597000 47000 200000 174000 134000 555000 Additional information: 1. Net income for 2014 was $93000 2. Cash dividends of $35000 were declared and paid 3. Bonds payable amounting to $50000 were redeemed for cash $50000 4. Common stock was issued for $42000 cash 5. No equipment was sold during 2014, but land was sold at cost Instructions: Prepare a statement of cash flows for 2014 using the indirect method. E17-10 Macgregor Compnay completed its first year of operations on December 31, 2014. Its initial income statement showed that Macgregor had revenues of $192,000 and operating expenses of $78,000. Accounts receivable and accounts payable at year-end were $60,000 and $23,000, respectively. Assume that accounts payable related to operating expenses. Ignore income taxes. Instructions: Compute net cash provided by operating activities using the direct method. E17-14 Comparative balance sheets for International Compnay are presented below International company comparative balance sheets Dec 31 Assests Cash Acct receivable Inventory Land Equipment Accumulated depreciation - equipment Total Liabilities and Stockholders equity Acct payable Bonds payable Common stock ($1 par) Retained earnings Total 2014 73000 85000 180000 75000 250000 (66000) 2013 22000 76000 189000 100000 200000 (42000) 597000 545000 34000 150000 214000 199000 597000 47000 200000 164000 134000 545000 Additional information: 1. Net income for 2014 was $135000 2. Cash dividends of $70000 were declared and paid 3. Bonds payable amounting to $50000 were redeemed for cash $50000 4. Common stock was issued for $50000 cash 5. Depreciation expense was $24000 6. Sales for the year were $978000 Instructions: Prepare a worksheet for a statement of cash flows for 2014 using the indirect method. Enter the reconciling itmes directly on the worksheet, using letters to cross-reference each entry. P17-1A Transaction Statement of Cash Flow Activity affected Cash Inflow, Outflow, or No effect? Recorded depreciation expense on the plant assests Recorded and paid interest expense Recorded cash proceeds from a disposal of plant assets Acquired land by issuing common stock Paid a cash dividend to preferred stockholders Paid a cash dividend to common stockholders Recorded cash sales Recorded sales on account Purchased inventory for cash Purchased inventory on account Instructions: Complete the table indicating whether each item (1) affects (o) operating activities, (i) investing activities, (f) financing activities, or is a (NC) non cash transaction reported in a separate schedule, and (2) represents a cash inflow or cash outflow or has no cash flow effect. Assume use of the indirect approachStep by Step Solution
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