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i need help with this problem that is attached SCFIndirect Method and Balance Sheet) Jobim Inc., had the following condensed balance sheet at the end
i need help with this problem that is attached
SCFIndirect Method and Balance Sheet) Jobim Inc., had the following condensed balance sheet at the end of operations for 2011. OCHOA INC. Balance Sheet December 31, 2011 $8,050 Current liabilities 28,970 Long term notes payable 20,380 Bonds payable 67,980 Capital stock 40,230 Retained earnings $165,610 Cash Current assets other than cash Investments Plant assets (net) Land $14,730 26,000 25,230 75,480 24,170 $165,610 During 2012 the following occurred. 1. 2. 3. 4. 5. 6. 7. 8. A tract of land was purchased for $10,930. Bonds payable in the amount of $20,040 were retired at par. An additional $10,500 in capital stock was issued at par. Dividends totaling $9,413 were paid to stockholders. Net income was $29,950 after allowing depreciation of $13,590. Land was purchased through the issuance of $22,300 in bonds. Ochoa Inc. sold part of its investment portfolio for $12,450. This transaction resulted in a gain of $1,700 for the company. The company classifies the investments as availableforsale. Both current assets (other than cash) and current liabilities remained at the same amount. Instructions (a) Complete the statement of cash flows for 2012 using the indirect method. ( OCHOA INC. STATEMENT OF CASH FLOWS For the Year Ended December 31, 2012 Cash flows from operating activities $ Adjustments to reconcile net income to net cash provided by operating activities: $ Net cash by operating activities Cash flows from investing activities Net cash by investing activities Cash flows from financing activities Net cash by financing activities Net in cash Cash, January 1, 2012 $ Cash, December 31,2012 Non cash investing and financing activities $ (b) Complete the condensed balance sheet for Ochoa Inc. as it would appear at December 31, 2012. OCHOA INC. BALANCE SHEET December 31, 2012 Assets Cash Current assets other than cash Investments Plant assets (net) Land Liabilities and Equity $ $ Current liabilities Longterm notes payable Bonds payable Capital stock Retained earnings $ $Step by Step Solution
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