Question
On the basis of the following data for Breach Co. for the current and preceding years ended December 31. Assume that equipment costing $25,000 was
On the basis of the following data for Breach Co. for the current and preceding years ended December 31. Assume that equipment costing $25,000 was purchased for cash and no long term assets were sold during the period.
Stock was issued for cash3,200 shares at par.
Net income for the current year was $76,000.
Cash dividends declared and paid were $13,000.
| Current year | Prior year | |
2 | Cash | $170,000.00 | $74,000.00 |
3 | Accounts receivable (net) | 78,000.00 | 85,000.00 |
4 | Inventories | 106,500.00 | 90,000.00 |
5 | Equipment | 395,000.00 | 370,000.00 |
6 | Accumulated depreciation | (195,000.00) | (158,000.00) |
7 |
| $554,500.00 | $461,000.00 |
8 | Accounts payable (merchandise creditors) | $51,000.00 | $50,000.00 |
9 | Taxes payable | 2,500.00 | 5,000.00 |
10 | Common stock, $10 par | 262,000.00 | 230,000.00 |
11 | Retained earnings | 239,000.00 | 176,000.00 |
12 |
| $554,500.00 | $461,000.00 |
NEED A STATEMENT OF CASH FLOWS IN 9 MINUTES! PLEASE HELP ME!! tHANK YOU
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