Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Edp Auditing A Primer

Authors: Joseph L. Sardinas

1st Edition

0471123056, 978-0471123057

More Books

Students also viewed these Accounting questions

Question

What is the preferred personality?

Answered: 1 week ago

Question

What is the relationship between humans?

Answered: 1 week ago