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Exercise 134 Condition gt requires numbers instead of "null" and "0" Bracewell Company reported net income of $191,100 for 2014. Bracewell also reported depreciation expense of $41,110 and a gain of $5,210 on disposal of plant assets. The comparative balance sheet shows an increase in accounts receivable of $11,190 for the year, a $14,200 increase in accounts payable, and a $3,100 decrease in prepaid expenses. Prepare the operating activities section of the statement of cash flows for 2014. Use the indirect method. (Show amounts that decrease cash flow with either a sign e.g. 15,000 or in parenthesis e.g. (15,000).) Exercise 137 Condition gt requires numbers instead of "null" and "0" Meera Corporation's comparative balance sheets are presented below. MEERA CORPORATION Comparative Balance Sheets December 31 2014 2013 $15,150 $10,790 Accounts receivable 21,350 23,180 Land 19,570 26,130 Buildings 70,430 70,430 (15,040 ) (10,550 ) $111,460 $119,980 $11,970 $28,010 Common stock 74,540 71,560 Retained earnings 24,950 20,410 $111,460 $119,980 Cash Accumulated depreciationbuildings Total Accounts payable Total Additional information: 1. Net income was $22,707. Dividends declared and paid were $18,167. 2. All other changes in noncurrent account balances had a direct effect on cash flows, except the change in accumulated depreciation. The land was sold for $4,720. (a) Prepare a statement of cash flows for 2014 using the indirect method. (Show amounts that decrease cash flow with either a sign e.g. 15,000, or in parenthesis e.g. (15,000).) MEERA CORPORATION Statement of Cash Flows For the Year Ended December 31, 2014 $ Adjustments to reconcile net income to $ $ $ (b) Compute free cash flow. Free cash flow $ Problem 132A Condition gt requires numbers instead of "null" and "0" The following account balances relate to the stockholders' equity accounts of Chipo Corp. at yearend. 2014 2013 Common stock, 10,500 and 10,000 shares, respectively, for 2014 and 2013 Preferred stock, 5,000 shares $161,240 $144,630 139,920 139,920 Retained earnings 300,200 250,140 A small stock dividend was declared and issued in 2014. The market value of the shares was $11,310. Cash dividends were $16,120 in both 2014 and 2013. The common stock has no par or stated value. (a) What was the amount of net income reported by Chipo Corp. in 2014? Net income $ (b) Determine the amounts of any cash inflows or outflows related to the common stock and dividend accounts in 2014. Common stock Dividends $ $ (c) Indicate where each of the cash inflows or outflows identified in (b) would be classified on the statement of cash flows. Common stock Dividends Exercise 134 Your answer is partially correct. Try again. Bracewell Company reported net income of $190,860 for 2014. Bracewell also reported depreciation expense of $49,030 and a gain of $4,840 on disposal of plant assets. The comparative balance sheet shows an increase in accounts receivable of $13,740 for the year, a $17,100 increase in accounts payable, and a $4,910 decrease in prepaid expenses. Prepare the operating activities section of the statement of cash flows for 2014. Use the indirect method. (Show amounts that decrease cash flow with either a sign e.g. 15,000 or in parenthesis e.g. (15,000).) BRACEWELL COMPANY Partial Statement of Cash Flows For the Year Ended December 31, 2014 Cash Flow s from Operating Activities Net Income $ 191,100 Adjustments to reconcile net income to Net Cash Used by Operating Activities Depreciation Expense $ 41,110 Gain on Disposal of Plant Assets -5,210 Increase in Accounts Receivable -11,190 Increase in Accounts Payable 14,200 Decrease in Prepaid Expenses 3,100 42,010 Net Cash Provided by Operating Activities $ 233,110 Exercise 137 Your answer is partially correct. Try again. Meera Corporation's comparative balance sheets are presented below. MEERA CORPORATION Comparative Balance Sheets December 31 2014 Cash 2013 $14,780 $10,800 Accounts receivable 21,050 23,240 Land 20,160 25,700 Buildings 70,360 70,360 Accumulated depreciationbuildings (14,940 ) (10,110 ) $111,410 $119,990 $11,970 $27,740 75,150 Total 73,060 Accounts payable Common stock Retained earnings 24,290 19,190 $111,410 Total $119,990 Additional information: 1. Net income was $22,970. Dividends declared and paid were $17,870. 2. All other changes in noncurrent account balances had a direct effect on cash flows, except the change in accumulated depreciation. The land was sold for $4,460. (a) Prepare a statement of cash flows for 2014 using the indirect method. (Show amounts that decrease cash flow with either a sign e.g. 15,000, or in parenthesis e.g. (15,000).) MEERA CORPORATION Statement of Cash Flows For the Year Ended December 31, 2014 Cash Flow s from Operating Activities Net Income $ Adjustments to reconcile net income to Net Cash Used by Operating Activities Depreciation Expense $ 4,490 Decrease in Accounts Receivable 1,830 Decrease in Accounts Payable -16,040 Loss on Sale of Land 1,840 22,707 -7,880 Net Cash Provided by Operating Activities 14,827 Cash Flow s from Investing Activities Sale of Land 4,720 Net Cash Provided by Investing Activities Payment of Dividends $ Issuance of Common Stock -18,167 2,980 Net Cash Used by Financing Activities -15,187 Net Increase in Cash 4,360 Cash at Beginning of Period 10,790 Cash at End of Period $ 15,150 (b) Compute free cash flow. Free cash flow $ 14,827 Problem 132A Your answer is partially correct. Try again. The following account balances relate to the stockholders' equity accounts of Chipo Corp. at yearend. 2014 2013 Common stock, 10,500 and 10,000 shares, respectively, for 2014 and 2013 $161,250 $144,450 Preferred stock, 5,000 shares 126,750 126,750 Retained earnings 299,220 250,560 A small stock dividend was declared and issued in 2014. The market value of the shares was $10,590. Cash dividends were $16,240 in both 2014 and 2013. The common stock has no par or stated value. (a) What was the amount of net income reported by Chipo Corp. in 2014? Net income $ 66,180 (b) Determine the amounts of any cash inflows or outflows related to the common stock and dividend accounts in 2014. Common stock Dividends $ $ 16,610 Inflow 16,120 Outflow (c) Indicate where each of the cash inflows or outflows identified in (b) would be classified on the statement of cash flows. Common stock Financing Dividends Financing