Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare a statement of cash flows, in proper form, for the year ended December 31, 2013, using the indirect method GALLUP COMPANY Comparative Balance Sheets

image text in transcribed

Prepare a statement of cash flows, in proper form, for the year ended December 31, 2013, using the indirect method GALLUP COMPANY Comparative Balance Sheets Dec. 31, 2013 Dec. 31, 2012 Assets Cash Accounts receivable Inventory Long-term investments Equipment Acc depreciation-equip $13,000 $15,000 18,000 24,000 32,000 12,000 0 18,000 60,000 30,000 14,000 18,000 $105,000 $85,000 Total assets Liabilities and Stockholders Accounts payable Salaries payable Bonds payable Common stock Retained earnings ' Equit $ 25,000 $13,000 5,000 32,000 40,000 8,000 44,000 15,000 3,000 5,000 $85,000 Total liabilities and stock equity $105,000 Additional information: Net income for the year ended December 31, 2013, was $16,000 Cash dividends of $18,000 were declared and paid during the year Long-term investments that had a book value of $18,000 were sold for $16,000 Sales for 2013 are $120,000

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

Contemporary Auditing Real Issues And Cases

Authors: Michael C. Knapp, Loreen Knapp

5th Edition

032418834X, 978-0324188349

More Books

Students also viewed these Accounting questions