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Stephanie Ram Corporation's Income Statement for the year ended March 31, 2016, and its Comparative Balance Sheets as of March 31,2016 and 2015 are as
Stephanie Ram Corporation's Income Statement for the year ended March 31, 2016, and its Comparative Balance Sheets as of March 31,2016 and 2015 are as follows: \begin{tabular}{lrrr} \multicolumn{1}{c}{ Interest expense } & & (15,000) \\ \cline { 2 - 2 } Income before income taxes & & $31,600 \\ Income taxes expense & & 3,600 \\ Net income & & $28,000 \\ \hline \end{tabular} Liabilities and Stockholders' Equity. \begin{tabular}{lrr} \multicolumn{2}{c}{ Liabilities and Stockholders' Equity. } \\ & \\ Accounts payable & $115,000 & $178,000 \\ Income taxes payable & 7,100 & 4,100 \\ Notes payable (long-term) & 50,000 & 28,000 \\ Bonds payable & 112,000 & 220,000 \\ Common stock, $10 par value & 234,000 & 190,000 \\ Additional paid-in capital & 183,440 & 119,440 \\ Retained earnings & 102,460 & 78,460 \\ Total Liabilities and Stockholders' Equity & $804,000 & $818,000 \\ \hline \end{tabular} During 2016, Stephanie Ram Corporation engaged in the below transactions: 1) Sold at a gain of $7,000, equipment that cost $35,200, on which it had accumulated depreciation of $26,800. 2) Paid a $22,000 notes payable. 3) Purchased equipment in the amount of $39,200. 4) Converted bonds payable in the amount of $108,000 into 4,400 shares of common stock. 5) Borrowed $44,000 by signing a note. 6) Declared and paid $4,000 in cash dividends. Using the indirect method, prepare a statement of cash flows for Stephanie Ram Corporation. Include a supporting schedule of noncash investing and financing transactions. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000). Do not use dollar signs (\$) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.)
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