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This is only one question. Please fill in the boxes. Thank you!!! :) Statement of Cash Flows (Indirect Method) The Dairy Company's income statement and
This is only one question. Please fill in the boxes. Thank you!!! :)
Statement of Cash Flows (Indirect Method) The Dairy Company's income statement and comparative balance sheets as of December 31 of 2013 and 2012 follow: DAIRY COMPANY Income Statement For the Year Ended December 31, 2013 Sales Revenue Cost of Goods Sold Wages and Other Operating Expenses Depreciation Expense Goodwill Amortization Expense Interest Expense Income Tax Expense Loss on Bond Retirement Net Income $980,000 $616,000 133,000 30,800 9,800 14,000 50,400 7,000 861,000 $119,000 Assets Cash Accounts Receivable Inventory Prepaid Expenses Plant Assets DAIRY COMPANY Balance Sheets Accumulated Depreciation P Goodwill Total Assets Locarnock Liabilities and Stockholders' Equity Accounts Payable Lecccom Interest Payable miner.com Income Tax Payable Bonds Payable Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Dec. 31, 2013 Dec. 31, 2012 $37,800 74,200 144,200 16,800 504,000 (121,800) 60,200 $715,400 $44,800 5,600 8,400 84,000 352,800 219,800 $715,400 $25,200 67,200 152,600 14,000 470,400 (117,600) 70,000 $681,800 $36,400 9,800 11,200 168,000 319,200 137,200 $681,800 During the year, the company sold for $23,800 cash old equipment that had cost $50,400 and had $26,600 accumulated depreciation. New equipment worth $84,000 was acquired in exchange for $84,000 of bonds payable. Bonds payable of $168,000 were retired for cash at a loss. A $36,400 cash dividend was declared and paid. All stock issuances were for cash. Required a. Compute the change in cash that occurred in 2013. b. Prepare a statement of cash flows using the indirect method. a. Change in Cash during 2013 $0 b. Use a negative sign with cash outflow answers. DAIRY COMPANY Statement of Cash Flows For Year Ended December 31, 2013 Cash Flow from Operating Activities Net Income Add (deduct) items to convert net income to cash basis Depreciation Goodwill Amortization Loss on Bond Retirement Accounts Receivable Inventory Prepaid Expenses Accounts Payable Interest Payable Income Tax Payable Cash Flow Provided by Operating Activities Cash Flow from Investing Activities Sale of Equipment Cash Flow from Financing Activities Retirement of Bonds Payable Issuance of Common Stock Payment of Dividends Cash Used by Financing Activities Net Change in Cash Cash at Beginning of Year $ 0 0 0 0 OO 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Sale of Equipment Cash Flow from Financing Activities Retirement of Bonds Payable Issuance of Common Stock Payment of Dividends Cash Used by Financing Activities Net Change in Cash Cash at Beginning of Year Cash at End of Year Please answer all parts of the question. $ O 0 0 0 0 0 0 0Step by Step Solution
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