The comparative balance sheet of Whitman Co. at December 31, 2014 and 2013 is as follows: The
Question:
The comparative balance sheet of Whitman Co. at December 31, 2014 and 2013 is as follows:
The noncurrent asset, noncurrent liability, and stockholders’ equity accounts for 2014 are as follows:
Instructions
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operatingactivities.
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Transcribed Image Text:
Dec. 31, 2014 Dec. 31, 2013 Assets Accounts receivable (net) Inventories Prepaid expenses.. . Land... Buildings Accumulated depreciation-buildings. . . 918,000 964,800 761,940 1,268,460 62,980 35,100 479,700 900,900 (408,600) (382,320) 454,680 (158,760) S4.785.480 S4 219,020 828,900 29,340 315,900 1,462,500 512,280 (141,300) Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Bonds payable . . Common stock, $25 par. Paid-in capital: Excess of issue price over par-common stock.... 922,500 S 958,320 0 117,000 558,000 2,585,700 $4,785,480 $4,219,020 270,000 317,000 758,000 2,517,980 ACCOUNT Land ACCOUNT NO Balance Date Item Debit Credit Debit Credit 2014 Jan. Apr. 20 Realized $151,200 cash 1Balance 479,700 from sale 163,800315,900 ACCOUNT Buildings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2014 Jan. Apr. 20 Acquired for cash 1Balance 900,900 1,462,500 561,600 ACCOUNT Accumulated Depreciation- Buildings ACCOUNT NO Balance Date Item Debit Credit Debit Credit 2014 Jan. Dec. 3 Depreciation for year 1nce 382,320 408,600 26,280 ACCOUNT Equipment ACCOUNT NO Balance Date Item Debit Credit Debit Credit 2014 1nce 26 Discarded, no salvage Jan. 454,680 46,800407,880 512,280 Aug 1 Purchased for cash 104,400 ACCOUNT Accumulated Depreciation-Equipme ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2014 1Bance 158,760 111,960 141,300 Jan. 26 Equipment discarded Dec. 3 Depreciation for year 46,800 29,340 ACCOUNT Bonds Payable ACCOUNT NO Balance Date Debit Credit Debit Credit 2014 May ACCOUNT Common Stock, S25 par 1Issued 20-year bonds 270,000 270,000 ACCOUNT NO Balance Date Debit Credit Debit Credit 2014 1Balance 7 Issued 8,000 shares of common lan. 117,000 stock for $50 per share 200,000 317,000 ACCOUNT Paid-In Capital in Excess of Par-Common Stock ACCOUNT NO Balance Date Item Debit Credit Debit Credit 2014 Jan Dec. 1Balance 558,000 7 Issued 8,000 shares of common stock for $50 per share 200,000 758,000 ACCOUNT Retained Earnings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2014 Jan. Dec.31 Net loss 1Bance 35,320 32,400 2,585,700 2,550,380 2,517,980 31 Cash dividends
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 85% (21 reviews)
WHITMAN CO Statement of Cash Flows For the Year Ended December 31 2014 Cash flows from operating activities Net income loss 35320 Adjustments to recon...View the full answer
Answered By
Muhammad Umair
I have done job as Embedded System Engineer for just four months but after it i have decided to open my own lab and to work on projects that i can launch my own product in market. I work on different softwares like Proteus, Mikroc to program Embedded Systems. My basic work is on Embedded Systems. I have skills in Autocad, Proteus, C++, C programming and i love to share these skills to other to enhance my knowledge too.
3.50+
1+ Reviews
10+ Question Solved
Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Question Posted:
Students also viewed these Managerial Accounting questions
-
Prepare a statement of cash lows, using the indirect method of presenting cash flows from operating activities. Refer to the Labels and Amount Descriptions list provided for the exact wording of the...
-
The comparative balance sheet of Rucker Photography Products Inc. for December 31, 2011 and 2010, is as follows: The income statement for the year ended December 31, 2011, is as follows: The...
-
The comparative balance sheet of Mavenir Technologies Inc. for December 31, 2010 and 2009, is as follows: The income statement for the year ended December 31, 2010, is as follows: The following...
-
Hansel Electronics has the following: If Hansel has 7,000 units on hand at December 31, the cost of ending inventory under the average-cost method is: (a) $84,000. (b) $70,000. (c) $56,000. (d)...
-
Consider the discussion of radial probability functions in "A Closer Look" in Section 6.6. (a) What is the difference between the probability density as a function of r and the radial probability...
-
Using the implied volatility you calculated in Problem 14, and the information in that problem, use the Black-Scholes option pricing formula to calculate the value of the 800 January 2014 call...
-
Which of the following is least likely to be a major focus when undertaking long-run planning for the information systems audit function? a. Identifying the sequence in which material application...
-
On April 25, Foreman Electric installs wiring in a new home for $3,500 on account. However, on April 27, Foremans electrical work does not pass inspection, and Foreman grants the customer an...
-
Jimmy s Painting Jimmy s Painting is an owner - operator run sole proprietorship that operates in Galloway, BC . Jimmy Davis started the company in several years ago. The business originally did...
-
Coal is mined and processed at the following four mines in Kentucky, West Virginia, and Virginia: Location .... Capacity (tons) A. Cabin Creek ... 90 B. Surry ..... 50 C. Old Fort ..... 80 D. McCoy...
-
The comparative balance sheet of Lankau Enterprises Inc. at December 31, 2014 and 2013 is as follows: Additional data obtained from the income statement and from an examination of the accounts in the...
-
The comparative balance sheet of Canace Products Inc. for December 31, 2014 and 2013, is as follows: Additional data obtained from an examination of the accounts in the ledger for 2014 are as...
-
For Exercises 20.10 and 20.11, draw the time series and the two sets of exponentially smoothed values. Does there appear to be a trend component in the time series?
-
if the economy is currently at 8% unemployment 3% inflation and the president is considering using expansionary fiscal policy to reduce unemployment to 4%, what can you tell the president about the...
-
How does Nobel Laureate Eugene Fama define the Efficient Markets Hypothesis? What happens to a stock price when a CEO goes on the news? What happens if a CEO is "good looking"? Is this an example of...
-
The current price of palladium is $817 per ounce. The total storage costs are $80.00 per ounce per year payable quarterly in advance. Assuming that interest rates are 5% (continuously compounded) per...
-
8. For the structure shown below, determine the reactions at the supports. Positive values are up and to the right. B A F 30 L i. Horizontal reaction at A ii. Vertical reaction at A iii. Horizontal...
-
How can performance management processes be tailored to accommodate diverse workforce demographics and individual preferences?
-
Which one of the following best describes the strategic approach your company is taking to try to compete successfully on an international basis? Multidomestic or think local, act local approach ...
-
Consider model (9.18). What is the effect on the model parameter estimates, their standard errors, and the goodness-of-fit statistics when (a) The times at risk are doubled, but the numbers of deaths...
-
Which of the following approaches bases the measurement of performance on an array of quantitative and qualitative factors instead of a single quantitative measure in the organization, such as...
-
Journalize the entries to record the following: a. Check is issued to establish a petty cash fund of $750. b. The amount of cash in the petty cash fund is now $176. Check is issued to replenish the...
-
Mattel, Inc., designs, manufactures, and markets toy products worldwide. Mattel's toys include Barbie fashion dolls and accessories, Hot Wheels, and Fisher-Price brands. For a recent year, Mattel...
-
Capstone Turbine Corporation produces and sells turbine generators for such applications as charging electric, hybrid vehicles. Capstone Turbine reported the following financial data for a recent...
-
Within Form 941, Line 12 must always equal the amount shown on Line _____. Total taxes after adjustments and nonrefundable credits. Subtract line 11g from line 10....12 box. Answer: A. 2 (Wages,...
-
h. If you formed a portfolio that consisted of 50% Bartman and 50% Reynolds, what would the portfolio's beta and required return be? Round your answer for the portfolio's beta to four decimal places...
-
b) From the following list of balances; Prepare the statement of profit or loss account for a sole trader Lee for the year ended 31 July 2023 (10) (P) Bank 35,625 Drawings 206,250 Lighting and...
Study smarter with the SolutionInn App