Use the information concerning Ingersol Construction Supply Company provided in Alternate Problem 13-1 to fulfill the following
Question:
Use the information concerning Ingersol Construction Supply Company provided in Alternate Problem 13-1 to fulfill the following requirements.
Required:
1. Prepare the statement of cash flows using the direct method for the year ended December 31, 2012.
2. Evaluate the statement of cashflows.
Transcribed Image Text:
2011 2012 Balance sheet at December 31 $ 34,000 $ 29,000 Cash Accounts receivable 45,000 28,000 Merchandise inventory Property and equipment Less: Accumulated depreciation 32,000 38,000 121,000 100,000 (30,000) (25,000) $170,000 $202.000 $ 36,000 $ 27,000 Accounts payable Wages payable Note payable, long-term Contributed capital Retained earnings 2,200 1,400 40,000 46,000 86,600 70,600 37,200 25.000 $170,000 $202,000 Income statement for 2012 Sales $135,000 Cost of goods sold Other expenses 70,000 37,800 $ 27,200 Net income
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 41% (12 reviews)
Req 1 Related Cash Balance sheet at December 31 Flow Section 2012 2011 Change in Cash Cash 34000 29000 5000 10 Net increase in cash O Accounts receiva...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Managerial Accounting questions
-
Prepare a statement of cash flows using the indirect method. The income statement for 2017 and the balance sheets for 2017 and 2016 are presented for Harding Industries, Inc. Additional information...
-
Prepare the statement of cash flows using the indirect method. The income statement for 2014 and the balance sheets for 2014 and 2013 are presented for Griffin Industries. Additional information...
-
Prepare the statement of cash flows using the indirect method. The income statement for 2012 and the balance sheets for 2012 and 2011 are presented for Henderson Industries. Additional information...
-
This short exercise demonstrates the similarity and the difference between two ways to acquire plant assets. i (Click the icon to view the cases.) Compare the balances in all the accounts after...
-
Why might a firm prefer to hedge exchange rate risk with options rather than forward contracts?
-
For the histogram you made in Exercise 2a: a) Is the distribution unimodal or multimodal? b) Where is (are) the mode(s)? c) Is the distribution symmetric? d) Are there any outliers?
-
Adjustment for Depreciation CORNERSTONE 3.6 LaGarde Company has a machine that it purchased for \(\$ 125,000\) on January 1. Annual depreciation on the machine is estimated to be \(\$ 14,500\)....
-
Presented below is the preclosing trial balance for the Scholarship Fund, a private-purpose trust fund, of the Algonquin School District. Prepare the year-end closing entries and a Statement of...
-
Anle Corporation has a current price of $13, is expected to pay a dividend of $2 in one year, and its expected price right after paying that dividend is $32. a. What is Anle's expected dividend...
-
John Hall tried to unclog a floor drain in the kitchen of the restaurant where he worked. He used a drain cleaner called Zaps Blue Lye that contained crystalline sodium hydroxide (the chemical name...
-
Audio House, Inc., is developing its annual financial statements at December 31, 2013. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and...
-
Refer to the financial statements of American Eagle Outfitters given in Appendix B at the end of this book. Required: 1. On the statement of cash flows, what was the largest item (in absolute value)...
-
The microbiomes from healthy humans are all very similar. Which statements are true? Explain why or why not.
-
You are considering obtaining written representations from the client concerning the financial statements and matters pertinent to them. 1. What are the reasons for obtaining written representations...
-
One of your clients in an attempt to control the expenses for legal fees has engaged a house counsel-an attorney deriving substantially all income from the company. The client is convinced of the...
-
Your audit discloses a lawsuit pending against your client, Neece Corporation, on a patent owned by Neece which the client's attorney is hopeful of winning. The patent is 70 percent amortized and the...
-
If errors of relatively small amounts are found in an audit test, can the auditor ignore such errors without further work on the basis that the errors are immaterial relative to the financial...
-
Networking Systems earned sales revenue of \($65\) million in 2009. Cost of goods sold was \($33\) million, and net income reached \($8\) million, the company's highest ever. Total current assets...
-
What statutory and mandatory professional pronouncements require a review to be published?
-
Simplify the expression. Assume that all variables are positive. 23VI1 2 V44 8
-
Refer to Example 3 and Matched Problem 3. What was the total amount Jane deposited in order to have $143,785.10 at retirement? What was the total amount Mary deposited in order to have the same...
-
On November 11, 2011, Wadsworth Company purchased twenty shares of ZZZ for $8 per share. Wadsworth held the investment for the remainder of 2011, and as of December 31, the per-share market value of...
-
Biomet, Inc. provided the following disclosures in Note 5 of its 2008 annual report. It describes the company's investments in available-for-sale equity securities (dollars in millions). a. Compute...
-
Tom Miller and Larry Rogers each started separate businesses on December 1. 2011. by contributing $6,000 of their own funds. Early in December, both men purchased 120 shares of Diskette common stock...
-
The total variable cost for producing 50,000 units of a product is $120,000. Determine the variable cost per unit and analyze how changes in production volume affect variable costs and total costs....
-
Top Quality Fruit Company, based on Oahu, grows, processes, cans, and sells three main pineapple products: sliced, crushed, and juice. The outside skin is cut off in the Cutting Department and...
-
Grixdale Tax Services prepares taxes for individuals. Grixdale offers a simplified pricing model with two alternatives for taxpayers: Standard Deduction ( Standard ) or Itemized Deductions ( Itemized...
Study smarter with the SolutionInn App