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Prepare a cash flow statement, using the indirect method for the following company.

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Prepare a cash flow statement, using the indirect method for the following company.;The comparative balance sheet of Tree and Tile Flooring Co. for June 30, 2008 and 2007 is as follows;June 30, 2008;June 30 2007;Assets;Cash;$ 34,700;$ 23,500;Accounts Receivable (net);101,600;92,300;Inventories;146,300;142,100;Investments;0;50,000;Land;145,000;0;Equipment;215,000;175,500;Accumulated Depreciation-Equipment;(48,600);(41,300);Total;$594,000;$442,100;Liabilities and Stockholders? Equity;Accounts Payable (merchandise creditors);$100,900;$ 95,200;Accrued Operating Expenses;15,000;13,200;Dividends Payable;12,500;10,000;Common Stock;276,000;150,000;Retained Earnings;189,600;173,700;Total;$594,000;$442,100;The following additional information was taken from the records of Tree and Tile Flooring Company;?Equipment and land were acquired for cash.;?There were no disposals of equipment during the year.;?The investments were sold for $45,000 cash.;?The common stock was issued for cash.;?There was a $65,900 credit to Retained Earnings for net income.;?There was a $50,000 debit to Retained Earnings for cash dividends declared.;?The calculation for Cash Dividends is $50,000+$10,000 - $12,500 = $47,500.

 

Paper#25413 | Written in 18-Jul-2015

Price : $27
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