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Comparative Balance Sheet

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Question

Sharp Company;Comparative Balance Sheet;December 31;2011 2010;Cash $ 64,000 $ 36,000;Accounts receivable, net 53,000 57,000;Inventory 171,000 123,000;Land 180,000 285,000;Building 300,000 300,000;Accumulated depreciation (75,000) (60,000);Equipment 1,545,000 900,000;Accumulated depreciation (177,000) (141,000);$2,061,000 $1,500,000;Accounts payable $ 172,000 $ 150,000;Bonds payable 480,000 -0-;Capital stock, $10 par 1,125,000 1,125,000;Retained earnings 284,000 225,000;$2,061,000 $1,500,000;Additional Data;1. Net income for the year amounted to $104,000.;2. Cash dividends were paid amounting to 4% of par value.;3. Land was sold for $120,000.;4. Sharp sold equipment, which cost $225,000 and had accumulated depreciation of $90,000, for $105,000.;Instructions;Prepare a statement of cash flows using the indirect method.

 

Paper#26593 | Written in 18-Jul-2015

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