Details of this Paper

statement of cash flows_06Jan

Description

solution


Question

Question;1.);Prepare a statement of cash;flows using the indirect method for the year ending December 31, 2011.;Balance;Sheet;2011;2010;Cash;$ 18,000;$25,000;Supplies;10,000;12,000;Accounts receivable (net);31,000;35,000;Inventory;51,000;52,000;Prepaid expenses;9,000;3,000;Buildings, and equipment;400,000;360,000;Less: accumulated depreciation;(100,000);(75,000);Total assets;$419,000;$412,000;Accounts payable;$18,000;$13,000;Accrued expenses;10,000;8,500;Note payable, Short Term;20,000;60,000;Note payable, Long Term;20,000;15,500;Capital stock;296,000;280,000;Retained earnings;55,000;35,000;Total liabilities and equities;$419,000;$412,000;Additional data;One piece of;equipment was purchased during the year.;Short term debt was;repaid while long term debt was issued.;Dividends were paid;during the year.;A condensed income;statement for the year is as follows;Sales;470,000;Cost of goods sold;220,000;Gross profit;250,000;Depreciation expense;25,000;Operating expenses, other;138,000;Operating income;87,000;Interest Expense;(2,000);Net income;85,000

 

Paper#37202 | Written in 18-Jul-2015

Price : $20
SiteLock