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ACCT122 ? Spring 2014_National Brands Corporation_Cash Flow




Question;ACCT122;? Spring 2014;Due;March 8, 2014 Project #2;Preparation;of a Statement of Cash Flows ? Indirect Method;Using;the provided information for National Brands Corporation, answer the following;questions;a.;What is the book value of the equipment sold?;b.;What is the book value of the building sold?;c.;Prepare a statement of stockholders? equity;d.;Prepare a statement of cash flows using the indirect method.;Your;answer may be submitted using Excel or Word, please make sure it is in the;proper format.;Plant;assets;?;Acquisitions for the year were $47,000 cash.;?;Depreciation expense - $4,100;Common;stock was issued for $88,000.;Equipment;?;Acquisitions for the year were $20,000 by executing a note payable.;?;Sold equipment for $35,000 cash. Calculate the gain/loss (analyze the;t-account).;?;Depreciation expense - $4,000;Buildings;?;Sold a building for $31,700 cash. Calculate the gain/loss (analyze the;t-account).;?;Depreciation expense - $6,000;Treasury;stock was sold for $45,000 cash.;Cash;dividends of $15,000 were paid.;Net income/ (loss) for the year is calculated;from the activity in Retained Earnings.;National;Brands Corporation;Comparative;Balance Sheet;December;31, 2013;December;31, 2013 December 31, 2012;Cash;$180,200;$15,000;Accounts;Receivable 15,000 28,600;Inventory;23,800 17,000;Prepaid;expenses 3,000 5,700;Equipment;16,000 36,400;Plant;assets 52,900 10,000;Building;84,000 114,500;$374,900 $227,200;Accounts;payable (merchandise) $37,400;$16,000;Salary;payable 5,500 4,000;Accrued;liabilities 15,000 19,300;Income;tax payable 3,800 3,000;Notes;payable 117,000;97,000;Common;stock 138,000;50,000;Treasury;stock 0 (45,000);Retained;earnings;58,200 82,900;$374,900;$227,200


Paper#37335 | Written in 18-Jul-2015

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