#### Description of this paper

##### ACCT122 ? Spring 2014_National Brands Corporation_Cash Flow

Description

solution

Question

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

Price : \$23