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E13-8_Taguchi Company_statement of cash flows for 2011

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Question;E13-8 Here are comparative balance sheets for Taguchi Company.SCULLY CORPORATIONComparative Balance SheetsDecember 312011 2010Cash $ 14,300 $ 10,700Accounts receivable 21,200 23,400Land 20,000 26,000Building 70,000 70,000Accumulated depreciation (15,000) (10,000)Total $110,500 $120,100Accounts payable $12,370 $31,100Common stock 75,000 69,000Retained earnings 23,130 20,000Total $110,500 $120,100TAGUCHI COMPANYComparative Balance SheetsDecember 31Assets 2011 2010Cash $ 73,000 $ 22,000Accounts receivable 85,000 76,000Inventories 170,000 189,000Land 75,000 100,000Equipment 260,000 200,000Accumulated depreciation (66,000) (32,000)Total $597,000 $555,000Liabilities and Stockholders? EquityAccounts payable $ 39,000 $ 47,000Bonds payable 150,000 200,000Common stock ($1 par) 216,000 174,000Retained earnings 192,000 134,000Total $597,000 $555,000Additional information:1. Net income for 2011 was $103,000.2. Cash dividends of $45,000 were declared and paid.3. Bonds payable amounting to $50,000 were redeemed for cash $50,000.4. Common stock was issued for $42,000 cash.5. No equipment was sold during 2011, but land was sold at cost.InstructionsPrepare a statement of cash flows for 2011 using the indirect method

 

Paper#37374 | Written in 18-Jul-2015

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