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Q.42). P13-36B _Barton Publication Company, Inc._statements of cash flows

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Question;Q.42).;P13-36B Prepare statements of cash flows (indirect and direct method) (Learning;Objectives 1, 2 & 3):PAGE-770;Barton;Publication Company, Inc., has the following comparative balance sheet as of;March 31, 2010.;Barton Publication;Company, Inc.;Balance Sheet;As of March 31;2010 and 2009;2010;2009;Increase (Decrease);Current assets;Cash;$ 55,600;$14.700;$40,900;Accounts receivable;51,400;53,300;(1,900);Inventories;65,400;59,700;5,700;Prepaid expenses;3,700;5,100;(1,400);Long-term investment;10,000;6,800;3,200;Equipment, net;71,700;70,200;1,500;Land;35,500;97,000;(61,500);Total assets;293,300;$306,800;(61,500);Current liabilities;Note payable, short-term;$43,200;$48,900;$(5,700);Account payable;4,300;3,500;800;Income tax payable;13,700;15,500;(1,800);Salary payable;9,200;12,400;(3,200);Interest payable;8,200;7,400;800;Accrued liabilities;2,900;3,400;(500);Long-term note payable;48,900;93,100;(44,200);Common stock;69,600;61,700;7,900;Retained earnings;93,300;60,900;32,400;Total;liabilities and equity;$293,300;$306,800;$(13,500);Selected;transaction data for the year ended March 31, 2010, include the following;Net income, $77,000;Paid long-term note payable with cash, $59,600;Cash payments to employees, $43,000;Loss on sale of land, $9,600;Acquired equipment by issuing long-term note payable, $15,400;Cash payments to suppliers, $147,100;Cash paid for interest, $4,100;Depreciation expense on equipment, $13,900;Paid short-term note payable by issuing common stock, $5,700;Paid cash dividends, $44,600;Received cash for issuance of common stock, $2,200;Cash received form customer, $299,400;Cash paid for income taxes, $12,000;Sold land for cash, $51,900;Interest received (in cash), $1,000;Purchased long-term investment for cash, $3,200;Requirements;Prepare the statement of cash flows for Barton Publication;Company, Inc., for the year ended March 31, 2010, using the indirect;method for operating cash flows. Include a schedule of noncash investing;and financing activities. All of the current accounts except short-term;notes payable result from operating transactions.;Also prepare a supplementary schedule of cash flows from;operations using the direct method.

 

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