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P13-9A_Sinjh Inc._Cash_Flow Statement




Question;P13-9A Condensed financial data of sinjh;Inc. follow.;Sinjh Inc.;Comparative Balance Sheets;December 31;Assets;2014 2013;Cash;$100,350 $ 48,400;Accounts receivable;92,800 33,000;Inventory;112,500 102,850;Prepaid expenses;29,300 26,000;Long-term investments;140,000 114,000;Plant assets;265,000 242,500;Accumulated depreciation;(47,000) (52,000);Total;$692,950 $514,750;Liabilities and Stockholders' Equity;Accounts payable;$112,000 $ 67,300;Accrued expenses payable;16,500 17,000;Bonds payable;110,000 150,000;Common stock;220,000 175,000;Retained earnings;234,450 105,450;Total;$692,950 $514,750;Sinjh Inc;Sales;revenue;Gain on;disposal of plant assets;$392,780;5,000;Less;Cost of;goods sold;135,460;Operating;expenses, excluding;depreciation;12,410;Depreciation;expense;45,000;Income tax;expense;27,280;Interest;expense;4,730 224,880;Net income;$172,900;Additional information;1.;New plant assets costing $80,000 were purchased for cash during the;year.;2.;Old plant assets having an original cost of $57,500 and accumulated;depreciation of $50,000 were sold for $12,500 cash.;3.;Bonds payable matured and were paid off at face value for cash.;4.;A cash dividend of $43,900 was declared and paid during the year;Instructions;Prepare a statement of cash flows using;the indirect method.;P13-10A ? Data for Sigh Inc. are;presented in P13-9A. Further analysis reveals that accounts payable pertains to;Merchandise Creditors.;Prepare a statement of cash flows using;the direct method.


Paper#38293 | Written in 18-Jul-2015

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