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ACCT 4111 Extra Credit Assignment Fall 2013




Question;Instructions:1. Prepare a cash flow statement using the information below. Use BOTH the direct andindirect method to prepare the Operating Activities section (i.e., I expect to see 2 OperatingActivities sections, 1 Investing, and 1 Financing).2. Each cash flow item in the statement should be appropriately labeled (use the namingconventions used on the text).3. Show all calculations / work used to prepare the 3 different sections of the cash flowstatement (this should be on a separate sheet). You will not receive credit for theassignment if you do not show all work for each number.4. Work should be neat and clearly labeled so that I can follow the calculations correspondingto the cash flow item within the cash flow statement sections.5. Be sure to clearly label and cross-reference each cash flow item on the statement to thecalculations that correspond to that cash flow item. E.g., if you have cash received fromcustomers in your cash flow statement, label this item as A or 1 in the margin and alsolabel the calculations that correspond to this number as A or 1 on your calculationsworksheet. In this way, I can easily find the calculations you performed for each item onyour cash flow statement.6. Appropriately label the cash flow statement and the related sections follow the formatused in the text.7. This is not a group assignment. Individual work is expected. No points will be given ifsubmitted assignment is not your own work.Points: Total of 10 PointsPoints are allocated as follows:4 points for the Operating Activities direct2 points for the Operating Activities indirect2 points for the Investing Activities, and2 points for the Financing ActivitiesAs agreed, points will NOT be awarded for partially correct work in each section. Eachsection must be accurately completed in its entirety to receive the allocated points(including showing related calculations or T accounts).Due Date: No ExceptionsThis assignment is due no later than 6am on Tuesday, November 26, 2013.There are no exceptions. Late submissions will not be accepted.1Assignment SubmissionSelect 1 of 2 Ways to submit assignment:1. The assignment may be submitted via email. Scanned images that are clearly legible andsubmitted in PDF format will be accepted. Work in MSExcel or MSWord will also beaccepted with clearly labeled pages/tabs (as appropriate).2. Hardcopy slipped under my office door in RCB 5th Floor room 515 by the due date. Pleasenotify me ahead of time by email me if you choose this option. Note that access isrestricted to the RCB building after 7pm daily.AssignmentIn addition to the financial statements presented on the next pages, also find the notes below.Use information as necessary from the notes and the financial statements to construct the cashflow statement for the company for the year ending December 31, 2012Notes:1. All equipment/furniture purchases are made using cash. There were no disposals duringthe year.2. Land that originally cost $14,000 was sold for $9,800.3. Short-term investments are not classified as a cash equivalent and are non-trade related.Any purchases or sales are made in cash.4. Long-term notes payable and bonds payable are shown in the balance sheet at their facevalue and indicate repayments or issuances as appropriate.5. Cash dividends were paid to shareholders during the year.Green Lantern CompanyBalance SheetDecember 31, 2012 and 2011($ in 000s)20122011AssetsCurrent AssetsCashAccounts ReceivableShort-term InvestmentsInventoryTotal Current AssetsProperty Plant and EquipmentLandEquipment and FurnitureLess: Accumulated DepreciationNet Property Plant and Equipment$$$$$58.8102.256.0105.0322.0$70.0$84.0609.0679.0$ 560.0$ (105.0) $ 455.0$ 539.0$ 1,001.0$ 805.0Current LiabilitiesAccounts PayableSalaries PayableInterest PayableIncome Tax PayableTotal Current Liabilities$$$$$$$$$$Long-term LiabilitiesNotes PayableBonds PayableTotal Long-term Liabilities$$$224.0224.0$ 42.0$ 140.0$ 182.0Shareholders' EquityCommon StockPaid in Capital - excess of parRetained EarningsTotal Shareholders' Equity$$$$350.0176.4189.0715.4$$$$Total Liabilities and Shareholders' Equity$ 1,001.0Total Assets$ 770.0$ (161.0) $$$ 42.0$ 105.0$ 21.0$ 98.0$ 266.0Liabilities49.$ 805.03Green Lantern CompanyIncome StatementFor Year Ended December 31, 2012($ in 000s)RevenuesSales RevenueExpensesCost of Goods SoldSalaries ExpenseDepreciation ExpenseInterest ExpenseLoss on Sale of LandIncome Tax ExpenseNet Income$ 532.0$ 182.0$ 63.0$ 56.0$ 16.8$4.2$ 98.0 $ (420.0)$ 112.0


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