Details of this Paper

TAGUCHI COMPANY Comparative Balance Sheets December 31




Question;QUIZ 1.;TAGUCHI COMPANY;Comparative Balance Sheets;December 31;Assets 2011 2010;Cash $ 73,000 $ 22,000;Accounts receivable 85,000 76,000;Inventories 170,000 189,000;Land 75,000 100,000;Equipment 260,000 200,000;Accumulated depreciation (66,000) (32,000);Total $597,000 $555,000;Liabilities and Stockholders? Equity;Accounts payable $ 39,000 $ 47,000;Bonds payable 150,000 200,000;Common stock ($1 par) 216,000 174,000;Retained earnings 192,000 134,000;Total $597,000 $555,000;Additional 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 was 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.;Instructions;Prepare a statement of cash flows for 2011 using the indirect method.;QUIZ 2.;The 2011 accounting records of Verlander Transport reveal these transactions and events.;Payment of interest $ 10,000 Collection of accounts receivable $182,000;Cash sales 48,000 Payment of salaries and wages 53,000;Receipt of dividend revenue 18,000 Depreciation expense 16,000;Payment of income taxes 12,000 Proceeds from sale of vehicles 12,000;Net income 38,000 Purchase of equipment for cash 22,000;Payment of accounts payable Loss on sale of vehicles 3,000;for merchandise 115,000 Payment of dividends 14,000;Payment for land 74,000 Payment of operating expenses 28,000;Instructions;Prepare the cash flows from operating activities section using the direct method. (Not all of the;Items will be used.);SOLTUIN 1.;Taguchi Company


Paper#53201 | Written in 18-Jul-2015

Price : $22