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The net changes in the balance sheet accounts of V...




The net changes in the balance sheet accounts of Vincent Corporation for the year 2004 are shown below. Account Debit Credit Cash $ 35,000 Short-term investments $ 80,500 Accounts receivable 83,200 Allowance for doubtful accounts 13,300 Inventory 64,200 Prepaid expenses 18,300 Investment in subsidiary (equity method) 60,000 Plant and equipment 210,000 Accumulated depreciation 130,000 Accounts payable 90,700 Accrued liabilities 21,500 Deferred tax liability 15,500 8% serial bonds 80,000 Common stock, $10 par 90,000 Additional paid-in capital 150,000 Retained earnings?Appropriation for bonded indebtedness 60,000 Retained earnings?Unappropriated 85,000 $643,600 $643,600 An analysis of the Retained Earnings?Unappropriated account follows: Retained earnings unappropriated, December 31, 2003 $1,300,000 Add: Net income 218,000 Transfer from appropriation for bonded indebtedness 60,000 Total $1,578,000 Deduct: Cash dividends $123,000 Stock dividend 240,000 363,000 Retained earnings unappropriated, December 31, 2004 $1,215,000 1. On January 2, 2004 short-term investments (classified as available-for-sale) costing $80,500 were sold for $103,000. 2. The company paid a cash dividend on February 1, 2004. 3. Accounts receivable of $16,200 and $19,400 were considered uncollectible and written off in 2004 and 2003, respectively. 4. Major repairs of $22,000 to the equipment were debited to the Accumulated Depreciation account during the year. No assets were retired during 2004. 5. The wholly owned subsidiary reported a net loss for the year of $60,000. The loss was recorded by the parent. 6. At January 1, 2004, the cash balance was $111,000. Instructions Prepare a statement of cash flows (indirect method) for the year ended December 31, 2004. Vincent Corporation has no securities which are classified as cash equivalents.,Yes Sir, I did sent the above question. Awaiting your response as soon as possible. Your help is highly appreciated,Please find attached file. I hope this helps. Thank you,URGENT MESSAGE ! Sir, i would like to know the status of my assigement since i have no time. I have only 3 hours left to submit this assigement to college. Your prompt reply is highly appreciated.


Paper#5816 | Written in 18-Jul-2015

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