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Problem V: Statement of Cash Flows. Use the follow...

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Problem V: Statement of Cash Flows. Use the following information to prepare a statement of cash flows, in good form, for Stable Equipment Company for the year ended December 31, 2011: Comparative Balance Sheet information: 2011 2010 Cash $ 64,000 $ 65,000 Accounts Receivable 15,000 20,000 Inventory 22,000 20,000 Property and Equipment 210,000 150,000 Accumulated Depreciation (60,000) (45,000) Accounts Payable 9,000 19,000 Interest Payable 5,000 6,000 Taxes Payable 2,000 1,000 Note Payable, long term 80,000 69,000 Common Stock 12,000 11,000 Paid-In Capital Excess of Par 63,000 59,000 Retained Earnings 80,000 45,000 Income Statement Information for 2011: Sales $190,000 Cost of Goods Sold 90,000 Other Expenses 60,000 Net Income $ 40,000 Additional Data: 1) Other expenses included depreciation, $15,000; wages $18,000; interest expense $7,000; and taxes, $20,000. 2) Accounts payable includes only inventory purchases made on credit.

 

Paper#7776 | Written in 18-Jul-2015

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