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Description / Instructions: Complete the following Week 5 Assignment in WileyPLUS: * Exercise 7-3 * Exercise 12-1 * Exercise 12-8 * Problem 12-9A * Problem 12-10A * Exercise 13-3 * Exercise 13-4 * IFRS 13-1 * Problem 13-2A;Exercise 12-1;Question 1;Putnam Corporation had these transactions during 2014.;Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or noncash investing and financing activities.;(a) Purchased a machine for $30,000, giving a long-term note in exchange.;(b) Issued $50,000 par value common stock for cash.;(c) Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000.;(d) Declared and paid a cash dividend of $13,000.;(e) Sold a long-term investment with a cost of $15,000 for $15,000 cash.;(f) Collected $16,000 of accounts receivable.;(g) Paid $18,000 on accounts payable.;Warning;Don't show me this message again for the assignment Ok Cancel;Exercise 12-8;Question 2;Shown below are comparative balance sheets for Schmitt Company.;SCHMITT COMPANY;Comparative Balance Sheets;December 31;Assets 2014 2013;Cash $ 68,000 $ 22,000;Accounts receivable 88,000 76,000;Inventory 167,000 189,000;Land 80,000 100,000;Equipment 260,000 200,000;Accumulated depreciation?equipment (66,000 ) (32,000 );Total $597,000 $555,000;Liabilities and Stockholders? Equity;Accounts payable $ 39,000 $ 43,000;Bonds payable 150,000 200,000;Common stock ($1 par) 216,000 174,000;Retained earnings 192,000 138,000;Total $597,000 $555,000;Additional information;1. Net income for 2014 was $93,000.;2. Depreciation expense was $34,000.;3. Cash dividends of $39,000 were declared and paid.;4. Bonds payable amounting to $50,000 were redeemed for cash $50,000.;5. Common stock was issued for $42,000 cash.;6. No equipment was sold during 2014.;7. Land was sold for its book value.;Warning;Don't show me this message again for the assignment Ok Cancel;Prepare a statement of cash flows for 2014 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000, or in parenthesis e.g. (15,000)).;SCHMITT COMPANY;Statement of Cash Flows;For the Year Ended December 31, 2014;$;Adjustments to reconcile net income to;$;$;Warning;Don't show me this message again for the assignment Ok Cancel;Compute these cash-based ratios: (Round ratios to 2 decimal places, e.g. 2.56.);(1) Current cash debt coverage.;Current cash debt coverage times;(2) Cash debt coverage.;Cash debt coverage times;Warning;Don't show me this message again for the assignment Ok Cancel;Exercise 13-3;Question 3;Here is financial information for Spangles Inc.;December 31, 2014 December 31, 2013;Current assets $106,000 $ 90,000;Plant assets (net) 400,000 350,000;Current liabilities 99,000 65,000;Long-term liabilities 122,000 90,000;Common stock, $1 par 130,000 115,000;Retained earnings 155,000 170,000;Prepare a schedule showing a horizontal analysis for 2014, using 2013 as the base year. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.);SPANGLES INC.;Condensed Balance Sheet;December 31;Increase or (Decrease);2014 2013 Amount Percentage;Assets;Current Assets $106,000 $90,000 $ %;Plant assets (net) 400,000 350,000 %;Total assets $506,000 $440,000 $ %;Liabilities;Current Liabilities $99,000 $65,000 $ %;Long-term liabilities 122,000 90,000 %;Total liabilities $221,000 $155,000 $ %;Stockholders? Equity;Common stock, $1 par 130,000 115,000 %;Retained earnings 155,000 170,000 %;Total stockholders? equity 285,000 285,000

 

Paper#80498 | Written in 18-Jul-2015

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