Addtl. info investments were sold at a loss not, Ask an Expert

Accounting

Presented below is a condensed version of the comparative balance sheets for Sondergaard Corp. for the last two years at Dec. 31

Cash 2010 $157,000 and 2009 $78,000
A/R 2010 $180,000 and $185,000
Investments 2010 $52,000 and 2009 $74,000
Equipment 2010 $298,000 and 2009 $240,000
Less: accumulated depreciation 2010 ($106,000) and 2009 ($89,000)
Current liabilities 2010 $134,000 and 2009 $151,000
Capital stock 2010 $160,000 and 2009 $160,000
Retained earnings 2010 $287,000 and 2009 $177,000

Addtl. Info: Investments were sold at a loss (not extraordinary) of $7,000; no equipment was sold; cash dividends paid were $50,000; and net income was $160,000

Prepare a statement of cash flows for 2010 for Sondegaard Corporation.

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9446376

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question use the amalgamated hat rack financial statements

Question: Use the Amalgamated Hat Rack financial statements, as detailed in Chapter 1 of the text, to answer the following questions: 1. How much is the Net Income for 2002? 2. List the two types of sales that the compan ...

Question - in january ms nw projects that her employer will

Question - In January, Ms. NW projects that her employer will withhold $25,000 from her 2019 salary. However, she has income from several other sources and must make quarterly estimated tax payments. 1. Compute the quart ...

Question - don smiths wife died in january while still

Question - Don Smith's wife died in January while still employed and, as her beneficiary, he began receiving an annuity of $147 per month. There was no investment in the contract after June 30, 2013. The investment in th ...

Question - why is net income before tax the most common

Question - Why is net income before tax the most common base used to determine the preliminary judgment about materiality? In what circumstances might the auditor use a different base?

Assignment - asset misappropriation and corporate

Assignment - Asset Misappropriation and Corporate Governance For this assignment, use the Internet or Strayer databases to research and identify an organization that was a victim of asset misappropriation. Write a five t ...

Question introduction you are a consultant hired by a

Question: Introduction: You are a consultant hired by a consumer products research company to analyze the packaging of various consumer products. Your first assignment is to go into a retail store and pick three products ...

Question - on december 31 2018 fine company acquired a new

Question - On December 31, 2018, Fine Company acquired a new delivery truck in exchange for an old delivery truck that it had acquired in 2012. The old truck was purchased for $70,000 and had a book value of $26,600. On ...

Question - the ap clerk of a company writes the checks for

Question - The A/P clerk of a company writes the checks for vendors, and the controller signs the checks. The A/P clerk has devised a plan to give herself a raise. She creates a new vendor for her friend's business and c ...

Question during the current year merchandise is sold for

Question: During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The The cost that is reported as an expense when merchandise is sold.cost of the merchandise sold is $188,000. What is the ...

Question - retained earnings had a balance on january 1

Question - Retained Earnings had a balance on January 1, 2017, and December 31, 2017, respectively, of $234,500 and $411,000. Net income for the year was $199,500 and the only other event affecting Retained Earnings was ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert