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Q1) Comparative balance sheet of Oak and Tile Flooring Co. for June 30, 2008 and 2007, is given below:
Statement of cash ___________________________________ June 30, 2008 ________ June 30,2007

Flows-indirect method Assests
Obj. 2 Cash......................................................... $34,700 $23,500
Net cash flow from Accounts receivable (net)..................... 101,600 92,300
Operating activities, Inventories....................................... 146,300 142,100
$72,200 Investments................................................. 0 50,000
Equipment.................................................... 215,000 175,000
Accumulated depreciation....................... -48,600 -41,300
  $594,000 $442,100
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors).. $100,900 $95,200
Accrued expenses (operating expenses)........ 15,000 13,200
Dividends payable.............................................. 12,500 10,000
Common stock, $1 par...................................... 56,000 50,000
Paid-in capital in excess of par-common stock.. 220,000 100,000
Retained earnings................................................. 189,000 173,700
  $594,000 $442,000

The following additional information was taken from records of Oak and Tile Flooring Co.:

a. Equipment and land were acquired for cash.
b. There were no disposals of equipment during the year.
c. The investments were sold for $45,000 cash.
d. The common stock was issued for cash.
e. There was a $65,900 credit to Retained Earnings for net income.
f. There was a $50,000 debit to Retained Earnings for cash dividends declared.

Instructions

Create statement of cash flows, by using indirect method of presenting cash flows from operating activities.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M922475

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