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

  June 30, 2008 June 30, 2007
Assets    
Cash $34,700 $23,500
Accounts receivable (net) 101,600 92,300
Inventories 146,300 142,100
Investments 0 50,000
Land 145,000 0
Equipment 215,000 175,000
Accumulator 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 189,600 173,700
  $594,000 $442,100

Following extra information was taken from records of Oak and The Flooring Co.

a. Equipment and land were acquired for cash.
b. There were no disposals of equipment in year.
c. Investments were sold for $45,000 cash.
d. Common stock was issued for cash.
e. There was $65,900 credit to Retailed Earnings for net income.
f. There was $50,000 debit to Retailed Earnings for cash dividends declared.

problem:

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

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M919651

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