Show workdecember 3120122011cash3350013000accounts, Ask an Expert

Accounting

SHOW WORK!!!!!

				December 31
				2012	2011
	Cash			$33,500	$13,000
	Accounts receivable			12,250	10,000
	Inventory			12,000	9,000
	Investments			0	3,000
	Building			0	29,750
	Equipment			45,000	20,000
	Patent			5,000	6,250
	Totals			$107,750	$91,000

	Allowance for doubtful accounts			$3,000	$4,500
	Accumulated depreciation on equipment			2,000	4,500
	Accumulated depreciation on building			0	6,000
	Accounts payable			5,000	3,000
	Dividends payable			0	5,000
	Notes payable, short-term (nontrade)			3,000	4,000
	Long-term notes payable			31,000	25,000
	Common stock			43,000	33,000
	Retained earnings			20,750	6,000
	Totals			$107,750	$91,000

Additional data related to 2012 are as follows:
1. Equipment that had cost		$11,000	and was	40%	depreciated at time of
disposal was sold for		$2,500
2.	$10,000	of the long-term note payable was paid by issuing common stock.
3. Cash dividends paid were		$5,000
4. On January 1, 2010, the building was completely destroyed by a flood. Insurance proceeds on the
building were		$30,000	(net of	$2,000	taxes).
5. Investments (available-for-sale) were sold at				$1,700	above their cost. The
company has made similar sales and investments in the past.
6. Cash of was paid for the acquisition of equipment.
7. A long-term note for		$16,000	was issued for the acquisition of equipment.
8. Interest of	$2,000	and income taxes of		$6,500	were paid in cash.

Instructions:
Prepare a statement of cash flows using the indirect method. Flood damage is unusual and infrequent in that part of the country.

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797331

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - mr garrett a single taxpayer has 16000 agi

Question - Mr. Garrett, a single taxpayer, has $16,000 AGI. Assume the taxable year is 2018. Use Standard Deduction Table. Married filing jointly and surviving spouses - $24,000 Married filing separately - 12,000 Head of ...

Question - this year major healy paid 40000 of interest on

Question - This year, Major Healy paid $40,000 of interest on a mortgage on his home (he borrowed $800,000 to buy the residence in 2015; $900,000 original purchase price and value at purchase), $6,000 of interest on a $1 ...

Question - machine b the recorded cost of this machine was

Question - Machine B: The recorded cost of this machine was $201,600. Evers estimates that the useful life of the machine is 4 years with a $11,500 salvage value remaining at the end of that time period. Calculate the am ...

Question - on january 1 2016 company x had an inventory

Question - On January 1, 2016, Company X had an inventory balance of $200,000. During the year, Company X had net purchases of $1,000,000 and net sales of $900,000. Historically, Company X's gross profit ratio has been 4 ...

Question - on january 1 2019 green inc issued stock options

Question - On January 1, 2019, Green Inc. issued stock options for 200,000 shares to a division manager. The options have an estimated fair value of $6 each. To provide additional incentive for managerial achievement, th ...

Question - bryant leased equipment that had a retail cash

Question - Bryant leased equipment that had a retail cash selling price of $740,000 and a useful life of five years with no residual value. The lessor paid $600,000 to acquire the equipment and used an implicit rate of 7 ...

Question please respond to the followingfor this weeks

Question: Please respond to the following. For this week's collaborative activity, review Apple Inc.'s most recent financial statements. Apple's Financial Information. Based on your analysis of Apple's most recent financ ...

Question - oriole company manufactures equipment orioles

Question - Oriole Company manufactures equipment. Oriole's products range from simple automated machinery to complex systems containing numerous components. Unit selling prices range from $200,000 to $1,500,000 and are q ...

Question assignmen t descriptionclassroom discussion

Question: Assignmen t Description Classroom discussion requires the active participation of students and the instructor to create robust interaction and dialogue. Every student is expected to engage in dialogue by partic ...

Question upload a document that provides the following

Question: Upload a document that provides the following information. 1) Give a simple, nontechnical 1 sentence answer to the question posed (this is not a writing assessment, focus on research). 2) What is (are) the Code ...

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