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Q1) On the basis of data given below for Seller Co. for 2008 and preceding year ended December 31, 2007, make a statement of cash flows. Use indirect method of reporting cash flows from operating activities. Suppose that equipment costing $125,000 was bought for cash and equipment costing $85,000 with accumulated depreciation of $65,000 was sold for $15,000; that stock was issued for cash; and that only entries in retained earnings account were net income of $51,000 and cash dividends declared of $13,000.

 

Year 2008

Year 2007

Cash

$90,000

$ 78,000

Accounts receivable (net)

78,000

85,000

Inventories

106,500

90,000

Equipment

410,000

370,000

Accumulated depreciation

(150,000)

(158,000)

 

$534,500

$465,000

Accounts payable (merchandise creditors)

$ 53,500

$ 55,000

Cash dividends payable

5,000

4,000

Common stock, $10 par

200,000

170,000

Paid-in capital in excess of par--   common stock

62,000

60,000

Retained earnings

214,000

176,000

 

$534,500

$465,000

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M916964

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