15 Liabilities and Stockholders' EquityAccounts payable (merchandise creditors)$181,590$172,740Accrued expenses payable (operating expenses)18,06022,800Dividends payable10,0307,890Common stock, $10 par54,18042,970Paid-in capital in excess of par-common stock203,670119,250Retained earnings535,750511,220Total liabilities and stockholders' equity$1,003,280$876,870Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows:a. Equipment and land were acquired for cash.b. There were no disposals of equipment during the year.c. The investments were sold for $120,030 cash.d. The common stock was issued for cash.e. There was a $65,740 credit to Retained Earnings for net income.f. There was a $41,210 debit to Retained Earnings for cash dividends declared.Required:Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash outpayments, decreases in cash, or any negative adjustments.Merrick Equipment Co.Statement of Cash FlowsFor the Year Ended December 31, 20Y9Cash flows from (used for) operating activities: Statement of Cash Flows-Indirect MethodThe comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows:Dec. 31,Dec. 31,20Y920ΥΒAssetsCash$265,870$249,030Accounts receivable (net)96,31089,440Inventories271,890264,820Investments102,590Land139,460Equipment299,980234,120Accumulated depreciation-equipment(70,230)(63,130)Total assets$1,003,280$876,870Liabilities and Stockholders' Equity$181,590$172,740Accounts payable (merchandise creditors)18,06022,800Accrued expenses payable (operating expenses)10,0307,890Dividends payable54,18042,970Common stock, $10 par203,670119,250Paid-in capital in excess of par-common stock

Statement of cash flows: It is a financial statement that shows the increase or decrease in the cash…

ect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Dec. 31, Dec. 31, 20Y9 20ΥΒ Assets Cash $265,870 $249,030 Accounts receivable (net) 96,310 89,440 Inventories 271,890 264,820 Investments 102,590 Land 139,460 Equipment 299,980 234,120 Accumulated depreciation-equipment (70,230) (63,130) Total assets $1,003,280 $876,870 Liabilities and Stockholders' Equity $181,590 $172,740 Accounts payable (merchandise creditors) 18,060 22,800 Accrued expenses payable (operating expenses) 10,030 7,890 Dividends payable 54,180 42,970 Common stock, $10 par 203,670 119,250 Paid-in capital in excess of par-common stock

ect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Dec. 31, Dec. 31, 20Y9 20ΥΒ Assets Cash $265,870 $249,030 Accounts receivable (net) 96,310 89,440 Inventories 271,890 264,820 Investments 102,590 Land 139,460 Equipment 299,980 234,120 Accumulated depreciation-equipment (70,230) (63,130) Total assets $1,003,280 $876,870 Liabilities and Stockholders' Equity $181,590 $172,740 Accounts payable (merchandise creditors) 18,060 22,800 Accrued expenses payable (operating expenses) 10,030 7,890 Dividends payable 54,180 42,970 Common stock, $10 par 203,670 119,250 Paid-in capital in excess of par-common stock

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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