FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Statement of
The comparative
Dec. 31, 20Y9 | Dec. 31, 20Y8 | |||
Assets | ||||
Cash | $303,530 | $282,030 | ||
109,960 | 101,290 | |||
Inventories | 310,400 | 299,900 | ||
Investments | 0 | 116,190 | ||
Land | 159,210 | 0 | ||
Equipment | 342,470 | 265,140 | ||
(80,180) | (71,500) | |||
Total assets | $1,145,390 | $993,050 | ||
Liabilities and |
||||
Accounts payable (merchandise creditors) | $207,320 | $195,630 | ||
Accrued expenses payable (operating expenses) | 20,620 | 25,820 | ||
Dividends payable | 11,450 | 8,940 | ||
Common stock, $10 par | 61,850 | 48,660 | ||
Paid-in capital in excess of par—common stock | 232,510 | 135,050 | ||
611,640 | 578,950 | |||
Total liabilities and stockholders’ equity | $1,145,390 | $993,050 |
Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows:
- Equipment and land were acquired for cash.
- There were no disposals of equipment during the year.
- The investments were sold for $135,940 cash.
- The common stock was issued for cash.
- There was a $79,360 credit to Retained Earnings for net income.
- There was a $46,670 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
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