89%P 9:08* Ooredoo Iı.Final Exam QP (FA... L äagall suöy >SULTAN CORPORATIONComparative Balance SheetsDecember 31201220112$$ 14,300$ 10,700Accounts receivable21,20023,400Land20,00026,00070,000BuildingsAccumulated depreciation-buildings70,000(10,000)$120,100(15,000)Total$110,500Accounts payable$ 12,370$ 31,100Common stock75,00069,000Retained eanings23,13020,000Total$110,500$120,100Additional information:1. Net income was $22,630. Dividends declared and paid were $19,500.2. All other changes in noncurrent account balances had a direct effect on cash flows,except the change in accumulated depreciation. The land was sold for $4,900.Instructions: Prepare a statement of cash flows for 2012 using the indirect method.Business Administration Program Final Assessment Semester Fall 2020Page 417. Mohamed Company purchased a delivery truck for $30,000 on January 1, 2012. The truckhas an expected salvage value of $2,000, and is expected to be driven 100,000 miles over itsestimated useful life of 8 years. Actual miles driven were 15,000 in 2012 and 12,000 in 2013.Instructions(a) Compute depreciation expense for 2012 and 2013 using (1) the straight-line method, (2)the units-of-activity method, and (3) the double-declining-balance method.(b) Assume that Mohamed uses the straight-line method.(1) Prepare the journal entry to record 2012 depreciation.(2) Show how the truck would be reported in the December 31, 2012, balance sheet.18. The Fahim Company at December 31 has cash $20,000, noncash assets $100,000,liablities $55,000, and the following capital balances: Ahmed $45,000 and Bader $20,000.The firm is liquidated, and $110,000 in cash is received for the noncash assets. Ahmed andBader income ratios are 60% and 40%, respectively.InstructionsPrepare a schedule of cash payments.

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SULTAN CORPORATION Comparative Balance Sheets December 31 2012 2011 $ 14,300 $ 10,700 Accounts receivable 21,200 23,400 Land 20,000 26,000 Buildings 70,000 70,000 Accumulated depreciation-buildings (15,000) (10,000) Total $110,500 $120,100 Accounts payable $ 12,370 $ 31,100 Common stock 75,000 69,000 Retained eamings 23,130 20,000 Total $110,500 $120,100 Additional information: 1. Net income was $22,630. Dividends dedared and paid were $19,500. 2. All other changes in noncurrent account balances had a direct effect on cash flows, except the change in accumulated depreciation. The land was sold for $4,900. Instructions: Prepare a statement of cash flows for 2012 using the indirect method.

SULTAN CORPORATION Comparative Balance Sheets December 31 2012 2011 $ 14,300 $ 10,700 Accounts receivable 21,200 23,400 Land 20,000 26,000 Buildings 70,000 70,000 Accumulated depreciation-buildings (15,000) (10,000) Total $110,500 $120,100 Accounts payable $ 12,370 $ 31,100 Common stock 75,000 69,000 Retained eamings 23,130 20,000 Total $110,500 $120,100 Additional information: 1. Net income was $22,630. Dividends dedared and paid were $19,500. 2. All other changes in noncurrent account balances had a direct effect on cash flows, except the change in accumulated depreciation. The land was sold for $4,900. Instructions: Prepare a statement of cash flows for 2012 using the indirect method.

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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