The following balances are from Company A: Cash Accounts receivable Inventory Deferred Tax Asset Land Cash Flow Problem Equipment Buildings Copyright Allowance for doubtful accounts Accounts payable Dividends Payable Salaries Payable Accumulated depreciation - Equip Accumulated depreciation - Bldg Bonds payable -10% Premium on Bonds Payable Common stock APIC - CS Retained earnings Debits Credits 2014 2013 201,000 225,000 110,000 140,000 205,000 175,000 15,000 10,000 175,000 100,000 65,000 40,000 300,000 180,000 8,000 12,000 1,079,000 882,000 6,000 9,000 90,000 84,000 50,000 40,000 42,000 65,000 9,000 4,000 60,000 25,000 125,000 250,000 7,000 14,000 75,000 25,000 264,000 90,000 351,000 276,000 1,079,000 882,000 Change (24,000) (30,000) 30,000 5,000 75,000 25,000 120,000 (4,000) 197,000 (3,000) 6,000 10,000 (23,000) 5,000 35,000 (125,000) (7,000) 50,000 174,000 75,000 197,000 1. Buildings with a cost of $100,000 and Land with a cost of $25,000 was sold for $90,000. The book value of the building was $85,000. 2. 3. Dividends of $46,000 were declared in 2014. These dividends have not been paid. 50% of the bonds outstanding at the end of 2013 were retired on 1/1/14 for $115,000. The carrying value of the retired bonds was $130,000. 4. Common stock was issued for $224,000. Required: Prepare an indirect statement of cash flows
The following balances are from Company A: Cash Accounts receivable Inventory Deferred Tax Asset Land Cash Flow Problem Equipment Buildings Copyright Allowance for doubtful accounts Accounts payable Dividends Payable Salaries Payable Accumulated depreciation - Equip Accumulated depreciation - Bldg Bonds payable -10% Premium on Bonds Payable Common stock APIC - CS Retained earnings Debits Credits 2014 2013 201,000 225,000 110,000 140,000 205,000 175,000 15,000 10,000 175,000 100,000 65,000 40,000 300,000 180,000 8,000 12,000 1,079,000 882,000 6,000 9,000 90,000 84,000 50,000 40,000 42,000 65,000 9,000 4,000 60,000 25,000 125,000 250,000 7,000 14,000 75,000 25,000 264,000 90,000 351,000 276,000 1,079,000 882,000 Change (24,000) (30,000) 30,000 5,000 75,000 25,000 120,000 (4,000) 197,000 (3,000) 6,000 10,000 (23,000) 5,000 35,000 (125,000) (7,000) 50,000 174,000 75,000 197,000 1. Buildings with a cost of $100,000 and Land with a cost of $25,000 was sold for $90,000. The book value of the building was $85,000. 2. 3. Dividends of $46,000 were declared in 2014. These dividends have not been paid. 50% of the bonds outstanding at the end of 2013 were retired on 1/1/14 for $115,000. The carrying value of the retired bonds was $130,000. 4. Common stock was issued for $224,000. Required: Prepare an indirect statement of cash flows
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following balances are from Company A:
Cash
Accounts receivable
Inventory
Deferred Tax Asset
Land
Equipment
Buildings
Copyright
Cash Flow Problem
Allowance for doubtful accounts
Accounts payable
Dividends Payable
Salaries Payable
Accumulated depreciation - Equip
Accumulated depreciation - Bldg
Bonds payable -10%
Premium on Bonds Payable
Common stock
APIC - CS
Retained earnings
Debits
Credits
2014
2013
Change
201,000 225,000
(24,000)
110,000 140,000
(30,000)
205,000 175,000
30,000
15,000 10,000
5,000
175,000 100,000
75,000
65,000
40,000
25,000
300,000 180,000
120,000
8,000 12,000 (4,000)
882,000
197,000
1,079,000
6,000
9,000
90,000 84,000
50,000 40,000
42,000
65,000
9,000
4,000
60,000
25,000
125,000 250,000
7,000 14,000
75,000 25,000
264,000 90,000
351,000
276,000
1,079,000
882,000
(3,000)
6,000
10,000
(23,000)
5,000
35,000
(125,000)
(7,000)
50,000
174,000
75,000
197,000
1.
Buildings with a cost of $100,000 and Land with a cost of $25,000 was sold for $90,000. The
book value of the building was $85,000.
2.
Dividends of $46,000 were declared in 2014. These dividends have not been paid.
3. 50% of the bonds outstanding at the end of 2013 were retired on 1/1/14 for $115,000. The
carrying value of the retired bonds was $130,000.
4. Common stock was issued for $224,000.
Required: Prepare an indirect statement of cash flows
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