The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal year, is as follows:
Additional data obtained from the records of Prime Sports Gear are as follows:
- a. Net income for 2013 was $121,610.
- b.
Depreciation reported on income statement for 2013 was $46,500. - c. Purchased $165,000 of new equipment, putting $90,000 cash down and issuing $75,000 of bonds for the balance.
- d. Old equipment originally costing $19,500, with accumulated depreciation of $7,950, was sold for $8,000.
- e. Retired $60,000 of bonds.
- f. Declared cash dividends of $64,000.
- g. Issued 1,500 shares of common stock at $27 cash per share.
You have been asked to prepare a statement of
Prepare the statement of cash flow for Incorporation PSG and review the worksheet.
Explanation of Solution
Prepare the statement of cash flow for Incorporation PSG and review the worksheet.
Table (1)
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Chapter 14 Solutions
Excel Applications for Accounting Principles
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