Question : 121.The income statement for 2014 and comparative balance sheets of : 1302927

 

121.The income statement for 2014 and comparative balance sheets of Daniel Divers for 2013 and 2014 appear below. Dividends totaling $51,200 were paid during the year. Equipment costing $21,500 with a book value of $19,200 was sold for $8,900 cash during the year.

 

     December 31

Assets 20142013

Cash$  56,800$  58,300

Accounts receivable14,50012,200

Merchandise inventories22,60030,000

Equipment112,00098,700

Accumulated depreciation(35,600)     (28,400)

Total assets$170,300     $170,800

 

Liabilities and Stockholders’ Equity    

Accounts payable$  31,500$  34,700

Income taxes payable8,9007,400

Long-term notes payable46,70052,300

Common stock, $0.50 par37,60032,100

Retained earnings45,60044,300

Total liabilities and stockholders’ equity$170,300     $170,800

 

Sales

$389,000

Cost of goods sold178,000

Depreciation expense24,000

Interest expense

Other expenses2,700

109,700

Gain on sale of equipment6,600

Income taxes expense28,700

Net income$  52,500     

 

Use the direct method and prepare the operating activities section of the statement of cash flows for Daniel Divers for the year ending December 31, 2014. You may omit the statement heading.

 

 

122.The income statement for 2014 and comparative balance sheets of Daniel Divers for 2013 and 2014 appear below. Dividends totaling $51,200 were paid during the year. Equipment costing $21,500 with a book value of $19,200 was sold for $8,900 cash during the year.

 

     December 31

Assets 20142013

Cash$  56,800$  58,300

Accounts receivable14,50012,200

Merchandise inventories22,60030,000

Equipment112,00098,700

Accumulated depreciation(35,600)     (28,400)

Total assets$170,300     $170,800

 

Liabilities and Stockholders’ Equity    

Accounts payable$  31,500$  34,700

Income taxes payable8,9007,400

Long-term notes payable46,70052,300

Common stock, $0.50 par37,60032,100

Retained earnings45,60044,300

Total liabilities and stockholders’ equity$170,300     $170,800

 

Sales

$389,000

Cost of goods sold178,000

Depreciation expense24,000

Interest expense

Other expenses2,700

109,700

Gain on sale of equipment6,600

Income taxes expense28,700

Net income$  52,500     

 

Prepare the operating activities section of the 2014 statement of cash flows using the indirect method. You may omit the statement heading.

 

 

 

 

123.The income statement for 2014 and comparative balance sheets of Daniel Divers for 2013 and 2014 appear below. Dividends totaling $51,200 were paid during the year. Equipment costing $21,500 with a book value of $19,200 was sold for $8,900 cash during the year.

 

     December 31

Assets 20142013

Cash$  56,800$  58,300

Accounts receivable14,50012,200

Merchandise inventories22,60030,000

Equipment112,00098,700

Accumulated depreciation(35,600)     (28,400)

Total assets$170,300     $170,800

 

Liabilities and Stockholders’ Equity    

Accounts payable$  31,500$  34,700

Income taxes payable8,9007,400

Long-term notes payable46,70052,300

Common stock, $0.50 par37,60032,100

Retained earnings45,60044,300

Total liabilities and stockholders’ equity$170,300     $170,800

 

Sales

$389,000

Cost of goods sold178,000

Depreciation expense24,000

Interest expense

Other expenses2,700

109,700

Gain on sale of equipment6,600

Income taxes expense28,700

Net income$  52,500     

 

Prepare the investing activities section of the 2014 statement of cash flows using the indirect method. You may omit the statement heading.

 

 

 

 

 

 

124.The income statement for 2014 and comparative balance sheets of Daniel Divers for 2013 and 2014 appear below. Dividends totaling $51,200 were paid during the year. Equipment costing $21,500 with a book value of $19,200 was sold for $8,900 cash during the year.

 

     December 31

Assets 20142013

Cash$  56,800$  58,300

Accounts receivable14,50012,200

Merchandise inventories22,60030,000

Equipment112,00098,700

Accumulated depreciation(35,600)     (28,400)

Total assets$170,300     $170,800

 

Liabilities and Stockholders’ Equity    

Accounts payable$  31,500$  34,700

Income taxes payable8,9007,400

Long-term notes payable46,70052,300

Common stock, $0.50 par37,60032,100

Retained earnings45,60044,300

Total liabilities and stockholders’ equity$170,300     $170,800

 

Sales

$389,000

Cost of goods sold178,000

Depreciation expense24,000

Interest expense

Other expenses2,700

109,700

Gain on sale of equipment6,600

Income taxes expense28,700

Net income$  52,500     

 

Prepare the financing activities section of the 2014 statement of cash flows using the indirect method. You may omit the statement heading.

 

 

125.Wallerton Industries experienced the following during 2014:

 

1.Issued preferred stock for $250,000

2.Repurchased $140,000 of its own common stock

3.Borrowed $200,000 from a bank by issuing a 5–year note

4.Retired bonds by paying $55,000

5.Declared dividends of $135,000 payable on March 1, 2015

 

Prepare the financing activities section of the statement of cash flows for Wallerton Industries for 2014. You may omit the statement heading.

 

 

 

 

 

 

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