87. King CorporationSelected data and additional information from the records of King Corporation are presented below.
Balance Sheet Data
2012
2011
Accounts receivable
$132,000
$165,000
Inventories
61,600
55,000
Accounts payable
41,800
77,000
Salaries payable
11,000
5,500
Equipment
121,000
77,000
Accumulated depreciation
30,800
35,200
Bonds payable
110,000
220,000
Common stock
330,000
220,000
Retained earnings
83,600
44,000
Income Statement Data
2012
Net sales
$1,000,000
Cost of goods sold
700,000
Operating expenses (Excluding depreciation expense)
185,000
Net income (Includes depreciation expense and gain)
102,400
Gain on sale of equipment
6,000
Additional information:
1.
Equipment with a cost of $45,000 and a book value of $22,000 was sold for $28,000 during 2012.
2.
Common stock was issued to retire bonds payable during 2012.
3.
The only items affecting retained earnings in 2012 were net income and dividends declared and paid.
Refer to the information provided for King Corporation. Prepare the operating activities section of a statement of cash flows for King Corporation for 2012 if the indirect method is used.
88. King CorporationSelected data and additional information from the records of King Corporation are presented below.
Balance Sheet Data
2012
2011
Accounts receivable
$132,000
$165,000
Inventories
61,600
55,000
Accounts payable
41,800
77,000
Salaries payable
11,000
5,500
Equipment
121,000
77,000
Accumulated depreciation
30,800
35,200
Bonds payable
110,000
220,000
Common stock
330,000
220,000
Retained earnings
83,600
44,000
Income Statement Data
2012
Net sales
$1,000,000
Cost of goods sold
700,000
Operating expenses (Excluding depreciation expense)
185,000
Net income (Includes depreciation expense and gain)
102,400
Gain on sale of equipment
6,000
Additional information:
1.
Equipment with a cost of $45,000 and a book value of $22,000 was sold for $28,000 during 2012.
2.
Common stock was issued to retire bonds payable during 2012.
3.
The only items affecting retained earnings in 2012 were net income and dividends declared and paid.
Refer to the information provided for King Corporation. Prepare the investing activities section of a statement of cash flows for 2012 for King Corporation.
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