Question : 87. King CorporationSelected data and additional information from the records of : 1224821

 

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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