Question : 153. The comparative balance sheet of Barry Company, for 2011 and : 1239360

 

153. The comparative balance sheet of Barry Company, for 2011 and the preceding year ended December 31, 2010, appears below in condensed form: 

 

Year

Year

 

2011

2010

Cash

$  72,000 

$  42,500 

Accounts receivable (net)

61,000 

70,200 

Inventories

121,000 

105,000 

Investments

….. 

100,000 

Equipment

515,000 

425,000 

Accumulated depreciation-equipment

 (153,000)

 (175,000)

 

$616,000 

$567,700 

 

 

 

Accounts payable

$  59,750 

$  47,250 

Bonds payable, due 2011

….. 

75,000 

Common stock, $20 par

375,000 

325,000 

Premium on common stock

50,000 

25,000 

Retained earnings

  131,250 

    95,450 

 

$616,000 

$567,700 

 

 

 

Additional data for the current year are as follows: 

(a)

Net income, $75,800.

(b)

Depreciation reported on income statement, $38,000.

(c)

Fully depreciated equipment costing $60,000 was scrapped, no salvage, and equipment was purchased for $150,000.

(d)

Bonds payable for $75,000 were retired by payment at their face amount.

(e)

2,500 shares of common stock were issued at $30 for cash.

(f)

Cash dividends declared and paid, $40,000.

(g)

Investments of $100,000 were sold for $125,000.

 

 

Prepare a statement of cash flows using the indirect method. 

 

 

 

 

 

154. The Dickinson Company reported net income of $155,000 for the current year. Depreciation recorded on buildings and equipment amounted to $65,000 for the year.  In addition, a building with an original cost of $250,000 and accumulated depreciation of $190,000 on the date of the sale, was sold for $75,000.  Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: 

 

End of Year

Beginning of Year

Cash

$20,000

$15,000

Accounts receivable

  19,000

  32,000

Inventories

  50,000

  65,000

Accounts payable

  12,000

  18,000

 

 

 

InstructionsPrepare the cash flows from the operating activities section of the statement of cash flows using the indirect method. 

 

 

 

 

 

155. The net income reported on an income statement for the current year was $58,000.  Depreciation recorded on fixed assets for the year was $24,000.  In addition, equipment with an original cost of $130,000 and accumulated depreciation of $115,000 on the date of the sale, was sold for $20,000.  Balances of the current asset and current liability accounts at the end and beginning of the year are listed below.  Prepare the cash flows from operating activities section of a statement of cash flows using the indirect method. 

 

End

Beginning

Cash

$65,000

$  70,000

Accounts receivable (net)

70,000

63,000

Inventories

85,000

102,000

Prepaid expenses

4,000

4,500

Accounts payable

 

 

  (merchandise creditors)

50,000

58,000

Cash dividends payable

4,500

6,500

Salaries payable

6,000

7,500

 

 

 

 

 

 

 

 

 

 

 

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