E23-15B (L02) (SCF—Indirect Method) Presented below are data taken from the records of Natural Homes Company....

E23-15B (L02) (SCF—Indirect Method) Presented below are data taken from the records of Natural Homes Company. December 31, December 31, 2017 2016 Cash $ 15,000 $ 5,000 Current assets other than cash 105,000 129,000 Long-term investments 60,000 50,000 Plant assets 330,000 351,000 $510,000 $535,000 Accumulated depreciation $ 88,000 $102,000 Current liabilities 65,000 73,000 Bonds payable 50,000 100,000 Capital stock 173,000 153,000 Retained earnings 134,000 107,000 $510,000 $535,000 Additional information: 1. Held-to-maturity securities carried at a cost of $25,000 on December 31, 2016, were sold in 2017 for $30,000. The gain was incorrectly charged directly to Retained Earnings. 2. Fully depreciated plant assets that cost $57,000 were sold during 2017 for $2,000. The gain was incorrectly charged directly to Retained Earnings. 3. Net income as reported on the income statement for the year was $40,000. 4. Dividends paid amounted to $20,000. 5. Depreciation charged for the year was $43,000. Instructions Prepare a statement of cash flows for the year 2017 using the indirect method

Expert Solution

ekkarill92 answered 1 year ago

E23-11B (L02) (SCF—Indirect Method) Condensed financial data of Fulton Corp. for 2017 and 2016 are presented...

E23-11B (L02) (SCF—Indirect Method) Condensed financial data of Fulton Corp. for 2017 and 2016 are presented below. FULTON CORP. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31 2017 2016 Cash $ 800 $ 600 Investments –0– 200 Receivables 2,250 2,100 Inventory 1,600 1,200 Plant assets 1,600 1,200 Accumulated depreciation (600) (455) $5,650 $4,845 Accounts payable $ 750 $1,200 Accrued liabilities 330 520 Bonds payable 800 1,000 Capital stock 1,500 1,400 Retained earnings 2,270 725 $5,650 $4,845 FULTON CORP. INCOME STATEMENT FOR...

Presented below are data taken from the records of Blue Company. December 31, 2020 December 31,...

Presented below are data taken from the records of Blue Company. December 31, 2020 December 31, 2019 Cash $15,100 $7,900 Current assets other than cash 85,600 59,800 Long-term investments 9,900 53,500 Plant assets 333,500 213,200 $444,100 $334,400 Accumulated depreciation $19,800 $40,000 Current liabilities 39,800 22,000 Bonds payable 75,100 –0– Common stock 252,600 252,600 Retained earnings 56,800 19,800 $444,100 $334,400 Additional information: 1. Held-to-maturity debt securities carried at a cost of $43,600 on December 31, 2019, were sold in 2020 for...

Presented below are data taken from the records of Sandhill Company. December 31, 2017 December 31,...

Presented below are data taken from the records of Sandhill Company. December 31, 2017 December 31, 2016 Cash $15,000 $8,000 Current assets other than cash 84,500 59,900 Long-term investments 10,000 52,800 Plant assets 335,600 217,200 $445,100 $337,900 Accumulated depreciation $20,200 $39,700 Current liabilities 39,600 21,800 Bonds payable 75,600 –0– Common stock 253,300 253,300 Retained earnings 56,400 23,100 $445,100 $337,900 Additional information: 1. Held-to-maturity securities carried at a cost of $42,800 on December 31, 2016, were sold in 2017 for $34,000....

Presented below are data taken from the records of Vaughn Company. December 31, 2017 December 31,...

Presented below are data taken from the records of Vaughn Company. December 31, 2017 December 31, 2016 Cash $15,100 $8,100 Current assets other than cash 85,300 60,300 Long-term investments 10,000 53,000 Plant assets 337,500 213,900 $447,900 $335,300 Accumulated depreciation $20,000 $40,400 Current liabilities 40,400 21,900 Bonds payable 74,600 –0– Common stock 253,700 253,700 Retained earnings 59,200 19,300 $447,900 $335,300 Additional information: 1. Held-to-maturity securities carried at a cost of $43,000 on December 31, 2016, were sold in 2017 for $33,700....

Exercise 23-15 Presented below are data taken from the records of Oriole Company. December 31, 2020...

Exercise 23-15 Presented below are data taken from the records of Oriole Company. December 31, 2020 December 31, 2019 Cash $15,100 $8,000 Current assets other than cash 85,100 59,700 Long-term investments 10,100 53,600 Plant assets 331,900 216,400 $442,200 $337,700 Accumulated depreciation $20,100 $40,200 Current liabilities 40,200 21,800 Bonds payable 74,800 –0– Common stock 252,200 252,200 Retained earnings 54,900 23,500 $442,200 $337,700 Additional information: 1. Held-to-maturity debt securities carried at a cost of $43,500 on December 31, 2019, were sold in...

The following data concerning the retail inventory method are taken from the financial records of Blake Company.

The following data concerning the retail inventory method are taken from the financial records of Blake Company. Cost Retail Beginning inventory $132,000 $ 220,000 Purchases 362,500 550,000 Freight-in 16,000 — Net markups — 45,000 Net markdowns — 16,000 Sales — 625,0001. What is the ending inventory at retail? 2. If the ending inventory is to be valued at approximately theconventional retail inventory method, the calculation of the cost to retail ratio should be based on goods available for sale...

The following data, presented in alphabetical order, are taken from the records of Crane Corporation. Accounts...

The following data, presented in alphabetical order, are taken from the records of Crane Corporation. Accounts payable $239,200 Accounts receivable 139,200 Accumulated depreciation—buildings 179,600 Accumulated depreciation—equipment 52,800 Allowance for doubtful accounts 6,800 Bonds payable (10%, due 2028) 499,700 Buildings 949,500 Cash 41,700 Common stock ($10 par value; 506,600 shares authorized, 149,400 shares issued) 1,494,000 Dividends payable 79,600 Equipment 275,700 Goodwill 200,900 Income taxes payable 119,200 Inventory 170,300 Investment in Mara common stock (30% ownership), at equity 379,400 Investment in Sasse...

The following data, presented in alphabetical order, are taken from the records of Nieto Corporation. Accounts...

The following data, presented in alphabetical order, are taken from the records of Nieto Corporation. Accounts payable $240,000 Accounts receivable 140,100 Accumulated depreciation—buildings 180,400 Accumulated depreciation—equipment 52,000 Allowance for doubtful accounts 5,200 Bonds payable (10%, due 2025) 500,300 Buildings 949,000 Cash 42,200 Common stock ($10 par value; 499,000 shares authorized, 149,100 shares issued) 1,491,000 Dividends payable 79,200 Equipment 275,200 Fair value adjustment—available-for-sale securities (Dr) 7,700 Goodwill 200,000 Income taxes payable 120,300 Inventory 169,900 Investment in Mara common stock (30% ownership),...

The following data were taken from the records of a company &n

The following data were taken from the records of a company Period 1 Period 2 Period 2 Production 30,000 38,000 27,000 Sales 30,000 27,000 38,000 Opening Stock - 11,000 Closing Stock 11,000 All the above in Kgs The firm makes a single product the financial details of which are as follows (based on a normal activity level of 30,000 kgs). Cost per Kg (£) Direct material 1.50 Direct labour 1.00 Production...

Problem 16-06A The following data, presented in alphabetical order, are taken from the records of Sandhill...

Problem 16-06A The following data, presented in alphabetical order, are taken from the records of Sandhill Corporation. Accounts payable $240,000 Accounts receivable 140,100 Accumulated depreciation—buildings 180,400 Accumulated depreciation—equipment 52,000 Allowance for doubtful accounts 5,200 Bonds payable (10%, due 2028) 500,300 Buildings 949,000 Cash 42,200 Common stock ($10 par value; 499,000 shares authorized, 149,100 shares issued) 1,491,000 Dividends payable 79,200 Equipment 275,200 Goodwill 200,000 Income taxes payable 120,300 Inventory 169,900 Investment in Mara common stock (30% ownership), at equity 380,100 Investment...

Question