Question

In: Accounting

Condensed financial data of Oakley Company appear below.

Condensed financial data of Oakley Company appear below.

OAKLEY COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 $ 82,700 90,800 $ 47,250 57,000 102,650 87,000 205,000 (40,000) Cash Accounts receivable Inventory 126,900 84,500 255,000 (49,500) Investments Equipment Accumulated depreciation-equipment $590,400 $458,900 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable $ 57,700 12,100 100,000 250,000

 

 

Additional information:

1. Equipment costing $97,000 was purchased for cash during the year.

2. Investments were sold at cost.

3. Equipment costing $47,000 was sold for $15,550, resulting in gain of $8,750.

4. A cash dividend of $83,400 was declared and paid during the year.

 

Instructions

Prepare a worksheet for the statement of cash flows using the indirect method. Enter the reconciling items directly in the worksheet columns, using letters to cross-reference each entry.

Solutions

Expert Solution

Additional information:

1. Equipment costing $97,000 was purchased for cash during the year.

2. Investments were sold at cost.

3. Equipment costing $47,000 was sold for $15,550, resulting in gain of $8,750.

4. A cash dividend of $83,400 was declared and paid during the year.

 

Instructions

Prepare a worksheet for the statement of cash flows using the indirect method. Enter the reconciling items directly in the worksheet columns, using letters to cross-reference each entry.

 

SOLUTION:

 

 

 

Junaid answered 2 years ago
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