Question
In: Accounting
Use the following data to prepare the Indirect Cash Flow Statement for December 31, 2014: Cash...
Use the following data to prepare the Indirect Cash Flow Statement for December 31, 2014:
Cash at End of the Year 2013 - $50,000; 2014 - $40,000
Net Income for 2014 - $130,000
Purchase of Equipment with Cash- $30,000
Non-cash Adjustments to Current Assets and Current Liabilities ($90,000) Note: This is negative:
Declared and paid $20,000 in Cash Dividends.
The Alpha Corporation issues $5,000,000 of 5%, 15 year bonds dated January 1, 2014, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $4,750,000
1) Prepare the journal entry to record the bond's issuance on January 1, 2014.
2) Calculate the cash payment, the straight-line discount amortization, and the bond interest expense for each semi-annual period. (This will be the same entry over-and-over again).
3) Use #2 to prepare the first interest payment.
Solutions
ekkarill92 answered 7 months agoRelated Solutions
Prepare Stoughton's statement of cash flows for the year ended December 31, 2018, using the indirect...
Prepare Stoughton's statement of cash flows for the year ended
December 31, 2018, using the indirect method.
Evaluate the company's cash flows for the year. In your
evaluation, mention all three categories of cash flows and give the
rationale for your evaluation.
Evaluate the company's cash flows for the year. In your
evaluation, mention all three categories of cash flows and give the
rationale for your evaluation.
Revenues:
Service
revenue
$283,000
Dividend
revenue
8,700
$291,700
Expenses:
Cost of goods...
Use the Rouse Exercise Equipment data in Exercise E16-23. Prepare the company’s statement of cash flows—indirect method—for the year ended December 31, 2018
Preparing the statement of cash flows—indirect method
Use the Rouse Exercise Equipment data in Exercise E16-23. Prepare the company’s statement of cash flows—indirect method—for the year ended December 31, 2018. Assume investments are purchased with cash.
Prepare a cash flow statement using the indirect method Lomax Income Statement Sales . . ....
Prepare a cash flow statement using the indirect method
Lomax Income Statement
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,000,000
Cost of goods sold . . . . . . . . . . . . . . . . .
1,300,000
Gross margin . . . . . . . . . . . . . ....
Create a balance sheet as of December 31st, 2014 and a cash flow statement for the...
Create a balance sheet as of December 31st, 2014
and a cash flow statement for the three months
ending 12/31/14 using the following information. A
ssume bills are paid in current month unless
otherwise indicated.
Take home salary received each week is $450
Utility (electric/gas/water)
bills in October were $165, November $195, and December
$200.
Bought presents and clothes for $110 in Sept
ember, $140 in October, $350 in November.
o
All purchases we're on credit and...
C. Prepare a statement of cash flow on both the direct and indirect method 2017 2016...
C. Prepare a
statement of cash flow on both the direct and indirect method
2017
2016
Change
Assets:
Cash
215,000
70,000
145,000
Accounts receivable, net
87,000
65,000
22,000
Inventory
54,000
60,000
-6,000
Property, plant &
equipment
750,000
600,000
150,000
Accumulated depreciation
-110,000
-60,000
-50,000
Total Assets
996,000
735,000
261,000
Liabilities & Equity
Accounts payable
44,000
40,000
4,000
Accrued liabilities
41,000
40,000
1,000
Common stock
460,000
460,000
Retained earnings
451,000
195,000
256,000
Total liabilities and
equity
996,000
735,000
261,000
Sales
1,450,000...
I. Prepare a statement of cash flow on both a direct and indirect basis 2017 2016...
I. Prepare a statement of cash
flow on both a direct and indirect basis
2017
2016
Change
Assets:
Cash
215,000
70,000
145,000
Accounts receivable, net
87,000
55,000
32,000
Inventory
74,000
60,000
14,000
Prepaid expenses
12,000
20,000
-8,000
Investments
70,000
80,000
-10,000
Property, plant & equipment
750,000
550,000
200,000
Accumulated depreciation
-90,000
-70,000
-20,000
Patents
6,000
10,000
-4,000
Total Assets
1,124,000
775,000
349,000
Liabilities & Equity
Accounts payable
37,000
50,000
-13,000
Accrued liabilities
26,000
40,000
-14,000
Taxes payable
18,000
4,000
14,000...
I. Prepare a statement of cash flow on both a direct and indirect basis 2017 2016...
I. Prepare a
statement of cash flow on both a direct and indirect basis
2017
2016
Change
Assets:
Cash
215,000
70,000
145,000
Accounts receivable, net
87,000
55,000
32,000
Inventory
74,000
60,000
14,000
Prepaid expenses
12,000
20,000
-8,000
Investments
70,000
80,000
-10,000
Property, plant &
equipment
750,000
550,000
200,000
Accumulated depreciation
-90,000
-70,000
-20,000
Patents
6,000
10,000
-4,000
Total Assets
1,124,000
775,000
349,000
Liabilities & Equity
Accounts payable
37,000
50,000
-13,000
Accrued liabilities
26,000
40,000
-14,000
Taxes payable
18,000
4,000
14,000...
I. Prepare a statement of cash flow on both a direct and indirect basis 2017 2016...
I. Prepare a
statement of cash flow on both a direct and indirect
basis
2017
2016
Change
Assets:
Cash
215,000
70,000
145,000
Accounts receivable, net
87,000
55,000
32,000
Inventory
74,000
60,000
14,000
Prepaid expenses
12,000
20,000
-8,000
Investments
70,000
80,000
-10,000
Property, plant &
equipment
750,000
550,000
200,000
Accumulated depreciation
-90,000
-70,000
-20,000
Patents
6,000
10,000
-4,000
Total Assets
1,124,000
775,000
349,000
Liabilities & Equity
Accounts payable
37,000
50,000
-13,000
Accrued liabilities
26,000
40,000
-14,000
Taxes payable
18,000
4,000
14,000...
B. Prepare a statement of cash flow on both the direct and indirect method 2017 2016...
B. Prepare a statement of cash flow on both the direct and
indirect method
2017
2016
Assets:
Cash
245,000
70,000
Accounts receivable, net
87,000
65,000
Inventory
54,000
60,000
Property, plant & equipment
650,000
600,000
Accumulated depreciation
(90,000)
(60,000)
Total Assets
946,000
735,000
Liabilities & Equity
Accounts payable
44,000
40,000
Accrued liabilities
41,000
40,000
Common stock
460,000
460,000
Retained earnings
401,000
...
H. Prepare a statement of cash flow on both a direct and indirect basis 2017 2016...
H. Prepare a statement of cash flow on both a direct and
indirect basis
2017
2016
Assets:
Cash
225,000
50,000
Accounts receivable, net
95,000
84,000
Inventory
52,000
60,000
Prepaid expenses
13,000
20,000
Investments
70,000
10,000
Property, plant & equipment
750,000
600,000
Accumulated depreciation
(90,000)
(60,000)
Patents
16,000
20,000
Total Assets
1,131,000
784,000
Liabilities & Equity
Accounts payable
44,000
50,000
Accrued...
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