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Category > Accounting Posted 17 Aug 2017 My Price 11.00

Dragoon Enterprises

4.9.            Condensed financial statements for Dragoon Enterprises follow.

(a)     Calculate the amount of dividends Dragoon paid using the information given.

(b)     Prepare a statement of cash flows using the indirect method.

 

Dragoon Enterprises Comparative Balance Sheets December 31, 2012 and 2011

 

 

2012

 

2011

 

Cash

$ 1,200

 

$ 850

 

Accounts receivable

1,750

 

1,200

 

Inventory

1,250

 

1,360

 

Plant and equipment

4,600

 

3,900

 

Accumulated depreciation

(1,200)

 

(1,100)

 

Long-term investments

      970

 

   1,110

 

Total Assets

8,570

 

7,320

 

Accounts payable

1,100

 

800

 

Accrued wages payable

250

 

350

 

Interest payable

70

 

120

 

Income tax payable

200

 

50

 

Bonds payable

1,100

 

1,400

 

Capital stock

1,000

 

930

 

Paid-in capital

400

 

70

 

Retained earnings

   4,450

 

   3,600

 

Total Liabilities and Equity

$ 8,570

 

$ 7,320

 

 

Income Statement for Year Ended December 31, 2012

 

Sales

$ 9,500

 

Cost of goods sold

   6,650

 

Gross profit

2,850

 

Other expenses

 

 

Selling and administrative

1,200

 

Depreciation

100

 

Interest

150

 

Income tax

      350

 

Net income

$ 1,050

 

Answers

Maurice Tutor
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Status NEW Posted 17 Aug 2017 12:08 AM My Price 11.00

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