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Category > Accounting Posted 08 May 2017 My Price 8.00

he comparative balance sheets for Gould Company

 

P13-11A The comparative balance sheets for Gould Company as of December 31 are presented below.

 

GOULD COMPANY

Comparative Balance Sheets December 31

Assets                                                         2011              2010


 

Cash

 

$  71,000

 

$  45,000

Accounts receivable

 

44,000

 

62,000

Inventory

 

151,450

 

142,000

Prepaid expenses

 

15,280

 

21,000

Land

 

105,000

 

130,000

Equipment

 

228,000

 

155,000

Accumulated depreciation—equipment

 

(45,000)

 

(35,000)

Building

 

200,000

 

200,000

Accumulated depreciation—building

 

(60,000)

 

(40,000)

Total

 

$709,730

 

$680,000

 

Liabilities and Stockholders’ Equity

 

Accounts payable

 

$ 47,730

 

$ 40,000

Bonds payable

 

260,000

 

300,000

Common stock, $1  par

 

200,000

 

160,000

Retained earnings

 

202,000

 

180,000

Total

 

$709,730

 

$680,000

 

                              

Additional information:

1.   Operating expenses include depreciation expense of $42,000 and charges from pre- paid expenses of $5,720.

2.   Land was sold for cash at book value.


 


3.   Cash dividends of $15,000 were paid.

4.   Net income for 2011 was $37,000.

5.   Equipment was purchased for $95,000 cash. In addition, equipment costing $22,000 with a book value of $10,000 was sold for $6,000 cash.

6.   Bonds were converted at face value by issuing 40,000 shares of $1 par value com- mon stock.

 

Instructions

Prepare a statement of cash flows for the year ended December 31, 2011, using the indi- rect method.

 

 

 

 
 

Answers

Alpha Geek
(8)
Status NEW Posted 08 May 2017 09:05 AM My Price 8.00

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file 1494237093-Answer.docx preview (257 words )
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