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Category > Accounting Posted 17 Aug 2017 My Price 12.00

Ashley Company

The comparative balance sheets for Ashley Company as of December 31 are presented below.

 

ASHLEY COMPANY

Comparative Balance Sheets

December 31

Assets

2013

  

2012

Cash

$70,600

  

$45,220

Accounts receivable

43,599

  

61,607

Inventory

151,897

  

141,806

Prepaid expenses

15,290

  

21,335

Land

105,700

  

130,600

Equipment

228,359

  

155,043

Acc. depr. - equipment

(45,192)

  

(35,358)

Building

199,500

  

199,500

Acc. depr. - building

(59,850)

  

(39,900)

     Total

$709,903

  

$679,853
       

Liabilities and Stockholders' Equity

    

Accounts payable

$47,460

  

$39,754

Bonds payable

261,050

  

300,300

Common stock, $1 par

197,650

  

158,400

Retained earnings

203,743

  

181,399

     Total

$709,903

  

$679,853

Additional information:

Operating expenses include depreciation expense of $41,747 and charges from prepaid expenses of $6,045.

Land was sold for cash at book value.

Cash dividends of $14,684 were paid.

Net income for 2013 was $37,028.

Equipment was purchased for cash. In addition, equipment costing $22,162 with a book value of $10,199 was sold for $6,272 cash.

Bonds were converted at face value by issuing 39,250 shares of $1 par value common stock.

Prepare a statement of cash flows for the year ended December 31, 2013, using the indirect method.

Answers

Maurice Tutor
(5)
Status NEW Posted 17 Aug 2017 06:08 PM My Price 12.00

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