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Category > Accounting Posted 25 Aug 2017 My Price 11.00

Martin Corp.

Exercise 12-22 Long-Term Assets on the Statement of Cash Flows— Indirect Method

The following account balances are taken from the records of Martin Corp. for the past two years. (Credit balances are shown in parentheses.)

 

LO3•6

 

December 31

2014                    2013

Plant and equipment

$ 750,000

$ 500,000

Accumulated depreciation

(160,000)

(200,000)

Patents

92,000

80,000

Retained earnings

(825,000)

(675,000)

Other information available for 2014 is as follows:

a.      Net income for the year was $200,000.

b.      Depreciation expense on plant and equipment was $50,000.

c.       Plant and equipment with an original cost of $150,000 were sold for $64,000. (You will need to determine the book value of the assets sold.)

d.      Amortization expense on patents was $8,000.

e.       Both new plant and equipment and patents were purchased for cash during the year.

 

 

Required

Indicate, with amounts, how all items related to these long-term assets would be reported in the 2014 statement of cash flows, including any adjustments in the Operating Activities section of the statement. Assume that Martin uses the indirect method.

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Maurice Tutor
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Status NEW Posted 25 Aug 2017 12:08 AM My Price 11.00

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