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Category > Accounting Posted 10 Sep 2017 My Price 6.00

Meera Corporation

E13-7  Meera Corporation’s comparative balance sheets are presented below.

Meera Corporation Comparative Balance Sheets December 31

 

 

2014                  2013

                                             

Cash                                                                           $  14,700               $  10,700

Accounts receivable                                                    20,800                   23,400

Land                                                                                20,000                   26,000

Buildings                                                                        70,000                   70,000

Accumulated depreciation—buildings              (15,000)                 (10,000) Total                                                                                $110,500               $120,100

Accounts payable

$  12,370

 

$  28,100

Common stock

75,000

 

72,000

Retained earnings

23,130

 

20,000

Total

$110,500

 

$120,100

                                             

Additional information:

1.  Net income was $22,630. Dividends declared and paid were $19,500.

2.  All other changes in noncurrent account balances had a direct effect on cash flows, except the change in accumulated depreciation. The land was sold for $5,000.

 

Instructions

(a)  Prepare a statement of cash flows for 2014 using the indirect method.

(b)  Compute free cash flow.

 

Answers

Maurice Tutor
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Status NEW Posted 10 Sep 2017 05:09 PM My Price 6.00

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