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Argosy University/ Phoniex University/
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Category > Accounting Posted 20 Sep 2017 My Price 8.00

Rouse Toy Company:

Preparing the direct method statement of cash flows

Rouse Toy Company reported the following comparative balance sheet:

ROUSE TOY COMPANY Comparative Balance Sheet December 31, 2012 and 2011
Assets	2012	2011	Liabilities	2012	2011
Current:			Current:
Cash	$ 17,000	$ 11,000	Accounts payable	$ 43,000	$ 38,000
Accounts receivable	59,000	49,000	Salary payable	24,500	19,000
Inventory	78,000	84,000	Accrued liabilities	5,000	13,000
Prepaid expenses	3,100	2,100	Long-term notes payable	60,000	70,000
Long-term investments	75,000	85,000	Stockholders’ Equity
Plant assets, net	227,000	189,000	Common stock	42,000	39,000
			Retained earnings	284,600	241,100
Total assets	$459,100	$420,100	Total liabilities and stockholders’ equity	$459,100	$420,100

Requirement

1. Compute the following for Rouse Toy Company:

a. Collections from customers during 2012. Sales totaled $143,000.

b. Payments for inventory during 2012. Cost of goods sold was $80,000.

Answers

Maurice Tutor

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Status NEW Posted 20 Sep 2017 03:09 PM My Price 8.00

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