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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 24 Sep 2017 My Price 7.00

exchange for plant assets

Problem:

Financial data of Fancy Footwork Company for 2013 and 2012 are presented below.
       

FANCY FOOTWORK COMPANY

  

COMPARATIVE BALANCE SHEET

  

AS OF DECEMBER 31, 2013 AND 2012

  
 

2013

2012

  

Cash

$ 260,000

$ 230,000

  

Receivables

$ 156,000

$ 120,000

  

Inventory

$ 180,000

$ 220,000

  

Plant assets

$ 160,000

$ 135,000

  

Accumulated depreciation

$ (80,000)

$ (76,000)

  

Long-term investments (held-to-maturity)

$ 80,000

$ 93,000

  
 

$ 756,000

$ 722,000

  
       

Accounts payable

$ 135,000

$ 122,000

  

Accrued liabilities

$ 30,000

$ 33,100

  

Bonds payable

$ 135,000

$ 166,000

  

Common stock

$ 180,000

$ 165,000

  

Retained earnings

$ 276,000

$ 235,900

  
 

$ 756,000

$ 722,000

  
       
       

FANCY FOOTWORK COMPANY

  

INCOME STATEMENT

  

For the year ended Dec 31, 2013

  

Sales

  

750000

  

Cost of Goods Sold

  

530000

  

Gross Margin

  

220000

  

Selling and administrative expenses

  

106000

  

Income from Operations

  

114000

  

Other revenues and gains

      

Gain on sale of investments

  

7000

  

Income before tax

  

121000

  

Income tax expense

  

48400

  

Net Income

  

72600

  
       
       

Additional information:

      

During the year, $9000 of common stock was issued in exchange for plant assets. No plant assets were sold in 2012. Cash dividends were $32500.

  
       

Required:

      

A) Prepare a statement of cash flows using the indirect method

  

B) Prepare a statement of cash flows using the direct method. (Do not prepare a reconciliation schedule.)

 

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Sep 2017 06:09 PM My Price 7.00

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