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    Argosy University/ Phoniex University/
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    Phoniex University
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Category > Accounting Posted 24 Sep 2017 My Price 9.00

Boyer Company

The income statement and other selected data for the Boyer Company are shown below:

BOYER COMPANY
Income Statement
For Year Ended December 31, 2002

  

Sales

  

$19,000

Operating expenses:

    

Depreciation expense

$ 2,300

  

Other operating expenses

12,000

14,300

Operating income

  

4,700

Loss on sale of land

  

1,500

Income before tax expense

  

3,200

  

Tax expense

  

1,000

Net income

  

$2,200

Supplemental information:

      

a. Dividends declared and paid

  

$ 800

  

b. Land purchased

  

3,000

c. Land sold

  

500

d. Equipment purchased

  

2,000

  

e. Bonds payable retired

  

2,000

  

f. Common stock sold

  

1,400

g. Land acquired in exchange for common stock

  

3,000

  

h. Increase in accounts receivable

  

400

  

i. Increase in inventories

  

800

  

j. Increase in accounts payable

  

500

  

k. Decrease in income taxes payable

  

400

  

Required a. Prepare a schedule of change from an accrual basis to a cash basis income statement.

b. Using the schedule of change from accrual basis to cash basis income statement computed in (a), present the cash provided by operations, using (1) the direct approach and (2) the indirect approach.

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Sep 2017 11:09 PM My Price 9.00

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