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    Argosy University/ Phoniex University/
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Category > Accounting Posted 25 Sep 2017 My Price 9.00

Ochoa Inc.

(SCF—Indirect Method and Balance Sheet) Ochoa Inc., had the following condensed balance sheet at the end of operations for 2011.

OCHOA INC.
BALANCE SHEET
DECEMBER 31, 2011

Cash

$ 8,500

Current liabilities

$ 15,000

Current assets other than cash

29,000

Long-term notes payable

25,500

Investments

20,000

Bonds payable

25,000

Plant assets (net)

67,500

Common stock

75,000

Land

40,000

Retained earnings

24,500
 

$165,000

  

$165,000

During 2012, the following occurred.

1. A tract of land was purchased for $11,000.

2. Bonds payable in the amount of $20,000 were retired at par.

3. An additional $10,000 in common stock was issued at par.

4. Dividends totaling $9,375 were paid to stockholders.

5. Net income was $30,250 after deducting depreciation of $13,500.

6. Land was purchased through the issuance of $22,500 in bonds.

7. Ochoa Inc. sold part of its investment portfolio for $12,875. This transaction resulted in a gain of $2,000 for the company. The company classifies the investments as available-for-sale.

8. Both current assets (other than cash) and current liabilities remained at the same amount.

Instructions

(a) Prepare a statement of cash flows for 2012 using the indirect method.

(b) Prepare the condensed balance sheet for Ochoa Inc. as it would appear at December 31, 2012.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 06:09 PM My Price 9.00

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