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Category > Accounting Posted 13 May 2017 My Price 8.00

The comparative balance sheet of Air Glide Athletic Apparel Co

The comparative balance sheet of Air Glide Athletic Apparel Co. at December 31, 2008 and 2007, is as follows:

 

Dec. 31, 2008

Dec. 31, 2007

Assets

 

 

Cash

$ 45,800

$ 56,200

Accounts receivable (net)

70,200

75,600

Merchandise inventory

100,500

93,500

Prepaid expenses

4,200

3,000

Equipment

204,700

167,800

Accumulated depreciation—equipment

(53,400)

(41,300)

 

$372,000

$354,800

Liabilities and Stockholders’ Equity

 

 

Accounts payable (merchandise creditors)

$ 78,200

$ 74,300

Mortgage note payable

0

105,000

Common stock, $1 par

15,000

10,000

Paid-in capital in excess of par—common stock

180,000

100,000

Retained earnings

98,800

65,500

 

$372,000

$354,800
       

Additional data obtained from the income statement and from an examination of the accounts in the ledger for 2008 are as follows:

a. Net income, $81,300.

b. Depreciation reported on the income statement, $26,100.

c. Equipment was purchased at a cost of $50,900, and fully depreciated equipment costing $14,000 was discarded, with no salvage realized.

d. The mortgage note payable was not due until 2011, but the terms permitted earlier payment without penalty.

e. 5,000 shares of common stock were issued at $17 for cash.

f. Cash dividends declared and paid, $48,000.

Instructions

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.

 
 

 

Answers

Alpha Geek
(8)
Status NEW Posted 13 May 2017 05:05 AM My Price 8.00

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