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    Argosy University/ Phoniex University/
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    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Sep 2017 My Price 9.00

Erisa Magambo Company

Comparative balance sheets for Erisa Magambo Company are presented below.

 

ERISA MAGAMBO COMPANY

  
 

Comparative Balance Sheets

  
 

December 31

  

Assets

2012

2011

Cash

$ 63,000

$ 22,000

Accounts receivable

85,000

76,000

Inventory

180,000

189,000

Land

75,000

100,000

Equipment

260,000

200,000

Accumulated depreciation—equipment

(66,000)

(42,000)

Total

$597,000

$545,000

Liabilities and Stockholders’ Equity

    

Accounts payable

$ 34,000

$ 47,000

Bonds payable

150,000

200,000

Common stock ($1 par)

214,000

164,000

Retained earnings

199,000

134,000

Total

$597,000

$545,000

Additional information:

1. Net income for 2012 was $125,000.

2. Cash dividends of $60,000 were declared and paid.

3. Bonds payable amounting to $50,000 were redeemed for cash $50,000.

4. Common stock was issued for $50,000 cash.

5. Depreciation expense was $24,000.

6. Sales for the year were $978,000.

Instructions

Prepare a worksheet for a statement of cash flows for 2012 using the indirect method. Enter the reconciling items directly on the worksheet, using letters to cross-reference each entry.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 06:09 PM My Price 9.00

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