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Category > Accounting Posted 15 May 2017 My Price 6.00

The Hanks Company has prepared the following changes in account balances

E22-11 Partially Completed Worksheet (Spreadsheet) The Hanks Company has prepared the following changes in account balances for the worksheet to support its 2007 statement of cash flows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Increase (Decrease)

Worksheet Entries

 

Account Title

Debit

Credit

 

Debits

 

 

 

 

Cash

$   830

 

 

 

Noncash Accounts

 

 

 

 

Accounts receivable

(290)

 

 

 

Inventory

1,280

 

 

 

Investments

1,550

 

 

 

Land

(700)

 

 

 

Equipment

2,300

 

 

 

Patents (net)

(100)

 

 

 

Total

$4,870

 

 

 

 

 

 

 

 

Credits

Accumulated depreciation

 

$   350

 

 

 

 

Accounts payable

120

 

 

 

Bonds payable

2,000

 

 

 

Premium on bonds payable

300

 

 

 

Common stock, $2 par

480

 

 

 

Premium on common stock

1,120

 

 

 

Retained earnings

500

 

 

 

Total

$4,870

 

 

 

 

 

 

 

 

Additional information: The net income was $1,300. Depreciation expense was $350 and patent amortization expense was

$100. At the end of 2007, long-term investments were purchased at a cost of $1,550. Land that cost $700 was sold for $900. On December 31, 2007, bonds payable with a face value of $2,000 were issued for equipment valued at $2,300. Two hun- dred shares of common stock were issued at $7 per share. Forty shares of common stock were issued as a “small” stock divi- dend, the relevant market price being $5 per share. Cash dividends declared and paid totaled $600.

Required

On the basis of the preceding information, complete the worksheet (spreadsheet).

 

Answers

Alpha Geek
(8)
Status NEW Posted 15 May 2017 01:05 PM My Price 6.00

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Attachments

file 1494855828-Answer.docx preview (357 words )
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