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Category > Management Posted 11 Oct 2017 My Price 10.00

NIC’s accounting records

Statement of cash flows; direct method

The comparative balance sheets for 2016 and 2015 and the statement of income for 2016 are given below for National Intercable Company. Additional information from NIC’s accounting records is provided also.

Additional information from the accounting records:

a. Investment revenue includes National Intercable Company’s $6 million share of the net income of Central Fiber Optics Corporation, an equity method investee.

b. A long-term investment in bonds, originally purchased for $30 million, was sold for $35 million.

c. Pretax accounting income exceeded taxable income causing the deferred income tax liability to increase by $3 million.

d. A building that originally cost $60 million, and which was one-fourth depreciated, was destroyed by fire. Some undamaged parts were sold for $3 million.

e. The right to use a building was acquired with a seven-year lease agreement; present value of lease payments, $80 million.

f. $130 million of bonds were retired at maturity.

g. $20 million par value of common stock was sold for $30 million, and $50 million of preferred stock was sold at par.

h. Shareholders were paid cash dividends of $30 million.

Required:

1. Prepare a spreadsheet for preparation of the statement of cash flows (direct method) of National Intercable Company for the year ended December 31, 2016.

2. Prepare the statement of cash flows. (A reconciliation schedule is not required.)

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Maurice Tutor
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Status NEW Posted 11 Oct 2017 12:10 PM My Price 10.00

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