Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 21 Nov 2017 My Price 9.00

Metagrobolize's accounting

Comparative balance sheets for 2013 and 2012 and a statement of income for 2013 are given below for Metagrobolize Industries. Additional information from Metagrobolize's accounting records is provided also.

METAGROBOLIZE INDUSTRIES
Comparative Balance Sheets
December 31, 2013 and 2012
($ in 000s)
    2013   2012
Assets        
  Cash $ 520 $ 305
  Accounts receivable   590   310  
  Inventory   740   410  
  Land   750   735  
  Building   700   700
     Less: Accumulated depreciation   (200)   (185)
  Equipment   3,100   2,870
     Less: Accumulated depreciation   (397)   (360)
  Patent   1,200   1,450
         
  $ 7,003 $ 6,235  
         
  Liabilities        
  Accounts payable $ 840 $ 640
  Accrued expenses payable   270   230
  Lease liabilityAc€??land   150   0
  Shareholders' Equity        
  Common stock   3,700   3,500  
  Paid-in capitalAc€??excess of par   550   540  
  Retained earnings   1,493   1,325  
         
  $ 7,003 $ 6,235
         
 
METAGROBOLIZE INDUSTRIES
Income Statement
For the Year Ended December 31, 2013
($ in 000s)
  Revenues        
     Sales revenue $ 2,894    
     Gain on sale of land   90   $ 2,984  
         
  Expenses        
     Cost of goods sold $ 1,040    
     Depreciation expenseAc€??building   15    
     Depreciation expenseAc€??equipment   496    
     Loss on sale of equipment   20    
     Amortization of patent   250    
     Operating expenses $ 400   2,221
         
  Net income     $ 763
         
 
Additional information from the accounting records:
a. During 2013, equipment with a cost of $510,000 (90% depreciated) was sold.
b.

The statement of shareholdersAc€?c equity reveals reductions of $210,000 and $385,000 for stock dividends and cash dividends, respectively.
Required:

Prepare the statement of cash flows for Metagrobolize Industries using the indirect method. (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.)
 

 

Answers

Maurice Tutor
(5)
Status NEW Posted 21 Nov 2017 05:11 PM My Price 9.00

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