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Category > Accounting Posted 29 May 2017 My Price 8.00

Vernet Company Comparative Balance Sheets December 31

P13-11B Presented on next page are the comparative balance sheets for Vernet Company at December 31.


Vernet Company Comparative Balance Sheets December 31

Assets                                                                          2014                   2013

                                                                                                                                                                                                                                            

Cash                                                                         $  41,460          $  57,000

Accounts receivable                                                 77,000              64,000

Inventory                                                                  170,000            140,000

Prepaid expenses                                                      12,140              16,540

Land                                                                           140,000            150,000

Equipment                                                               215,000            175,000

Accumulated depreciation—equipment            (70,000)            (42,000)

Buildings                                                                   250,000            250,000

Accumulated depreciation—buildings              (70,000)            (50,000) Total                                                                              $765,600          $760,540

 

Liabilities and Stockholders’ Equity

 

Accounts payable

 

$  58,000

 

$  45,000

Bonds payable

 

265,000

 

265,000

Common stock, $1 par

 

275,000

 

250,000

Retained earnings

 

167,600

 

200,540

Total

 

$765,600

 

$760,540

                              

 

Additional information:

1.  Operating expenses include depreciation expense $57,000 and charges from prepaid expenses of $4,400.

2.  Land was sold for cash at cost for $35,000

3.  Cash dividends of $82,940 were paid.

4.  Net income for 2014 was $50,000.

5.  Equipment was purchased for $80,000 cash. In addition, equipment costing $40,000 with a book value of $31,000 was sold for $37,000 cash.

6.  Issued 25,000 shares of $1 par value common stock in exchange for land with a fair value of $25,000.

 


Instructions

Prepare a statement of cash flows for 2014 using the indirect method.

PROBLEMS: SET C 

Visit the book’s companion website, at www.wiley.com/college/weygandt, and choose the Student Companion site to access Problem Set C. 

WATERWAYS CONTINUING PROBLEM

 (This is a continuation of the Waterways Problem from Chapters 1–12.)

 

 

 

 
 

Answers

Alpha Geek
(8)
Status NEW Posted 29 May 2017 06:05 AM My Price 8.00

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file 1496039635-Answer.docx preview (268 words )
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