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Category > Management Posted 05 Jun 2017 My Price 14.00

On the basis of the following data for Teller Co

On the basis of the following data for Teller Co. for 2006 and the preceding year ended December 31, 2005, prepare a statement of cash flows in excel. Use the indirect method of reporting cash flows from operating activities.

 

Additional Information

 

1) Assume that equipment costing $125,000 was purchased for cash and equipment costing $85,000 with accumulated depreciation of $65,000 was sold for $15,000;

2) The stock was issued for cash;

3) The only entries in the retained earnings account were net income of $51,000 and cash dividends declared of $13,000.

 

 

Balance Sheets

 

Year

Year
 

2006

2005

Cash

$100,000

$ 78,000

Accounts receivable (net)

78,000

85,000

Inventories

101,500

90,000

Equipment

410,000

370,000

Accumulated depreciation

(150,000)

(158,000)
 

$539,500

$465,000
 

========

========
     

Accounts payable (merchandise creditors)

$ 58,500

$ 55,000

Cash dividends payable

5,000

4,000

Common stock, $10 par

200,000

170,000

Paid-in capital in excess of par--common stock

62,000

60,000

Retained earnings

214,000

176,000
 

$539,500

$465,000
 

========

========
       

Answers

Maurice Tutor
(5)
Status NEW Posted 05 Jun 2017 11:06 PM My Price 14.00

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