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Category > Accounting Posted 11 Jul 2017 My Price 13.00

Moynihan Movie Theater Company

P12-70B (Learning Objectives 2, 3: Prepare the statement of cash flows—indirect method) The comparative balance sheets of Moynihan Movie Theater Company at September 30, 2012 and 2011, reported the following:

	September 30,
	2012	2011
Current assets:
Cash and cash equivalents	$ 40,400	$14,500
Accounts receivable	14,300	21,800
Inventories	63,500	60,600
Prepaid expenses	16,700	6,000
Current liabilities:
Accounts payable	$57,700	$55,800
Accrued liabilities	24,100	17,100
Income tax payable	15,300	10,300

Moynihan’s transactions during the year ended September 30, 2012, included the following:


Acquisition of land		Sale of long-term investment....	$12,300
by issuing note payable .....	$104,000	Depreciation expense ............	16,000
Amortization expense............	8,000	Cash purchase of building.....	44,000
Payment of cash dividend......	25,000	Net income............................	56,000
Cash purchase of		Issuance of common
equipment .........................	62,200	stock for cash ....................	12,000
Issuance of long-term note		Stock dividend.......................	13,000
payable to borrow cash.....	45,000

▶ Requirements

1. Prepare Moynihan Movie Theater Company’s statement of cash flows for the year ended September 30, 2012, using the indirect method to report cash flows from operating activities. Report non-cash investing and financing activities in an accompanying schedule.

2. Evaluate Moynihan’s cash flows for the year. Mention all three categories of cash flows and give the reason for your evaluation.

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Maurice Tutor

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Status NEW Posted 11 Jul 2017 10:07 PM My Price 13.00

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