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

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Category > Accounting Posted 30 Jul 2017 My Price 11.00

Millco, Inc.

Prepare statement of cash flows (indirect method) using balance sheet data Following are comparative balance sheets for Millco, Inc., at January 31 and February 28, 2014:

Production equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	332,000	304,000
Less: Accumulated depreciation . . . . . . . . . . . . . . . . . . . . . . . . .	(48,000)	(42,000)
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$ 658,000	$ 630,000
Liabilities Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$ 74,000	$ 82,000
Short-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	88,000	88,000
Other accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	42,000	48,000
Total current liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$ 204,000	$ 218,000
Long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	66,000	92,000
Total liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$ 270,000	$ 310,000

Beginning balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$ 128,000	$ 86,000
Net income for month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	72,000	58,000
Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(20,000)	(16,000)
Ending balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$ 180,000	$ 128,000
Total stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$ 388,000	$ 320,000
Total liabilities and stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . .	$ 658,000	$ 630,000

Required:

Prepare a statement of cash flows that explains the change that occurred in cash dur- ing the month. You may assume that the change in each balance sheet amount is due to a single event (for example, the change in the amount of production equipment is not the result of both a purchase and sale of equipment). (Hints: What is the purpose of the statement of cash flows? How is this purpose accomplished?) Use the space to the right of the January 31 data to enter the difference between the February 28 and January 31 amounts of each balance sheet item; these are the amounts that will be in your solution.

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Maurice Tutor

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Status NEW Posted 30 Jul 2017 04:07 PM My Price 11.00

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