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Category > Accounting Posted 04 Aug 2017 My Price 15.00

Pat Metheny Company

Exercise 23-12

Condensed financial data of Pat Metheny Company for 2014 and 2013 are presented below.

PAT METHENY COMPANY
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2014 AND 2013
   

2014

  

2013
Cash  

$1,800

    

$1,150

  
Receivables  

1,750

    

1,300

  
Inventory  

1,600

    

1,900

  
Plant assets  

1,900

    

1,700

  
Accumulated depreciation  

(1,200

)

  

(1,170

)
Long-term investments (held-to-maturity)  

1,300

    

1,420

  
   

$7,150

    

$6,300

  
             
Accounts payable  

$1,200

    

$900

  
Accrued liabilities  

200

    

250

  
Bonds payable  

1,400

    

1,550

  
Capital stock  

1,900

    

1,700

  
Retained earnings  

2,450

    

1,900

  
   

$7,150

    

$6,300

  

PAT METHENY COMPANY
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2014
Sales revenue  

$6,900
Cost of goods sold  

4,700
Gross margin  

2,200
Selling and administrative expenses  

930
Income from operations  

1,270
Other revenues and gains    
   Gain on sale of investments  

80
Income before tax  

1,350
Income tax expense  

540
Net income   $810
Cash dividends  

260
Income retained in business  

$550


Additional information:

During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2014.

Prepare a statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

PAT METHENY COMPANY
Statement of Cash Flows
For the Year Ended December 31, 2014
(Direct Method)

Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities

    

Purchase of Plant AssetsPayment of Cash DividendsSale of Held-to-Maturity InvestmentsIssuance of Capital StockIssuance of Common Stock for Plant AssetsCash Receipts from CustomersCash Paid for MerchandiseCash Paid for Income TaxesCash Paid for Selling/Administrative ExpensesRedemption of Bonds Payable

  

$

    Cash Receipts from Customers    Sale of Plant Assets    Cash Paid for Merchandise    Sale of Bonds Payable    Cash Paid for Income Taxes    Issuance of Common Stock for Plant Assets    Purchase of Held-to-Maturity Investments    Redemption of Common stock    Cash Paid for Selling/Administrative Expenses    Sale of Held-to-Maturity Investments    Payment of Cash Dividends    Purchase of Plant Assets    Issuance of Capital Stock    Redemption of Bonds Payable    

$

  

    Cash Paid for Merchandise    Cash Paid for Income Taxes    Issuance of Capital Stock    Redemption of Common stock    Redemption of Bonds Payable    Sale of Held-to-Maturity Investments    Purchase of Held-to-Maturity Investments    Purchase of Plant Assets    Cash Paid for Selling/Administrative Expenses    Payment of Cash Dividends    Issuance of Common Stock for Plant Assets    Sale of Bonds Payable    Cash Receipts from Customers    Sale of Plant Assets    

 

    Redemption of Common stock    Sale of Bonds Payable    Purchase of Plant Assets    Sale of Plant Assets    Purchase of Held-to-Maturity Investments    Issuance of Capital Stock    Cash Receipts from Customers    Cash Paid for Income Taxes    Cash Paid for Selling/Administrative Expenses    Redemption of Bonds Payable    Payment of Cash Dividends    Cash Paid for Merchandise    Sale of Held-to-Maturity Investments    Issuance of Common Stock for Plant Assets    

 
   

Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities

  

     

Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities

    

    Purchase of Held-to-Maturity Investments    Purchase of Plant Assets    Sale of Bonds Payable    Issuance of Capital Stock    Redemption of Bonds Payable    Payment of Cash Dividends    Issuance of Common Stock for Plant Assets    Redemption of Common stock    Cash Paid for Selling/Administrative Expenses    Cash Paid for Income Taxes    Cash Receipts from Customers    Sale of Plant Assets    Cash Paid for Merchandise    Sale of Held-to-Maturity Investments    

 

    Redemption of Bonds Payable    Cash Paid for Merchandise    Payment of Cash Dividends    Sale of Held-to-Maturity Investments    Cash Paid for Selling/Administrative Expenses    Issuance of Capital Stock    Purchase of Plant Assets    Cash Paid for Income Taxes    Purchase of Held-to-Maturity Investments    Issuance of Common Stock for Plant Assets    Redemption of Common stock    Cash Receipts from Customers    Sale of Bonds Payable    Sale of Plant Assets    

 

Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities

  

     

Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities

    

    Payment of Cash Dividends    Sale of Bonds Payable    Cash Paid for Selling/Administrative Expenses    Cash Paid for Income Taxes    Sale of Held-to-Maturity Investments    Issuance of Capital Stock    Sale of Plant Assets    Purchase of Held-to-Maturity Investments    Purchase of Plant Assets    Redemption of Bonds Payable    Issuance of Common Stock for Plant Assets    Cash Receipts from Customers    Cash Paid for Merchandise    Redemption of Common stock    

 

    Cash Paid for Income Taxes    Sale of Held-to-Maturity Investments    Cash Paid for Selling/Administrative Expenses    Redemption of Bonds Payable    Payment of Cash Dividends    Purchase of Held-to-Maturity Investments    Sale of Bonds Payable    Sale of Plant Assets    Cash Receipts from Customers    Issuance of Common Stock for Plant Assets    Cash Paid for Merchandise    Purchase of Plant Assets    Issuance of Capital Stock    Redemption of Common stock    

 

    Sale of Held-to-Maturity Investments    Sale of Bonds Payable    Purchase of Held-to-Maturity Investments    Issuance of Common Stock for Plant Assets    Cash Paid for Income Taxes    Purchase of Plant Assets    Cash Receipts from Customers    Payment of Cash Dividends    Cash Paid for Merchandise    Issuance of Capital Stock    Redemption of Bonds Payable    Cash Paid for Selling/Administrative Expenses    Redemption of Common stock    Sale of Plant Assets    

 

Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities

  

     

Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities

  

Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities

  

Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities

  

$
     

Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities

    

Purchase of Plant AssetsIssuance of Common Stock for Plant AssetsCash Paid for MerchandiseIssuance of Capital StockCash Paid for Selling/Administrative ExpensesSale of Held-to-Maturity InvestmentsRedemption of Bonds PayableCash Paid for Income TaxesPayment of Cash DividendsCash Receipts from Customers

 

Answers

Maurice Tutor
(5)
Status NEW Posted 04 Aug 2017 10:08 PM My Price 15.00

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