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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011

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Professor
Phoniex University
Oct-2001 - Nov-2016

Category > Accounting Posted 05 Aug 2017 My Price 15.00

Hale Company

34. Preparing and interpreting a statement of cash flows using a T-account work sheet. Condensed financial statement data for Hale Company for the current year appear in Exhibits 6.23 and

6.24. During the current year, the firm sold for $5,000 equipment costing $15,000 with

$10,000 of accumulated depreciation.

	January 1	December 31
ASSETS
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$ 52,000	$ 58,000
Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	93,000	106,000
Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	151,000	162,000
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	30,000	30,000
Buildings and Equipment (Cost) . . . . . . . . . . . . . . . . . . . . . . . . .	790,000	830,000
Less Accumulated Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . .	(460,000)	(504,000)
Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$ 656,000	$ 682,000
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts Payable for Inventory . . . . . . . . . . . . . . . . . . . . . . . . . .	$ 136,000	$ 141,000
Interest Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	10,000	8,000
Mortgage Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	120,000	109,000
Common Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	250,000	250,000
Retained Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	140,000	174,000
Total Liabilities and Shareholders’ Equity . . . . . . . . . . . . . . . . . . .	$ 656,000	$ 682,000

Sales Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		$1,200,000
Cost of Goods Sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$788,000
Wages and Salaries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	280,000
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	54,000
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	12,000
Income Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	22,000	$1,156,000
Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		$ 44,000
Dividends on Common Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(10,000)
Addition to Retained Earnings for Year . . . . . . . . . . . . . . . . . . . . . . . .		$ 34,000
Retained Earnings, January 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		140,000
Retained Earnings, December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . .		$ 174,000

a. Prepare a statement of cash flows for Hale Company for the year using the indi- rect method of computing cash flow from operations. Support the statement with a T-account work sheet.

b. Derive a presentation of cash flows from operations using the direct method.

c. Present a statement of cash flows for Hale Company using the direct method for cash flows from operations. Include reconciliation of net income to cash flow from operations.

d. Comment on the pattern of cash flows from operations, investing, and financing activities.

Answers

Maurice Tutor

(5)

Status NEW Posted 05 Aug 2017 04:08 PM My Price 15.00

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