Maurice Tutor

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

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 06 Aug 2017 My Price 13.00

Flack Inc

question # 1

The comparative balance sheet of Flack Inc. for December 31, 2013 and 2012, is shown as follows:

The following additional information was taken from the records:

  1. The investments were sold for $105,000 cash.
  2. Equipment and land were acquired for cash.
  3. There were no disposals of equipment during the year.
  4. The common stock was issued for cash.
  5. There was a $58,140 credit to Retained Earnings for net income.
  6. There was a $36,000 debit to Retained Earnings for cash dividends declared.

 

Instructions:

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities . Use the minus sign to indicate cash outflows, negative amounts or a decrease in cash.question # 2 Statement of Cash Flows—Indirect Method

The comparative balance sheet of Juras Equipment Co. for December 31, 2013 and 2012, is as follows:

The following additional information was taken from the records of Juras Equipment:

  1. Equipment and land were acquired for cash.
  2. There were no disposals of equipment during the year.
  3. The investments were sold for $129,600 cash.
  4. The common stock was issued for cash.
  5. There was a $228,960 credit to Retained Earnings for net income.
  6. There was a $144,000 debit to Retained Earnings for cash dividends declared.

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. If needed, use the minus sign to indicate cash outflows, negative amounts or a decrease in cash.

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Aug 2017 12:08 AM My Price 13.00

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