Financial Accounting Preparing Balance Sheet And Retained Earnings Homework Help
- November 15, 2017
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- Category: Accounting QA
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Complete balance sheet and prepare a statement of changes in retained earnings Following is a statement of cash flows (indirect method) for Hartford, Inc., for the year ended December 31, 2014. Also shown is a partially completed comparative balance sheet as of December 31, 2014 and 2013:
HARTFORD, INC.
Statement of Cash Flows
For the Year Ended December 31, 2014
Cash Flows from Operating Activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 27,000
Add (deduct) items not affecting cash:
Depreciation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135,000
Decrease in accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,000
Increase in inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (21,000)
Increase in notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,000
Decrease in accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (18,000)
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 228,000
Cash Flows from Investing Activities:
Purchase of equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (150,000)
Purchase of buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (144,000)
Net cash used by investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (294,000)
Cash Flows from Financing Activities:
Proceeds from short-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,000
Cash used for retirement of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (75,000)
Proceeds from issuance of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000
Payment of cash dividends on common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9,000)
Net cash used by financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (39,000)
Net decrease in cash for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (105,000 )
HARTFORD, INC.
Comparative Balance Sheets
At December 31, 2014 and 2013
2014 | 2013 | |
ASSETS Current Assets: Accounts Receivable Buildings and equipment Total land, buildings, and equipment Total Assets | $ 168,000 $ ________ $ 780,000 ___________ | $264,000 219,000 _________ $ 120,000 (369,000) $ _________ |
LIABILIITIES Current Liabilities: Accounts payable Short-term debt Notes payable Total current liabilities Long-term debt | $ 96,000 ___________ $ __________ $ _255,000 | $ 87,000 108,000 $_______ $ _______ |
STOCKHOLDERS EQUITY Common stock Retained earnings Total Stockholders equity Total liabilities and stockholders equity | $ 120,000 __________ $ ________ | $ _________ $ ________ $ ________ |
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Required
a. Complete the December 31, 2014 and 2013, balance sheets.
b. Prepare a statement of changes in retained earnings for the year ended December 31, 2014.
Product Code: ACC687
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