Accounting Statement of Cash Flows Indirect Method Homework Help
- September 15, 2017
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- Category: Accounting QA
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Berclay Tile Company reported net income of $6,160 for 2008 but has been showing an overDr.aft in its bank account in recent months. The manager has contacted you as the auditor for an explanation. The comparative balance sheet was given to you for examination, along with the following information.
(a) Equipment was sold for $1,500, its cost was $2,500, and its book value was $500. The gain was reported as Other Revenue.
(b) Cash dividends of $4,500 were paid.
Berclay Tile Company Comparative Balance Sheet | ||||
Dec 31, 2008 | Dec 31, 2007 | |||
Assets | ||||
Current assets: | ||||
Cash | $ (960) | $ 4,780 | ||
Accounts receivable | 4,000 | 1,000 | ||
Inventory | 2,350 | 750 | ||
Prepaid insurance | 70 | 195 | ||
Total current assets | $ 5,460 | $ 6,725 | ||
Land, buildings, and equipment: | ||||
Land | $12,500 | $12,500 | ||
Buildings | $ 25,000 | $ 25,000 | ||
Less: Accumulated depreciation | (15,000) | 10,000 | (14,000) | 11,000 |
Equipment | $ 37,250 | $ 30,850 | ||
Less: Accumulated depreciation | (22,500) | 14,750 | (18,400) | 12,450 |
Total land, buildings, and equipment | $37,250 | $35,950 | ||
Total assets | $42,710 | $42,675 | ||
Liabilities and Stockholders’ Equity | ||||
Current liabilities: | ||||
Accounts payable | $ 4,250 | $ 3,500 | ||
Income taxes payable | 1,400 | 2,350 | ||
Wages payable | 750 | 1,675 | ||
Notes payable—current portion | 1,500 | 3,500 | ||
Total current liabilities | $ 7,900 | $11,025 | ||
Long-term liabilities: | ||||
Notes payable | 10,500 | 11,500 | ||
Stockholders’ equity: | ||||
Capital stock | $ 17,500 | $ 15,000 | ||
Retained earnings | 6,810 | 5,150 | ||
Total stockholders’ equity | 24,310 | 20,150 | ||
Total liabilities and stockholders’ equity | $42,710 | $42,675 |
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Instructions
Prepare a statement of cash flows using the indirect method.
Product Code: ACC373
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