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    Wyeth Company - Solution

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    impurewolf
    Wyeth Company's balance sheet for 2010 and 2009 is presented. In 2010, land was acquired and paid for with common stock worth $30,000. All equipment purchases were made with cash. Equipment was sold for $3,000 that had a book value of $6,000 and original cost of $13,000. The company declared and paid $9,000 in cash dividends during the year.

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    Wyeth Company - Solution

    Uploaded by

    impurewolf
    58 views2 pages
    Wyeth Company's balance sheet for 2010 and 2009 is presented. In 2010, land was acquired and paid for with common stock worth $30,000. All equipment purchases were made with cash. Equipment was sold for $3,000 that had a book value of $6,000 and original cost of $13,000. The company declared and paid $9,000 in cash dividends during the year.

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    Accounting Systems Wyeth Company - Solution

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    Wyeth Company's balance sheet for 2010 and 2009 is presented. In 2010, land was acquired and paid for with common stock worth $30,000. All equipment purchases were made with cash. Equipment was sold for $3,000 that had a book value of $6,000 and original cost of $13,000. The company declared and paid $9,000 in cash dividends during the year.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    58 views2 pages

    Wyeth Company - Solution

    Uploaded by

    impurewolf
    Wyeth Company's balance sheet for 2010 and 2009 is presented. In 2010, land was acquired and paid for with common stock worth $30,000. All equipment purchases were made with cash. Equipment was sold for $3,000 that had a book value of $6,000 and original cost of $13,000. The company declared and paid $9,000 in cash dividends during the year.

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    The balance sheet data of Wyeth Company at the end of 2010 and 2009 follow.

    1.

    Land was acquired for $30,000 in exchange for common stock, par $30,000,
    during the year

    2.

    All equipment purchased was for cash.

    3.

    Equipment costing $13,000 was sold for $3,000; book value of the equipment
    was $6,000.

    Cash dividends of $9,000 were declared and paid during the year.

    Instructions
    Compute net cash provided (used) by:
    a. Operating activities.
    b. Investing activities.
    c. Financing activities.

    Solution
    Wyeth Company
    Cash Flow Statement
    Net Income
    Plus: Depreciation
    Loss on sale of equipment

    15,000
    17,000
    3,000

    35,000

    10,000
    20,000
    10,000
    13,000
    3,000 -

    10,000

    28,000 -

    28,000

    23,000
    30,000
    9,000 -

    2,000

    5,000

    Operating
    Increase in Accounts Receivable
    Increase in Merchandise Inventory
    Decrease in Prepaid Expenses
    Increase in Accounts Payable
    Decrease in Accrued Expenses
    Investing
    Purchase of new equipment
    Financing
    Payment of notes payable
    Issuance of Notes Payable
    Dividends Paid
    Subtotal
    Plus: Cash December 31, 2009

    Cash December 31, 2010

    35,000

    30,000

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