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    FA I WORKSHEET cash flow(1)

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    jundiahmedin46

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    FA I WORKSHEET cash flow(1)

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    jundiahmedin46
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    4 views3 pages

    FA I WORKSHEET cash flow(1)

    Uploaded by

    jundiahmedin46

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    FA I Worksheet

    1. A comparative balance sheet for Naol Corporation is presented below.


    Assets Dec. 2012 Dec. 2011
    Cash $ 63,000 $ 22,000
    Accounts receivable 82,000 66,000
    Inventory 180,000 189,000
    Land 71,000 110,000
    Equipment 270,000 200,000
    Acc- depreciation—equipment (69,000) (42,000)
    Total $597,000 $545,000
    Liabilities and Stockholders’ Equity
    Accounts payable $ 34,000 $ 47,000
    Bonds payable 150,000 200,000
    Common stock ($1 par) 214,000 164,000
    Retained earnings 199,000 134,000
    Total $597,000 $545,000

    Additional information:
    1. Net income for 2012 was $105,000.
    2. Cash dividends of $40,000 were declared and paid.
    3. Bonds payable amounting to $50,000 were retired through issuance of common stock.
    Required: Prepare a statement of cash flows for 2012 for Naol Corporation. (7 Pts)
    2. The following are several items involving the cash flow activities of the Jones Company
    for 2017:
    a) Net income, $60,400
    b) Patent amortization expense, $1,200
    c) Receipt from issuance of common stock, $32,000
    d) Payment of dividends, $21,000
    e) Payment for purchase of equipment, $41,500
    f) Decrease in salaries payable, $2,600
    g) Payment for purchase of land, $19,600
    h) Increase in accounts receivable, $10,300
    i) Depreciation expense, $20,500
    j) Beginning cash balance, $30,700

    1
    Required: Prepare the statement of cash flows of the Jones Company for 2017.
    3. The comparative balance sheets of Connecticut Inc. at the beginning and the end of the
    year 2010 appear below:
    CONNECTICUT INC.
    BALANCE SHE
    Assets Dec. 31, 2010 Jan. 1, 2010 .
    Cash $ 45,000 $ 13,000
    Accounts receivable 91,000 88,000 $ $
    Equipment 39,000 22,000 $ .
    Less: Accumulated depreciation (17,000) (11,000) $$
    Total $158,000 $112,000
    Liabilities and Stockholders’ Equity
    Accounts payable $ 20,000 $ 15,000
    Common stock 100,000 80,000
    Retained earnings 38,000 17,000
    Total $158,000 $112,000
    Net income of $34,000 was reported, and dividends of $13,000 were paid in 2010. New
    equipment was purchased and none was sold.
    Instructions: Prepare a statement of cash flows for the year 2010.
    4. Presented below is the comparative balance sheet for XYZ trading Co. as of December
    31,1998 and 1999, and the income statement for 1999.
    XYZ trading Co.
    Comparative balance sheet
    December 31
    1998 1999
    Assets:
    Cash $63,000 $52,000
    Accounts receivable 75,000 64,000
    Inventory 179,000 193,000
    Prepaid rent 27,000 21,000
    Land 120,000 95,000
    Equipment 221,000 277,000
    Acc.depreciation –equipment 42,000 51,000
    Building 300,000 300,000
    Acc.depreciation –buuilding 75,000 100,000
    851,000 851,000
    Liabilities and stock holders equity:
    Accounts payable $77,000 $34,000
    Bonds payable 290,000 245,000
    Common stock 230,000 275,000

    2
    Retained earnings 271,000 297,000
    851,000 851,000
    XYZ trading Co.
    Income statement
    For the year ended December 31,1999
    Sales $600,000
    Less: cost of goods sold 380,000
    Operating expenses 90,000
    Loss on sale of equipment 2,000
    Income tax expense 27,000
    499,000
    Net income $101,000

    Additional information:
    1. The Operating expenses include depreciation expense of $ 54,000
    2. Land was sold at a book value for cash
    3. Cash dividend of $75,000 was declared and paid
    4. Equipment was purchased for $82,000 cash. In addition, equipment costing $26,000 with
    a book value of $6,000 was sold for $4,000
    5. Bond with a face value of $45,000 were converted in 45,000 shares of $1 par value
    common stock

    Instruction: Prepare statement of cash flows under the indirect and direct method.

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