+1-415-670-9189
info@expertsmind.com
Write a statement of cash flows
Course:- Cost Accounting
Reference No.:- EM132354




Assignment Help
Assignment Help >> Cost Accounting

Question:

The Farmer Company's comparative balance sheets for 2010 and 2011, and additional information, are presented below.

FARMER COMPANY

Comparative Balance Sheets

                                                              December 31,                            December 31,

ASSETS                                                           2011                                         2010

Cash                                                             $ 14,000                                  $ 9,000

Accounts receivable                                    52,000                                    24,000

Inventory                                                       87,000                                    40,000

Equipment                                                     125,000                                 100,000

Accumulated depreciation                           (42,000)                              (34,000)

Prepaid expenses                                           4,000                                     2,000

Land                                                                      -0-                                       7,000

Building                                                             50,000                                       -0-

Total Assets                                                     $290,000                                   $148,000

LIABILITIES AND STOCKHOLDERS' EQUITY             

Accounts payable                                           $ 25,000                                     $ 14,000

Interest payable                                                8,000                                           6,000

Taxes payable                                                  37,000                                         11,000

Note payable                                                    37,000                                         32,000

Bonds payable                                                 75,000                                         50,000

Common stock, $10 par                                  75,000                                         25,000

Retained earnings                                           33,000                                        10,000

Total Liabilities and Stockholders' Equity              $290,000                                   $148,000

Additional 2011 information:      

Net income, $31,000      

Sold land for gain of $3,000         

Paid dividends of $8,000              

Issued $50,000 stock to purchase building            

Required:

Using the indirect method, write a statement of cash flows for 2011 for Farmer Company using the form below. Include any required disclosures for noncash investing and financing transactions.




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Cost Accounting) Materials
Z plc currently sells products Aye, Bee, and Cee in equal quantities and at the same selling price per unit. The contribution to sares ratio for product Aye is 40%; for prod
Griseta Corporation was organized on January 1, 2011. During its first year, the corporation issued 2,000 shares of $50 par value preferred stock and 100,000 shares of $10 p
Do you agree with the controller's assumptions or do you feel that the plant manager has some genuine points? Should the costs be considered variable or fixed? Finally, how
Journalize the adjusting entries. Add additional accounts as needed - Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial ba
Discuss the advantages & disadvantages of using Activity Based Costing (ABC) over other costing systems. Identify a company that uses ABC and describe how it benefits the c
Provide the journal entry to record the payroll tax expense for the period - Assume earnings subject to state and federal unemployment compensation taxes are $13,000, at the
Captain Cook sold 6 million boxes of Granola and 900,000 of the coupons were redeemed. What amount should Captain Cook report as a liability for coupons on its December 31, 20
Under FAS 123R, how would this transaction be reported in SAS's 12/31/09 year-end financial statements-would these terminated options result in some sort of an adjustment? If