+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
Perform the same computations, with the assumption that the preferred stock was noncumulative. If an amount is zero, enter "0". Round per share amounts to two decimal places
What are the recognized gain or loss and the basis of the replacement warehouse if Parkview's objective is to recognize as much gain as possible? Advise Parkview regarding w
Lindon Company is the exclusive distributor for an automotive product that sells for $45 per unit and has a CM ratio of 35%. The company's fixed expenses are $330,750 per ye
Determine the breakeven point in units for the Peoria plant and for the Moline plant and evaluate the operating income that would result from the production manager's plan to
Determine the sales volume in units and dollars that is required to attain a profit of $12,000. Verify your answer by preparing an income statement using the contribution ma
Prepare an income statement in comparative form, stating each item for both years as a percent of sales (vertical common-size analysis) and comment on the findings in (a).
Kamber, Inc., owns a factory located close to, but not inside, a foreign trade zone. How much duty is paid annually by Kamber? What is the carrying cost associated with the
What is the marginal cost of a string at 2 million strings of production level? Assuming that one month is considered a short run, is the firm's decision to produce 2 million