Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Complete balance sheet and prepare a statement of changes in retained earnings Following is a statement of cash flows (indirect method) for Hartford, Inc., for the year ended December 31, 2011. Also shown is a partially completed comparative balance sheet as of December 31, 2011 and 2010:
HARTFORD, INC.
Statement of Cash Flows
For the Year Ended December 31, 2011
Cash Flows from Operating Activities:
Net income $
9,000
Add (deduct) items not affecting cash:
Depreciation expense
45,000
Decrease in accounts receivable
23,000
Increase in inventory
(7,000)
Increase in notes payable
12,000
Decrease in accounts payable
(6,000)
Net cash provided by operating activities.
$ 76,000
Cash Flows from Investing Activities:
Purchase of equipment.
$(50,000)
Purchase of buildings
(48,000)
Net cash used by investing activities
$(98,000)
Cash Flows from Financing Activities:
Proceeds from short-term debt.
5,000
Cash used for retirement of long-term debt
$(25,000)
Proceeds from issuance of common stock
10,000
Payment of cash dividends on common stock
(3,000)
Net cash used by financing activities
$(13,000)
Net decrease in cash for the year
$(35,000)
Comparative Balance Sheets
At December 31, 2011 and 2010
2011
2010
Assets
Current assets:
Cash.
$
$ 88,000
Accounts receivable
73,000
Inventory.
56,000
Total current assets
Land
$ 40,000
Buildings and equipment
260,000
Less: Accumulated depreciation
(123,000)
Total land, buildings, and equipment.
Total assets
Liabilities
Current liabilities:
Accounts payable.
$ 29,000
Short-term debt
32,000
Notes payable
36,000
Total current liabilities
$ 85,000
Long-term debt
Owners' Equity
Common stock
Retained earnings
Total owners' equity
Total liabilities and owners' equity
Required:
a. Complete the December 31, 2011 and 2010, balance sheets.
b. Prepare a statement of changes in retained earnings for the year ended December 31, 2011.
Roley paid freight costs of $1,200. On July 3, Roley returned damaged goods and received credit of $6,000. On July 10, Roley paid for the goods. Prepare all necessary journal entries for Roley.
In your own words state the primary uses the GASB believes external users have for financial reports of state and local governments. For contrast, state the uses the FASB believes external users have for the financial reports of not-for-profit or..
Under what condition is forgiveness of indebtedness not included in taxable income? If the forgiveness of indebtedness is not taxable, explain how is it treated from a tax point of view?
Discuss the pros and cons of the U.S. Federal Government guaranteeing the pension funds of a private company when it declares bankruptcy. Discuss whether the U.S. Federal Government should guarantee and state your rationale.
Illustrate what is the price of this stock today given a required return of 12 percent? Your tax rate is 31 percent and your required return on this project is 11 percent. What bid price per stamp should you submit?
Calculate the amount needed per employee if the discount rate is not 10%, but 6%. If the workforce numbers 3,000, what is the total difference in cost between these two assumptions?
If Francis had actual variable overhead costs of $58,500 for 9,000 vases produced, what is the difference between actual and budgeted costs for variable overhead?
Should Gray make the gift of the land to charity in 2010 or in 2011? Provide support for your answer.
phillips company bought 40 ownership in jones bag company on 1st january 2001 at underlying book value. in 2001 2002
The Fly Right Travel Agency was organized on January 1, 2010, by Joe Kirkpatrick. Joe is a good manager but a poor accountant. From the trial balance prepared by a parttime bookkeeper, Joe prepared the following income statement for the quarter th..
question 1on 1st january 2008 abc company borrowed 200000 from the bank. the loan is a 10-year note payable that needs
In the previous two months, E&P sold over $23,000 to SQU. If SQU fails to make the discount threshold, what entry will E&P have to make upon forfeit of the discount.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd