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!
Prepare balance sheet and retained earnings statement using statement of cash flows data Following are a statement of cash flows (indirect method) for Harris, Inc., for the year ended December 31, 2011, and the firm's balance sheet at December 31, 2010:
HARRIS, INC.
Statement of Cash Flows
For the Year Ended December 31, 2011
Cash Flows from Operating Activities:
Net income
$ 13,000
Add (deduct) items not affecting cash:
Depreciation expense
29,000
Increase in accounts receivable
(6,000)
Decrease in merchandise inventory.
30,000
Increase in accounts payable
3,000
Net cash provided by operating activities
$ 69,000
Cash Flows from Investing Activities:
Purchase of buildings
(90,000)
Proceeds from sale of land at its cost
7,000
Net cash used by investing activities
$(83,000)
Cash Flows from Financing Activities:
Payment of short-term debt
(4,000)
Payment of notes payable
(9,000)
Proceeds from issuance of long-term debt
15,000
Proceeds from issuance of common stock
8,000
Payment of cash dividends on common stock
(5,000)
Net cash provided by financing activities
$ 5,000
Net decrease in cash for the year
$ (9,000)
Balance Sheet
At December 31, 2010
Assets
Cash
$ 15,000
Accounts receivable
61,000
Merchandise inventory
76,000
Total current assets.
$152,000
Land
34,000
Buildings
118,000
Less: Accumulated depreciation.
(72,000)
Total land and buildings
$ 80,000
Total assets
$232,000
Liabilities
Accounts payable
$ 58,000
Short-term debt
16,000
Notes payable
33,000
Total current liabilities
$107,000
Long-term debt
50,000
Owners' Equity
Common stock, no par
$ 20,000
Retained earnings
55,000
Total owners' equity
$ 75,000
Total liabilities and owners' equity
Required:
a. Using the preceding information, prepare the balance sheet for Harris, Inc., at December 31, 2011.
b. Prepare a statement of changes in retained earnings for the year ended December 31, 2011.
Determine variable factory overhead Controllable Variance, the fixed factory overhead volume variance, and total factory overhead cost variance. Use the minus sign to enter favorable variances as negative numbers.
How is the preparation of a bank reconciliation considered to be a control device?
What would be the most difficult part of costing out the month end inventory prior to closing your books? Remember that you have different components of inventory, different locations, and you must not only count the inventory but value the i..
Finding the Net cash flow provided by operating activities
kirk company gathered the subsequent information for the year ended 31st december 2015units produced 45000units
If you want to make sure your active strategy adds value, how much can you spend on security analysis?
Engleheart Co. provides the following information about its postretirement benefit plan for the year 2012. Compute postretirement benefit expense for 2012.
Purpose the company budgeted balance sheet - The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following data to use in preparing
No other changes to stockholders’ equity occurred during the year. Determine dollar amount of dividends declared by the company during the year.
A company currently completed 45,000 units of a product that was expected to consume four pounds of direct material for each finished unit. The standard price of direct material was $8 per pound.
Identify a decision that has recently been made or will be made in the near future in your organization. Identify two relevant and two non-relevant costs in this decision.
question platypus building inc. won a bid for a new office building contract. below is info from the project
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