Problem regarding the comparative balance sheets

Assignment Help Accounting Basics

Reference no: EM131016874

The Turtle Corporation prepared the following comparative balance sheets at December 31, 2014 and 2013:

	12/31/14	12/31/13
Cash	$77,375	(22,955)
Marketable Securities	15,500	85,000
Accounts Recievable	80,000	68,250
Inventory	165,000	145,000
Prepaid insurance	1,500	2,000
Land, Buildings, and Equipment	1,250,000	1,250,000
Accumulated depreciation	(61,000)	(572,000)
Total Assets	$979,375	$830,295

Accounts Payable	$76,340	$102,760
Salaries Payable	20,000	24,500
Notes Payable	25,000	75,000
Bonds Payable	200,000	0
Common Stock	300,000	300,000
Retained Earnings	358,035	328,035
Total Liabilities and Shareholders Equity	$979,375	$830,295

Additional information for the year ended December 31, 2014:

(1.) Sold available-for-sale securities costing $69,500 for $74,000.

(2.) Equipment costing $20,000, with a book value of $5,000, was sold for $6,000.

(3.) Issued 6% bonds payable at par.

(4.) Repaid a portion of a long term bank loan.

(5.) Purchased new equipment for $145,000 cash.

(6.) Paid cash dividends of $20,000.

(7.) Net income for 2014 was $50,000.

(8.) Turtle prepares its cash flows statement under the indirect method.

1.Net cash flows from operating activities on the cash flows statement for 2014 are?

A) Negative $17,670.

B) Positive $35,330.

C) Positive $39,830.

D) Negative $70,670.

2. Net cash flows from investing activities on the cash flows statement for 2014 are?

A) Negative $225,000.

B) Negative $65,000.

C) Negative $70,500.

D) Negative $145,000.

3.Net cash flows from financing activities on the cash flows statement for 2014 are?

A) Negative $130,000.

B) Positive $150,000.

C) Positive $130,000.

D) Negative $70,000.

Reference no: EM131016874

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