ACC 557 Week 9 Homework 5 Chapter 13, E13-3, E13-4, P13-3A, P13-7A | eBooks | Education

ACC 557 Week 9 Homework 5 Chapter 13, E13-3, E13-4, P13-3A, P13-7A

ACC 557 Week 9 Homework 5 Chapter 13, E13-3, E13-4, P13-3A, P13-7A PLDZ-146 Instant Download Price
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ACC 557 Homework 5 Chapter 13

Exercises

E13-3. Cushenberry Corporation had the following transactions. 1. Sold land (cost $12,000) for $15,000. 2. Issued common stock at par for $20,000. 3. Recorded depreciation on buildings for $17,000. 4. Paid salaries of $9,000. 5. Issued 1,000 shares of $1 par value common stock for equipment worth $8,000. 6. Sold equipment (cost $10,000, accumulated depreciation $7,000) for $1,200. For each transaction above,

(a) prepare the journal entry, and

(b) indicate how it would affect the statement of cash ?ows using the indirect method.

E13-4. Gutierrez Company reported net income of $225,000 for 2015. Gutierrez also reported depreciation expense of $45,000 and a loss of $5,000 on the disposal of equipment. The comparative balance sheet shows a decrease in accounts receivable of $15,000 for the year, a $17,000 increase in accounts payable, and a $4,000 decrease in prepaid expenses. Prepare the operating activities section of the statement of cash ?ows for 2015. Use the indirect method.

Problems

P13-3A.

The income statement of Whitlock Company is presented here. Additional information: 1. Accounts receivable increased $200,000 during the year, and inventory decreased $500,000. 2. Prepaid expenses increased $150,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $340,000 during the year. 4. Accrued expenses payable decreased $100,000 during the year. 5. Operating expenses include depreciation expense of $70,000. Prepare the operating activities section of the statement of cash ?ows for the year ended November 30, 2015, for Whitlock Company, using the indirect method.

P13-7A. Presented below are the ?nancial statements of Nosker Company. 1. Dividends declared and paid were $20,000. 2. During the year equipment was sold for $8,500 cash. This equipment cost $18,000 originally and had a book value of $8,500 at the time of sale. 3. All depreciation expense, $14,500, is in the operating expenses. 4. All sales and purchases are on account.

a) Prepare a statement of cash ?ows using the indirect method.

b) Compute free cash ?ow.

ACC 557 Homework 5 Chapter 13 Exercises E13-3. Cushenberry Corporation had the following transactions. 1. Sold land (cost $12,000) for $15,000. 2. Issued common stock at par for $20,000. 3. Recorded depreciation on buildings for $17,000. 4. Paid sa
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