29 Jun Question *Problem 12-11A
Question
*Problem 12-11A
The comparative balance sheets for Vanco Company as of December 31 are presented below.
VANCO COMPANY
Comparative Balance Sheets
December 31
Assets 2012 2011
Cash $ 99,688 $ 65,970
Accounts receivable 73,300 85,028
Inventory 222,026 208,172
Prepaid expenses 22,400 30,786
Land 212,570 190,580
Equipment 329,850 227,230
Accumulated depreciation—equipment (65,970 ) (51,310 )
Buildings 293,200 293,200
Accumulated depreciation—buildings (87,960 ) (58,640 )
Total $1,099,104 $991,016
Liabilities and Stockholders’ Equity
Accounts payable $ 65,574 $ 52,776
Bonds payable 439,800 439,800
Common stock, $1 par 293,200 234,560
Retained earnings 300,530 263,880
Total $1,099,104 $991,016
Additional information:
1. Operating expenses include depreciation expense of $61,572.
2. Land was sold for cash at book value.
3. Cash dividends of $17,592 were paid.
4. Net income for 2012 was $54,242.
5. Equipment was purchased for $134,872 cash. In addition, equipment costing $32,252 with a book value of
$14,660 was sold for $11,728 cash.
6. 58,640 shares of $1 par value common stock were issued in exchange for land with a fair value of $58,640.
Prepare a statement of cash flows for the year ended December 31, 2012, using the indirect method. (Show
amounts that decrease cash flow with either a – sign e.g. -15,0
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.