29 Jun Question Dolly Co. sold a machine that cost $74,000 an
Question
Dolly Co. sold a machine that cost $74,000 and had a book value of $44,000 for$48,000. Data from Milner’s comparative balance sheets are:
12/31/15
12/31/14
Machinery
$800,000
$670,000
Accumulated depreciation
190,000
136,000
Instructions
What four items should be shown on a statement of cash flows ( indirect method) fromthis information? Show your calculations.
Presented below is the income statement of Patsy, Inc.:
Sales revenue
$380,000
Cost of goods sold
225,000
Gross profit
$155,000
Operating expenses
85,000
Income before income taxes 70,000
Income taxes
28,000
Net income
$ ‘s 42,000
In addition, the following information related to net changes in working capital ispresented:
Debit
Credit
Cash $12,000
Accounts receivable 20,000
Inventories
$19,400
Salaries payable (operating expenses)
Accounts payable
14,000
Income taxes payable 3,000
8,000
The company also indicates that depreciation expense for the year was $16,700 andthat the deferred tax liability account increased $2,600.
Instructions
Prepare a schedule computing the net cash flow from operating activities that would beshown on a statement of cash flows using the indirect method.
Ledler Corporation’s balance sheet reported the following:
Capital stock outstanding, 5,000 shares, par $30 per share
Paid-in capital in excess of par 80,000
Retained earnings 100,000
$150,000
The following transactions occurred this year:
(a) Purchased 200 shares of capital stock to be held as treasury stock, paying $60 pershare.
(b) Sold 150 of the shares of treasury stock at $65 per share.
(c) Sold the remaining shares of treasury stock at $50 per share.
Instructions
Prepare the journal entry for these transactions under the cost method of accounting fortreasury stock.
The following information pertains to Parsons Co.:
Preferred stock, cumulative:
Par value per share $100
Dividend rate
8%
Shares outstanding 10,000
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