25 Dec Problems:Financial data of Fancy Footwork Company
Problems:Financial data of Fancy Footwork Company for 2013 and 2012 are presented below.FANCY FOOTWORK COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2013 AND 20122013 2012Cash $ 260,000 $ 230,000Receivables $ 156,000 $ 120,000Inventory $ 180,000 $ 220,000Plant assets $ 160,000 $ 135,000Accumulated depreciation $ (80,000) $ (76,000)Long-term investments (held-to-maturity) $ 80,000 $ 93,000$ 756,000 $ 722,000Accounts payable $ 135,000 $ 122,000Accrued liabilities $ 30,000 $ 33,100Bonds payable $ 135,000 $ 166,000Common stock $ 180,000 $ 165,000Retained earnings $ 276,000 $ 235,900$ 756,000 $ 722,000FANCY FOOTWORK COMPANYINCOME STATEMENTFor the year ended Dec 31, 2013Sales 750000Cost of Goods Sold 530000Gross Margin 220000Selling and administrative expenses 106000Income from Operations 114000Other revenues and gainsGain on sale of investments 7000Income before tax 121000Income tax expense 48400Net Income 72600Additional information:During the year, $9000 of common stock was issued in exchange for plant assets. No plant assets were sold in 2012. Cash dividends were $32500.Required:A) Prepare a statement of cash flows using the indirect methodB) Prepare a statement of cash flows using the direct method. (Do not prepare a reconciliation schedule.)
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.