23 Feb Q.42). P13-36B Prepare statements of cash flows (i
Q.42). P13-36B Prepare statements of cash flows (indirect and direct method) (Learning Objectives 1, 2 & 3):PAGE-770Barton Publication Company, Inc., has the following comparative balance sheet as of March 31, 2010.Barton Publication Company, Inc.Balance SheetAs of March 31, 2010 and 200920102009Increase (Decrease)Current assets :Cash$ 55,600$14.700$40,900Accounts receivable51,40053,300(1,900)Inventories65,40059,7005,700Prepaid expenses3,7005,100(1,400)Long-term investment10,0006,8003,200Equipment, net71,70070,2001,500Land35,50097,000(61,500)Total assets293,300$306,800(61,500)Current liabilitiesNote payable, short-term$43,200$48,900$(5,700)Account payable4,3003,500800Income tax payable13,70015,500(1,800)Salary payable9,20012,400(3,200)Interest payable8,2007,400800Accrued liabilities2,9003,400(500)Long-term note payable48,90093,100(44,200)Common stock69,60061,7007,900Retained earnings93,30060,90032,400Total liabilities and equity$293,300$306,800$(13,500)Selected transaction data for the year ended March 31, 2010, include the following :Net income, $77,000Paid long-term note payable with cash, $59,600Cash payments to employees, $43,000Loss on sale of land, $9,600Acquired equipment by issuing long-term note payable, $15,400Cash payments to suppliers, $147,100Cash paid for interest, $4,100Depreciation expense on equipment, $13,900Paid short-term note payable by issuing common stock, $5,700Paid cash dividends, $44,600Received cash for issuance of common stock, $2,200Cash received form customer, $299,400Cash paid for income taxes, $12,000Sold land for cash, $51,900Interest received (in cash), $1,000Purchased long-term investment for cash, $3,200RequirementsPrepare the statement of cash flows for Barton Publication Company, Inc., for the year ended March 31, 2010, using the indirect method for operating cash flows. Include a schedule of noncash investing and financing activities. All of the current accounts except short-term notes payable result from operating transactions.Also prepare a supplementary schedule of cash flows from operations using the direct method.
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