27 Dec The comparative balance sheets of Victoria Vicente
The comparative balance sheets of Victoria Vicente Design Studio, Inc., at June 30, 2014 and 2013, and transaction data for fiscal 2014, are as follows: Transaction data for the year ended June 30, 2014, follows: a. Net income, $72,800 b. Depreciation expense on equipment, $13,300 c. Purchased long-term investment with cash, $17,700 d. Sold land for $36,400, including $6,700 loss e. Acquired equipment by issuing long-term note payable, $14,200 f. Paid long-term note payable, $61,100 g. Received cash for issuance of common stock, $13,200 h. Paid cash dividends, $37,700 i. Paid short-term note payable by issuing common stock, $4,900 Requirements 1. Prepare the statement of cash flows of Victoria Vicente Design Studio, Inc., for the year ended June 30, 2014, using the indirect method to report operating activities. Also prepare the accompanying schedule of noncash investing and financing activities. All current accounts except Notes Payable, short-term result from operating transactions. 2. Prepare a supplementary schedule showing cash flows from operations by the direct method. The accounting records provide the following: collections from customers, $230,800; interest received, $1,400; payments to suppliers, $98,400; payments to employees, $30,700; payments for income tax, $13,200; and payment of interest,$4,400.
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