Statement of cash flows-indirect methodromes,PR 14-1Aas follows:Dec. 31, 2015Dec. 31, 2016Cash ...Assets$ 585,920Accounts receivable (net)$ 625,760208,960Inventories227,840641,760617,120Investments240,000LandEquipment...Accumulated depreciation-equipment328,000553,120705,120(166,400)$2,362,080(148,000)$2,057,120Total assets.Y loLiabilities and Stockholders' EquityAccounts payable (merchandise creditors)Accrued expenses payable (operating expenses)Dividends payable. .Common stock, $4 par..$ 424,480$ 404,96052,64042,24019,200100,00024,000150,000Paid-in capital: Excess of issue price over par-common stockRetained earnings..417,500280,0001,200,320$2,057,1201,303,860Total liabilities and stockholders' equity...$2,362,080Additional data obtained from an examination of the accounts in the ledger for 2016are as follows:a. The investments were sold for $280,000 cash.b. Equipment and land were acquired for cash.c. There were no disposals of equipment during theyear.d. The common stock was issued for cash.$511000e. There was a $199,540 credit to Retained Earnings for net income.f. There was a $96,000 debit to Retained Earnings for cash dividends declared.Instructionsfrom operating activities.

Statement of cash flows-indirect method PR 14-1A as follows: Dec. 31, 2015 Dec. 31, 2016 Cash $ 585,920 208,960 Assets Accounts receivable (net) $ 625,760 227,840 641,760 Inventories 617,120 240,000 Investments Land Equipment.. Accumulated depreciation-equipment 328,000 553,120 705,120 (166,400) $2,362,080 (148,000) $2,057,120 Total assets Liabilities and Stockholders' Equity rcount 424 480 $ 404,960

Statement of cash flows-indirect method PR 14-1A as follows: Dec. 31, 2015 Dec. 31, 2016 Cash $ 585,920 208,960 Assets Accounts receivable (net) $ 625,760 227,840 641,760 Inventories 617,120 240,000 Investments Land Equipment.. Accumulated depreciation-equipment 328,000 553,120 705,120 (166,400) $2,362,080 (148,000) $2,057,120 Total assets Liabilities and Stockholders' Equity rcount 424 480 $ 404,960

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter12: The Statement Of Cash Flows

Section: Chapter Questions

Problem 12.22MCE

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