Reference no: EM13373201
1) Statement of cash flows presentation.
Selected financial statement information and additional data for Johnston Enterprises is presented below. Prepare a statement of cash flows for the year ending December 31,2010
Johnston Enterprises
Balance Sheet and Income Statement Data given in attachment
Additional Information:
During the year, Johnston sold equipment with an original cost of $153,000 and accumulated depreciation of $119,000 and purchased new equipment for $272,000.
2) Balance sheet presentation.
Given the following account information for Leong Corporation, prepare a balance sheet in a report form
for the company as of December 31,2010. All accounts have normal balances.
Equipment 40,000
Interest Expense 2,400
Interest Payable 600
Retained Earnings ?
Dividends 50,400
Land 137,320
Inventory 102,000
Bond Payable 78,000
Note Payable(due in 6 months) 14,400
Common Stock 60,000
Accumulated Depreciation-Eq. 10,000
Prepaid Advertising 5,000
Revenue 331,400
Building 80,400
Supplies 1,860
Taxes Payable 3,000
Utilities Expenses 1,320
Advertising Expense 1,560
Salary Expense 53,040
Salaries Payable 900
Accumulated Depr. -Bld 15,000
Cash 30,000
Depreciation Expense, Building & Equipment 8,000
3) Balance sheet format.
The Following Balance sheet has been submitted to you by an inexperienced bookkeeper.
Rewrite the balance sheet correctly. Consider both terminology deficiencies as well as classification inaccuracies.
Jasper Industries, Inc.
Balance Sheet
For the Period Ended 12/31/10 given in attachment
Note* The reserve for contingencies has been created by charges to earned surplus and
1. has been established to provide a cushion for future uncertainties.
Note* The inventory account includes only items physically present at the main plant
2. and warehouse. Items located at the company's branch sales office amounting to $40,000 are excluded since the company has consistently followed this procedure for many years.
Attachment:- problem_attachment.xlsx