On the basis of the following data for larson co for 2010

Reference no: EM13602707

On the basis of the following data for Larson Co. for 2010 and the preceding year ended December 31, 2010, prepare a statement of cash flows. Use the indirect method of reporting cash flows from operating activities. Assume that equipment costing $125,000 was purchased for cash and equipment costing $85,000 with accumulated depreciation of $65,000 was sold for $15,000; that the stock was issued for cash; and that the only entries in the retained earnings account were net income of $51,000 and cash dividends declared of $13,000.

Year Year
2010 2009
Cash $100,000 $ 78,000
Accounts receivable (net) 78,000 85,000
Inventories 101,500 90,000
Equipment 410,000 370,000
Accumulated depreciation (150,000) (158,000)
$539,500 $465,000

Accounts payable (merchandise creditors) $ 58,500 $ 55,000
Cash dividends payable 5,000 4,000
Common stock, $10 par 200,000 170,000
Paid-in capital in excess of par--
common stock 62,000 60,000
Retained earnings 214,000 176,000
$539,500 $465,000

Reference no: EM13602707

Questions Cloud

Journalize the following transactions in the accounts of : journalize the following transactions in the accounts of cecena medical co. a medical equipment company that uses the

Olgas total cost recovery depreciation deduction including : olga is the proprietor of a small business. in 2012 the business income before consideration of any cost recovery or

In the month of june paulas beauty salon gabe 3400 haircuts : in the month of june paulas beauty salon gabe 3400 haircuts shampoos and haircuts at an average price of 38. during

During the month fixed cost were 19316 and variable cost : in the month of march new day spa services 565 clients at an average price of 110. during the month fixed cost were

On the basis of the following data for larson co for 2010 : on the basis of the following data for larson co. for 2010 and the preceding year ended december 31 2010 prepare a

A corporation was organized on jan 1 of the current year : a corporation was organized on jan 1 of the current year with an authorization of 20000 shares of 4 preferred stock 12

On april 2 a corporation prchased for cash 5000 shares of : on april 2 a corporation prchased for cash 5000 shares of its own 10 par common stock at 26 a share. they sold 3000 of

Below is the complete list of accounts of fightin blue hens : below is the complete list of accounts of fightin blue hens incorporated and the related balance at the end of march.

Double eagle corporation produces the prestigious double : double eagle corporation produces the prestigious double eagle golf ball in one department using a process costing

User Account

All Pages