User Account

All Pages

Prepare a statement of cash flows for 2017

Assignment Help Accounting Basics
Reference no: EM131779973

Here are comparative balance sheets for Velo Company.

VELO COMPANY
Comparative Balance Sheets
December 31
Assets 2017 2016
Cash mce_markernbsp;73,000 mce_markernbsp;33,400
Accounts receivable 86,500 70,900
Inventory 170,000 187,000
Land 72,900 100,300
Equipment 261,000 200,700
Accumulated depreciation-equipment (66,000 ) (34,200 )
   Total $597,400   $558,100  
Liabilities and Stockholders' Equity
Accounts payable mce_markernbsp;35,400 mce_markernbsp;47,000
Bonds payable 148,800 203,600
Common stock ($1 par) 216,500 175,300
Retained earnings 196,700   132,200  
   Total $597,400   $558,100  

Additional information:

1. Net income for 2017 was $101,800.
2. Cash dividends of $37,300 were declared and paid.
3. Bonds payable amounting to $54,800 were redeemed for cash $54,800.
4. Common stock was issued for $41,200 cash.
5. No equipment was sold during 2017, but land was sold at cost.

Prepare a statement of cash flows for 2017 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000, or in parenthesis e.g. (15,000).)

Reference no: EM131779973

Questions Cloud

What ratio of dominant to recessive phenotypes : What ratio of dominant to recessive phenotypes is expected if the X locus is not in chromosome 10? (Hint: Write out the parental and progeny genotypes
What formula is used to solve the given problem : Malcolm Company uses a predetermined overhead rate based on direct labor hours. Underapplied overhead of $3,500. What formula is used to solve this problem?
Evaluate external opportunities and threats : What is the objective or purpose in studying and analyzing anycase study and applying learning lessons from the text?
Discuss the developmental issue : Discuss the developmental issue; what are the key ideas regarding this topic?
Prepare a statement of cash flows for 2017 : Prepare a statement of cash flows for 2017 using the indirect method
What amounts would be shown for cost of goods sold : Using the information above, in the comparative 2010 and 2011 income statements, what amounts would be shown for cost of goods sold
Autoregulation and long term autoregulation : What is short term autoregulation and long term autoregulation when it comes to hypertension?
Compute cash balance or deficit for the end of the year : Compute his likely cash balance or deficit for the end of the year. Start with beginning cash and subtract the asset buildup.
Examining an electrophoretic gel of pcr products : What information can be determined from examining an electrophoretic gel of PCR products?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Pro forma financial statements of parent

Write a memorandum to Ms. Franklin summarizing the results of your analysis. including a summary of the financial ratios you computed and your recommendation. Attach copies of both sets of pro forma financial statements of Parent, Inc. and the pro..

  Weighted average cost of capital

Its before-tax cost of debt is 8 percent, its cost of preferred stock is 10 percent, and its cost of equity is 15 percent. If the company's marginal tax rate is 40 percent, what is ABC's weighted average cost of capital?

  State whether the given assertions are true or false

Depreciation of general property, plant, and equipment is reported as an expense in the consolidated U.S. government statement of net cost.

  Assume that both companies have the same amount

Assume that both companies have the same amount of total assets. Speculate as to which company would produce the higher return on assets ratio.

  Maintain the principal intact investment income

The City of Rocky Basin received a $ 2,000,000 gift from a prominent citizen. The terms of the gift require the city to maintain the principal intact investment income is to be used to provide college scholarships for deserving graduates of Rocky ..

  How much working capital did each of these companies

The Coca-Cola Company and PepsiCo, Inc. How much working capital did each of these companies have at the end of 2014

  Express adjusting journal entries

The accountant found an unpaid Invoice for 3900 for advertising services on behalf of the company. The advertising campaign had been planned and advertising contracts signed before the year-end, but the campaign took place just after the year-end.

  What are the three general tests

To be a qualifying child the taxpayer must meet three general tests and five specific tests. What are the three general tests?

  What should be the pattern of amortization

What should be the pattern of amortization for a limited life intangible?

  Hunten manufacturing assigns overhead based on machine

1. jackson company is a publicly held corporation whose 1 par value stock is actively traded at 64 per share. the

  On january 1 2012 cocker reported a net book value of

popper co. acquired 80 of the common stock of cocker co. on january 1 2009 when cocker had the following stockholders

  Special fund raising events atre

Explain or illustrate how the direct costs of these special fund raising events atre to be reported. Also, may these nongovernment organizations report the special event using the net method?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd