Reference no: EM131814502
Problem - Presented below are data taken from the records of Natural Homes Company.
12/31/2007 12/31/2006
Cash $15,000 $5,000
Current assets other than cash 105,000 129,000
Long-term investments 60,000 50,000
Plant assets 330,000 351,000
$510,000 $535,000
Accumulated depreciation 88,000 102,000
Current liabilities 65000 $73,000
Bonds payable 50000 100,000
Capital stock 173000 153,000
Retained earnings 134000 107,000
$510,000 $535,000
Additional information:
1. Held-to-maturity securities carried at a cost of $25,000 on December 31, 2006, were sold in 2007 for $30,000. The gain (not extraordinary) was incorrectly charged directly to Retained Earnings.
2. Fully depreciated plant assets that cost $57,000 were sold during 2007 for $2,000. The gain (not extraordinary) was incorrectly charged directly to Retained Earnings.
3. Net income as reported on the income statement for the year was $40,000.
4. Dividends paid amounted to $20,000.
5. Depreciation charged for the year was $43,000.
Instructions - Prepare a statement of cash flows for the year 2007 using the indirect method.
|
What is the purpose of your proposed antiharassment policy
: What is the purpose of your proposed antiharassment policy?Why would implementing this policy be beneficial for the CEO? What's in it for him or her?
|
|
At what amount kramer company report its ending inventory
: Kramer Company values its inventory by using the retail method(LIFO basis, stable prices). At what amount would Kramer Company report its ending inventory
|
|
What are some unintended consequences
: Describe what changes you anticipate this would make to the accuracy, documentation, expense, and convenience of the voting process.
|
|
Discuss how much will the position in the stock be worth
: If neither the dividend nor the price changes, how many shares will the investor have at the end of ten years
|
|
Prepare a statement of cash flows using the indirect method
: Fully depreciated plant assets that cost $57,000 were sold during 2007 for $2,000. Prepare a statement of cash flows for the year 2007 using the indirect method
|
|
What communication skills do you use
: How do you communicate with superiors, subordinates, and peers? Are the elements of communication different or is the approach different?
|
|
Discuss joe as payment for the preparation of her return
: She endorsed the check and mailed it to Joe as payment for the preparation of her return
|
|
Why the section is important to organizational communication
: The communications manual should contain best practices, company recommendations and scenarios all targeted at organizational communication.
|
|
Journalize the entries to record the investment transaction
: Journalize the entries to record the following selected equity investment transaction completed by Archway during 2012
|