Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
The following information is available for the Fletchers Corporation:
Fletchers Corporation
Balance Sheets
At December 31
2013
2012
Assets:
Cash
$ 24,640
$ 23,040
Accounts receivable
32,180
29,400
Merchandise inventory
73,125
61,710
Long-term investments
55,900
56,400
Equipment
175,500
145,500
Accumulated depreciation
(33,550)
(31,200)
Total assets
$327,795
$284,850
Liabilities:
Accounts payable
$ 65,000
$ 40,380
Incomes taxes payable
10,725
10,200
Bonds payable
48,750
66,000
Total liabilities
$124,475
$116,580
Equity:
Common stock
117,000
96,000
Contributed capital in excess of pay
13,000
9,000
Retained earnings
73,320
63,270
Total equity
$203,320
$168,270
Total liabilities and equity
Income Statement
For Year Ended December 31, 2013
Sales
$240,000
Cost of goods sold
$80,900
Depreciation expense
Other operating expenses
48,000
Interest expense
2,000
(160,300)
Other gains (losses):
Loss on sale of equipment
(8,400)
Income before taxes
71,300
Income taxes expense
27,650
Net income
$ 43,650
Additional information:
(1) There was no gain or loss on the sales of the long-term investments, nor on the bonds retired.
(2) Old equipment with an original cost of $37,550 was sold for $2,100 cash.
(3) New equipment was purchased for $67,550 cash.
(4) Cash dividends of $33,600 were paid.
(5) Additional shares of stock were issued for cash.
Required: Prepare a statement of cash flows for the 2013 calendar year using the indirect method.
Discuss the effect that this event will have on the company's financial statements - Data Technologies provides maintenance service for computers and office equipment for companies throughout the Northeast.
total costs to account for is1. the number of units finished during theperiod2. equal to the dollar value offending
1. what are the low risk auditing ares for the home depots 2. If management of the Home Depot faced tremendous pressure regarding the entity's financial performance, what opportunities might exist for them to engage in fraudulent financial reporti..
Explain how you would compute the required annual payment. Show your calculations.
In each case, compute the amount that should be reported in the operating activities section of the statement of cash flows under the direct and indirect method.
Forest Products, Inc., busy and develops natural resources for profit. Since 2006, it has had the following activities:
the following data in thousands of dollars have been taken from the accounting records ofnbsplarden corporationnbspfor
Company X sells standard lawn mowers to Biggy Hardware (BH) for $100. BH is Company X's largest customer. Company X offers BH the following discounts based on purchases in a calendar year:
The CFO for a corporation deliberately misstates expenses on the income statement purely out of a sense of loyalty to his CEO and the company. The CFO will receive no financial incentive for this misstatement. In fact, he risks losing his job by d..
Explain how depreciation relates to the matching principle.
finlon upholstery inc. uses a job-order costing system to accumulate manufacturing costs. the companys work-in-process
You can take advantage of the dealers offer and finance the car at 1.9% or you can take advantage of the $2,500 rebate and finance the car at the going interest rate of 4.5%. Which is the better offer and why?
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd