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May 24, 2015

Homework Help: accounting

Posted by Lusine on Friday, August 8, 2008 at 10:13pm.

Assets
Cash (Net Effect) $35,000 20,000 +15,000

A/R 33,000 14,000 +19,000

Merchandise Inventory 27,000 20,000 +7,000

PPE 60,000 78,000 -18,000

Accumulated Depreciation (29,000) (24,000) ?

Liabilities and Stockholder’s Equity
Accounts payable 29,000 15,000 +14,000

Income taxes payable 7,000 8,000 -1,000

Bonds payable 27,000 33,000 -6,000

Common Stock 45,000 38,000 +7,000

Depreciation 18,000
Net income 32,000

Additional Data
1. Dividends declared and paid were 25,000
2. During the year equipment was sold for 8,500 cash. This equipment cost 18,000 originally and had a book value of 8,500 at the time of sale
3. All sales and purchases are on account.
4. All depreciation is 18,000

Partial answer from book: CASH FROM OPERATIONS is 33,500

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