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Homework Help: accounting 2

Posted by gabrielle on Wednesday, November 19, 2008 at 4:05pm.

June 30, 2008/2007

Assets
Cash- 34,700/23,500
accounts receivable- 101,600/92,300
inventory- 146,300/142,100
Investment-0/50,000
Land-145,000/0
equipment- 215,000/175,500
accumulated depreciation- (53,400)/(41,300)
2008= 594,000 /2007=442,100

liabilities and stockholders equity
accounts payable(merchandise creditors)- 100,900/95,200
Accrued expense(operating expenses)- 15,000/13,200
Dividends payable- 12,500/10,000
common stock, $1 par- 56,000/50,000
paid in capital in excess of par- common stock- 220,000/100,000
2008=594,000/ 2007= 442,100

a. Equipment and land were acquired for cash
b. There were no disposal of equipment during the year
c. The investments were sold for 45,000 cash
d. The common stock was issued for cash
e. There was a 65,900 credit to retained earning for net income
f. There was a 50,000 debit to retained earning for cash dividends declared.

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities

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