The comparative balance sheet of Harris Industries Inc. at December 31, 20Y4 and 20Y3, is as follows:
An examination of the income statement and the accounting records revealed the following additional information applicable to 20Y4:
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Net income, $524,580.
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Depreciation expense reported on the income statement: buildings, $51,660; machinery and equipment, $22,680.
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Patent amortization reported on the income statement, $5,040.
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A building was constructed for $579,600.
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A mortgage note for $224,000 was issued for cash.
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30,000 shares of common stock were issued at $13 in exchange for the bonds payable.
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Cash dividends declared, $131,040.
Instructions
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Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.
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etod of presenting cash llows Irom PR 13-2B Statement of cash flows-indirect method ash flow ing activities, as follows: Obj. 2, 3, 4,5 from The comparative balance sheet of Harris Industries Inc, at December 31, 20Y4 and 20Y5, 1 cash flow $561,400 Assets Dec. 31, 20Y4 Dec. 31, 20Y3 Cash TEMPLATE Accounts receivable (net) $443,240 $360,920 592,200 1,022,560 Inventories 665,280 Prepaid expenses Land 887,880 25,200 302,400 1,134,000 (414,540) 781,200 31,640 302,400 Buildings 1,713,600 466,200) 781,200 (214,200) Accumulated depreciation-machinery and equipment.......
PR 13-2B Statement of cash flows-indirect method Obj. 2, 3, 4,5 The comparative balance sheet of Harris Industries Inc. at December 31, 20Y4 and 20Y3,is as follows: Dec. 31, 20Y4 Dec. 31, 20Y3 Cash Accounts receivable (net) 443,240 360.920 92,200 1,022,560 25,200 302,400 1,134,000 (414,540) 781,200 (191,520) 112.000 $3,724420 887,880 Prepaid expenses Land Buildings 31,640 1,713,600 781,200 Machinery and equipment Accumulated depreciation-machinery and equipment.. (214,200) Liabilities and Stockholders'Equity Accounts payable (merchandise creditors). 837,480 $927,080 25,200 87,080 Salaries payable 78,960 224,000...
Statement of Cash Flows-Indirect Method The comparative balance sheet of Harris Industries Inc. at December 31, 2014 and 2043, is as follows: Dec. 31, Dec. 31, 2014 2013 Assets Cash Accounts receivable (net) Inventories Prepaid expenses $443,240 665,280 887,880 $360,920 592,200 1,022,560 31,640 25,200 Land 302,400 302,400 Buildings 1,713,600 (466,200) 1,134,000 (414,540) Accumulated depreciation-buildings Machinery and equipment Accumulated depreciation-machinery and equipment 781,200 (214,200) 106,960 $4,251,800 781,200 (191,520) 112,000 $3,724,420 Patents Total assets $837,480 32,760 Liabilities and Stockholders' Equity Accounts payable...
The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y3 Assets 2 $625,650.00 $586,340.00 3 Cash Accounts receivable (net) 208,030.00 228,170.00 4 5 Inventories 641,480.00 617,130.00 0.00 240,290.00 6 Investments 7 Land 328,170.00 0.00 8 Equipment 552,300.00 706,070.00 (147,010.00) 9 Accumulated depreciation-equipment (165,580.00) $2,363,960.00 $2,057,080.00 10 Total assets Liabilities and Stockholders' Equity 11 1. $424,300.00 $404,860.00 12 Accounts payable (merchandise creditors) 13 Accrued expenses payable (operating expenses) 41,850.00...
Statement of Cash Flows-Indirect Method The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as follows: Dec. 31, 20Y3 Dec. 31, 20Y2 Assets Cash $260,120 $240,850 Accounts receivable (net) 94,230 86,500 Inventories 266,000 256,120 Investments 0 99,230 Land 136,440 0 Equipment 293,490 226,440 Accumulated depreciation-equipment (68,710) (61,060) Total assets $981,570 $848,080 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $177,660 $167,070 Accrued expenses payable (operating expenses) 17,670 22,050 Dividends payable 9,820 7,630 Common stock,...
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