Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Long-term notes payable Total liabilities Equity Common stock, $5 par value December 31 Current Year Prior Year $ 58,900 74,830 $ 79,500 56,625 284,656 257,800 1,270 2,015 419,656 395,940 151,500 114,000 (39,625) (49,000) $ 531,531 $ 460,940 $ 59,141 $ 123,675 73,800 61,950 132,941 185,625 171,750 156,250 46,500 0 180,340 119,065 $ 531,531 $ 460,940 Paid-in capital in excess of par, common stock Retained earnings Total liabilities and equity Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $11,125 (details in b). b. Sold equipment costing $64,875, with accumulated depreciation of $36,125, for $17,625 cash. c. Purchased equipment costing $102,375 by paying $42,000 cash and signing a long-term notes payable for the balance. d. Paid $48,525 cash to reduce the long-term notes payable. e. Issued 3,100 shares of common stock for $20 cash per share. f. Declared and paid cash dividends of $51,300. Problem 12-3A (Algo) Indirect: Statement of cash flows LO A1, P2, P3 Required: 1. Prepare a complete statement of cash flows using the indirect method for the current year. Note: Amounts to be deducted should be indicated with a minus sign.
Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Long-term notes payable Total liabilities Equity Common stock, $5 par value December 31 Current Year Prior Year $ 58,900 74,830 $ 79,500 56,625 284,656 257,800 1,270 2,015 419,656 395,940 151,500 114,000 (39,625) (49,000) $ 531,531 $ 460,940 $ 59,141 $ 123,675 73,800 61,950 132,941 185,625 171,750 156,250 46,500 0 180,340 119,065 $ 531,531 $ 460,940 Paid-in capital in excess of par, common stock Retained earnings Total liabilities and equity Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $11,125 (details in b). b. Sold equipment costing $64,875, with accumulated depreciation of $36,125, for $17,625 cash. c. Purchased equipment costing $102,375 by paying $42,000 cash and signing a long-term notes payable for the balance. d. Paid $48,525 cash to reduce the long-term notes payable. e. Issued 3,100 shares of common stock for $20 cash per share. f. Declared and paid cash dividends of $51,300. Problem 12-3A (Algo) Indirect: Statement of cash flows LO A1, P2, P3 Required: 1. Prepare a complete statement of cash flows using the indirect method for the current year. Note: Amounts to be deducted should be indicated with a minus sign.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
not use ai please
Transcribed Image Text:Assets
Cash
Accounts receivable
Inventory
Prepaid expenses
Total current assets
Equipment
Accumulated depreciation-Equipment
Total assets
Liabilities and Equity
Accounts payable
Long-term notes payable
Total liabilities
Equity
Common stock, $5 par value
December 31
Current Year Prior Year
$ 58,900
74,830
$ 79,500
56,625
284,656
257,800
1,270
2,015
419,656
395,940
151,500
114,000
(39,625)
(49,000)
$ 531,531
$ 460,940
$ 59,141
$ 123,675
73,800
61,950
132,941
185,625
171,750
156,250
46,500
0
180,340
119,065
$ 531,531
$ 460,940
Paid-in capital in excess of par, common stock
Retained earnings
Total liabilities and equity
Additional Information on Current Year Transactions
a. The loss on the cash sale of equipment was $11,125 (details in b).
b. Sold equipment costing $64,875, with accumulated depreciation of $36,125, for $17,625 cash.
c. Purchased equipment costing $102,375 by paying $42,000 cash and signing a long-term notes payable for the
balance.
d. Paid $48,525 cash to reduce the long-term notes payable.
e. Issued 3,100 shares of common stock for $20 cash per share.
f. Declared and paid cash dividends of $51,300.
Problem 12-3A (Algo) Indirect: Statement of cash flows LO A1, P2, P3
Required:
1. Prepare a complete statement of cash flows using the indirect method for the current year.
Note: Amounts to be deducted should be indicated with a minus sign.
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