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Cash Accounts receivable (net) Prepaid insurance Land Equipment Accumulated depreciation Total Assets Accounts payable Bonds payable Common stock Retained earnings Comparative Balance Sheet Assets Liabilities and Stockholders' Equity Total liabilities and stockholders' equity 2017 $ 36,000 70,000 25,000 18,000 70,000 (20,000) $199,000 $ 11,000 27,000 140,000 21,000 $199,000 2016 $ 31,000 60,000 17,000 40,000 60,000 (13,000) $195,000 $ 6,000 19,000 115,000 55,000 $195,000 Additional information: 1. Net loss for 2017 is $20,000. 2. Cash dividends of $14,000 were declared and paid in 2017. 3. Land was sold for cash at a loss of $4,000. This was the only land transaction during the year.

Cash Accounts receivable (net) Prepaid insurance Land Equipment Accumulated depreciation Total Assets Accounts payable Bonds payable Common stock Retained earnings Comparative Balance Sheet Assets Liabilities and Stockholders' Equity Total liabilities and stockholders' equity 2017 $ 36,000 70,000 25,000 18,000 70,000 (20,000) $199,000 $ 11,000 27,000 140,000 21,000 $199,000 2016 $ 31,000 60,000 17,000 40,000 60,000 (13,000) $195,000 $ 6,000 19,000 115,000 55,000 $195,000 Additional information: 1. Net loss for 2017 is $20,000. 2. Cash dividends of $14,000 were declared and paid in 2017. 3. Land was sold for cash at a loss of $4,000. This was the only land transaction during the year.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A comparative balance sheet for Halpern Corporation is presented below: HALPERN CORPORATION Comparative Balance Sheet Cash Accounts receivable (net) Prepaid insurance Land Equipment Accumulated depreciation Total Assets Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity Assets Liabilities and Stockholders' Equity Instructions 2017 $ 36,000 70,000 25,000 18,000 70,000 (20,000) $199,000 $ 11,000 27,000 140,000 21,000 $199,000 2016 Prepare a statement of cash flows for the year ended 2017, using the indirect method. $ 31,000 60,000 17,000 40,000 60,000 (13,000) $195.000 Additional information: 1. Net loss for 2017 is $20,000. 2. Cash dividends of $14,000 were declared and paid in 2017. 3. Land was sold for cash at a loss of $4,000. This was the only land transaction during the year. 4. Equipment with a cost of $15,000 and accumulated depreciation of $10,000 was sold for $5,000 cash. 5. $22,000 of bonds were retired during the year at carrying (book) value. 6. Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $25,000. $ 6,000 19,000 115,000 55,000 $195,000
Transcribed Image Text:A comparative balance sheet for Halpern Corporation is presented below: HALPERN CORPORATION Comparative Balance Sheet Cash Accounts receivable (net) Prepaid insurance Land Equipment Accumulated depreciation Total Assets Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity Assets Liabilities and Stockholders' Equity Instructions 2017 $ 36,000 70,000 25,000 18,000 70,000 (20,000) $199,000 $ 11,000 27,000 140,000 21,000 $199,000 2016 Prepare a statement of cash flows for the year ended 2017, using the indirect method. $ 31,000 60,000 17,000 40,000 60,000 (13,000) $195.000 Additional information: 1. Net loss for 2017 is $20,000. 2. Cash dividends of $14,000 were declared and paid in 2017. 3. Land was sold for cash at a loss of $4,000. This was the only land transaction during the year. 4. Equipment with a cost of $15,000 and accumulated depreciation of $10,000 was sold for $5,000 cash. 5. $22,000 of bonds were retired during the year at carrying (book) value. 6. Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $25,000. $ 6,000 19,000 115,000 55,000 $195,000
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