Prepare a statement of cash flows for December 31, 2015 using the indirect method. (Reconcile net income to net operating cash only for indirect method)No land was sold in 2018 cash was received through an issuance of bonds payable, 10,000. This cash was used later in 2018 to purchase land. A fixed asset was sold for $4,100. Fixed assets worth $12,200 were damaged in an accident in 2018. Insurance claims have been filed, but not paid as of 12/31/18. Total cash purchases of fixed assets $28,300. Cash dividends pain were $108,900 in 2018. Balance SheetDec 31, 2018 and Dec 31, 20172018201712 Assets3 Cash4 Accts Rec5 Inventory36 Prepaid Rent37 Land38 Other Fixed Assets39 Accum Depr40 Patent142 Total Assets$19,90036,300148,2002,00032,000130,000(46,000)41,000$16,00027,900123,9001,80022,000118,000(39,000)54,000363,400324,6004344 Liabilities45 Accounts Payable46 Salaries Payable47 Interest Payable48 Taxes Payable49 Bonds Payable27,7006,2001,6006,80021,1005,70040046,00088,3007,60036,00070,80050 Total Liabilities5152 Stockholders Equity53 Common Stock54 Paid-in-Capital in Excess of Par55 Retained Earnings56 Total Stockholders Equity57 Total Liabilities & Stockholders Equity35,000140,000100,100275,100363,40032,000100,000121,800253,800324,600 1. The income statement and comparative balance sheets for O'Neill & Carter Company are as follows:O'Neill & Carter Co., Inc.Income StatementYear Ended Dec 31, 20181011 Sales1213 Expenses:$602,0001415 Cost of Goods Sold16 Depreciation Exp.17 Amortization Exp.18 Salaries Expense19 Rent Expense20 Interest Expense21 Income Tax Expense22 Total Expenses$322,00015,00013,00078,40021,0005,20056,000510,60091,40023 Net Income242526O'Neill & Carter Co., Inc.Balance SheetDec 31, 2018 and Dec 31, 201727282930201820173132 Assets33 Cash$19.900$16,000

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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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Prepare a statement of cash flows for December 31, 2015 using the indirect method. (Reconcile net income to net operating cash only for indirect method) No land was sold in 2018 cash was received through an issuance of bonds payable, 10,000. This cash was used later in 2018 to purchase land. A fixed asset was sold for $4,100. Fixed assets worth $12,200 were damaged in an accident in 2018. Insurance claims have been filed, but not paid as of 12/31/18. Total cash purchases of fixed assets $28,300. Cash dividends pain were $108,900 in 2018.

Balance Sheet
Dec 31, 2018 and Dec 31, 2017
2018
2017
1
2 Assets
3 Cash
4 Accts Rec
5 Inventory
36 Prepaid Rent
37 Land
38 Other Fixed Assets
39 Accum Depr
40 Patent
1
42 Total Assets
$19,900
36,300
148,200
2,000
32,000
130,000
(46,000)
41,000
$16,000
27,900
123,900
1,800
22,000
118,000
(39,000)
54,000
363,400
324,600
43
44 Liabilities
45 Accounts Payable
46 Salaries Payable
47 Interest Payable
48 Taxes Payable
49 Bonds Payable
27,700
6,200
1,600
6,800
21,100
5,700
400
46,000
88,300
7,600
36,000
70,800
50 Total Liabilities
51
52 Stockholders Equity
53 Common Stock
54 Paid-in-Capital in Excess of Par
55 Retained Earnings
56 Total Stockholders Equity
57 Total Liabilities & Stockholders Equity
35,000
140,000
100,100
275,100
363,400
32,000
100,000
121,800
253,800
324,600

1. The income statement and comparative balance sheets for O'Neill & Carter Company are as follows:
O'Neill & Carter Co., Inc.
Income Statement
Year Ended Dec 31, 2018
10
11 Sales
12
13 Expenses:
$602,000
14
15 Cost of Goods Sold
16 Depreciation Exp.
17 Amortization Exp.
18 Salaries Expense
19 Rent Expense
20 Interest Expense
21 Income Tax Expense
22 Total Expenses
$322,000
15,000
13,000
78,400
21,000
5,200
56,000
510,600
91,400
23 Net Income
24
25
26
O'Neill & Carter Co., Inc.
Balance Sheet
Dec 31, 2018 and Dec 31, 2017
27
28
29
30
2018
2017
31
32 Assets
33 Cash
$19.900
$16,000

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