Q1: Data presented below are from the records of Antonio Brasileiro Company. December 31, 2014 December 31, 2013 December 31, 2013 $ 8,000 December 31, 2014 $15,000 85,000 10,000 335,000 $445.000 $ 20,000 40,000 75,000 254,000 56,000 $445,000 Cash Current assets other than cash Long-term investments Plant assets 60,000 53,000 215,000 $336.000 $ 40,000 22,000 -0- 254,000 20,000 $336.000 Accumulated depreciation Current liabilities Bonds payable Common stock Retained earnings Additional information: 1. In 2014, the company sold for $34,000 available-for-sale investments carried at a cost of $43,000 on December 31, 2014. The loss (not extraordinary) was incorrectly charged directly to Retained Earnings. 2. In 2014, the company sold for $8,000 plant assets that cost $50,000 and were 80% depreciated. The ioss (not extraordinary) was incorrectly charged directly to Retained Earnings. 3. Net income as reported on the income statement for the year was $57,000. 4. The company paid dividends totaling $10,000. 5. Depreciation charged for the year was $20,000. Instructions Prepare a statement of cash flows for the year 2014 using the indirect method.

Q1: Data presented below are from the records of Antonio Brasileiro Company. December 31, 2014 December 31, 2013 December 31, 2013 $ 8,000 December 31, 2014 $15,000 85,000 10,000 335,000 $445.000 $ 20,000 40,000 75,000 254,000 56,000 $445,000 Cash Current assets other than cash Long-term investments Plant assets 60,000 53,000 215,000 $336.000 $ 40,000 22,000 -0- 254,000 20,000 $336.000 Accumulated depreciation Current liabilities Bonds payable Common stock Retained earnings Additional information: 1. In 2014, the company sold for $34,000 available-for-sale investments carried at a cost of $43,000 on December 31, 2014. The loss (not extraordinary) was incorrectly charged directly to Retained Earnings. 2. In 2014, the company sold for $8,000 plant assets that cost $50,000 and were 80% depreciated. The ioss (not extraordinary) was incorrectly charged directly to Retained Earnings. 3. Net income as reported on the income statement for the year was $57,000. 4. The company paid dividends totaling $10,000. 5. Depreciation charged for the year was $20,000. Instructions Prepare a statement of cash flows for the year 2014 using the indirect method.

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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SME Balance Sheet 2021 2020 Assets (in millions) Cash 85.960 56.460 Receivables 89.560 80.670 Inventories 55.750 41.260 Other Current Assets 9.950 6.760 Total Current Assets 241.220 185.150 Net Property, Plant, and Equipment 78.970 68.930 Goodwill and Other Intangible Assets 103.110 104.360 Other Non-Current Assets 6.900 4.200 Total Assets 430.200 362.640 Total Liabilities and Shareholders' Equity Payables 83.240 57.48 Current Debt 2.700 2.64 Total Current Liabilities 85.940 60.120 Long-Term Debt 122.000 119.62 Other Liabilities 21.880 22.58 Total Liabilities 229.820 202.320 Common Stock 200.380 160.32 Total Equity 200.38 160.32 Total Liabilities and Equity 430.200 362.640 INCOME STATEMENT 2021 Total Revenue (M) 488.10…
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SME Balance Sheet 2021 2020 Assets (in millions) Cash 85.960 56.460 Receivables 89.560 80.670 Inventories 55.750 41.260 Other Current Assets 9.950 6.760 Total Current Assets 241.220 185.150 Net Property, Plant, and Equipment 78.970 68.930 Goodwill and Other Intangible Assets 103.110 104.360 Other Non-Current Assets 6.900 4.200 Total Assets 430.200 362.640 Total Liabilities and Shareholders' Equity Payables 83.240 57.48 Current Debt 2.700 2.64 Total Current Liabilities 85.940 60.120 Long-Term Debt 122.000 119.62 Other Liabilities 21.880 22.58 Total Liabilities 229.820 202.320 Common Stock 200.380 160.32 Total Equity 200.38 160.32 Total Liabilities and Equity 430.200 362.640 INCOME STATEMENT 2021 Total Revenue (M) 488.10…
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