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Requirements 1. Reconstruct the company's comparative balance sheet for 2013/2014 using the information in line with your surname initial and compute and show the missing figures to include the appropriate sign as a positive or negative figure. 2. Which category of the statement of cash flow is considered as the most important? Why? 3. Prepare a complete statement of cash flows for 2014 using the indirect method using the information in line with your surname

Requirements 1. Reconstruct the company's comparative balance sheet for 2013/2014 using the information in line with your surname initial and compute and show the missing figures to include the appropriate sign as a positive or negative figure. 2. Which category of the statement of cash flow is considered as the most important? Why? 3. Prepare a complete statement of cash flows for 2014 using the indirect method using the information in line with your surname

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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Financial info to be used by surnames with initials (S, W, G, Z) Simple Things Industries Ltd. Comparative Balance Sheet December 31, 2014 and 2013 2014 2013 Increase/(Decrease) Assets Cash 15,000 175,000 230,000 Accounts Receivable 220,000 Inventories 340,000 310,000 30,000 Prepaid expenses Intangible assets Equipment, net 10,000 105,000 105,000 860,000 830,000 Total Assets 1,710,000 1,520,000 · Liabilities Accounts payable 90,000 140,000 Accrued liabilities Income tax payable Long-term notes payable Stockholders' Equity Common Stock Retained earnings 190,000 160,000 120,000 140,000 450,000 360,000 400,000 250,000 400,000 (20,000) 640,000 Treasury stock Total liabilities and stockholders' equity (90,000) 1.710.000 1,520.000 . . . e.
Transcribed Image Text:Financial info to be used by surnames with initials (S, W, G, Z) Simple Things Industries Ltd. Comparative Balance Sheet December 31, 2014 and 2013 2014 2013 Increase/(Decrease) Assets Cash 15,000 175,000 230,000 Accounts Receivable 220,000 Inventories 340,000 310,000 30,000 Prepaid expenses Intangible assets Equipment, net 10,000 105,000 105,000 860,000 830,000 Total Assets 1,710,000 1,520,000 · Liabilities Accounts payable 90,000 140,000 Accrued liabilities Income tax payable Long-term notes payable Stockholders' Equity Common Stock Retained earnings 190,000 160,000 120,000 140,000 450,000 360,000 400,000 250,000 400,000 (20,000) 640,000 Treasury stock Total liabilities and stockholders' equity (90,000) 1.710.000 1,520.000 . . . e.
Simple Things Industries Ltd Income Statement Year Ended December 31,2014 Revenues and gains: Sales revenue 1,900,000 Gain on sale of equipment Total revenues and gains Expenses Cost of goods sold Depreciation expense Other operating expense Total expenses Income before income taxes 20,000 1,920,000 850,000 190,000 360,000 1,400,000 520,000 180,000 Income tax expense Net Income 340,000 Notes Acquisition of plant asset during 2014 Sale proceed from sale of equipment Receipt for issuance of notes payable Payment for note payable Dividend paid Book value of equipment sold 320,000 120,000 10,000 100,000 100,000 100,000 Requirements 1. Reconstruct the company's comparative balance sheet for 2013/2014 using the information in line with your surname initial and compute and show the missing figures to include the appropriate sign as a positive or negative figure. 2. Which category of the statement of cash flow is considered as the most important? Why? 3. Prepare a complete statement of cash flows for 2014 using the indirect method using the information in line with your surname
Transcribed Image Text:Simple Things Industries Ltd Income Statement Year Ended December 31,2014 Revenues and gains: Sales revenue 1,900,000 Gain on sale of equipment Total revenues and gains Expenses Cost of goods sold Depreciation expense Other operating expense Total expenses Income before income taxes 20,000 1,920,000 850,000 190,000 360,000 1,400,000 520,000 180,000 Income tax expense Net Income 340,000 Notes Acquisition of plant asset during 2014 Sale proceed from sale of equipment Receipt for issuance of notes payable Payment for note payable Dividend paid Book value of equipment sold 320,000 120,000 10,000 100,000 100,000 100,000 Requirements 1. Reconstruct the company's comparative balance sheet for 2013/2014 using the information in line with your surname initial and compute and show the missing figures to include the appropriate sign as a positive or negative figure. 2. Which category of the statement of cash flow is considered as the most important? Why? 3. Prepare a complete statement of cash flows for 2014 using the indirect method using the information in line with your surname
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