Statement of Cash Flows–Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Dec. 31, Dec. 31, 20Y9 20Υ8 Assets Cash $275,930 $255,490 Accounts receivable (net) 99,960 91,760 Inventories 282,170 271,680 Investments 105,260 Land 144,730 Equipment 311,330 240,200 Accumulated depreciation-equipment (72,890) (64,770) Total assets $1,041,230 $899,620 Liabilities and Stockholders' Equity Accounts payable $188,460 $177,230 Accrued expenses payable 18,740 23,390 Dividends payable 10,410 8,100 Common stock, $10 par 56,230 44,080 Paid-in capital: Excess of issue price over par-common stock 211,370 122,350 Retained earnings 556,020 524,470 Total liabilities and stockholders' equity $1,041,230 $899,620 Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows: a. Equipment and land were acquired for cash. b. There were no disposals of equipment during the year. c. The investments were sold for $94,730 cash. d. The common stock was issued for cash. e. There was a $73,830 credit to Retained Earnings for net income. f. There was a $42,280 debit to Retained Earnings for cash dividends declared.

Statement of Cash Flows–Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Dec. 31, Dec. 31, 20Y9 20Υ8 Assets Cash $275,930 $255,490 Accounts receivable (net) 99,960 91,760 Inventories 282,170 271,680 Investments 105,260 Land 144,730 Equipment 311,330 240,200 Accumulated depreciation-equipment (72,890) (64,770) Total assets $1,041,230 $899,620 Liabilities and Stockholders' Equity Accounts payable $188,460 $177,230 Accrued expenses payable 18,740 23,390 Dividends payable 10,410 8,100 Common stock, $10 par 56,230 44,080 Paid-in capital: Excess of issue price over par-common stock 211,370 122,350 Retained earnings 556,020 524,470 Total liabilities and stockholders' equity $1,041,230 $899,620 Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows: a. Equipment and land were acquired for cash. b. There were no disposals of equipment during the year. c. The investments were sold for $94,730 cash. d. The common stock was issued for cash. e. There was a $73,830 credit to Retained Earnings for net income. f. There was a $42,280 debit to Retained Earnings for cash dividends declared.

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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