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#### ACC 206 Week 8 Homework Chapter 17

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ACC 206 Week 8 Homework Chapter 17 -

Brief Exercise 17-1

Each of the items below must be considered in preparing a statement of cash flows for Baskerville Co. for the year ended December 31, 2014. For each item, state how it should be shown in the statement of cash flows for 2014.

Brief Exercise 17-7

The T-accounts for Equipment and the related Accumulated Depreciation—Equipment for Luo Company at the end of 2014 are shown here

Brief Exercise 17-11

The management of Morrow Inc. is trying to decide whether it can increase its dividend. During the current year, it reported net income of \$879,860. It had net cash provided by operating activities of \$736,600, paid cash dividends of \$67,810, and had capital expenditures of \$281,050.

Compute the company’s free cash flow.

Exercise 17-1

Tabares Corporation had these transactions during 2014.

Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or noncash investing and financing activities.

Exercise 17-3

Cushenberry Corporation had the following transactions.

1. Sold land (cost \$12,336) for \$15,420.

2. Issued common stock at par for \$19,270.

3. Recorded depreciation on buildings for \$16,810.

4. Paid salaries of \$9,380.

5. Issued 1,150 shares of \$1 par value common stock for equipment worth \$8,550.

6. Sold equipment (cost \$14,800, accumulated depreciation \$10,360) for \$1,776.

(a)For each transaction above, prepare the journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Exercise 17-4

Gutierrez Company reported net income of \$193,750 for 2014. Gutierrez also reported depreciation expense of \$40,640 and a loss of \$4,850 on the disposal of equipment. The comparative balance sheet shows a decrease in accounts receivable of \$10,610 for the year, a \$14,430 increase in accounts payable, and a \$3,340 decrease in prepaid expenses.

Prepare the operating activities section of the statement of cash flows for 2014. Use the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Problem 17-8A (Part Level Submission)

Presented below are the financial statements of Nosker Company.

 NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2014 2013 Cash \$35,600 \$19,730 Accounts receivable 32,630 18,440 Inventory 26,840 20,630 Equipment 59,970 77,380 Accumulated depreciation—equipment (29,410 ) (23,400 ) Total \$125,630 \$112,780 Liabilities and Stockholders’ Equity Accounts payable \$28,420 \$ 16,680 Income taxes payable 7,060 8,090 Bonds payable 26,530 32,200 Common stock 17,090 14,650 Retained earnings 46,530 41,160 Total \$125,630 \$112,780 NOSKER COMPANY Income Statement For the Year Ended December 31, 2014 Sales revenue \$242,390 Cost of goods sold 176,250 Gross profit 66,140 Operating expenses 23,120 Income from operations 43,020 Interest expense 3,060 Income before income taxes 39,960 Income tax expense 7,190 Net income \$32,770

1. Dividends declared and paid were \$27,400.

2. During the year equipment was sold for \$7,680 cash. This equipment cost \$17,410 originally and had a book value of \$7,680 at the time of sale.

3. All depreciation expense, \$15,740, is in the operating expenses.

4. All sales and purchases are on account.

Further analysis reveals the following.

1. Accounts payable pertain to merchandise suppliers.

2. All operating expenses except for depreciation were paid in cash.