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ACC 206 Week 8 Homework Chapter 17

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

               

Additional data:

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.

 

 

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