QUESTION
ACC 291_Week 5 Answers_E13-8 Here are comparative balance sheets for Taguchi Company
Category: Business
Subject: Accounting
Due Date: 01/18/2016
Question Asked: 2016-01-18 22:40:21
Asked by:
User: ZAZU2014
Rating: C+ (1)
Earnings: $11.00
Questions: 60
Tutorials: 30
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TAGUCHI COMPANY
Comparative Balance Sheets
December 31
Assets 2011 2010
Cash $ 73,000 $ 22,000
Accounts receivable 85,000 76,000
Inventories 170,000 189,000
Land 75,000 100,000
Equipment 260,000 200,000
Accumulated depreciation (66,000) (32,000)
Total $597,000 $555,000
Liabilities and Stockholders’ Equity
Accounts payable $ 39,000 $ 47,000
Bonds payable 150,000 200,000
Common stock ($1 par) 216,000 174,000
Retained earnings 192,000 134,000
Total $597,000 $555,000
Additional information:
1. Net income for 2011 was $103,000.
2. Cash dividends of $45,000 were declared and paid.
3. Bonds payable amounting to $50,000 were redeemed for cash $50,000.
4. Common stock was issued for $42,000 cash.
5. No equipment was sold during 2011, but land was sold at cost.
Instructions
Prepare a statement of cash flows for 2011 using the indirect method.
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ACC 291_Week 5 Answers_E13-8 Here are comparative balance sheets for Taguchi Company
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Posted on 2016-01-18 22:40:21
Posted by:
User: ZAZU2014
Rating: C+ (1)
earnings: $11.00
Questions: 60
Tutorials: 30
Send me a message
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