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ACC 560 Week 9 Homework Chapter 13 (E13-4, E13-6, E13-7 and P13-1A)
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ACC 560 Week 9 Homework Chapter 13 (E13-4, E13-6, E13-7 and P13-1A)

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ACC 560 Week 9 Homework Chapter 13 (E13-4, E13-6, E13-7 and P13-1A)

 

Chapter 13: Statement of Cash Flows
 

ACC 560 Week 9 Chapter 13 Exercises 4, 6, and 7; Problem 1

E13-4

 Gutierrez Company reported net income of $225,000 for 2017. Gutierrez also reported depreciation expense of $45,000 and a loss of $5,000 on the disposal of equipment. The comparative balance sheet shows a decrease in accounts receivable of $15,000 for the year, a $17,000 increase in accounts payable, and a $4,000 decrease in prepaid expenses.

Instructions

Prepare the operating activities section of the statement of cash flows for 2017. Use the indirect method.

 

E13-6

 the three accounts shown below appear in the general ledger of Herrick Corp. during 2017.

Equipment

Date                                                                       Debit               Credit              Balance

Jan.      1          Balance                                                                                                160,000

July      31        Purchase of equipment                                    70,000                                                 230,000

Sept.    2          Cost of equipment constructed                        53,000                                                 283,000

Nov.    10        Cost of equipment sold                                                            49,000                         234,000

Accumulated Depreciation—Equipment

Date                                                                                   Debit   Credit              Balance

Jan.      1          Balance                                                                                                71,000

Nov.    10        Accumulated depreciation on equipment sold             30,000                                     41,000

Dec.     31        Depreciation for year                                                   28,000                         69,000

Retained Earnings

Date                                                                                   Debit   Credit              Balance

Jan.      1          Balance                                                                                                105,000

Aug.     23        Dividends (cash)                                              14,000                                     91,000

Dec.     31        Net income                                                                  77,000                         168,000

 

Instructions

 

From the postings in the accounts, indicate how the information is reported on a statement of cash flows using the indirect method. The loss on disposal of equipment was $7,000. (Hint: Cost of equipment constructed is reported in the investing activities section as a decrease in cash of $53,000.

 

E13-7

 Rojas Corporation's comparative balance sheets are presented below.

ROJAS CORPORATION

Comparative Balance Sheets

December 31

                                                                                                            2017                2016

Cash                                                                                                    $14,300          $10,700 

Accounts receivable                                                                            21,200            23,400 

Land                                                                                                    20,000            26,000 

Buildings                                                                                             70,000            70,000 

Accumulated depreciation—buildings                                                            (15,000)           (10,000)

                                                                                                            ________        _________

Total                                                                                                    $110,500        $120,100 

Accounts payable                                                                                $12,370          $31,100 

Common stock                                                                                                75,000            69,000 

Retained earnings                                                                                23,130            20,000 

                                                                                                            _________      _________

Total                                                                                                    $110,500        $120,100

 

Instructions

 

a. Prepare a statement of cash flows for 2017 using the indirect method.

b. Compute free cash flow.

 

P13-1A

 You are provided with the following transactions that took place during a recent fiscal year.

                                   

(a)        Recorded depreciation expense on the plant assets.                

(b)        Recorded and paid interest expense.                           

(c)        Recorded cash proceeds from a disposal of plant assets.        

(d)        Acquired land by issuing common stock.                               

(e)        Paid a cash dividend to preferred stockholders.                      

(f)        Paid a cash dividend to common stockholders.                      

(g)        Recorded cash sales.                                                   

(h)        Recorded sales on account.                                        

(i)         Purchased inventory for cash.                                                

(j)         Purchased inventory on account.                                

 

Instructions

 

Complete the table indicating whether each item (1) affects operating (O) activities, investing (I) activities, financing (F) activities, or is a noncash (NC) transaction reported in a separate schedule, and (2) represents a cash inflow or cash outflow or has no cash flow effect. Assume use of the indirect approach.

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