ACCT 453 Lecture 1: Casquete esférico

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Ch 13 problem 13-2A

lilacseal677

CASH FLOWS
	Instructions:
1.	Prepare journal entries for the selectedtransactions listed below.
2.	Based on the account information in the ledger, theselected transactions below,
	and the other financial statements, preparetheStatement of Cash Flows
	for ABC Company for the year ended June 30,2014
3.	Answer questions A-D.

1. PREPARE THE JOURNAL ENTRIES.

	Some of ABC Company's January transactions arelisted below. They have been
	already been posted to the ledger.

	Partial list of fiscal year ended June 30, 2014transactions for ABC Company:
	a.	Issued 5,000 shares of $1 par common stock forcash, $50,000
	b.	Sold investment for $35,000 of cash.
	c.	Redeemed $55,000 bonds at face value.
	d.	Declared $4,000 in dividends.
	e.	Recorded depreciation on equipment, $18,500
	f.	Paid $3,500 in cash for dividends
	g.	Purchased equipment for cash, $13,450


	PARTIAL JOURNAL		Debit	Credit
a.



b.



c.


d.


e.


f.


g.

DO NOT POSTJOURNAL ENTRIES PREPARED IN INSTRUCTION #1 (THEY ARE ALREADYINCLUDED BELOW).

		LEDGER

		Cash #100				Accounts Pay. #200				Service Revenue #500
	7/1/13	42,480					4,900	7/1/13			0	7/1/13
	activity	101,850	62,350			22,800	21,500				106,500
	a.	50,000					3,600	6/30/14			106,500
	b.	35,000
			55,000	c.
			3,500	f.		Dividends Pay. #210				Depreciation Exp. #600
			13,450	g.			700	7/1/13		0		7/1/13
	6/30/14	95,030			f.	3,500	4,000	d.	e.	18,500
							1,200	6/30/14		18,500
		Accounts Rec. #115
	7/1/13	5,000
		50,400	45,750			Bonds Payable #220				RentExpense #603
	6/30/14	9,650					100,000	7/1/13		0		7/1/13
					c.	55,000				24,000
							45,000	6/30/14		24,000
		Supplies #116
	7/1/13	3,660
		3,050	4,160
	6/30/14	2,550				Common Stock #320				Supplies Expense 610
							10,000	7/1/13		0		7/1/13
							5,000	a.		4,160
							15,000	6/30/14		4,160
		Invest. in XYZ Co #120
	7/1/13	20,000
			20,000	b.		PIC in Ex of Par-CS #322				Salaries Expense #620		7/1/13
	6/30/14	0					20,000	7/1/13		0		7/1/13
							45,000	a.		34,000
							65,000	6/30/14		34,000
		Equipment #130
	7/1/13	86,920
	g.	13,450				Retained Earnings #400				Gain on Sale #700
	6/30/134	100,370					13,160	7/1/13			0	7/1/13
											15,000	b.
											15,000
		Accum. Deprec. #131				Cash Dividends #410
			9,300	7/1/13		0		7/1/13
			18,500	e.	d.	4,000
			27,800	6/30/14		4,000


		Before
		158,060	158,060	-
		After
		292,260	292,260	-

FINANCIALSTATEMENTS

ABC Company						ABC Company
Income Statement						Comparative Balance Sheet
For the Year Ended June 30,2014						June 30,
										2014		2013		Amount of		Type of
Revenue:						Assets								Inc/(Dec)		Activity(ies)
	Service revenue			$	106,500	Current assets:
Operating expenses:							Cash		$	95,030	$	42,480	_____		___
	Depreciation Expense	$	18,500				Accounts Receivable			9,650		5,000	_____		___
	Rent Expense		24,000				Supplies			2,550		3,660	_____		___
	Supplies Expense		4,160					Total current assets		107,230		51,140
	Salaries Expense		34,000			Plant Assets:
	Total operating expenses				80,660		Equipment			100,370		86,920	_____		____
Income from operations					25,840		Less:	Accumulated Depreciation		27,800		9,300	_____		____
								Total plant assets		72,570		77,620
Other revenue:						Investments				0		20,000	_____		____
Gain on sale		$	15,000			Total Assets			$	179,800	$	148,760
Total other revenue					15,000
Net income				$	40,840	Liabilities
						Current liabilities:
							Accounts Payable		$	3,600	$	4,900	_____		_____
							Dividends Payable			1,200		700	_____		_____
								Total current liabilities		4,800		5,600
ABC Company						Long-term liabilities:
Statement of RetainedEarnings							Bonds Payable			45,000		100,000	_____		_____
For the Year Ended June 30,2014								Total liabilities		49,800		105,600

Retained earnings, July 1,2013				$	13,160	Stockholders' Equity
Net income		$	40,840			Paid in capital :
Less:	Dividends		4,000				Common Stock, $1 par, 50,000 authorized			15,000		10,000	______		_____
Increase in retainedearnings					36,840		Paid in Capital in Excess of Par			65,000		20,000	______		_____
Retained earnings, June 30,2014				$	50,000			Total paid in capital		80,000		30,000
						Retained Earnings				50,000		13,160	______		_____
								Total stockholders' equity		130,000		43,160
						Total liabilities and stockholders' equity			$	179,800	$	148,760


	2. COMPLETE THE STATEMENT OF CASH FLOWS.

	ABC Company
	Statement of Cash Flows
	For the Year Ended June 30, 2014
	Cash flows from operating activities:
		Net income			$
		Adjustments to reconcile net income to netcash
		flow from operating activities:
					$

			Changes in current operating assets andliabilities:





						$

	Cash flows from investing activities:
					$
		Less:




	Cash flows from financing activities:
					$
		Less:		$






	Cash at beginning of period

	Cash at end of period					$



3. QUESTIONS

A.	If the corporation reported income and expensesusing the cash basis (instead of accrual),
	what impact did operational transactions have oncash?			Increase/Decrease Amount		$

B.	What was the of largest specific source of cashinflow during the year?


C.	What was the largest specific source of cashoutflow during the year?


D.	The ending cash balance on the Statement of CashFlows should match the cash balance
	on which other financial statement?

whitesalmon442

Effective Interest Premium Amortization

Polk Incorporated issued $440,000 of 13% bonds on July 1, 2013,for $454,963.51. The bonds were dated January 1, 2013, pay intereston each June 30 and December 31, are due December 31, 2017, andwere issued to yield 12%. Polk uses the effective interest methodof amortization.

In addition, prepare a bond interest expense and premiumamortization schedule for the bonds through June 30, 2014.

Polk incorporated

Bond interest Expense and Premium Amortization Schedule(Partial)

Effective Interest Method

13% Bonds Sold to Yield 12%

Date	Cash Credit	Interest Expense Debit	Unamortized Premium Debit	Book Value of Bonds
07/01/13				$454,963.51
12/31/13	$28,600	$27,297.81	$1,302.19	$?????
06/30/14	$28,600	$27,219.68	$1,380.32	$452,281

rosepug44

ACCT 453 Lecture 1: Casquete esférico

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