ACC 100 Chapter Notes - Chapter 11: Financial Statement
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STATEMENT OF CASHFLOWS
A comparative balance sheet for the Last Corporation ispresented below:
Last Corporation | ||
Balance Sheet | ||
December 31, 2014 | ||
2014 | 2013 | |
Assets | ||
Cash | $53,140 | $33,000 |
Accounts Receivable | 19,000 | 22,000 |
Inventory | 20,000 | 12,000 |
Total Current Assets | $92,140 | $67,000 |
Land | $55,000 | $60,000 |
Equipment | 160,000 | 140,000 |
Less Accumulated Depreciation | (60,500) | (50,000) |
Total Non-current Assets | $154,500 | $150,000 |
Total Assets | $246,640 | $217,000 |
Liabilities | ||
Accounts Payable | $31,000 | $25,000 |
Current Portion of Bank Loan | 18,000 | 22,000 |
Total Current Liabilities | $49,000 | $47,000 |
Non-Current portion of Bank Loan | 70,000 | 65,000 |
Total Liabilities | $119,000 | $112,000 |
Shareholders' Equity | ||
Common Shares | $80,000 | $70,000 |
Retained Earnings | 47,640 | 35,000 |
Total Shareholders' Equity | $127,640 | $105,000 |
Total Liabilities and Shareholders' Equity | $246,640 | $217,000 |
Additional information Net income for the year is $34,730. There was no purchase of land, or a gain/loss on sale ofland. There were no sales of equipment. Cash dividends were paid during the year. |
REQUIRED: | |||||||
Prepare the cash flow statement for December 31, 2014 using theindirect method. |