acc 557 week 9 chapter 13 homework 5
DESCRIPTION
ACC 557 Week 9 Chapter 13 Homework 5ACC 557 Week 9 Chapter 13 Homework 5 Click Link Below To Buy:http://hwcampus.com/shop/acc-557-week-9-chapter-13-homework-5/ Due Week 9 and worth 50 pointsDirections: Answer the following questions on a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard. ExercisesE13-3. Cushenberry Corporation had the following transactions.• Sold land (cost $12,000) for $15,000.• Issued common stock at par for $20,000.• Recorded depreciation on buildings for $17,000.• Paid salaries of $9,000.• Issued 1,000 shares of $1 par value common stock for equipment worth $8,000.• Sold equipment (cost $10,000, accumulated depreciation $7,000) for $1,200.InstructionsFor each transaction above, (a) prepare the journal entry, and (b) indicate how it would affect the statement of cash flows using the indirect method.E13-4. Gutierrez Company reported net income of $225,000 for 2015. 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.InstructionsPrepare the operating activities section of the statement of cash flows for 2015. Use the indirect method.Problems P13-3A. The income statement of Whitlock Company is presented here.*PLEASE REFER TO ATTACHMENT FOR ADDITIONAL INFORMATION**Additional information:• Accounts receivable increased $200,000 during the year, and inventory decreased $500,000.• Prepaid expenses increased $150,000 during the year.• Accounts payable to suppliers of merchandise decreased $340,000 during the year.• Accrued expenses payable decreased $100,000 during the year.• Operating expenses include depreciation expense of $70,000.InstructionsPrepare the operating activities section of the statement of cash flows for the year ended November 30, 2015, for Whitlock Company, using the indirect method.P13-7A. Presented below are the financial statements of Nosker Company.*PLEASE REFER TO ATTACHMENT FOR ADDITIONAL INFORMATION**Additional data:• Dividends declared and paid were $20,000.• During the year equipment was sold for $8,500 cash. This equipment cost $18,000 originally and had a book value of $8,500 at the time of sale.• All depreciation expense, $14,500, is in the operating expenses.• All sales and purchases are on account.Instructions• Prepare a statement of cash flows using the indirect method.• Compute free cash flow.TRANSCRIPT
ACC 557 Week 9 Chapter 13 Homework 5ACC 557 Week 9 Chapter 13 Homework 5
Click Link Below To Buy:
http://hwcampus.com/shop/acc-557-week-9-chapter-13-homework-5/
Due Week 9 and worth 50 points
Directions: Answer the following questions on a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard.
Exercises
E13-3. Cushenberry Corporation had the following transactions.
Sold land (cost $12,000) for $15,000. Issued common stock at par for $20,000. Recorded depreciation on buildings for $17,000. Paid salaries of $9,000. Issued 1,000 shares of $1 par value common stock for equipment worth
$8,000. Sold equipment (cost $10,000, accumulated depreciation $7,000) for
$1,200.
Instructions
For each transaction above, (a) prepare the journal entry, and (b) indicate how it would affect the statement of cash flows using the indirect method.
E13-4. Gutierrez Company reported net income of $225,000 for 2015. 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 2015. Use the indirect method.
Problems
P13-3A. The income statement of Whitlock Company is presented here.
*PLEASE REFER TO ATTACHMENT FOR ADDITIONAL INFORMATION**
Additional information:
Accounts receivable increased $200,000 during the year, and inventory decreased $500,000.
Prepaid expenses increased $150,000 during the year. Accounts payable to suppliers of merchandise decreased $340,000 during
the year. Accrued expenses payable decreased $100,000 during the year. Operating expenses include depreciation expense of $70,000.
Instructions
Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2015, for Whitlock Company, using the indirect method.
P13-7A. Presented below are the financial statements of Nosker Company.
*PLEASE REFER TO ATTACHMENT FOR ADDITIONAL INFORMATION**
Additional data:
Dividends declared and paid were $20,000. During the year equipment was sold for $8,500 cash. This equipment cost
$18,000 originally and had a book value of $8,500 at the time of sale. All depreciation expense, $14,500, is in the operating expenses. All sales and purchases are on account.
Instructions
Prepare a statement of cash flows using the indirect method. Compute free cash flow.