This should be an easy question: All I need is the Cash flows from investing activities: Problem 12-4A Indirect: Statement of cash flows LO P1, P2, P3 Ohio Corp., a merchandiser, recently comp

This should be an easy question: All I need is the Cash flows from investing activities:

Problem 12-4A Indirect: Statement of cash flows LO P1, P2, P3

Ohio Corp., a merchandiser, recently completed its 2013 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The company’s balance sheets and income statement follow.

This should be an easy question: All I need is the Cash flows from investing activities:

Problem 12-4A Indirect: Statement of cash flows LO P1, P2, P3

Ohio Corp., a merchandiser, recently completed its 2013 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The company’s balance sheets and income statement follow.

Ohio CORPORATION

Comparative Balance Sheets

December 31, 2013 and 2012

2013 2012

Assets

Cash $ 163,000 $ 135,000

Accounts receivable 83,000 73,000

Merchandise inventory 630,000 525,000

Equipment 340,000 286,000

Accum. depreciation—Equipment (157,000) (105,000)

Total assets $ 1,059,000 $ 914,000

Liabilities and Equity

Accounts payable $ 158,000 $ 128,000

Income taxes payable 28,000 25,000

Common stock, $2 par value 592,000 568,000

Paid-in capital in excess of par value, common stock 193,000 157,000

Retained earnings 88,000 36,000

Total liabilities and equity $ 1,059,000 $ 914,000

Ohio CORPORATION

Income Statement

For Year Ended December 31, 2013

Sales $ 1,797,000

Cost of goods sold 1,086,000

Gross profit 711,000

Operating expenses

Depreciation expense $ 52,000

Other expenses 499,000 551,000

Income before taxes 160,000

Income taxes expense 23,000

Net income $ 137,000

Additional Information on Year 2013 Transactions

a.

Purchased equipment for $54,000 cash.

b.

Issued 12,000 shares of common stock for $5 cash per share.

c.

Declared and paid $85,000 in cash dividends.

Required:

Prepare a complete statement of cash flows; report its cash inflows and cash outflows from operating activities according to the indirect method. (Amounts to be deducted should be indicated with a minus sign.)

Additional Requirements

Level of Detail: Only answer needed

Other Requirements: I am just trying to double check my work. Thank You

CORPORATION

Comparative Balance Sheets

December 31, 2013 and 2012

2013 2012

Assets

Cash $ 163,000 $ 135,000

Accounts receivable 83,000 73,000

Merchandise inventory 630,000 525,000

Equipment 340,000 286,000

Accum. depreciation—Equipment (157,000) (105,000)

Total assets $ 1,059,000 $ 914,000

Liabilities and Equity

Accounts payable $ 158,000 $ 128,000

Income taxes payable 28,000 25,000

Common stock, $2 par value 592,000 568,000

Paid-in capital in excess of par value, common stock 193,000 157,000

Retained earnings 88,000 36,000

Total liabilities and equity $ 1,059,000 $ 914,000

Ohio CORPORATION

Income Statement

For Year Ended December 31, 2013

Sales $ 1,797,000

Cost of goods sold 1,086,000

Gross profit 711,000

Operating expenses

Depreciation expense $ 52,000

Other expenses 499,000 551,000

Income before taxes 160,000

Income taxes expense 23,000

Net income $ 137,000

Additional Information on Year 2013 Transactions

a.

Purchased equipment for $54,000 cash.

b.

Issued 12,000 shares of common stock for $5 cash per share.

c.

Declared and paid $85,000 in cash dividends.

Required:

Prepare a complete statement of cash flows; report its cash inflows and cash outflows from operating activities according to the indirect method. (Amounts to be deducted should be indicated with a minus sign.)

Additional Requirements

Level of Detail: Only answer needed

Other Requirements: I am just trying to double check my work. Thank You

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