Total four questions: 11-12; E11-5; 11-11; Problem 12-5Ab. Just answer simply. Notes: Problem 12-5Ab, I will give you a excel file, please answer in this excel file.

Total four questions: 11-12; E11-5; 11-11; Problem 12-5Ab. Just answer simply. Notes: Problem 12-5Ab, I will give you a excel file, please answer in this excel file.

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Student Name:
Class:
Problem 12-05A
GALLEY CORPORATION
Statement of Cash Flows
For Year Ended December 31, 2011
Cash flows from operating activities:
Cash received from customers
Cash paid for merchandise
Cash paid for other operating expenses
Cash paid for income taxes
Net cash provided by operating activities
Cash flows from investing activities:
Cash paid for equipment
Cash flows from financing activities:
Cash from issuing stock
Cash paid for cash dividends
Net cash used in financing activities
Net increase in cash
Cash balance at beginning of 2011
Cash balance at end of 2011

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Given Data P12-05A:
GALLEY CORPORATION
Comparative Balance Sheet
December 13, 2011 and 2010
December 31
2011
2010
Assets
Cash
USD174,000
USD117,000
Accounts receivable
93,000
81,000
Merchandise inventory
609,000
534,000
Equipment
333,000
297,000
Accumulated depreciation, Equipment
(156,000)
(102,000)
Total assets
USD1,053,000
USD927,000
Liabilities and Equity
Accounts payable
USD69,000
USD96,000
Income taxes payable
27,000
24,000
Common stock, $2 par value
582,000
558,000
Contributed capital in excess of
par value, common stock
198,000
162,000
Retained earnings
177,000
87,000
Total liabilities and equity
USD1,053,000
USD927,000
GALLEY CORPORATION
Income Statement
For Year Ended December 31,
2011
Sales
USD1,992,000
Cost of goods sold
1,194,000
Gross profit
798,000
Operating expenses:
Depreciation expense
USD54,000
Other expenses
501,000
555,000
Income before taxes
243,000
Income taxes
42,000
Net income
USD201,000
Additional information:
Equipment purchased for cash
USD36,000
Number of stock shares issued
12,000
Price per share of stock issued
USD5
Cash dividends declared and paid
USD111,000
Check figure:
(1) Cash used in financing activities
USD51,000

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