Assets Current assets: Cash.. $ (1,100) $ 3,950 Accounts recelvable. 4,100 2,300 Inventory.. 3,250 1,150 Prepald insurance. Total current assets. 90 210 3 6,340 5 7,610 Land, buildings, and equipment: Land ... $15,200 $15,200 Buildings .. Less: Accumulated depreciation. Equipment... Less: Accumulated depreciation... Total land, buildings, and equipment. Total assets .. $ 35,000 (15,000) इ24,150 $ 35,000 (16,500) 18,500 20,000 $ 28,350 (20,900) (17,900) 6,250 $41,450 $49,060 7,450 341,150 $47,490 Liabilities and Stockholders' Equity Current liabilities: $ 3,600 $ 2,800 Accounts payable . Income taxes payable. Wages payable.. Notes payable-current portion.... 950 1,850 1,100 2,150 3,000 4,500 Total current liabilities.. $ 8,650 $11,300 Long-term liabilities: Notes payable... 11,250 14,250 Stockholders' equity: $ 19,500 $ 18,000 Capital stock.. Retained earnings. Total stockholders' equity. Total labilities and stockholders' equity. 8,090 5,510 27,590 23,510 347,490 349,060 tructions: Prepare a statement of cash flows using the indirect method.
Assets Current assets: Cash.. $ (1,100) $ 3,950 Accounts recelvable. 4,100 2,300 Inventory.. 3,250 1,150 Prepald insurance. Total current assets. 90 210 3 6,340 5 7,610 Land, buildings, and equipment: Land ... $15,200 $15,200 Buildings .. Less: Accumulated depreciation. Equipment... Less: Accumulated depreciation... Total land, buildings, and equipment. Total assets .. $ 35,000 (15,000) इ24,150 $ 35,000 (16,500) 18,500 20,000 $ 28,350 (20,900) (17,900) 6,250 $41,450 $49,060 7,450 341,150 $47,490 Liabilities and Stockholders' Equity Current liabilities: $ 3,600 $ 2,800 Accounts payable . Income taxes payable. Wages payable.. Notes payable-current portion.... 950 1,850 1,100 2,150 3,000 4,500 Total current liabilities.. $ 8,650 $11,300 Long-term liabilities: Notes payable... 11,250 14,250 Stockholders' equity: $ 19,500 $ 18,000 Capital stock.. Retained earnings. Total stockholders' equity. Total labilities and stockholders' equity. 8,090 5,510 27,590 23,510 347,490 349,060 tructions: Prepare a statement of cash flows using the indirect method.
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 18MC: Michelle Company reports $345,000 in credit sales and $267,500 in accounts receivable at the end of...
Related questions
Question
Transcribed Image Text:Annotatior
ACCOU ng
Sparkling Cleaner Company reported net income of
$7,450 for 2015 but has been showing an overdraft in
its bank account in recent months. The manager has
contacted you as the auditor for an explanation. The
comparative balance sheet was given to you for
examination, along with the following information.
(a) Equipment was sold for $1,700 , its cost was
$3,000 , and its book value was $800 . The gain
was reported as Other Revenue.
(b) Cash dividends of $4,870 were paid.
Sparkling Cleaner Company
Comparative Balance Sheet
Dec. 31, 2015
Dec. 31, 2014
Assets
Current assets:
Cash.
$ (1,100)
$ 3,950
Accounts recelvable.
4,100
2,300
Inventory.
3,250
1,150
Prepaid insurance
Total current assets
90
210
3 6,340
$ 7,610
Land, buildings, and equipment:
Land
$15,200
$15,200
$ 35,000
$ 35,000
Buildings.
Less: Accumulated depreciation
(16,500)
18,500
(15,000)
20,000
Equipment.
5 28,350
$ 24,150
Less: Accumulated depreciation...
(20,900)
7,450
(17,900)
6,250
Total land, buildings, and equipment.
$41,150
$47,490
Liabilities and Stockholders' Equity
$41,450
$49,060
Total assets
Transcribed Image Text:Latior
Dec. 31, 2015
Dec 31, 2014
Assets
Current assets:
Cash.
$ (1,100)
$ 3,950
Accounts recelvable.
4,100
2,300
Inventory.
3,250
1,150
Prepaid insurance
Total current assets.
90
210
Š 6,340
5 7,610
Land, buildings, and equipment:
Land ...
Buildings .
Less: Accumulated depreciation...
$15,200
$15,200
$ 35,000
$ 35,000
(16,500)
18,500
(15,000)
20,000
5 28,350
3 24,150
Equipment .....
Less: Accumulated depreciation...
(20,900)
7,450
(17,900)
6,250
Total land, buildings, and equipment.
$41,150
$47,490
Liabilities and Stockholders' Equity
$41,450
$49,060
Total assets
Current liabilities:
$ 3,600
$ 2,800
Accounts payable
Income taxes payable .
Wages payable.
Notes payable-current portion.
950
1,850
1,100
2,150
3,000
4,500
Total current liabilities
$ 8,650
इ11,300
Long-term liabilities:
Notes payable..
Stockholders' equity:
Capital stock.
Retained earnings.
Total stockholders' equity
Total liabilities and stockholders' equity.
11,250
14,250
$ 19,500
$ 18,000
8,090
5,510
27,590
23,510
347,490
349,060
......
Instructions:
Prepare a statement of cash flows using the
indirect method.
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