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Diamond Corp. has provided the following information for the year ended December 31, 2018. Diamond Corp Comparative Balance Sheet December 31, 2018 and 2017 Increase 2018 2017 (Decrease) $33,000 29,000 56,000 126,000 $244,000 $13,000 36,000 29,000 92.000 $170,000 $20,000 (7,000) 27,000 34.000 $74.000 Cash Accounts Receivable Merchandise Inventory Plant Assets, net Total Assets Accounts Payable $9,000 7,000 70,000 86.000 $13,000 3,000 79,000 95.000 $(4,000) 4,000 (9,000) (9.000) Accrued Liabilities Long-term Notes Payable Total Liabilities Common Stock Retained Earnings Treasury Stock Total Stockholders' Equity Total Liabilities and Stockholders' Equity 52,000 37,000 (6,000 83,000 $74.000 55,000 115,000 (12.000) 158,000 $244.000 3,000 78,000 (6,000) 75,000 $170,000 Diamond Corp Income Statement Year ended December 31, 2018 $291,300 1,000 6.000 Sales Revenue Interest Revenue Gain on Sale of Plant Assets $298,300 Total Revenues and Gains Cost of Goods Sold Salaries and Wages Expense Depreciation Expense-Plant Assets Other Operating Expense Interest Expense Income Tax Expense Total Expenses 145,000 49,000 16,000 25,000 3,500 7.800 246,300 $52.000 Net Income Diamond Corp Income Statement Year ended December 31, 2018 $291,300 1,000 6.000 Sales Revenue Interest Revenue Gain on Sale of Plant Assets $298,300 Total Revenues and Gains Cost of Goods Sold 145,000 49,000 16,000 25,000 3,500 7,800 Salaries and Wages Expense Depreciation Expense-Plant Assets Other Operating Expense Interest Expense Income Tax Expense Total Expenses Net Income 246,300 $52.000 Additional information provided by the company includes the following: Equipment costing $60,000 was purchased for cash. Equipment with a net book value of $10,000 was sold for a gain of $6,000. During 2018, the company repaid $43,000 of long-term notes payable. During 2018, the company borrowed $34,000 on a new long-term note payable. Prepare the 2018 statement of cash flows, using the indirect method.

Diamond Corp. has provided the following information for the year ended December 31, 2018. Diamond Corp Comparative Balance Sheet December 31, 2018 and 2017 Increase 2018 2017 (Decrease) $33,000 29,000 56,000 126,000 $244,000 $13,000 36,000 29,000 92.000 $170,000 $20,000 (7,000) 27,000 34.000 $74.000 Cash Accounts Receivable Merchandise Inventory Plant Assets, net Total Assets Accounts Payable $9,000 7,000 70,000 86.000 $13,000 3,000 79,000 95.000 $(4,000) 4,000 (9,000) (9.000) Accrued Liabilities Long-term Notes Payable Total Liabilities Common Stock Retained Earnings Treasury Stock Total Stockholders' Equity Total Liabilities and Stockholders' Equity 52,000 37,000 (6,000 83,000 $74.000 55,000 115,000 (12.000) 158,000 $244.000 3,000 78,000 (6,000) 75,000 $170,000 Diamond Corp Income Statement Year ended December 31, 2018 $291,300 1,000 6.000 Sales Revenue Interest Revenue Gain on Sale of Plant Assets $298,300 Total Revenues and Gains Cost of Goods Sold Salaries and Wages Expense Depreciation Expense-Plant Assets Other Operating Expense Interest Expense Income Tax Expense Total Expenses 145,000 49,000 16,000 25,000 3,500 7.800 246,300 $52.000 Net Income Diamond Corp Income Statement Year ended December 31, 2018 $291,300 1,000 6.000 Sales Revenue Interest Revenue Gain on Sale of Plant Assets $298,300 Total Revenues and Gains Cost of Goods Sold 145,000 49,000 16,000 25,000 3,500 7,800 Salaries and Wages Expense Depreciation Expense-Plant Assets Other Operating Expense Interest Expense Income Tax Expense Total Expenses Net Income 246,300 $52.000 Additional information provided by the company includes the following: Equipment costing $60,000 was purchased for cash. Equipment with a net book value of $10,000 was sold for a gain of $6,000. During 2018, the company repaid $43,000 of long-term notes payable. During 2018, the company borrowed $34,000 on a new long-term note payable. Prepare the 2018 statement of cash flows, using the indirect method.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter3: Accrual Accounting
Section: Chapter Questions
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Diamond Corp. has provided the following information for the year ended December 31, 2018. Diamond Corp Comparative Balance Sheet December 31, 2018 and 2017 Increase 2018 2017 (Decrease) $33,000 29,000 56,000 126,000 $244,000 $13,000 36,000 29,000 92.000 $170,000 $20,000 (7,000) 27,000 34.000 $74.000 Cash Accounts Receivable Merchandise Inventory Plant Assets, net Total Assets Accounts Payable $9,000 7,000 70,000 86.000 $13,000 3,000 79,000 95.000 $(4,000) 4,000 (9,000) (9.000) Accrued Liabilities Long-term Notes Payable Total Liabilities Common Stock Retained Earnings Treasury Stock Total Stockholders' Equity Total Liabilities and Stockholders' Equity 52,000 37,000 (6,000 83,000 $74.000 55,000 115,000 (12.000) 158,000 $244.000 3,000 78,000 (6,000) 75,000 $170,000 Diamond Corp Income Statement Year ended December 31, 2018 $291,300 1,000 6.000 Sales Revenue Interest Revenue Gain on Sale of Plant Assets $298,300 Total Revenues and Gains Cost of Goods Sold Salaries and Wages Expense Depreciation Expense-Plant Assets Other Operating Expense Interest Expense Income Tax Expense Total Expenses 145,000 49,000 16,000 25,000 3,500 7.800 246,300 $52.000 Net Income
Transcribed Image Text:Diamond Corp. has provided the following information for the year ended December 31, 2018. Diamond Corp Comparative Balance Sheet December 31, 2018 and 2017 Increase 2018 2017 (Decrease) $33,000 29,000 56,000 126,000 $244,000 $13,000 36,000 29,000 92.000 $170,000 $20,000 (7,000) 27,000 34.000 $74.000 Cash Accounts Receivable Merchandise Inventory Plant Assets, net Total Assets Accounts Payable $9,000 7,000 70,000 86.000 $13,000 3,000 79,000 95.000 $(4,000) 4,000 (9,000) (9.000) Accrued Liabilities Long-term Notes Payable Total Liabilities Common Stock Retained Earnings Treasury Stock Total Stockholders' Equity Total Liabilities and Stockholders' Equity 52,000 37,000 (6,000 83,000 $74.000 55,000 115,000 (12.000) 158,000 $244.000 3,000 78,000 (6,000) 75,000 $170,000 Diamond Corp Income Statement Year ended December 31, 2018 $291,300 1,000 6.000 Sales Revenue Interest Revenue Gain on Sale of Plant Assets $298,300 Total Revenues and Gains Cost of Goods Sold Salaries and Wages Expense Depreciation Expense-Plant Assets Other Operating Expense Interest Expense Income Tax Expense Total Expenses 145,000 49,000 16,000 25,000 3,500 7.800 246,300 $52.000 Net Income
Diamond Corp Income Statement Year ended December 31, 2018 $291,300 1,000 6.000 Sales Revenue Interest Revenue Gain on Sale of Plant Assets $298,300 Total Revenues and Gains Cost of Goods Sold 145,000 49,000 16,000 25,000 3,500 7,800 Salaries and Wages Expense Depreciation Expense-Plant Assets Other Operating Expense Interest Expense Income Tax Expense Total Expenses Net Income 246,300 $52.000 Additional information provided by the company includes the following: Equipment costing $60,000 was purchased for cash. Equipment with a net book value of $10,000 was sold for a gain of $6,000. During 2018, the company repaid $43,000 of long-term notes payable. During 2018, the company borrowed $34,000 on a new long-term note payable. Prepare the 2018 statement of cash flows, using the indirect method.
Transcribed Image Text:Diamond Corp Income Statement Year ended December 31, 2018 $291,300 1,000 6.000 Sales Revenue Interest Revenue Gain on Sale of Plant Assets $298,300 Total Revenues and Gains Cost of Goods Sold 145,000 49,000 16,000 25,000 3,500 7,800 Salaries and Wages Expense Depreciation Expense-Plant Assets Other Operating Expense Interest Expense Income Tax Expense Total Expenses Net Income 246,300 $52.000 Additional information provided by the company includes the following: Equipment costing $60,000 was purchased for cash. Equipment with a net book value of $10,000 was sold for a gain of $6,000. During 2018, the company repaid $43,000 of long-term notes payable. During 2018, the company borrowed $34,000 on a new long-term note payable. Prepare the 2018 statement of cash flows, using the indirect method.
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