The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal year, is as follows: Additional data obtained from the records of Prime Sports Gear are as follows: a. Net income for 2013 was $121,610. b. Depreciation reported on income statement for 2013 was $46,500. c. Purchased $165,000 of new equipment, putting $90,000 cash down and issuing $75,000 of bonds for the balance. d. Old equipment originally costing $19,500, with accumulated depreciation of $7,950, was sold for $8,000. e. Retired $60,000 of bonds. f. Declared cash dividends of $64,000. g. Issued 1,500 shares of common stock at $27 cash per share. You have been asked to prepare a statement of cash flows for Prime Sports Gear for 2013. Review the worksheet called CASHFLOW that has been provided to assist you in preparing the statement. The worksheet has been designed so that as you make entries in columns D and F, column G will be automatically updated. For example, FORMULA1 should be entered as =B17+D17 – F17. Columns C and E are to be used to enter letter references for each of the debit and credit entries on the worksheet.

Question

Want to see more full solutions like this?

Answer 1

Textbook Question

Chapter 14, Problem 1R

The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal year, is as follows:

Chapter 14, Problem 1R, The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal

Additional data obtained from the records of Prime Sports Gear are as follows:

a. Net income for 2013 was $121,610.
b. Depreciation reported on income statement for 2013 was $46,500.
c. Purchased $165,000 of new equipment, putting $90,000 cash down and issuing $75,000 of bonds for the balance.
d. Old equipment originally costing $19,500, with accumulated depreciation of $7,950, was sold for $8,000.
e. Retired $60,000 of bonds.
f. Declared cash dividends of $64,000.
g. Issued 1,500 shares of common stock at $27 cash per share.

You have been asked to prepare a statement of cash flows for Prime Sports Gear for 2013. Review the worksheet called CASHFLOW that has been provided to assist you in preparing the statement. The worksheet has been designed so that as you make entries in columns D and F, column G will be automatically updated. For example, FORMULA1 should be entered as =B17+D17–F17. Columns C and E are to be used to enter letter references for each of the debit and credit entries on the worksheet.

Expert Solution & Answer

To determine

Prepare the statement of cash flow for Incorporation PSG and review the worksheet.

Explanation of Solution

Prepare the statement of cash flow for Incorporation PSG and review the worksheet.

Excel Applications for Accounting Principles, Chapter 14, Problem 1R , additional homework tip 1

Excel Applications for Accounting Principles, Chapter 14, Problem 1R , additional homework tip 2

Table (1)

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

The comparative balance sheet of Cromme Inc. for December 31, 2016 and 2015, is shown as follows: Additional data obtained from an examination of the accounts in the ledger for 2016 are as follows:a. The investments were sold for $280,000 cash.b. Equipment and land were acquired for cash.c. There were no disposals of equipment during the year.d. The common stock was issued for cash.e. There was a $199,540 credit to Retained Earnings for net income.f. There was a $96,000 debit to Retained Earnings for cash dividends declared.InstructionsPrepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.

Answer 2

Textbook Question

Chapter 14, Problem 1R

The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal year, is as follows:

Chapter 14, Problem 1R, The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal

Additional data obtained from the records of Prime Sports Gear are as follows:

a. Net income for 2013 was $121,610.
b. Depreciation reported on income statement for 2013 was $46,500.
c. Purchased $165,000 of new equipment, putting $90,000 cash down and issuing $75,000 of bonds for the balance.
d. Old equipment originally costing $19,500, with accumulated depreciation of $7,950, was sold for $8,000.
e. Retired $60,000 of bonds.
f. Declared cash dividends of $64,000.
g. Issued 1,500 shares of common stock at $27 cash per share.

You have been asked to prepare a statement of cash flows for Prime Sports Gear for 2013. Review the worksheet called CASHFLOW that has been provided to assist you in preparing the statement. The worksheet has been designed so that as you make entries in columns D and F, column G will be automatically updated. For example, FORMULA1 should be entered as =B17+D17–F17. Columns C and E are to be used to enter letter references for each of the debit and credit entries on the worksheet.

Expert Solution & Answer

To determine

Prepare the statement of cash flow for Incorporation PSG and review the worksheet.

Explanation of Solution

Prepare the statement of cash flow for Incorporation PSG and review the worksheet.

Excel Applications for Accounting Principles, Chapter 14, Problem 1R , additional homework tip 1

Excel Applications for Accounting Principles, Chapter 14, Problem 1R , additional homework tip 2

Table (1)

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Textbook Question

Chapter 14, Problem 1R

The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal year, is as follows:

Chapter 14, Problem 1R, The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal

Additional data obtained from the records of Prime Sports Gear are as follows:

a. Net income for 2013 was $121,610.
b. Depreciation reported on income statement for 2013 was $46,500.
c. Purchased $165,000 of new equipment, putting $90,000 cash down and issuing $75,000 of bonds for the balance.
d. Old equipment originally costing $19,500, with accumulated depreciation of $7,950, was sold for $8,000.
e. Retired $60,000 of bonds.
f. Declared cash dividends of $64,000.
g. Issued 1,500 shares of common stock at $27 cash per share.

You have been asked to prepare a statement of cash flows for Prime Sports Gear for 2013. Review the worksheet called CASHFLOW that has been provided to assist you in preparing the statement. The worksheet has been designed so that as you make entries in columns D and F, column G will be automatically updated. For example, FORMULA1 should be entered as =B17+D17–F17. Columns C and E are to be used to enter letter references for each of the debit and credit entries on the worksheet.

Expert Solution & Answer

To determine

Prepare the statement of cash flow for Incorporation PSG and review the worksheet.

Explanation of Solution

Prepare the statement of cash flow for Incorporation PSG and review the worksheet.

Excel Applications for Accounting Principles, Chapter 14, Problem 1R , additional homework tip 1

Excel Applications for Accounting Principles, Chapter 14, Problem 1R , additional homework tip 2

Table (1)

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Textbook Question

Chapter 14, Problem 1R

The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal year, is as follows:

Chapter 14, Problem 1R, The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal

Additional data obtained from the records of Prime Sports Gear are as follows:

a. Net income for 2013 was $121,610.
b. Depreciation reported on income statement for 2013 was $46,500.
c. Purchased $165,000 of new equipment, putting $90,000 cash down and issuing $75,000 of bonds for the balance.
d. Old equipment originally costing $19,500, with accumulated depreciation of $7,950, was sold for $8,000.
e. Retired $60,000 of bonds.
f. Declared cash dividends of $64,000.
g. Issued 1,500 shares of common stock at $27 cash per share.

You have been asked to prepare a statement of cash flows for Prime Sports Gear for 2013. Review the worksheet called CASHFLOW that has been provided to assist you in preparing the statement. The worksheet has been designed so that as you make entries in columns D and F, column G will be automatically updated. For example, FORMULA1 should be entered as =B17+D17–F17. Columns C and E are to be used to enter letter references for each of the debit and credit entries on the worksheet.

Expert Solution & Answer

To determine

Prepare the statement of cash flow for Incorporation PSG and review the worksheet.

Explanation of Solution

Prepare the statement of cash flow for Incorporation PSG and review the worksheet.

Excel Applications for Accounting Principles, Chapter 14, Problem 1R , additional homework tip 1

Excel Applications for Accounting Principles, Chapter 14, Problem 1R , additional homework tip 2

Table (1)

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

Prepare the statement of cash flow for Incorporation PSG and review the worksheet.

Explanation of Solution

Prepare the statement of cash flow for Incorporation PSG and review the worksheet.

Excel Applications for Accounting Principles, Chapter 14, Problem 1R , additional homework tip 1

Excel Applications for Accounting Principles, Chapter 14, Problem 1R , additional homework tip 2

Table (1)

Answer 8

Expert Solution & Answer

To determine

Prepare the statement of cash flow for Incorporation PSG and review the worksheet.

Explanation of Solution

Prepare the statement of cash flow for Incorporation PSG and review the worksheet.

Excel Applications for Accounting Principles, Chapter 14, Problem 1R , additional homework tip 1

Excel Applications for Accounting Principles, Chapter 14, Problem 1R , additional homework tip 2

Table (1)

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

Prepare the statement of cash flow for Incorporation PSG and review the worksheet.

Answer 12

Explanation of Solution

Prepare the statement of cash flow for Incorporation PSG and review the worksheet.

Excel Applications for Accounting Principles, Chapter 14, Problem 1R , additional homework tip 1

Excel Applications for Accounting Principles, Chapter 14, Problem 1R , additional homework tip 2

Table (1)

Answer 13

Ch. 14 - The comparative balance sheet of Prime Sports...Ch. 14 - The comparative balance sheet of Prime Sports...Ch. 14 - In the space provided on the next page, prepare a...Ch. 14 - Suppose that an audit of Prime Sports Gear...Ch. 14 - Prob. 5R

Videos

Explanation of Solution

Want to see more full solutions like this?

Chapter 14 Solutions