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AccountingManagerial Accounting: The Cornerstone of Business Decision-Making7th Edition

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Chapter 14, Problem 52P
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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773

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Problem 6DQ
Problem 7DQ
Problem 8DQ
Problem 9DQ
Problem 10DQ
Problem 11DQ
Problem 12DQ
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Problem 21BEA
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Problem 27BEB
Problem 28BEB
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Problem 30BEB
Problem 31BEB
Problem 32BEB
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Problem 34E
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Problem 36E
Problem 37E
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Problem 41E
Problem 42E
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Problem 44P
Problem 45P
Problem 46P
Problem 47P
Problem 48P
Problem 49P
Problem 50P
Problem 51P
Problem 52P
Problem 53P
Problem 54P
Problem 55P
Problem 56P
Problem 57P
Problem 58C
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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773
Textbook Problem
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Balance sheets for Brierwold Corporation follow:

Chapter 14, Problem 52P, Balance sheets for Brierwold Corporation follow: Additional transactions were as follows: a.

 Additional transactions were as follows:

  1. a. Purchased equipment costing $50,000.
  2. b. Sold equipment costing $60,000, with a book value of $25,000, for $40,000.
  3. c. Retired preferred stock at a cost of $110,000. (The premium is debited to Retained Earnings.)
  4. d. Issued 10,000 shares of common stock (par value, $4) for $10 per share.
  5. e. Reported a loss of $15,000 for the year.
  6. f. Purchased land for $50,000.

 Required:

Prepare a statement of cash flows using the indirect method.

To determine

Chart the statement of cash flows using the indirect method.

Explanation

Cash Flow Statement:

Cash flow statement is a financial statement prepared to provide information about the sources and uses of cash in a firm. In this statement, the activities increasing cash are referred as cash inflows and the activities that decrease cash are referred as cash outflows.

The statement of cash flows for B Corporation using indirect method is shown below:

B Corporation
Statement of Cash Flows
For the year ending
 Amount ($)Amount ($)
Cash flows from operating activities:
Net loss(15,000) 
Add/Deduct:  
    Decrease in accounts receivable1(18,000) 
    Increase in inventory2(10,000) 
    Decrease in accounts payable3(50,000) 
    Depreciation expense480,000 
    Gain on sale of equipment(15,000) 
         Net cash from operating activities 10,000
Cash flows from investing activities:
    Sale of equipment40,000 
    Purchase of equipment(50,000) 
    Purchase of land(50,000) 
         Net cash from investing activities (60,000)
Cash flows from financing activities:
    Retirement of preferred stock(110,000) 
    Issuance of common stock100,000 
    Receipt of mortgage110,000 
         Net cash from financing activities 100,000
Net increase in cash 50,000

Table (1)

Working Note:

1.

Calculation of difference in accounts receivable:

(Difference inAccounts Receivable)=(Ending Accounts Receivable−Beginning Accounts Receivable)=($180,000−$200,000)=−$20,000

2

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Ch-14 P-1DQCh-14 P-2DQCh-14 P-3DQCh-14 P-4DQCh-14 P-5DQCh-14 P-6DQCh-14 P-7DQCh-14 P-8DQCh-14 P-9DQCh-14 P-10DQ
Ch-14 P-11DQCh-14 P-12DQCh-14 P-13DQCh-14 P-14DQCh-14 P-1MCQCh-14 P-2MCQCh-14 P-3MCQCh-14 P-4MCQCh-14 P-5MCQCh-14 P-6MCQCh-14 P-7MCQCh-14 P-8MCQCh-14 P-9MCQCh-14 P-10MCQCh-14 P-11MCQCh-14 P-12MCQCh-14 P-13MCQCh-14 P-14MCQCh-14 P-15MCQCh-14 P-16MCQCh-14 P-17BEACh-14 P-18BEACh-14 P-19BEACh-14 P-20BEACh-14 P-21BEACh-14 P-22BEACh-14 P-23BEACh-14 P-24BEACh-14 P-25BEBCh-14 P-26BEBCh-14 P-27BEBCh-14 P-28BEBCh-14 P-29BEBCh-14 P-30BEBCh-14 P-31BEBCh-14 P-32BEBCh-14 P-33ECh-14 P-34ECh-14 P-35ECh-14 P-36ECh-14 P-37ECh-14 P-38ECh-14 P-39ECh-14 P-40ECh-14 P-41ECh-14 P-42ECh-14 P-43ECh-14 P-44PCh-14 P-45PCh-14 P-46PCh-14 P-47PCh-14 P-48PCh-14 P-49PCh-14 P-50PCh-14 P-51PCh-14 P-52PCh-14 P-53PCh-14 P-54PCh-14 P-55PCh-14 P-56PCh-14 P-57PCh-14 P-58C

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