ORIE_350_Homework__3_fall_2007 - information for Gary Bonds...

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ORIE 350 Homework #3 Due September 18, 2007 1. Bobmart Company has the following annual and year-ending data: Year: 2005 Year: 2004 Net Sales 1,200,000 1,350,000 Cost of Goods Sold 640,000 670,000 Salaries Expense 210,000 240,000 Salaries Payable 24,000 16,000 Inventory 340,000 390,000 Accounts Payable 120,000 135,000 Accounts Receivable 240,000 270,000 Find the cash payments for purchases, the cash collected from customers, and the cash salaries paid to employees for Bobmart for fiscal 2005. 2. Prepare the complete statement of cash flows using the indirect method and the following
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Unformatted text preview: information for Gary Bonds Corporation for the year ended Dec. 31, 2006. Net Income was $120,000 Bonds Payable increased $50,000 Gain on sale of equipment of $20,000 (the equipments book value was $30,000). A/R decreased $50,000 A/P decreased $20,000 Prepaid Rent increased $10,000 Dividends totaling $20,000 were paid. Depreciation was $20,000 Common Stock increased $50,000 Land increased $100,000 Beginning cash was $10,000 Ending Cash was $180,000 From the textbook: End of chapter 4: 28, 34, 39 End of chapter 6: 14, 21, 31...
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