ACCT 320 Hinson 13-2 Statement of Cash Flows

ACCT 320 Hinson 13-2 Statement of Cash Flows - ACCT 320...

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ACCT 320 Assignment 13-2 Statement of Cash Flows Jamie Hinson December 9, 2008 U.B. WRIGHT COMPANY Balance Sheet and Income Statement data are given in the problem. Additional information: Original land cost $10,000 Land sale 7,000 Common stock purchase 25,000 New equipment cost 150,000 Note payment, 1/1/2006 30,000 Bond sale, 1/1/2006 60,000 Common stock sold 76,000 Common stock par 50,000 Net income 80,000 Cash dividends paid 35,000 WRIGHT COMPANY Statement of Cash Flows For Year Ended December 31, 2006 U.B. WRIGHT COMPANY Spreadsheet for the Statement of Cash Flows Dec. 31 Changes Dec. 31 2005 Debits Credits 2006 Balance Sheet Assets: Cash 30 12 42 Accounts receivable 75 2 73 Inventory 70 5 75 Short-term investment 15 25 40 Land 60 10 50 Buildings and equipment 400 150 550 Less: Acc. depreciation (75) 40 (115)
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575 140 715 Liabilities: Accounts payable 35 7 28 Salaries payable 5 3 2 Interest payable 3 2 5 Income tax payable 12 3 9 Notes payable 30 30 0 Bonds payable 100 60 160 Shareholders' Equity: Common stock 200 50 250 Paid-in capital - excess of par 100 26 126 Retained earnings 90 45 135 575 140 715 Statement of Income Revenues:
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