103QX250

103QX250 - Rob had this income statement for the year ended...

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Statement of Cash Flows: [103QX250] Prepare proper numerical items and descriptions that will appear in Rob Company’s Statement of Cash Flows for the year ended Dec. 31, Year 2. Rob’s balance sheets at Dec. 31, Year 1 and Year 2, respectively. Do both methods for the Cash from Operations section. Rob Company Balance Sheet December 31, Years 1 and 2 Year 1 Year 2 Assets: Cash $830 $1,450 Accounts Receivable 1,110 1,290 Supplies Inventory 380 510 2,110 2,380 (Acc. Depr.) (860) (920) Investments 290 480 3,860 $5,190 Accounts Payable $280 230 Rent Payable 430 400 Salaries Payable 350 140 Dividends Payable 95 140 Notes Payable 190 310 Contributed Capital 1,530 2,960 Retained Earnings 985 1,010 $3,860 $5,190
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Unformatted text preview: Rob had this income statement for the year ended December 31, Year 2: Rob Company Income Statement For the Year Ending December 31, Year 2 Sales Revenues $1,410 Gain on Sale of Investment 320 $1,730 Expenses and Loss: Salaries 840 Rent 440 Supplies 100 Interest 30 Depreciation 140 Taxes 50 Loss on Sale of PPE 60-1,660 Net Income $70 1 [Continued from the previous page.] Statement of Cash Flows (continued): [103QX250] Additional Information: 1. The firm sold Investments for $780. 2. The firm paid $130 cash when buying Equipment costing $450. The remainder was financed with a Note Payable. 3. The firm sold PPE for $60 less than its carrying value on the date of sale. 2...
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This document was uploaded on 03/02/2011.

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103QX250 - Rob had this income statement for the year ended...

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