ACT3391Spring2011TraditionalHomeworkChs5,6&7 -...

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HOMEWORK Spring 2011 ACT3391 ALL homework assignments must be completed by using some type of computer software program, e.g., word. NO CREDIT WILL BE GIVEN FOR LATE HOMEWORK. When completing your homework assignments, DO NOT use abbreviations, e.g., spell out Accounts Payable instead of simply writing AP. As discussed during class, you can work on these homework assignments in groups or as an individual. 13. (2.5 points) Identify which (if any) of the 3 sections on a statement of cash flow that the following should be presented/reflected. a. Issued long-term bonds in exchange for cash. b. Borrowed money on a short-term basis. c. Repurchased company stock (treasury stock). d. Sold a fixed asset at an amount that is less than book value. 14. (3.5 points) Hartley Company’s balance sheets at December 31 2011 and 2010 are presented below: 2011 2010 Current assets Cash $ 750,000 $ 600,000 Accounts receivable $ 450,000 $ 350,000 Prepaid expenses $ 275,000 $ 175,000 Non-current assets Property, plant, and equipment – at cost $ 750,000 $ 600,000 Accumulated depreciation $ 160,000 $ 125,000 TOTAL ASSETS $2,065,000 $1,600,000 Current liabilities Accrued expenses payable $ 500,000 $ 500,000 Non-current liabilities Long-term debt $ 965,000 $ 800,000 Stockholders’ equity Common stock and additional paid-in-capital $ 200,000 $ 140,000 Retained earnings $ 400,000 $ 160,000 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $2,065,000 $1,600,000 SELECTED OTHER INFORMATION: 1. During 2011, Hartley paid cash dividends of $100,000 to its shareholders. 2.
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This note was uploaded on 03/08/2011 for the course ACCT 3391 taught by Professor Turpin during the Spring '10 term at Troy.

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ACT3391Spring2011TraditionalHomeworkChs5,6&7 -...

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