Intermediate Accounting II-quiz 1

Intermediate Accounting II-quiz 1 - Intermediate Accounting...

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Intermediate Accounting II Group : Quiz # 1 Name: Problem 1 Robbins Corporation reported the following income statement and comparative balance sheet, along with transaction data for 20X5:
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Required Prepare Robins Corporation’s statement of cash flows (indirect method) for the year ended December 31, 20X5.
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4 Chapter 5 The Statement of Cash Flows Problem 2 Granite Shoals Corporation reported the following comparative balance sheet and income statement for 20X6. Granite Shoals Corporation Balance sheet December 31, 20X6 and 20X5 20X6 20X5 Cash …………………………………………………… $ 19,000 $ 3,000 Accounts receivable…………………………………… 22,000 23,000 Inventories……………………………………………… 34,000 31,000 Prepaid expenses……………………………………… 1,000 3,000 Equipment (net) ………………………………………. . 90,000 79,000 Intangible assets………………………………………. . 9,000 9,000 $ 175,000 $ 148,000 Accounts payable ……………………………………… $ 14,000 $ 9,000 Accrued liabilities ……………………………………… 16,000 19,000 Income tax payable …………………………………… 14,000 12,000
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Notes payable …………………………………………. 45,000 50,000 Common stock…………………………………………. 31,000 20,000 Retained earnings……………………………………… 64,000 40,000 Treasury stock…………………………………………. . (9,000) (2,000) $ 175,000 $ 148,000 Granite Shoals Corporation Income statement Year Ended December 31, 20X6 and 20X5
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This note was uploaded on 04/03/2011 for the course ACOOUNTING 3 taught by Professor Gvetadze during the Spring '11 term at Georgian.

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Intermediate Accounting II-quiz 1 - Intermediate Accounting...

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