ACC 331 Mod 8 Spreadsheet Exam CH 15-16

ACC 331 Mod 8 Spreadsheet Exam CH 15-16 -...

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BALANCE SHEETS 2006 2005 ASSETS  $35,000   $30,000  Accounts receivable  54,000   49,000  Inventory  67,000   58,000   580,000   530,000  Accumulated depreciation  (316,000)  (313,000)    Total Assets  $420,000   $354,000  Accounts payable  $51,000   $57,000  Wages payable  26,000   24,000  Taxes payable  11,000   10,000  Deferred taxes payable  25,000   24,000  Bonds payable (long term)  77,000   90,000     Total liabilities  190,000   205,000  Common stock  33,000   30,000  Retained earnings  197,000   119,000     Total equities  230,000   149,000   $420,000   $354,000  INCOME STATEMENTS 2006 2005 Sales  $620,000   $520,000  Cost of goods sold  381,000   300,000  Gross margin  239,000   220,000   103,000   99,000  Net operating income  136,000   121,000   20,000   -    Income before tax  156,000   121,000  Income tax  47,000   36,000  Net income  $109,000   $85,000  Cash dividends were $31,000. The company sold equipment for $20,000.  The equipment had originally cost $14,000 and was fully depreciated. Required: Prepare a statement of cash flows for 2006 using the indirect and direct methods. 1. Biven Corporation's balance sheet and income statement appear below:
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Biven's Corporation Statement of Cash Flows - Indirect Method Operating Activities: Net Income  $24,000  Adjustments to convert NI to a cash basis: Depreciation and Amortization Charges  50,000  Increase in A/R  5,000  Increase in Merch. Inventory  9,000  Increase in A/P  $(6,000) Increase in Accrued Wages and Salaries Payable  2,000  Increase in Accrued Income Taxes Payable  1,000  Decrease in Deferred Income Taxes  1,000  Gain on Sale of Equipment
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This note was uploaded on 04/06/2011 for the course ACC 300 taught by Professor Barga during the Spring '11 term at St. Leo.

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ACC 331 Mod 8 Spreadsheet Exam CH 15-16 -...

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