SCh12

Fundamentals of Financial Accounting with Annual Report

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Student Name: Instructor Class: McGraw-Hill/Irwin Coached Problem 12-3 Requirement 1: Balance Sheet at December 31 2010 2009 Change Cash $44,000 $18,000 26,000 <-- Correct! Accounts Receivable 27,000 29,000 -2,000 <-- Correct! Merchandise Inventory 30,000 36,000 -6,000 <-- Correct! Property and Equipment 111,000 102,000 9,000 <-- Correct! Less: Accumulated Depreciation (36,000) (30,000) -6,000 <-- Correct! $176,000 $155,000 Accounts Payable $25,000 $22,000 3,000 <-- Correct! Wages Payable 800 1,000 -200 <-- Correct! Note Payable, Long-Term 38,000 48,000 -10,000 <-- Correct! Contributed Capital 80,000 60,000 20,000 <-- Correct! Retained Earnings 32,200 24,000 8,200 <-- Correct! $176,000 $155,000 Income Statement for 2010 Sales $100,000 Cost of Goods Sold 61,000 Other Expenses 27,000 Net Income $12,000 HUNTER COMPANY Statement of Cash Flows For the Year Ended December 31, 2010 Cash flows from operating activities: Net income $12,000 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense $6,000 Decrease in accounts receivable 2,000 Decrease in merchandise inventory 6,000 Increase in accounts payable 3,000 Decrease in wages payable
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SCh12 - Student Name: Instructor Class: McGraw-Hill/Irwin...

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