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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 (200) 16,800 Net cash provided by operating activities 28,800 Cash flows from investing activities:
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