Ch13 - Student Name: Class: Problem 13-01 Requirement 1:...

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Student Name: Class: Problem 13-01 Requirement 1: HiDef Films, Inc. Balance Sheet at December 31 12/31/2012 12/31/2011 Change Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation Total Accounts payable Wages payable Note payable-long term Contributed capital Retained earnings Total Income statement for 2012 Sales Cost of goods sold Depreciation expense Other expenses Net income HiDef Films, Inc. Statement of Cash Flows For the Year Ended December 31, 2012 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense Decrease in accounts receivable Increase in merchandise inventory Decrease in accounts payable Increase in wages payable Net cash provided by operating activities Cash flows from investing activities: Cash payments to purchase fixed assets Cash flows from financing activities: Cash payments on long-term note Cash payments for dividends Cash receipts from issuing stock Net cash provided by financing activities Net increase in cash during the year Cash balance, January 1, 2012 Cash balance, December 31, 2012 Requirement 2: Statement of cash flows evaluation:
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Given Data P13-01: HiDef Films, Inc. Financial Statements For the Year Ended December 31, 2012 2012 2011 Balance sheet at December 31: Cash $68,250 $63,500 Accounts receivable 15,250 22,250 Merchandise inventory 22,250 18,000 Property and equipment 209,250 150,000 Less: Accumulated depreciation (59,000) (45,750) Total $256,000 $208,000 Accounts payable $9,000 $19,000 Wages payable 4,000 1,200 Notes payable, long-term 59,500 71,000 Contributed capital 98,500 65,900 Retained earnings 85,000 50,900 Total $256,000 $208,000 Income statement for 2012: Sales $195,000 Cost of goods sold 92,000 Depreciation expense 13,250 Other expenses 43,000 Net income $46,750 Additional data: Bought equipment for cash $59,250 Paid on long-term note payable 11,500 Issued new shares of stock for cash 32,600 Declared and paid cash dividend 12,650 Other expenses all relate to wages A/P include only inventory purchases made on credit
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Student Name: Class: Problem 13-06 Requirement 1: FORREST COMPANY Statement of Cash Flows Spreadsheet For the Year Ended December 31, 2013 12/31/2012 DR CR 12/31/2013 BALANCE SHEET Cash Accounts receivable Merchandise inventory Fixed assets-net Total Accounts payable Wages payable Notes payable-long term Common stock, no par Retained earnings Total STATEMENT OF CASH FLOWS-INDIRECT METHOD Inflow Outflow Cash flows from operating activities: Net income Adjustment to net income: Decrease in accounts receivable Decrease in merchandise inventory Increase in accounts payable Depreciation expense Decrease in wages payable Cash flows from investing activities: Cash payment to purchase fixed assets Cash flows from financing activities: Cash payments on long-term note Cash receipts from issuing stock Cash payments for dividends Increase (decrease) in cash during the year
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This note was uploaded on 11/05/2011 for the course AEM 2210 at Cornell University (Engineering School).

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Ch13 - Student Name: Class: Problem 13-01 Requirement 1:...

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