View the step-by-step solution to:

The comparative balance sheets for 2011 and 2010 and the statement of income for 2011 are given below for Metagrobolize Industries. Additional...

Please answer the attached question. I sent this this question yesturday and you sent me an answer to a different question. Take the time and read the question.
METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2011 and 2010 ($ in 000s) $2,011.00 $2,010.00 Assets Cash $525.00 $375.00 Accounts receivable $685.00 $465.00 Inventory $840.00 $520.00 Land $695.00 $615.00 Building $950.00 $950.00 Less: Accumulated depreciation -$317.00 -$285.00 Equipment $2,870.00 $2,250.00 Less: Accumulated depreciation -$534.00 -$480.00 Patent $1,200.00 $1,500.00 $6,914.00 $5,910.00 Liabilities Accounts payable $750.00 $450.00 $300.00 $225.00 Lease liability—land $150.00 $0.00 Shareholders’ Equity $3,150.00 $3,000.00 Paid-in capital—excess of par $765.00 $675.00 Retained earnings $1,799.00 $1,560.00 $6,914.00 $5,910.00 METAGROBOLIZE INDUSTRIES Income Statement For Year Ended December 31, 2011 ($ in 000s) Revenues $2,595.00 $90.00 $2,685.00 $589.00 $32.00 $315.00 $15.00 $300.00 $500.00 $1,751.00 $934.00 Additional information from the accounting records: a. During 2011, equipment with a cost of $290,000 (90% depreciated) was sold. b. The statement of retained earnings reveals reductions of $240,000 and $455,000 for stock dividends and cash dividends, respectively. Required: The comparative balance sheets for 2011 and 2010 and the statement of income for 2011 are given below for Metagrobolize Industries. Additional information from Metagrobolize's accounting records is provided also. Accrued expenses payable Common stock Sales revenue Gain on sale of land Expenses Cost of goods sold Depreciation expense—building Depreciation expense—equipment Loss on sale of equipment Amortization of patent Operating expenses Net income Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2011. Present cash flows from operating activities by the direct method. (You may omit the schedule to reconcile net income to cash flows from operating activities.) (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign. Omit the "$" sign in your response.)
Background image of page 1
Sign up to view the entire interaction

Top Answer

Dear Student, Please find... View the full answer

Accounting- 8207904.xls

If you want the formulas and any calculations, select the corresponding cell and press F2(Function Key on key board),
It will show all calculations and formulas Automatically
Please Give Me the...

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.


Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask a homework question - tutors are online