ACC 291 Week 5 Wiley Questions Latest 2016 Version

Jun 1st, 2016
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*Problem E 12-1 Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a ¬ sign e.g. ¬15,000 or in parenthesis e.g. (15,000).) *Problem IFRS 13-1 Ling Company reports the following information for the year ended December 31, 2014: sales revenue $1,000,000, cost of goods sold $700,000, operating expenses $200,000, and an unrealized gain on non-trading securities of $75,000. Prepare a statement of comprehensive income using the one-statement approach. *Problem The following control procedures are used at Sandwich Company for over-the-counter cash receipts. 1. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked attaché case in the stock room until it is deposited in the bank. 2. All over-the-counter receipts are registered by three clerks who use a cash register with a single cash drawer. 3. The company accountant makes the bank deposit and then records the day’s receipts. 4. At the end of each d

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AssetsCashAccounts receivableInventoriesPrepaid expensesInvestmentsPlant assetsAccumulated depreciationTotal2014113,92812379815862540044194580401850-70,500962,325201368,2445358014501936660153690341925-73,320725,798Liabilities and Stockholders' EquityAccounts payableAccrued expenses payableBonds payableCommon stockRetained earningsTotalSalesLess:Cost of goods soldOperating expenses,excluding depreciationDepreciation expenseIncome taxesInterest expenseLoss on sale of plantassetsNet income$143,82023,265155,100310,200329,940$962,325$94,89329,610205,860246,750148,685$725,798$547,729$190,99917,49865,56538,4656,66910,575329,771$217,9581. New plant assets costing $85,000 were purchased for cash during the year.2. Old plant assets having an original cost of $57,500 were sold for $1,500 cash.3. Bonds matured and were paid off at face value for cash.4. A cash dividend of $40,350 was declared and paid during the year.1410006838536703Cash flows from operating activitiesNet incomeAdjustments to reconcile net incometo net cash provided by operating activitiesDepreciation expenseIncrease in accounts payableLoss on sale of plant assetsIncrease in accounts receivableIncrease in inventoryIncrease in prepaid expensesDecrease in accrued expenses payable$65,56548,92710,575-70218-13606-3384-6,345Net cash provided by operating activitiesCash flows from investing activitiesSale of plant as

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