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ACC 557 Week 9 Chapter 13 Homework 5
Due Week 9 and worth 50 points
Directions: Answer the following questions on a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard.
Exercises
E13-3. Cushenberry Corporation had the following transactions.
• Sold land (cost $12,000) for $15,000.
• Issued common stock at par for $20,000.
• Recorded depreciation on buildings for $17,000.
• Paid salaries of $9,000.
• Issued 1,000 shares of $1 par value common stock for equipment worth $8,000.
• Sold equipment (cost $10,000, accumulated depreciation $7,000) for $1,200.
Instructions
For each transaction above, (a) prepare the journal entry, and (b) indicate how it would affect the statement of cash flows using the indirect method.
E13-4. Gutierrez Company reported net income of $225,000 for 2015. Gutierrez also reported depreciation expense of $45,000 and a loss of $5,000 on the disposal of equipment. The comparative balance sheet shows a decrease in accounts receivable of $15,000 for the year, a $17,000 increase in accounts payable, and a $4,000 decrease in prepaid expenses.
Instructions
Prepare the operating activities section of the statement of cash flows for 2015. Use the indirect method.
Problems
P13-3A. The income statement of Whitlock Company is presented here.
*PLEASE REFER TO ATTACHMENT FOR ADDITIONAL INFORMATION**
Additional information:
• Accounts receivable increased $200,000 during the year, and inventory decreased $500,000.
• Prepaid expenses increased $150,000 during the year.
• Accounts payable to suppliers...