Please see attachment
Take home quiz for Ch 21–ACG4111 Spring 2013 1. Following are the income statement and some additional information. ? Required:?Prepare the cash flows from operating activities section of the statement of cash flows using the direct method . 2. The balance sheets for Spiceland Company showed the following information. Additional information concerning transactions and events during 2008 are presented below. Spiceland Company Balance Sheet December 31 2008 2007 Cash $ 30,900 $ 10,200 Accounts receivable (net) 41,000 20,300 Inventory 37,300 42,000 Long-term investments 0 15,000 Property, plant & equipment 236,500 150,000 Accumulated depreciation (37,700) (25,000) $308,000 $212,500 Accounts payable $ 20,000 $ 26,500 Accrued liabilities 18,000 17,000 Long-term notes payable 70,000 50,000 Common stock 130,000 90,000 Retained earnings 70,000 29,000 $308,000 $212,500 Additional data: 1. Net income for the year 2008, $76,000. 2. Depreciation on plant assets for the year, $12,700. 3. Sold the long-term investments for $28,000. 4. Paid dividends of $35,000. 5. Purchased machinery costing $26,500, paid cash. 6. Purchased machinery and gave a $60,000 long-term note payable. 7. Paid a $40,000 long-term note payable by issuing common stock. Required: Prepare a statement of cash flows for 2008 in good form. Note: use indirect method for cash flows from operating activities). costing $26,500, paid cash. 6. Purchased machinery and gave a $60,000 long-term note payable. 7. Paid a $40,000 long-term note payable by issuing common stock. Required: Prepare a statement of cash flows for 2008 in good form. Note: use indirect method for cash flows from operating activities). information. Additional information concerning transactions and events during 2008 are presented below. Spiceland Company Balance Sheet …
Attachments:
home_quiz_for….doc