A comparative balance sheet for Rocker Company appears below: ROCKER COMPANY Comparative Balance Sheet ...
60.1K
Verified Solution
Link Copied!
Question
Accounting
A comparative balance sheet for Rocker Company appears below:
ROCKER COMPANY
Comparative Balance Sheet
Dec. 31, 2012 Dec. 31, 2011
Assets
Cash $ 33,000 $10,000
Accounts receivable 18,000 14,000
Inventory 25,000 18,000
Prepaid expenses 6,000 9,000
Long-term investments -0- 18,000
Equipment 60,000 32,000
Accumulated depreciationequipment (20,000) (14,000)
Total assets $122,000 $87,000
Liabilities and Stockholders' Equity
Accounts payable $ 17,000 $ 7,000
Bonds payable 37,000 47,000
Common stock 40,000 23,000
Retained earnings 28,000 10,000
Total liabilities and stockholders' equity $122,000 $87,000
Additional information:
1. Net income for the year ending December 31, 2012 was $33,000.
2. Cash dividends of $15,000 were declared and paid during the year.
3. Long-term investments that had a cost of $18,000 were sold for $14,000.
4. Sales for 2012 were $120,000.
Instructions
Prepare a statement of cash flows for the year ended December 31, 2012, using the indirect method. (20 Points)
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.