Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. please help i am confused problem (30 points -

please help i am confused Problem (30 Points - Required) 21. The...

90.2K

Verified Solution

Question

Accounting

please help i am confused image
Problem (30 Points - Required) 21. The comparative balance sheet of Barry Company for 2011 and the preceding year ended December 31, 2010, appears below in condensed form: Cash Accounts receivable (net) Inventories Investments Equipment Accumulated depreciation-equipment Year 2011 $ 72,000 61,000 121,000 Year 2010 $ 42,500 70,200 105,000 100,000 425,000 (175.000) S567.700 515,000 (153.000) S616.000 $ 59,750 Accounts payable Bonds payable, due 2011 Common stock, $20 par Premium on common stock Retained earnings 375,000 50,000 131.250 $616,000 $ 47,250 75,000 325,000 25,000 95.450 $567700 Additional data for the current year are as follows: (a) (b) (c) (d) (e) (1) (g) Net income, $75,800. Depreciation reported on income statement, $38,000. Fully depreciated equipment costing $60,000 was scrapped, no salvage, and equipment was purchased for $150,000. Bonds payable for $75,000 were retired by payment at their face amount. 2,500 shares of common stock were issued at $30 for cash. Cash dividends declared and paid, S40,000. Investments of $100,000 were sold for $125,000. Prepare a statement of cash flows using the indirect method

Answer & Explanation Solved by verified expert
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!
Become a Member

Other questions asked by students