70.2K

Verified Solution

Link Copied!

Sutement of cash flow indirect method 0 60 min Group B Problems 168-1. From the following income statement (Figure 16-18), balance sheet Figure 16-19), and additional data for Blumer Limited, prepare a state ment of cash flows using the indirect method. Additional Data 1. All increases in Plant and Equipment were paid for in cash. 2. No dividend was declared in 2013. 3. Sold 2,000 shares of stock for cash of $2,000 Hint: Office Equipment and Machinery are recorded at net on the balance sheet. Be sure to add back amortization expense to the cost of the assets in 2013 to compute the actual cost of the additional assets purchased Figure 16-18 Income Statement for Blumer Limited UMR LIMITED INCOME STATEMENT FORTIEVER ENDED DECEMBER 31, 2013 Sales Cast of Goods Gros 1536010000 25000.00 S 11000 Check Net Secrease in Col51500 worating Emes Amortation spenne. Eger Amortization Machine Advertising perse Salary Expense Miscellaneous Total ting Ncom 0.00 so MOBI TOI00 C.00 560.00 15 389000 698 CHAPTER 16 HAPTER 16 Figure 16-19 Balance Sheet for Blumer Limited BELIMER LIMITED BALANCE SHEET DECEMBER 31, 2013 AND 2012 2013 2012 Asos Current Assets Cash Accounts Receivable.Net Merchandise Inventory Total Current Assets IS20000 $ Blo Des 0 29 po S80000 2 390.00 SASO00 Plant and Equipment: Office Equipement, Net Machinery, Net Land Total Print and Equipment Total Assets Is de 30.00 3000 Bolo 180.00 $120.oos spolo 51000 51502000 Labdities Current Lists Notes Payable Short Term Accounts Payable Total Current Liabilities 5 208.000 1900 10000 15000 $ 215000 $ 200.000 Long Term Liabilities: Mortgage Payable Total Liabilities 52000 e so s 100 Shareholders' Equity Common Shares Retained Earning Total Shareholders' Equity Totalities and Shareholders Equity $ 9530.00 33000 GOS labol $156600 10200 $100.00 51300000

Answer & Explanation Solved by verified expert

See Answer