This paper circulates around the core theme of P13-11A The comparative balance sheets for Strackman Lux Company as of December 31 are presented together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.
P13-11A The comparative balance sheets for Strackman Lux Company as of December 31 are presented… 1 answer below » P13-11A The comparative balance sheets for Strackman Lux Company as of December 31 are presented below. Strackman Lux Company Comparative Balance Sheets December 31 View complete question » Assets 2014 2013 Cash $ 59,520 $ 45,000 Accounts receivable 44,000 62,000 Inventory 154,550 142,000 Prepaid expenses 15,280 21,000 Land 145,000 P13-11A The comparative balance sheets for Strackman Lux Company as of December 31 are presented below. Strackman Lux Company Comparative Balance Sheets December 31 Assets 2014 2013 Cash $ 59,520 $ 45,000 Accounts receivable 44,000 62,000 Inventory 154,550 142,000 Prepaid expenses 15,280 21,000 Land 145,000 130,000 Equipment 228,000 155,000 Accumulated depreciation—equipment (45,000) (35,000) Buildings 200,000 200,000 Accumulated depreciation—buildings (60,000) (40,000) Total $741,350 $680,000 Liabilities and Stockholders’ Equity Accounts payable $ 46,350 $ 40,000 Bonds payable 300,000 300,000 Common stock, $1 par 195,000 160,000 Retained earnings 200,000 180,000 Total $741,350 $680,000 Additional information: 1. Operating expenses include depreciation expense of $40,000. 2. Land was sold for cash at book value of $20,000. 3. Cash dividends of $25,000 were paid. 4. Net income for 2014 was $45,000. 5. Equipment was purchased for $95,000 cash. In addition, equipment costing $22,000 with a book value of $12,000 was sold for $6,000 cash. 6. Issued 35,000 shares of $1 par value common stock in exchange for land with a fair value of $35,000. Instructions Prepare a statement of cash flows for the year ended December 31, 2014, using the indirect method. View less » Nov 30 2015 04:51 PM
