ACCT 312 Week 7 Homework (Updated)

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Metagrobolize Industries
Spreadsheet for the Statement of Cash Flows
Dec. 31 Changes Dec. 31
2012 Debits Credits 2013
Balance Sheet
Assets:
Cash 375 (14) 225 600
Accounts receivable 450 (1) 150 600
Inventory 525 (4) 375 900
Land 600 (2) 150 X (3) 75 675
Building 900 900
  Less: Acc. Depreciation (270) (5) 30 (300)
Equipment 2,250 (11) 900 (7) 300 2,850
  Less: Acc. Depreciation

Patent

(480)

1,500

(7) 270 (6)

(8)

315

300

(525)

1,200

5,850 6,900
Liabilities:
Account payable 450 (4) 300 750
Accrued expenses 225 (9) 75 300
Lease liability – land 0 X    (2) 150 150
Shareholders’ Equity:
Common Stock 3,000 (12) 150 3,150
Paid-in capital– ex. Of par 675 (12) 75 750
Retained earnings  1,500 (12) 225 (10) 975
(13) 450 1,800
5,850 6,900
Income Statement
Revenues:
Sales revenue (1) 2,645 2,645
Gain on sale of land (3) 90 90
Expenses:  
Cost of goods sold   (4) 600 (600)
Depreciation expense – build.   (5) 30 (30)
Depreciation expense – equip.   (6) 315 (315)
Loss on sale of equipment   (7) 15 (15)
Amortization of patent   (8) 300 (300)
Operating expenses   (9) 500 (500)
Net income   (10) 975 975
       
Statement of Cash Flows      
Operating activities:      
Cash inflows:      
  From customers   (1) 2,495  
Cash outflows:    
  To suppliers of goods   (4) 675  
  For operating expenses   (9) 425  
Net cash flows   1,395
   
Investing activities:  
Purchase of equipment   (11) 900
Sale of land   (3) 165
Sale of equipment   (7) 15
Net cash flows   (720)
   
Financing activities:  
Payment of cash dividends   (13) 450
Net cash flows   (450)
   Net increase in cash       (14) 225 225
Totals   8,155   8,155  

X = Noncash investing and financing activity

 

METAGROBOLIZE INDUSTRIES

Statement of Cash Flows

For year ended December 31, 2013 ($ in 000)

Cash flows from operating activities:
Cash inflows:
  From customers $2,495
Cash outflows:
  To suppliers of goods (675)
  For operating expenses (425)
Net cash flows from operating activities $1,395
 
Cash flows from investing activities:
Purchase of equipment (900)
Sale of land 165
Sale of equipment 15
Net cash flows from investing activities   (720)
   
Cash flows from financing activities:  
Payment of cash dividends (450)
Net cash flows from financing activities   (450)
     
     Net increase in cash   225
   
Cash balance,  January 1   375
Cash balance, December 31   $  600
   
Noncash investing and financing activities:    
Land acquired by lease   $150  

 

1. Calculate each of the following amounts for Mike Roe Computer

a.         Cash received from customers during the reporting period.

b.         Cash paid to suppliers of goods during the reporting period.

c.          Cash paid to employees during the reporting period

d.          Cash paid for interest during the reporting period.

e.          Cash paid for insurance during the reporting period.

f.           Cash paid for income taxes during the reporting period.

2. Prepare the cash flows from operating activities section of the statement of cash flows (direct method).

 

 

 

 

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