ACCT 312 Week 7 Homework (Updated)

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ACCT 312 Week 7 Homework (Updated)

Metagrobolize Industries
Spreadsheet for the Statement of Cash Flows
Dec. 31ChangesDec. 31
Balance Sheet
Accounts receivable450(1)150600
  Less: Acc. Depreciation(270)(5)30(300)
  Less: Acc. Depreciation










Account payable450(4)300750
Accrued expenses225(9)75300
Lease liability – land0X   (2)150150
Shareholders’ Equity:
Common Stock3,000(12)1503,150
Paid-in capital– ex. Of par675(12)75750
Retained earnings 1,500(12)225(10)975
Income Statement
Sales revenue(1)2,6452,645
Gain on sale of land(3)9090
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)975975
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)225225
Totals 8,155 8,155 

X = Noncash investing and financing activity



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 land165
Sale of equipment15
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  

Hi there! Get instant help with . Without paying anything upfront.

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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