Problem 1 (14 Marks) CAROLINA CORPORATION Comparative Statements of Financial Position December 31 2014 2013 Cash …………………………………………….. $ 43,000 $ 24,000 Accounts receivable, net …………………….. 35,000 38,000 Inventory ……………………………………….. 114,000 82,000 Land ……………………………………………… 120,000 190,000 Building …………………………………………. 200,000 200,000 Accumulated depreciation ……………………. (50,000) (40,000) Equipment ……………………………………… 1,030,000 600,000 Accumulated depreciation ……………………. (118,000) (94,000) $1,374,000 $1,000,000 Accounts payable ……………………………… $ 115,000 $ 100,000 4% Bonds payable ……………………………. 320,000 -0- Common shares ……………………………….. 750,000 750,000 Retained earnings …………………………….. 189,000 150,000 $1,374,000 $1,000,000 Additional data: 1. Net income for the year was $84,000. 2. Cash dividends were paid. 3. Land was sold for $80,000. 4. Old equipment was sold for $70,000. This equipment had cost $150,000 and had accumulated depreciation of $60,000 to date of sale. New equipment was purchased to replace it. Instructions Prepare statement of cash flows for calendar 2014, using the indirect method.
Why Choose Us
- 100% non-plagiarized Papers
- 24/7 /365 Service Available
- Affordable Prices
- Any Paper, Urgency, and Subject
- Will complete your papers in 6 hours
- On-time Delivery
- Money-back and Privacy guarantees
- Unlimited Amendments upon request
- Satisfaction guarantee
How it Works
- Click on the “Place Order” tab at the top menu or “Order Now” icon at the bottom and a new page will appear with an order form to be filled.
- Fill in your paper’s requirements in the "PAPER DETAILS" section.
- Fill in your paper’s academic level, deadline, and the required number of pages from the drop-down menus.
- Click “CREATE ACCOUNT & SIGN IN” to enter your registration details and get an account with us for record-keeping and then, click on “PROCEED TO CHECKOUT” at the bottom of the page.
- From there, the payment sections will show, follow the guided payment process and your order will be available for our writing team to work on it.