Inland Equipment, Inc., assembled the following data related to its cash transactions for the year ended June 30, 2010.
Payment of Dividends: $6,000
Proceeds from issuance of stock: 20,000
Collections from customers: 200,000
Proceeds from sale of land: 60,000
Payments to suppliers: 80,000
Purchase of equipment: 40,000
Payments to employees: 70,000
Payment of note payable: 30,000
Prepare Inland Equipmentâs statement of cash flows for the year ended June 30, 2010 using the direct method. Inland Equipmentâs cash balance at December 31, 2009 was $12,000.
Inland Equipment, Inc., assembled the following data related to its cash transactions for the year ended June 30, 2010.
Payment of Dividends: $6,000
Proceeds from issuance of stock: 20,000
Collections from customers: 200,000
Proceeds from sale of land: 60,000
Payments to suppliers: 80,000
Purchase of equipment: 40,000
Payments to employees: 70,000
Payment of note payable: 30,000
Prepare Inland Equipmentâs statement of cash flows for the year ended June 30, 2010 using the direct method. Inland Equipmentâs cash balance at December 31, 2009 was $12,000.
Related questions
(Learning Objective 3: Prepare operating cash flowsâindirect method) Eldred Corporation accountants have assembled the following data for the year ended June 30, 2012:
| Net income | $ ? |
| Payment of dividends | 5,500 |
| Proceeds from the issuance of common stock | 15,000 |
| Sales revenue | 222,000 |
| Increase in current assets other than cash | 32,000 |
| Purchase of treasury stock | 8,000 |
| Cost of goods sold | $114,000 |
| Other operating expenses | 39,000 |
| Purchase of equipment | 37,000 |
| Increase in current liabilities | 11,000 |
| Payment of note payable | 29,000 |
| Proceeds from sale of land | 31,000 |
| Depreciation expense | 6,000 |
Prepare the operating activities section of Eldredâs statement of cash flows for the year ended June 30, 2012. Eldred uses the indirect method for operating cash flows. PLEASE CHART ON COMPUTER. NO HAND WRITTEN DATA PLEASE! THANK YOU.
The Blackbeard Company Ltd provided the following information in regard to its operations for the year ended 30 June 2014:
| Cash Book Summary | |||
| Opening balance | $20,000 | Accounts Payable | $40,000 |
| Accounts receivable | 100,000 | Bills Payable (suppliers) | 20,000 |
| Bills Receivable (suppliers) | 20,000 | Interest paid | 60,000 |
| Debenture Issue | 400,000 | Operating expenses | 180,000 |
| Dividends received | 20,000 | Salaries & wages | 200,000 |
| Interest received | 40,000 | Current tax payable | 80,000 |
| Motor vehicles | 60,000 | Plant & machinery | 100,000 |
| Share capital | 200,000 | Dividend paid | 120,000 |
| Balance c/d | 60,000 | ||
| 860,000 | 860,000 | ||
| Balance b/d | 60,000 | ||
Required:
(a) Net cash used in operating activities; (b) Net cash used in investing activities; (c) Net cash from financing activities;
(d) Net increase/(decrease) in cash and cash equivalents.
Please use the following format
| Statement of Cash Flows for Blackbeard Company | ||
| For the Financial Year Ended 30 June 2014 | ||
| ( i ) Cash flows from Operating Activities | Inflows/ | Inflows/ |
| (Outflows) | (Outflows) | |
| Net cash used in operating activities | ||
| ( ii ) Cash flows from Investing Activities | ||
| Net cash used in Investing Activities | ||
| ( iii ) Cash flows from Financing Activities | ||
The following information is available for MergenthalerCorporation for the year ended December 31, 2014:
| Collection of principal on long-term loan to a supplier | $16,000 | ||
| Acquisition of equipment for cash | 10,000 | ||
| Proceeds from the sale of long-term investment at bookvalue | 22,000 | ||
| Issuance of common stock for cash | 20,000 | ||
| Depreciation expense | 25,000 | ||
| Redemption of bonds payable at carrying (book) value | 34,000 | ||
| Payment of cash dividends | 6,000 | ||
| Net income | 30,000 | ||
| Purchase of land by issuing bonds payable | 40,000 |
In addition, the following information is available from thecomparative balance sheet for Mergenthaler at the end of 2014 and2013:
| 2014 | 2013 | |||
| Cash | $148,000 | $91,000 | ||
| Accounts receivable (net) | 25,000 | 15,000 | ||
| Prepaid insurance | 19,000 | 13,000 | ||
| Total current assets | $192,000 | $119,000 | ||
| Accounts payable | $30,000 | $19,000 | ||
| Salaries and wages payable | 6,000 | 7,000 | ||
| Total current liabilities | $36,000 | $26,000 |
Prepare Mergenthaler's statement of cash flows for the year endedDecember 31, 2014, using the indirect method. (Showamounts that decrease cash flow with either a - sign e.g. -15,000or in parenthesis e.g. (15,000).)
