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(Preparation of a Statement of Cash Flows and a Statement of Financial Position) Chekov Corporation's statement of financial position at the end of...
(Preparation of a Statement of Cash Flows and a Statement of Financial Position)Chekov Corporation's statement of financial position at the end of 2009 included the following items. Bonds payable $100,000 Current liabilities 150,000 Share captial-ordinary 180,000 Retained earnings 44,000 Total $474,000 Current assets 235,000Total $474,000The following information is available for 2010. Net income was $55,000.Equipment (cost $20,000 and accumulated depreciation $8,000) was sold for $9,000.Depreciation expense was $4,000 on the building and $9,000 on equipment.Patent amortization was $2,500.Current assets other than cash increased by $25,000. Current liabilities increased by $13,000.An addition to the building was completed at a cost of $27,000.A long-term investment in debt securites was purchased for $16,000.Bonds payable of $50,000 were issued.Cash dividends of $25,000 were declared and paid.Treasury shares was purchased at a cost of $11,000.
