Answered You can hire a professional tutor to get the answer.

QUESTION

The net changes in the balance sheet accounts of Vincent Corporation for the year 2004 are shown below.

The net changes in the balance sheet accounts of Vincent Corporation for the year 2004 are shown below.Account Debit Credit Cash $ 35,000Short-term investments $ 80,500Accounts receivable 83,200Allowance for doubtful accounts 13,300Inventory 64,200Prepaid expenses 18,300Investment in subsidiary (equity method) 60,000Plant and equipment 210,000Accumulated depreciation 130,000Accounts payable 90,700Accrued liabilities 21,500Deferred tax liability 15,5008% serial bonds 80,000Common stock, $10 par 90,000Additional paid-in capital 150,000Retained earningsâAppropriation for bonded indebtedness 60,000Retained earningsâUnappropriated 85,000 $643,600 $643,600An analysis of the Retained EarningsâUnappropriated account follows:Retained earnings unappropriated, December 31, 2003 $1,300,000Add: Net income 218,000Transfer from appropriation for bonded indebtedness 60,000Total $1,578,000Deduct: Cash dividends $123,000Stock dividend 240,000 363,000Retained earnings unappropriated, December 31, 2004 $1,215,0001. On January 2, 2004 short-term investments (classified as available-for-sale) costing $80,500 were sold for $103,000.2. The company paid a cash dividend on February 1, 2004.3. Accounts receivable of $16,200 and $19,400 were considered uncollectible and written off in 2004 and 2003, respectively.4. Major repairs of $22,000 to the equipment were debited to the Accumulated Depreciation account during the year. No assets were retired during 2004.5. The wholly owned subsidiary reported a net loss for the year of $60,000. The loss was recorded by the parent.6. At January 1, 2004, the cash balance was $111,000.InstructionsPrepare a statement of cash flows (indirect method) for the year ended December 31, 2004. Vincent Corporation has no securities which are classified as cash equivalents.

Show more
LEARN MORE EFFECTIVELY AND GET BETTER GRADES!
Ask a Question