Question Details

(Answered) Use the indirect method of reporting cash flows from operating


Use the indirect method of reporting cash flows from operating
More Details:

,Use the ,indirect method, of reporting cash flows from operating activities ,The comparative balance sheet of Phelps Company, Inc. for 2014 and the preceding year ended December 31, 2013 appears below in condensed form:, , , , , , ,Year, , , ,Year, , , , , , , ,2014, , , ,2013, , , ,Cash, , , ,$ 53,000 , , , ,$ 50,000 , , , ,Accounts receivable (net), , , ,37,000 , , , ,48,000 , , , ,Inventories, , , ,108,500 , , , ,100,000 , , , ,Investments, , , ,..... , , , ,70,000 , , , ,Equipment, , , ,573,200 , , , ,450,000 , , , ,Accumulated depreciation-equipment, , , ,?(142,000,), , , ,?(176,000,), , , , , , , ,$629,700, , , , ,$542,000, , , , , , , , , , , , , , , , ,Accounts payable, , , ,$ 62,500 , , , ,$ 43,800 , , , ,Bonds payable, due 2010, , , ,..... , , , ,100,000 , , , ,Common stock, $10 par, , , ,325,000 , , , ,285,000 , , , ,Paid-in capital in excess of par--, , , , , , , , , , , ,? common stock, , , ,80,000 , , , ,55,000 , , , ,Retained earnings, , , , 162,200, , , , , , 58,200, , , , , , , , ,$629,700, , , , ,$542,000, , , , ,The income statement for 2014 is as follows:, , ,Sales, , , , , , , ,$625,700 , , , ,Cost of merchandise sold, , , , , , , ,? 340,000, , , , ,Gross profit, , , , , , , ,$285,700 , , , ,Operating expenses:, , , , , , , , , , , ,? Depreciation expense, , , ,$26,000, , , , , , , ,? Other operating expenses, , , ,? 68,000, , , ,??? 94,000, , , , ,Income from operations, , , , , , , ,$191,700 , , , ,Other income:, , , , , , , , , , , ,? Gain on sale of investment, , , ,$ 4,000, , , , , , , ,Other expense:, , , , , , , , , , , ,? Interest expense, , , , 6,000, , , ,???? (2,000,), , , ,Income before income tax, , , , , , , ,$189,700 , , , ,Income tax, , , , , , , ,??? 60,700, , , , ,Net income, , , , , , , ,$129,000, , , , ,Additional data for the current year are as follows:, , ,(a), , , ,Fully depreciated equipment costing $60,000 was scrapped, no salvage, and equipment was purchased for $183,200., , , ,(b), , , ,Bonds payable for $100,000 were retired by payment at their face amount., , , ,(c), , , ,5,000 shares of common stock were issued at $13 for cash., , , ,(d), , , ,Cash dividends declared and paid, $25,000., , ,

 


Solution details:
STATUS
Answered
QUALITY
Approved
ANSWER RATING

This question was answered on: Dec 18, 2020

PRICE: $18.50

Solution~00031147884011.zip (25.37 KB)

Buy this answer for only: $18.50

This attachment is locked

We have a ready expert answer for this paper which you can use for in-depth understanding, research editing or paraphrasing. You can buy it or order for a fresh, original and plagiarism-free copy (Deadline assured. Flexible pricing. TurnItIn Report provided)

Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
SiteLock

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

Dec 18, 2020

EXPERT

Tutor

ANSWER RATING

GET INSTANT HELP/h4>

We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.

You can also use these solutions:

  • As a reference for in-depth understanding of the subject.
  • As a source of ideas / reasoning for your own research (if properly referenced)
  • For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

NEW ASSIGNMENT HELP?

Order New Solution. Quick Turnaround

Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN YOUR SET DEADLINE.

Order Now