ACC/557 ACC557 ACC 557 WEEK 9 HOMEWORK ASSIGNMENT Due Week 9 and worth 50 points Directions: Answer the following questions on a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard. Exercises E13-3.Cushenberry Corporation had the following transactions. 1. Sold land (cost $12,000) for $15,000. 2. Issued common stock at par for $20,000. 3. Recorded depreciation on buildings for $17,000. 4. Paid salaries of $9,000. 5. Issued 1,000 shares of $1 par value common stock for equipment worth $8,000. 6. Sold equipment (cost $10,000, accumulated depreciation $7,000) for $1,200. Instructions For each transaction above, (a) prepare the journal entry, and (b) indicate how it would affect the statement of cash ï¬‚ows using the indirect method. E13-4.Gutierrez Company reported net income of $225,000 for 2015. Gutierrez also reported depreciation expense of $45,000 and a loss of $5,000 on the disposal of equipment. The comparative balance sheet shows a decrease in accounts receivable of $15,000 for the year, a $17,000 increase in accounts payable, and a $4,000 decrease in prepaid expenses. Instructions Prepare the operating activities section of the statement of cash ï¬‚ows for 2015. Use the indirect method. â€ƒ Problems P13-3A.The income statement of Whitlock Company is presented here. Additional information: 1. Accounts receivable increased $200,000 during the year, and inventory decreased $500,000. 2. Prepaid expenses increased $150,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $340,000 during the year. 4. Accrued expenses payable decreased $100,000 during the year. 5. Operating expenses include depreciation expense of $70,000. Instructions Prepare the operating activities section of the statement of cash ï¬‚ows for the year ended November 30, 2015, for Whitlock Company, using the indirect method. â€ƒ P13-7A.Presented below are the ï¬nancial statements of Nosker Company. Additional data: 1. Dividends declared and paid were $20,000. 2. During the year equipment was sold for $8,500 cash. This equipment cost $18,000 originally and had a book value of $8,500 at the time of sale. 3. All depreciation expense, $14,500, is in the operating expenses. 4. All sales and purchases are on account. Instructions a) Prepare a statement of cash ï¬‚ows using the indirect method. b) Compute free cash ï¬‚ow. Accounting Assignment Help, Accounting Homework help, Accounting Study Help, Accounting Course Help
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