Home / Questions / PROBLEM 14–12 Missing Data Statement of Cash Flows LO1 LO2 Estes Company listed the net c...
PROBLEM 14–12 Missing Data; Statement of Cash Flows [LO1, LO2]
Estes Company listed the net changes in its balance sheet accounts for the past year as follows:
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|
Debits > Credits by: |
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Credits > Debits by: |
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Cash . . . . . . . . . . . . . . . . . . . . . . . . . |
$ 51,000 |
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|
|
Accounts receivable . . . . . . . . . . . . . |
170,000 |
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|
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Inventory . . . . . . . . . . . . . . . . . . . . . . |
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$ 63,000 |
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Prepaid expenses . . . . . . . . . . . . . . . |
4,000 |
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|
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Long-term loans to subsidiaries . . . . |
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80,000 |
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Long-term investments . . . . . . . . . . . |
90,000 |
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Plant and equipment . . . . . . . . . . . . . |
340,000 |
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Accumulated depreciation . . . . . . . . |
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65,000 |
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Accounts payable . . . . . . . . . . . . . . . |
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48,000 |
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Accrued liabilities . . . . . . . . . . . . . . . |
5,000 |
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Income taxes payable . . . . . . . . . . . . |
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|
9,000 |
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Bonds payable . . . . . . . . . . . . . . . . . |
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200,000 |
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Common stock . . . . . . . . . . . . . . . . . |
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|
120,000 |
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Retained earnings . . . . . . . . . . . . . . |
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|
75,000 |
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$660,000 |
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$660,000 |
The following additional information is available about last year’s activities:
a. Net income for the year was $ ? .
b. The company sold equipment during the year for $35,000. The equipment originally cost the company $160,000, and it had $145,000 in accumulated depreciation at the time of sale.
c. The company declared and paid $10,000 in cash dividends during the year.
d. The beginning and ending balances in the Plant and Equipment and Accumulated Deprecia- tion accounts are given below:
e. The balance in the Cash account at the beginning of the year was $109,000; the balance at the end of the year was $ ? .
f. If data are not given explaining the change in an account, make the most reasonable assump- tion as to the cause of the change.
Required:
Using the indirect method, prepare a statement of cash flows for the year.
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