Question Details

(Solution) - Comparative balance sheet data for the partnership of Bond and

Brief item decscription

Solution download


Item details:

Comparative balance sheet data for the partnership of Bond and Wallin follow.
................................................................ Dec. 31, 2013 ............... Dec. 31, 2012
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,000 ................. $ 12,500
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,200 ..................... 27,000
Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105,400 .................... 91,000
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,100 ...................... 5,350
Furniture and fixtures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,500 ................... 41,000
Accumulated depreciation . . . . . . . . . . . . . . . . . . . . . . . . . (40,250) ............... (25,250)
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $173,950 .............. $151,600
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,000 ................. $ 6,700
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,425 ................. 32,875
Long-term note . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,300 ................... -
Ryan Bond, capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,350 ................ 56,150
Trent Wallin, capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,875 ................. 55,875
Total liabilities and stockholders' equity . . . . . . . . . . . . . . $173,950 ........... $151,600
Net income for the year was $22,000, and this was transferred in equal amounts to the partners' capital accounts. Additional changes in the capital accounts arose from additional investments and withdrawals by the partners. The change in the furniture and fixtures account arose from a purchase of additional furniture; part of the purchase price was paid in cash, and a long-term note was issued for the balance.
Instructions:
Using the indirect method, prepare a statement of cash flows for 2013?

 







About this question:
STATUS
Answered
QUALITY
Approved
ANSWER RATING

This question was answered on: Jul 11, 2017

PRICE: $15

Solution~000523387752.zip (18.37 KB)

Buy this answer for only: $15

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

Need a similar solution fast, written anew from scratch? Place your own custom order

We have top-notch tutors who can help you with your essay at a reasonable cost and then you can simply use that essay as a template to build your own arguments. This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student. New solution orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

Order Now