question archive The following are comparative balance sheets and on income statement for Went Company
The following are comparative balance sheets and on income statement for Went Company
Subject:AccountingPrice: Bought3
The following are comparative balance sheets and on income statement for Went Company. Went Company Balance Sheets As of December 31 2013 2012 Assets Cash $ 21,500 $120,000 Accounts receivable 195,000 105,000 Inventory 180,000 225,000 Long-term investments 0 60,000 Totals $396,500 $510,000
Liabilities and shareholders' equity Accounts payable $ 75,000 $120,000 Operating expenses payable 24,000 15,000 Bonds payable 70,000 100,000 Common stock 125,000 125,000 Retained earnings 102,500 150,000 Totals $396,500 $396,500
Went Company Income Statement For the Year Ended December 31, 2013
Sales $560,000 Cost of goods sold: Beginning inventory $225,000 Purchases 330,000 Goods available for sale 555,000 Less: ending inventory 180,000 Cost of goods sold 375,000 Gross profit 185,000 Operating expenses 180,000 Income from operations 5,000 Other expenses Loss on sale of long-term investments (7,500) Net loss $ (2,500)
Cash dividends declared in 2013 was paid in 2013
Required:
Prepare a statement of cash flows for 2013, using the indirect method.
