P21-5
Comparative balance sheets for 2013 and 2012 and a statement of income for 2013
are given below for Metagrobolize Industries. - EXCEL TEMPLATE
b. The statement of shareholders' equity reveals reductions of $225,000 and $450,000 for stock dividends and cash dividends, respectively.
P21-5
Statement of cash flows; direct method
P21-5
Comparative balance sheets for 2013 and 2012 and a statement of income for 2013
are given below for Metagrobolize Industries. Additional information from the
accounting records of Metagrobolize also is provided.
METAGROBOLIZE
INDUSTRIES
Balance
Sheet and Income Statement are given in the solution|
Additional information:
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Equipment cost
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$300,000
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Depreciated
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90%
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Stock dividend
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$225,000
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Cash dividend
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$450,000
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Additional information from the accounting records:
a.
During 2013, equipment with a cost of $300,000 (90% depreciated) was sold.b. The statement of shareholders' equity reveals reductions of $225,000 and $450,000 for stock dividends and cash dividends, respectively.
Required:
Prepare
the statement of cash flows of Metagrobolize for the year ended December 31,
2013. Present cash flows from operating activities by the direct method. (You
may omit the schedule to reconcile net income to cash flows from operating
activities.)
Preview
Metagrobolize
Industries
Spreadsheet for the
Statement of Cash Flows
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Dec.31
2012
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Changes
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Dec. 31
2013
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Debits
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Credits
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Balance Sheet
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Assets:
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Cash
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375
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225
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600
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Accounts receivable
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450
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150
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600
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Inventory
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525
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375
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900
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File name:
P21-5-Metagrobolize.xls File type:
application/vnd.ms-excel PRICE: $8
