On the basis of the following data for Teller Co.
CaidenOn the basis of the following data for Teller Co. for 2006 and the preceding year ended December 31, 2005, prepare a statement of cash flows in excel. Use the indirect method of reporting cash flows from operating activities.
Additional Information
1) Assume that equipment costing $125,000 was purchased for cash and equipment costing $85,000 with accumulated depreciation of $65,000 was sold for $15,000;
2) The stock was issued for cash;
3) The only entries in the retained earnings account were net income of $51,000 and cash dividends declared of $13,000.
Balance Sheets
Year | Year | ||
2006 | 2005 | ||
Cash | $100,000 | $ 78,000 | |
Accounts receivable (net) | 78,000 | 85,000 | |
Inventories | 101,500 | 90,000 | |
Equipment | 410,000 | 370,000 | |
Accumulated depreciation | (150,000) | (158,000) | |
$539,500 | $465,000 | ||
======== | ======== | ||
Accounts payable (merchandise creditors) | $ 58,500 | $ 55,000 | |
Cash dividends payable | 5,000 | 4,000 | |
Common stock, $10 par | 200,000 | 170,000 | |
Paid-in capital in excess of par--common stock | 62,000 | 60,000 | |
Retained earnings | 214,000 | 176,000 | |
$539,500 | $465,000 | ||
======== | ======== | ||
11 years ago
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