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ACC 291 Week 5 Individual Assignment (E13-8 & E14-3)


ACC 291 Week 5 Individual Assignment (E13-8 & E14-3) fin571

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ACC 291 Week 5 Individual Assignment (E13-8 & E14-3)
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This 0 page Study Guide was uploaded by an elite notetaker on Tuesday November 10, 2015. The Study Guide belongs to fin571 at Kaplan University taught by in Fall 2015. Since its upload, it has received 19 views.


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Date Created: 11/10/15
Individual Assignment Week 5 Accounting 291 E138 Here are comparative balance sheets for Taguchi Company SCULLY CORPORATION Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventories Land Equipment Accumulated depreciation Total Liabilities and Stockholders Eguity Accounts payable Bonds payable Common stock 1 par Retained earnings Total Additional information 1 Net income for 2011 was 103000 2 Cash dividends of 45000 were declared and paid amp M 73000 22000 85000 76000 170000 189000 75000 100000 260000 200000 66000 32000 597000 555000 39000 47000 150000 200000 216000 174000 192000 134000 597000 555000 3 Bonds payable amounting to 50000 were redeemed for cash 50000 4 Common stock was issued for 42000 cash 5 No equipment was sold during 2011 but land was sold at cost Instructions Prepare a statement of cash ows for 2011 using the indirect method Solution Taguchi Company Statement of Cash Flows For the Year Ended December 31 2011 Cash flows from operating activities Net Income Adjustments to reconcile net income to net cash from operating activities Depreciation eXpense Increase in accounts receivables Decrease in inventory Decrease in accounts payable Net cash provided by operating activities Cash flows from investing activities Sale of land Purchase of equipment Net cash provided by investing activities Cash flows from financing activities Issuance of common stock Payment of cash dividends Redemption of bonds Net cash used by nancing activities Net increase in cash 34000 9000 19000 8000 25000 60000 42000 45000 150000 103000 35000 53000 Add Cash at beginning of the period 22000 Cash at the end of the period 73000 E1 43 The comparative condensed balance sheets of Conard Corporation are presented below CONARD CORPORATION Comparative Condensed Balance Sheets 3 1 Dec 1 1 2012 2011 Assets Current assets 74000 80000 Property plant and equipment net 99000 90000 Intangibles 27000 40000 total assets 200000 210000 Liabilities and stockholders equity Current liabilities 42000 48000 Long term liabilities 143000 150000 Stockholders equity 15000 12000 Total liabilities and stockholders equity 200000 210000 Solutions Instructions a Prepare a horizontal analysis of the balance sheet data for Conard Corporation using 2011 as a base Conard Corporation Condensed Balance Sheet December 31 Increase Change 2012 2011 Decrease from 2011 Assets Current assets 74000 80000 6000 75 Property plant and equipment net 99000 90000 9000 100 Intangibles 27000 40000 1 3000 325 Total assets 200000 210000 10000 48 Liabilities and stockholders equity Current liabilities 42000 48000 6000 1 25 Longterm liabilities 143000 150000 7000 47 Stockholders equity 15000 12000 3 000 250 Total liabilities and stockholders equity 200000 210000 10 000 43 b Prepare a vertical analysis of the balance sheet data for Conard Corporation in columnar form for 2012 Conard Corporation Condensed Balance Sheet December 31 2012 Perce Amount a Assets Current assets 74000 370 Property plant and equipment net 99000 495 Intangibles 27 000 135 Total assets 200000 1000 Liabilities and stockholders equity Current liabilities 42000 210 Longterm liabilities 143000 715 Stockholders equity 15000 75 Total liabilities and stockholders equity 200000 1000


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