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ACC 557 Week 9 Chapter 13 (E13-3, E13-4, E13-6, P13-3A)
E13-3: Tim Latimer Corporation had the following transactions.
For each transaction above, prepare the journal entry. ............
E13-4: Bracewell Company reported net income of $195,000 for
2014. Bracewell also reported depreciation expense of
$40,000 and a gain of $5,000 on disposal of plant assets. The
comparative balance sheet shows an increase in accounts
receivable of $15,000 for the year, a $17,000 increase in accounts
payable, and a $4,000 decrease in prepaid expenses. ............
Prepare the operating activities section of the statement of cash
flows for 2014. Use the indirect method............
E13-6: The three accounts shown below appear in the general
ledger of Chaudry Corp. during 2014. ............
From the postings in the accounts, indicate how the information is
reported on a statement of cash flows using the indirect method.
The loss on disposal of plant assets was $5,000. (Hint: Cost of
equipment constructed is reported in the investing activities
section as a decrease in cash of $53,000.) ............
P13-3A: The income statement of Toby Zed Company is
presented here. ............
Prepare the operating activities section of the statement of cash
flows for the year ended November 30, 2014, for Toby Zed
Company, using the indirect method. ............