Graduate Essay Writers
Only the most qualified writers are selected to be a part of our research and editorial team, with each possessing specialized knowledge in specific subjects and a background in academic writing.
Order For Custom Writing, Similar Answers & Assignment Help Services
Fill the order form details in 3 easy steps - paper's instructions guide.
Posted: October 20th, 2022
Sullivan Corpstatement of cash flows
(SCFâIndirect Method) The following
are Sullivan Corp.âs comparative balance sheet accounts at December 31, 2012
and 2011, with a column showing the increase (decrease) from 2011 to 2012.
COMPARATIVE BALANCE SHEETS
2012
2011
Increase
(Decrease)
Cash
$ 815,000
$ 700,000
$115,000
Accounts receivable
1,128,000
1,168,000
(40,000)
Inventory
1,850,000
1,715,000
135,000
Property, plant, and equipment
3,307,000
2,967,000
340,000
Accumulated depreciation
(1,165,000)
(1,040,000)
(125,000)
Investment in Myers Co.
310,000
275,000
35,000
Loan receivable
250,000
â
250,000
Total assets
$6,495,000
$5,785,000
$710,000
Accounts payable
$1,015,000
$ 955,000
$ 60,000
Income taxes payable
30,000
50,000
(20,000)
Dividends payable
80,000
100,000
(20,000)
Capital lease obligation
400,000
â
400,000
Common stock, $1 par
500,000
500,000
â
Paid-in capital in excess of
parâcommon stock
1,500,000
1,500,000
â
Retained earnings
2,970,000
2,680,000
290,000
Total liabilities and stockholdersâ
equity
$6,495,000
$5,785,000
$710,000
Additional information:
1. On December 31, 2011, Sullivan
acquired 25% of Myers Co.âs common stock for $275,000. On that date, the
carrying value of Myersâs assets and liabilities, which approximated their fair
values, was $1,100,000. Myers reported income of $140,000 for the year ended
December 31, 2012. No dividend was paid on Myersâs common stock during the
year.
2. During 2012, Sullivan loaned
$300,000 to TLC Co., an unrelated company. TLC made the first semiannual
principal repayment of $50,000, plus interest at 10%, on December 31, 2012.
3. On January 2, 2012, Sullivan sold
equipment costing $60,000, with a carrying amount of $38,000, for $40,000 cash.
4. On December 31, 2012, Sullivan
entered into a capital lease for an office building. The present value of the
annual rental payments is $400,000, which equals the fair value of the
building. Sullivan made the first rental payment of $60,000 when due on January
2, 2013.
5. Net income for 2012 was $370,000.
6. Sullivan declared and paid cash
dividends for 2012 and 2011 as shown on the next page.
2012
2011
Declared
December 15, 2012
December 15, 2011
Paid
February 28, 2013
February 28, 2012
Amount
$80,000
$100,000
Instructions
Prepare a statement of cash flows for
Sullivan Corp. for the year ended December 31, 2012, using the indirect method.
Why Seek Our Custom Writing Services
Every Student Wants Quality and That’s What We Deliver
Affordable Prices
Our prices strike the perfect balance between affordability and quality. We offer student-friendly rates that are competitive within the industry, without compromising on our high writing service standards.
100% Plagiarism-Free
No AI/chatgpt use. We write all our papers from scratch thus 0% similarity index. We scan every final draft before submitting it to a customer.
How it works
When you decide to place an order with Nursing.StudyBay, here is what happens:
Expert paper writers are just a few clicks away
Place an order in 3 easy steps. Takes less than 5 mins.