Here are comparative balance sheets for Taguchi Company. - 10363

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Here are comparative balance sheets for Taguchi Company.

 

 

 

TAGUCHI COMPANY

Comparative Balance Sheets

December 31

Assets

2011

 

2010

Cash

$73,000 

 

$22,000 

Accounts receivable

85,000 

 

76,000 

Inventories

170,000 

 

189,000 

Land

75,000 

 

100,000 

Equipment

260,000 

 

200,000 

Accumulated depreciation

(66,000)

 

(32,000)

     Total

$597,000 

 

$555,000 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

Accounts payable

$39,000

 

$47,000

Bonds payable

150,000

 

200,000

Common stock ($1 par)

216,000

 

174,000

Retained earnings

192,000

 

134,000

     Total

$597,000

 

$555,000

 

Additional information:

 

  1. Net income for 2011 was $103,000.
  2. Cash dividends of $45,000 were declared and paid.
  3. Bonds payable amounting to $50,000 were redeemed for cash $50,000.
  4. Common stock was issued for $42,000 cash.
  5. No equipment was sold during 2011, but land was sold at cost.

 

Complete the statement of cash flows for 2011 using the indirect method. (List amounts from largest positive to smallest positive followed by most negative to least negative, e.g. 15, 14, 10, -17, -5, -1. If amount decreases cash flow, use either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

 

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