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Need Help on my Statement of Cash Flows Problem
Complete a Statement of Cash Flows indirect method for the PT Co. for the year ended 12/31/2011.
PT Co. Balance Sheet 12/31/2011 12/31/2010 Cash $ 1,756 $770 Accounts Receivable $ 480 $385 Inventory $ 372 $ 495 Land $ 200 $ 330 Equipment $2,560 $ 1,760 Accumulated Depre. - Equip. $ (580) $ (220) Total Assets $ 4,788 $ 3,520 A/P $ 900 $ 660 Bonds Payable $ 1800 $ 1100 Common Stock $ 990 $ 990 Retained Earnings $ 1,098 $ 770 Total Liabilities and Equity $ 4,788 $ 3,520 PT Co. Income Statement year ending 12/31/2011 Sales Rev. $ 9,000 COGS $ (6,000) =Gross Profit $ 3,000 Other Expenses $ (2,000) Gain on Sale of Land $ 400 = Net Income $ 1,400 Notes on 2011 Activities: 1. Equipment with a cost of $50 and a Book Value of $30 was sold for cash of $30. Equipment was purchased for cash. 2. Land was sold for cash. 3. Cash dividends were declared and paid. 4. Bonds were issued on 12/31/2011 for cash. If someone can also solve this and see where I got off on my numbers I believe it has to do with the notes part. But I am not sure help would be appreciated! |
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