1 statement of cash flows presentation selected


1) Statement of cash flows presentation.

Selected financial statement information and additional data for Johnston Enterprises is presented below.  Prepare a statement of cash flows for the year ending December 31,2010

 

Johnston Enterprises

Balance Sheet and Income Statement Data given in attachment

 

Additional Information:

During the year, Johnston sold equipment with an original cost of $153,000 and accumulated depreciation of $119,000 and purchased new equipment for $272,000.

2) Balance sheet presentation.

 Given the following account information for Leong Corporation, prepare a balance sheet in a report form

for the company as of December 31,2010.  All accounts have normal balances.

Equipment 40,000

Interest Expense 2,400

Interest Payable 600

Retained Earnings ?

Dividends 50,400

Land 137,320

Inventory 102,000

Bond Payable 78,000

Note Payable(due in 6 months) 14,400

Common Stock 60,000

Accumulated Depreciation-Eq. 10,000

Prepaid Advertising 5,000

Revenue 331,400

Building 80,400

Supplies 1,860

Taxes Payable 3,000

Utilities Expenses 1,320

Advertising Expense 1,560

Salary Expense 53,040

Salaries Payable 900

Accumulated Depr. -Bld 15,000

Cash 30,000

Depreciation Expense, Building & Equipment 8,000

 

3) Balance sheet format.

The Following Balance sheet has been submitted to you by an inexperienced bookkeeper.

Rewrite the balance sheet correctly. Consider both terminology deficiencies as well as classification inaccuracies.

Jasper Industries, Inc.

Balance Sheet

For the Period Ended 12/31/10 given in attachment

Note*  The reserve for contingencies has been created by charges to earned surplus and

1.           has been established to provide a cushion for future uncertainties.

Note*  The inventory account includes only items physically present at the main plant

2.           and warehouse.  Items located at the company's branch sales office amounting to $40,000 are excluded since the company has consistently followed this procedure for many years.


Attachment:- problem_attachment.xlsx

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