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Accounting Homework Problem 16-1A Oak and Tile Flooring Col. The

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Accounting Homework Problem 16-1A Oak and Tile Flooring Col.?
The comparative balance sheet of Oak and Tile Flooring Co. for June 30, 2009 and 2007, is as follows:

Assets .........June 30, 2008.......June 30 2007
Cash.........34700......23500
Accounts receivable...1016000....92300
Inventories......146300.....142100
Investments......0......50000
Land........145000......0
Equipment.......215000...5500
Accumulated Depreciation(48600)...(41300)

Liabilities...............June 2008..........june 2007
Accounts Payable.........100900......95200
Accrued Expenses........15000.......13200
Dividends Payable.........12500........10000
Common Stock, $1 par..56000........50000
Paid-In Cap in excess of par-Common stock.220000..100000
Retained Earnings.....189600...173700

The following additional information was taken from the records of Oak and Tile Flooring Co.

a.Equipment and land were acquired for cash.
b.There were no disposals of equipment during the year.
c.The investments were sold for $45,000 cash.
d.The common stock was issued for cash.
e.There was a $65,900 credit to Retained Earnings for net income.
f.There was a $50,000 debit to Retained Earnings for cash dividends declared

Prepare a statement of cash flows on the spreadsheet provided for this problem, using the indirect method of presenting cash flows from operating activities. Next, enter in key amounts from the spreadsheet as requested below. Use a minus sign (eg. -300) to enter negative numbers.



Operating activities:


Total amount of adjustments to reconcile net income to net cash flow from operating activities.
Total amount of changes in current operating assets and liabilities.
Net cash flow from operating activities


Investing activities:


Cash received from investing activities
Cash paid out for investing activities
Net cash flow used for investing activities


Financing activities:


Cash received from financing activities
Cash paid out for financing activities
Net cash flow provided by financing activities


Cash:
State the direction and the amount of the change in cash.


Change Amount
Submitted: 7 years ago.
Category: Homework
Expert:  Neo replied 7 years ago.
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