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Condensed financial data of Fairchild Company for 2012 and

Resolved Question:

Condensed financial data of Fairchild Company for 2012 and 2011 are presented below.

FAIRCHILD COMPANY
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2012 AND 2011

2012

2011
Cash
$1,801

$1,091

Receivables
1,746

1,299

Inventory
1,594

1,914

Plant assets
1,897

1,703

Accumulated depreciation
(1,204

)

(1,164

)
Long-term investments (held-to-maturity)
1,299

1,473


$7,133

$6,316


Accounts payable
$1,212

$791

Accrued liabilities
200

247

Bonds payable
1,408

1,637

Common stock
1,906

1,709

Retained earnings
2,407

1,932


$7,133

$6,316


FAIRCHILD COMPANY
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2012
Sales
$6,817
Cost of goods sold
4,694
Gross margin
2,123
Selling and administrative expenses
933
Income from operations
1,190
Other revenues and gains
Gain on sale of investments
96
Income before tax
1,286
Income tax expense
550
Net income
$736

Additional information:

During the year, $74 of common stock was issued in exchange for plant assets. No plant assets were sold in 2012. Cash dividends were $261.

Prepare a statement of cash flows using the indirect method. (If an amount reduces the account balance then enter with negative sign.)
Submitted: 11 months ago.
Category: Single Problem
Expert:  Bizhelp replied 11 months ago.
Hi,

Thanks for requesting me.

I will work on this problem and answer later today.
Customer: replied 11 months ago.

Thank you very much!!!

Expert:  Bizhelp replied 11 months ago.
HiCustomer

You're welcome!

Please click here to download the solution.


Hope this helps!
Customer: replied 11 months ago.

I downloaded a solution for the calculation of Planning Materiality Amount for Mary Short Cosmetics company. That was not my question?

Expert:  Bizhelp replied 11 months ago.
HiCustomer

Sorry about that. I must have got my links mixed. Here is the correct solution file:

Please click here to download the file.

Thanks, XXXXX XXXXX this did not cause too much trouble.

Bizhelp, CPA
Category: Single Problem
Satisfied Customers: 5766
Experience: BA degree and Certified Public Accountant
Bizhelp and other Single Problem Specialists are ready to help you
Customer: replied 11 months ago.

Everything is fine & Thank you!!!

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