Finance

Have Finance Questions? Ask a Financial Expert Online.

Ask an Expert,
Get an Answer ASAP!

Finance
This answer was rated:

P13-9A Condensed financial data of Arma Inc. follows ARMA

P13-9A Condensed financial data of...
P13-9A Condensed financial data of Arma Inc. follows:

ARMA INC.
Comparative Balance Sheets
December 31

Assets 2011 2010
Cash
Accounts receivable
Inventories
Prepaid expenses
Investments
Plant assets
Accumulated depreciation
Total $ 90,800
92,800
112,500
28,400
138,000
270,000
(50,000)
$682,500 $ 48,400
33,000
102,850
26,000
114,000
242,500
(52,000)
$514,750
Liabilities and Stockholders’ Equity
Accounts payable
Accrued expenses payable
Bonds payable
Common Stock
Retained earnings
Total
$112,000
16,500
110,000
220,000
224,000
$682,500
$ 67,300
17,000
150,000
175,000
105,450
$514,750

ARMA INC.
Income Statement
For the Year Ended December 31, 2011

Sales
Less:
Cost of goods sold
Operating expenses, excluding
Depreciation
Depreciation expense
Income taxes
Interest expense
Loss on sale of plant assets
Net income

$135,460

12,410
46,500
27,280
4,730
7,500 $392,780







233,880
$158,900


Additional information:

1. New plant assets costing $85,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $57,500 were sold for $1,500 cash.
3. Bonds matured and were paid off at face value for cash.
4. A cash dividend of $40,350 was declared and paid during the year.

Instructions
Prepare a statement of cash flows using the indirect method. (Cash from operations $185,250)

P13-10A Data for Arma Inc. are presented in P13-9A. Further analysis reveals the accounts payable pertain to merchandise creditors.

Instructions
Prepare a statement of cash flows for Arma Inc. using the direct method. (Cash from operations $185,250)
Show More
Show Less
Ask Your Own Finance Question
Answered in 3 hours by:
10/1/2011
Manal Elkhoshkhany
Category: Finance
Satisfied Customers: 9,899
Experience: More than 5000 online tutoring sessions.
Verified

Hello

 

Please click on the following link for the solution:

 

http://www.box.net/shared/0yv3t1o1hhtyajxo91fy

 

 

P.S. If you like my services, please feel free to direct your future posts to me specifically by typing "For BusinessTutor" at the beginning of your post. Should you choose to do this, please try to allow me 48 hours before the deadline. If you need to meet me online for a timed assignment, please advise me of the date and time (EST) you want me to meet you here and I will. Please make sure you take the length (and number) of the questions into consideration when making your offer to avoid delays in providing solutions.

 

Thank you

Manal Elkhoshkhany
Category: Finance
Satisfied Customers: 9,899
Experience: More than 5000 online tutoring sessions.
Verified
Manal Elkhoshkhany and 87 other Finance Specialists are ready to help you
Ask your own question now
Ask Manal Elkhoshkhany Your Own Question
Manal Elkhoshkhany
Manal Elkhoshkhany
Manal Elkhoshkhany, Tutor
Category: Finance
Satisfied Customers: 9,899
9,899 Satisfied Customers
Experience: More than 5000 online tutoring sessions.

Manal Elkhoshkhany is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,608 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,218 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

9,899 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
Have a sub s corp rental properties fully depreciated wish
Have a sub s corp rental properties fully depreciated wish to do a joint venture not a sale or transfer of property.. How can this be done without triggering capital gains? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Parent Co holds 80 percent of the common stock of Subsidiary
Parent Co holds 80 percent of the common stock of Subsidiary Co. In the current year, Parent reports sales of $5,000,000 and cost of goods sold of $3,500,000. For the same period, Subsidiary has sales… read more
Anita L. Eisthen, CFA, CPA, MBA
Anita L. Eisthen, CFA, CPA, MBA
Owner and Chief Investment Officer
Master\u0027s Degree
83 satisfied customers
I have some questions about Residential Rental Depreciation.
I have some questions about Residential Rental Depreciation. I rented out a house in 1986 for a few years using the Acrs method of depreciation. Took the rental out of service after a few years. Now, … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
Lane, I'm depreciating a vehicle for "its first time" and
Hey Lane,I'm depreciating a vehicle for "its first time" and taking the Special Depreciation Bonus. My questions is during the same tax year of the S.D.B. can I also deduct the "Current Depreciation"?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Can I take depreciation on my investment property without
Can I take depreciation on my investment property without selling it … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,466 satisfied customers
4 years into 5 year depreciation, contractor who was using
4 years into 5 year depreciation, contractor who was using computer equipment my C corp owned went out of business and lost the equipment to his landlord. I'm guessing I can write off the balance, but… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I have a question about the value of one common stock. If I
Hi,I have a question about the value of one common stock. If I know the value of the total company, should I divide the value of the total company by the number of the ISSUED stocks or the number of t… read more
Matthew Breecher
Matthew Breecher
President
MBA (Graduate Legal Studies)
285 satisfied customers
Double declining balance depreciation. Shouldn't the asset
Double declining balance depreciation. Shouldn't the asset be fully depreciated after the useful live if there is no salvage value? If this calculator is wrong, please provide a schedule that is corre… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
682 satisfied customers
Depreciation of legal and architect and engineer fees for a
Depreciation of legal and architect and engineer fees for a commercial real estate property. Is it a capital improvement of 39 years and can it be bonus/accelerated ? … read more
Matthew Breecher
Matthew Breecher
President
MBA (Graduate Legal Studies)
285 satisfied customers
I am going to sell a rental property. I have depreciated it
I am going to sell a rental property. I have depreciated it $14,000. I am retired...what will my tax problems be? … read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
682 satisfied customers
I need to depreciate a a/c machine for a car shop, what is
I need to depreciate a a/c machine for a car shop , what is the life of the machine? I also need to depreciate a lift for a car shop . What is the estimated life of the equipment? Thanks… read more
Anne
Anne
Master Tax Preparer
1,328 satisfied customers
Can one take a "bonus depreciation" (50% depreciation in the
Hello, can one take a "bonus depreciation" (50% depreciation in the first year of service) on capital improvements done to a residential rental property? This is for the 2013 tax return.… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
How do I correctly make an entry for depreciation of
How do I correctly make an entry for depreciation of computer and office equipment (using software system Xero)? If the equipment was purchased in 2015, does the depreciation get recorded on Dec 31, 2… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
682 satisfied customers
I have a question regarding stepped up depreciation and
I have a question regarding stepped up depreciation and being a real estate professional. … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
When you are taking depreciation section 179 for new
When you are taking depreciation section 179 for new furniture, can you use 7 years for the life?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Can I have depreciation section 179 for new furniture that
Can I have depreciation section 179 for new furniture that cost me $700 on the form the 1120s?… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,217 satisfied customers
Calculate car depreciation for my s corp My accountant says
Calculate car depreciation for my s corp My accountant says there is car depreciate limit defined by IRS. Acct uses 200 DB Hy calculation but restricted by annual irs limit for car. I need to how amou… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
2015 adjusting entries/depreciation for your or your CPA.
2015 adjusting entries/depreciation for your or your CPA. Our LLC account just sent me this email and I have no ideal what she is talking about. … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,217 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x