p14 25a accountants for johnson inc have assembled the following data for the year e 500622
P14-25A
Accountants for Johnson, Inc., have assembled the following data for the year ended December 31, 2012:
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p14 25a accountants for johnson inc have assembled the following data for the year e 500622
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December 31, |
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2012 |
2011 |
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Current Accounts: |
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Current assets: |
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Cash and cash equivalents |
$ 92,100 |
$ 17,000 |
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Accounts receivable |
64,500 |
69,200 |
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Inventories |
87,000 |
80,000 |
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Current liabilities: |
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Accounts payable |
57,900 |
56,200 |
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Income tax payable |
14,400 |
17,100 |
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Issuance of common stock for cash |
$ 40,000 |
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Depreciation expense |
25,000 |
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Purchase of equipment |
75,000 |
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Acquisition of land by issuing long-term note payable |
122,000 |
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Cost basis of building sold |
53,000 |
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Payment of note payable |
$48,100 |
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Payment of cash dividends |
54,000 |
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Issuance of note payable to borrow cash |
67,000 |
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Gain on sale of building |
5,500 |
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Net income |
70,500 |
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Requirement
1.Prepare Johnson’s statement of cash flows using the indirect method. Include an accompanying schedule of noncash investing and financing activities.
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