ACCT 312 Week 7 Homework Problems - P21 5, P21 6 (ACCT 312 - Intermediate Accounting III - DeVry)

# ACCT 312 Week 7 Homework Problems - P21 5, P21 6 (ACCT 312 - Intermediate Accounting III - DeVry)

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Chapter 21 Problem

Problem 21-5

Statement of cash flows; direct method

Comparative balance sheets for 2013 and 2012 and a statement of income for 2013 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided.

Additional information from the accounting records:

a.During 2013, equipment with a cost of 300,000 (90% depreciated) was sold.

b.The statement of shareholders' equity reveals reductions of 225,000 and 450,000 for stock dividends and cash dividends, respectively.

Required:

Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2013. Present cash flows from operating activities by the direct method. (You may omit the schedule to reconcile net income to cash flows from...

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Excerpt from file: Chapter21Problem Problem215 Statement of cash flows; direct method Comparative balance sheets for 2013 and 2012 and a statement of income for 2013 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. Additional

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