A comparative balance sheet for Bell Ltd. is presented Dec 31/17 Dec 31/16 $ 42,000 $ 251,000 107,000 81,000 135,000 138,000 515,000 319,000 (80,000) (100,000) $718,000 $487,000 Assets Cash Accounts receivable (net) Inventory Equipment as follows: Liabilities & S/H Equity Accounts payable Wages payable Acc. amort., equipment Total Assets Common shares, n.p.v. . . . Retained earnings Dec 31/17 $91,000 3,000 Dec 31/16 $ 57,000 7,000 342,000 103,000 Total Liabilities & S/H Equity $718,000 During 2017, the company sold old equipment costing $100,000 (net book value, $62,000) for a gain of $1,000. Bell issued common shares during the year. Net income for 2007 was $31,000 and amortization expense was $18,000. REQUIRED Prepare in good form the 2017 Cash Flow Statement for Bell Ltd. 259,000 86,000 $487,000
A comparative balance sheet for Bell Ltd. is presented Dec 31/17 Dec 31/16 $ 42,000 $ 251,000 107,000 81,000 135,000 138,000 515,000 319,000 (80,000) (100,000) $718,000 $487,000 Assets Cash Accounts receivable (net) Inventory Equipment as follows: Liabilities & S/H Equity Accounts payable Wages payable Acc. amort., equipment Total Assets Common shares, n.p.v. . . . Retained earnings Dec 31/17 $91,000 3,000 Dec 31/16 $ 57,000 7,000 342,000 103,000 Total Liabilities & S/H Equity $718,000 During 2017, the company sold old equipment costing $100,000 (net book value, $62,000) for a gain of $1,000. Bell issued common shares during the year. Net income for 2007 was $31,000 and amortization expense was $18,000. REQUIRED Prepare in good form the 2017 Cash Flow Statement for Bell Ltd. 259,000 86,000 $487,000
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter13: Statement Of Cash Flows
Section: Chapter Questions
Problem 13.3APR
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