| P23-12A |
20 points |
Accrued Interest Receivable |
Notes Payable |
Common Stock |
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| Bal. |
Bal.
Bal.
| (2) |
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| (17) |
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| (15) |
Bal. Bal. Bal.
Paid-In Capital in Excess
of Par – Common Stock |
Accounts Receivable |
Accounts Payable |
Bal. Bal. Bal.
| (3) |
| (6) |
(15)
Bal. Bal. Bal.
Merchandise Inventory |
Income Tax Payable |
Retrained Earnings |
Bal. Bal. Bal.
| (4) |
| (7) |
| (16) |
| (1) |
Bal. Bal. Bal.
Supplies and Prepayments |
Accrued and Withheld Payroll Taxes |
Bal. Bal.
| (5) |
| (8) |
Bal. Bal.
Store Equipment |
Accrued Interest Payable |
Bal. Bal.
| (12) |
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| (10) |
| (9) |
(17)
Bal.
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Mark Sears: Enter balances as a formula on appropriate debit or credit side.
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Mark Sears: Enter balances as a formula on appropriate debit or credit side.
Bal.
Accum. Depr. – Store Equipment |
Bal.
(10)
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| (11) |
20-2 20-1
| Cash and cash equivalents |
:
Bal. Cash
Government notes |
Delivery Equipment |
Cash and cash equivalents
Bal.
| (13) |
Net increase in cash and cash equivalents |
| (18) |
Bal.
Accum. Depr. – Delivery Equipment |
McDowell Company |
Bal.
Statement of Cash Flows |
(11)
For Year Ended December 31, 20-2 |
Cash flows from operating activities: |
Bal.
Net income |
(1)
Adjustments for changes in current assets and |
Office Equipment |
liabilities related to operating activities: |
Bal. (2)
| (14) |
(3)
(4)
Bal. (5)
(6)
Accum. Depr. – Office Equipment |
(7)
Bal. (8)
(11) (9)
Noncash expenses and other adjustments: |
Bal. (10)
Depreciation expense |
(11)
Net cash provided by operating activities |
Cash flows from investing activities: |
Sold store equipment |
(10)
Purchased store equipment |
(12)
Purchased delivery equipment |
(13)
Purchased office equipment |
(14)
Net cash used by investing activities |
Cash flows from financing activities: |
Issued common stock |
(15)
Paid cash dividends |
(16)
Net cash provided by financing activities |
Net increase (decrease) in cash and cash equivalents |
(18)
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Mark Sears: Enter as a formula
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Cash and cash equivalents, January 1, 20-2 |
Cash and cash equivalents, December 31, 20-2 |
Mark Sears: Enter as a formula
Mark Sears: Enter balances as a formula on appropriate debit or credit side.
Mark Sears: Enter balances as a formula on appropriate debit or credit side.
Mark Sears: Enter as a formula
Mark Sears: In this column, enter items that are decreases as negative numbers
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Mark Sears: Enter balances as a formula on appropriate debit or credit side.
Mark Sears: Enter as a formula
Schedule of Noncash Investing and Financing Activities: |
Acquired store equipment by issuing a note payable |
(17)
Supplemental Disclosures of Cash Flow Information: |
Cash paid for interest |
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| (19) |
Cash paid for income taxes |
(19)
To compute cash paid for interest and taxes, prepare the following entries: |
Interest Expense (see income statement) |
Accrued Interest Payable (decrease in Acc. Int. Pay.) |
| Cash (plug) |
(19)
Income Tax Expense (see income statement) |
Income Tax Payable (decrease in Income Tax Payable) |
Cash (plug) (19)