Q.42). P13-36B _Barton Publication Company, Inc._statements of cash flows

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Q.42). P13-36B _Barton Publication Company, Inc._statements of cash flows


42). P13-36B Prepare statements of cash flows (indirect and direct method) (Learning Objectives 1, 2 & 3):PAGE-770

Barton Publication Company, Inc., has the following comparative balance sheet as of March 31, 2010.

Barton Publication Company, Inc.

Balance Sheet

As of March 31, 2010 and 2009
2010 2009 Increase (Decrease)
Current assets :
Cash $ 55,600 $14.700 $40,900
Accounts receivable 51,400 53,300 (1,900)
Inventories 65,400 59,700 5,700
Prepaid expenses 3,700 5,100 (1,400)
Long-term investment 10,000 6,800 3,200
Equipment, net 71,700 70,200 1,500
Land 35,500 97,000 (61,500)
Total assets 293,300 $306,800 (61,500)
Current liabilities
Note payable, short-term $43,200 $48,900 $(5,700)
Account payable 4,300 3,500 800
Income tax payable 13,700 15,500 (1,800)
Salary payable 9,200 12,400 (3,200)
Interest payable 8,200 7,400 800
Accrued liabilities 2,900 3,400 (500)
Long-term note payable 48,900 93,100 (44,200)
Common stock 69,600 61,700 7,900
Retained earnings 93,300 60,900 32,400
Total liabilities and equity $293,300 $306,800 $(13,500)

Selected transaction data for the year ended March 31, 2010, include the following :

  1. Net income, $77,000
  2. Paid long-term note payable with cash, $59,600
  3. Cash payments to employees, $43,000
  4. Loss on sale of land, $9,600
  5. Acquired equipment by issuing long-term note payable, $15,400
  6. Cash payments to suppliers, $147,100
  7. Cash paid for interest, $4,100
  8. Depreciation expense on equipment, $13,900
  9. Paid short-term note payable by issuing common stock, $5,700
  10. Paid cash dividends, $44,600
  11. Received cash for issuance of common stock, $2,200
  12. Cash received form customer, $299,400
  13. Cash paid for income taxes, $12,000
  14. Sold land for cash, $51,900
  15. Interest received (in cash), $1,000
  16. Purchased long-term investment for cash, $3,200

Requirements

  1. Prepare the statement of cash flows for Barton Publication Company, Inc., for the year ended March 31, 2010, using the indirect method for operating cash flows. Include a schedule of noncash investing and financing activities. All of the current accounts except short-term notes payable result from operating transactions.
  2. Also prepare a supplementary schedule of cash flows from operations using the direct method.

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