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E13-8 Here are comparative balance sheets for Taguchi Company.

 

Instructions

Prepare a statement of cash flows for 2011 using the indirect method.

 

         TAGUCHI COMPANY

Comparative Balance Sheets

    December 31

 

Assets                                                                                2011                                     2010

Cash                                                                              $ 73,000                              $ 22,000

Accounts receivable                                                      85,000                                  76,000

Inventories                                                                    170,000                                189,000

Land                                                                                 75,000                                100,000

Equipment                                                                     260,000                                200,000

Accumulated depreciation                                          (66,000)                                (32,000)

Total                                                                   $597,000                              $555,000

 

Liabilities and Stockholders’ Equity

Accounts payable                                                       $ 39,000                               $ 47,000

Bonds payable                                                             150,000                                200,000

Common stock ($1 par)                                              216,000                                174,000

Retained earnings                                                       192,000                               134,000

 

Total                                                                   $597,000                             $555,000

 


Additional information:

1. Net income for 2011 was $103,000.

2. Cash dividends of $45,000 were declared and paid.

3. Bonds payable amounting to $50,000 were redeemed for cash $50,000.

4. Common stock was issued for $42,000 cash.

5. No equipment was sold during 2011, but land was sold at cost.

Prepare a statement of cash

 

E14-3 The comparative condensed balance sheets of Conard Corporation are presented below

 

Instructions

(a) Prepare a horizontal analysis of the income statement data for Hendi Corporation using 2011 as a base.

(b) Prepare a vertical analysis of the income statement data for Hendi Corporation in columnar form for both year

 

HENDI CORPORATION

Comparative Condensed Income Statements

For the Years Ended December 31

 

2012                                   2011

Net sales                                                 $600,000                         $500,000

Cost of goods sold                                   483,000                           420,000

Gross profit                                                117,000                             80,000

Operating expenses                                  57,200                             44,000

Net income                                              $ 59,800                          $ 36,000

 

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