HARTMAN CORPORATION
Not what you're looking for?
A comparative balance sheet for Hartman Corporation is presented below:
HARTMAN CORPORATION
Comparative Balance Sheet
2010 2009
Assets
Cash $ 46,000 $ 31,000
Accounts receivable (net) 70,000 60,000
Prepaid insurance 25,000 17,000
Land 18,000 40,000
Equipment 70,000 60,000
Accumulated depreciation (20,000) (13,000)
Total Assets $209,000 $195,000
Liabilities and Stockholders' Equity
Accounts payable $ 11,000 $ 6,000
Bonds payable 27,000 19,000
Common stock 140,000 115,000
Retained earnings 31,000 55,000
Total liabilities and stockholders' equity $209,000 $195,000
Additional information:
1. Net loss for 2010 is $10,000.
2. Cash dividends of $14,000 were declared and paid in 2010.
3. Land was sold for cash at a loss of $4,000. This was the only land transaction during the year.
4. Equipment with a cost of $15,000 and accumulated depreciation of $10,000 was sold for $5,000 cash.
5. $22,000 of bonds were retired during the year at carrying (book) value.
6. Equipment was acquired for common stock. The fair market value of the stock at the time of the exchange was $25,000.
Instructions
Prepare a statement of cash flows for the year ended 2010, using the indirect method.
Purchase this Solution
Solution Summary
This solution is comprised of a detailed explanation to prepare a statement of cash flows for the year ended 2010, using the indirect method.
Solution Preview
Please see the attached file.
A comparative balance sheet for Hartman Corporation is presented below:
HARTMAN CORPORATION
Comparative Balance Sheet
2010 2009
Assets
Cash $ 46,000 $ 31,000
Accounts receivable (net) 70,000 60,000
Prepaid insurance 25,000 17,000
Land 18,000 40,000
Equipment 70,000 ...
Purchase this Solution
Free BrainMass Quizzes
Marketing Research and Forecasting
The following quiz will assess your ability to identify steps in the marketing research process. Understanding this information will provide fundamental knowledge related to marketing research.
SWOT
This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.
Marketing Management Philosophies Quiz
A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.
Accounting: Statement of Cash flows
This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.
Organizational Leadership Quiz
This quiz prepares a person to do well when it comes to studying organizational leadership in their studies.