Stiggins net cash provided by operations;Bell Industries
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1- Stiggins Corporation had the following account balances for 2011:
December 31 January 1
Accounts Payable ...................... $67,200 $58,200
Prepaid Rent Expense .................. 24,600 37,200
Accounts Receivable (net) ............. 84,000 66,600
Stiggins' 2011 net income is $450,000. What amount should Stiggins include as net cash provided by operating activities in its 2011 statement of cash flows?
a. $436,200
b. $445,200
c. $453,600
d. $454,200
2-. A comparative balance sheet for Bell Industries is given below:
Bell Industries
Comparative Balance Sheet
December 31, 2011 and 2010
Assets 2011 2010
Cash ........................................ $ 40,000 $ 10,000
Accounts receivable ......................... 100,000 92,000
Merchandise inventory ....................... 30,000 43,000
Land, buildings, and equipment .............. 325,000 200,000
Accumulated depreciation--buildings and
equipment .................................
(75,000)
(50,000)
Total assets ............................ $420,000 $295,000
Liabilities and Stockholders' Equity
Accounts payable ............................ $ 65,000 $ 75,000
Common stock ($25 par) ...................... 275,000 200,000
Paid-in capital in excess of par ............ 50,000 0
Retained earnings ........................... 30,000 20,000
Total liabilities and stockholders' equity $420,000 $295,000
Additional data from the company's records were:
(a) On July 1, 2011, exchanged 3,000 shares of common stock for equipment.
(b) On December 31, 2011, paid cash dividends of $40,000 and income taxes of $10,000.
Prepare a cash flow statement for Bell Industries for the year ended December 31, 2011, using the indirect method. Include any necessary supplemental disclosures.
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Solution Summary
Stiggins net cash provided by operations in Bell Industries is determined.
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