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  • Audio City Inc Is Developing Its Annual Financial Statements at

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    Taimur Technologist
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    Audio City, Inc. is preparing its annual financial statements for 2013. The balance sheet and income statement are complete, but the statement of cash flows needs to be prepared using information from those statements as well as additional data about cash transactions over the year, including equipment purchases, note payments, stock issuance, dividends paid, and expenses.

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    Audio City Inc is Developing Its Annual Financial Statements At

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    Audio City, Inc. is preparing its annual financial statements for 2013. The balance sheet and income statement are complete, but the statement of cash flows needs to be prepared using information from those statements as well as additional data about cash transactions over the year, including equipment purchases, note payments, stock issuance, dividends paid, and expenses.

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    © All Rights Reserved
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    27 views1 page

    Audio City Inc Is Developing Its Annual Financial Statements at

    Uploaded by

    Taimur Technologist
    Audio City, Inc. is preparing its annual financial statements for 2013. The balance sheet and income statement are complete, but the statement of cash flows needs to be prepared using information from those statements as well as additional data about cash transactions over the year, including equipment purchases, note payments, stock issuance, dividends paid, and expenses.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    Audio City Inc is developing its annual financial

    statements at #2852

    Audio City, Inc., is developing its annual financial statements at December 31, 2013. The
    statements are complete except for the statement of cash flows. The completed comparative
    balance sheets and the income statement are summarized below:

    Additional Data:
    a. Bought equipment for cash, $73,000.
    b. Paid $15,000 on the long-term note payable.
    c. Issued new shares of stock for $30,000 cash.
    d. Dividends of $5,000 were paid in cash.
    e. Other expenses included depreciation, $15,000; wages, $20,000; taxes, $25,000.

    f. Accounts Payable includes only inventory purchases made on credit. Because a liability
    relating to taxes does not exist, assume that they were fully paid in cash.

    Required:
    1. Prepare the statement of cash flows for the year ended December 31, 2013, using the
    indirect method.
    2. Evaluate the statement of cashflows.

    Audio City Inc is developing its annual financial statements at

    ANSWER
    http://paperinstant.com/downloads/audio-city-inc-is-developing-its-annual-financial-statements-
    at/

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