Q.42). P13-36B _Barton Publication Company, Inc._statements of cash flows
Q.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.
As of March 31, 2010 and 2009
Current assets :
Note payable, short-term
Income tax payable
Long-term note payable
Total liabilities and equity
Selected transaction data for the year ended March 31, 2010, include the following :
Net income, $77,000
Paid long-term note payable with cash, $59,600
Cash payments to employees, $43,000
Loss on sale of land, $9,600
Acquired equipment by issuing long-term note payable, $15,400
Cash payments to suppliers, $147,100
Cash paid for interest, $4,100
Depreciation expense on equipment, $13,900
Paid short-term note payable by issuing common stock, $5,700
Paid cash dividends, $44,600
Received cash for issuance of common stock, $2,200
Cash received form customer, $299,400
Cash paid for income taxes, $12,000
Sold land for cash, $51,900
Interest received (in cash), $1,000
Purchased long-term investment for cash, $3,200
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.
Also prepare a supplementary schedule of cash flows from operations using the direct method.
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