P21-2 the comparative balance sheets for 2013 and 2012 and the

P21-2 The comparative balance sheets for 2013 and 2012 and the statement of income for 2013 are given below for Wright Company

 

P21-2 Statement of cash flows; direct method – EXCEL TEMPLATE

 

P21-2 The comparative balance sheets for 2013 and 2012 and the statement of income for 2013 are given below for Wright Company. Additional information from Wright’s accounting records is provided also.

 

WRIGHT COMPANY

Balance Sheet and Income Statement data are given in the solution.

Additional information:

 

Original cost

$10,000

Land selling price

7,000

Common stock purchase

25,000

New equipment cost

150,000

Note payment, 1/1/2013

30,000

Bond sale, 1/12013

60,000

Common stock sold

76,000

Common stock par

50,000

Net income

80,000

Cash dividends paid

35,000

 

Additional information from the accounting records:

 

a. Land that originally cost $10,000 was sold for $7,000.

b. The common stock of Microsoft Corporation was purchased for $25,000 as a short-term investment not classified as a cash equivalent.

c. New equipment was purchased for $150,000 cash.

d. A $30,000 note was paid at maturity on January 1.

e. On January 1, 2011, $60,000 of bonds were sold at face value.

f. Common stock ($50,000 par) was sold for $76,000.

g. Net income was $80,000 and cash dividends of $35,000 were paid to shareholders.

 

Required:

Prepare the statement of cash flows of Wright Company for the year ended December 31, 2013. Present cash flows from operating activities by the direct method. (You may omit the schedule to reconcile net income to cash flows from operating activities.) 

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