QUESTION 2 – Cash Flow StatementA comparative balance sheet for Bell Ltd. is presented as follows:Dec 31/17Dec 31/16$ 42,000$ 251,000107,00081,000135,000138,000515,000319,000(80,000)(100,000)$718,000 $487,000AssetsCashAccounts receivable (net)InventoryEquipmentAcc. amort., equipmentTotal AssetsLiabilities & S/H EquityAccounts payableWages payableCommon shares, n.p.v. . . .Retained earningsDec 31/17$91,0003,000342,000103,000Total Liabilities & S/H Equity $718,000Dec 31/16$ 57,0007,000259,00086,000$487,000During 2017, the company sold old equipment costing $100,000 (net book value, $62,000) for a gain of $1,000. Bellissued common shares during the year. Net income for 2007 was $31,000 and amortization expense was $18,000.REQUIRED Prepare in good form the 2017 Cash Flow Statement for Bell Ltd.

The question asked to prepare the statement of cash flow. The statement of cash flow: The…

A comparative balance sheet for Bell Ltd. is presented Dec 31/17 Dec 31/16 $ 42,000 $ 251,000 107,000 81,000 135,000 138,000 515,000 319,000 (80,000) (100,000) $718,000 $487,000 Assets Cash Accounts receivable (net) Inventory Equipment as follows: Liabilities & S/H Equity Accounts payable Wages payable Acc. amort., equipment Total Assets Common shares, n.p.v. . . . Retained earnings Dec 31/17 $91,000 3,000 Dec 31/16 $ 57,000 7,000 342,000 103,000 Total Liabilities & S/H Equity $718,000 During 2017, the company sold old equipment costing $100,000 (net book value, $62,000) for a gain of $1,000. Bell issued common shares during the year. Net income for 2007 was $31,000 and amortization expense was $18,000. REQUIRED Prepare in good form the 2017 Cash Flow Statement for Bell Ltd. 259,000 86,000 $487,000

A comparative balance sheet for Bell Ltd. is presented Dec 31/17 Dec 31/16 $ 42,000 $ 251,000 107,000 81,000 135,000 138,000 515,000 319,000 (80,000) (100,000) $718,000 $487,000 Assets Cash Accounts receivable (net) Inventory Equipment as follows: Liabilities & S/H Equity Accounts payable Wages payable Acc. amort., equipment Total Assets Common shares, n.p.v. . . . Retained earnings Dec 31/17 $91,000 3,000 Dec 31/16 $ 57,000 7,000 342,000 103,000 Total Liabilities & S/H Equity $718,000 During 2017, the company sold old equipment costing $100,000 (net book value, $62,000) for a gain of $1,000. Bell issued common shares during the year. Net income for 2007 was $31,000 and amortization expense was $18,000. REQUIRED Prepare in good form the 2017 Cash Flow Statement for Bell Ltd. 259,000 86,000 $487,000

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter13: Statement Of Cash Flows

Section: Chapter Questions

Problem 13.3APR

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