Accounting

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Homework Assignment 4
Chapter 15

McDaniel Corporation manufactures surveying equipment. Journalize the entries to record the following selected equity investment transactions completed by McDaniel during 2013:

February 26 April 16 June 18 August 19

Purchased for cash 1,050 shares of Demon Inc. stock for $73 per share plus a $50 brokerage commission.

November 14

Received dividends of $0.47 per share on Devon Inc. stock.

Received dividends of $0.38 per share on Demon Inc. stock.

Purchased 450 shares of Demon Inc. stock for $68 per share plus a $45 brokerage fee.

Sold 1,220 shares of Demon Inc. stock for $75 per share less a $180 brokerage commission. McDaniel assumes that the first investments purchased are the first investments sold.

 

 

 

 

 

 

 

 

 

 

 

Homework Assignment 5 ‐ June 2014

Chapter 16

The net income reported on the income statement for the current year was $180,000. Depreciation recorded on equipment and a building amounted to $67,500 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows:

  End of year Beginning of year
     
Cash 56000 59500
Accounts reveivable 68500 73400
Inventories 150500 117800
Prepaid expenses 7100 9300
Accounts payable 60150 67500
Salaries payable 9600 8300
     
  1. Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method.
  2. If the direct method had been used, would the net cash flow from operating activities have been the same? Explain.

 

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