Homework Assignment 4
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.
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
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|
- Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method.
- If the direct method had been used, would the net cash flow from operating activities have been the same? Explain.
We Can Also Assist You With Similar Orders At Highly Discounted Rates!!!