Presented below is the trial balance of Scott Butler Corporation at December 31, 2014.
Prepare a balance sheet at December 31, 2014, for Scott Butler Corporation. (Ignore incometaxes.)
Debt Investments (trading) (cost, $145,000)
Cost of Goods Sold
Debt Investments (long-term)
Equity Investments (long-term)
Notes Payable (short-term)
Allowance for Doubtful Accounts
Notes Payable (long-term)
Common Stock ($5 par)
Paid-in Capital in Excess of Par
Prepare a balance sheet at December 31, 2014, for Scott Butler Corporation. (Ignore income taxes). (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)
(Multiple Step and single-step) Webster Company ($000omited)
Officers’ salaries 4900
Depreciated of office furniture and equipment 3960
Cost of sales good 60570
Rental revenue 17230
Sales Commissions 7980
Depreciation of sales equipment 6480
Income Tax 9070
Interest Expense 1860
a. Prepare an income statement for the year 2014 using the multiple-step form. Common shares out-standing for 2014 total 40,550($000 omitted).
b. Prepare an income statement for the year 2014 using the single step form
c. Which one do you prefer? Disuses.
(Preparation of a Statement of Cash Flows) Presented below is a condensed version of the comparative balance sheets for Zubin Mehta Corporation for the last two years at December 31.
Cash $177,000 $ 78,000
Accounts receivable 180,000 185,000
Investments 52,000 74,000
Equipment 298,000 240,000
Less: Accumulated depreciation (106,000) (89,000)
Current liabilities 134,000 151,000
Capital stock 160,000 160,000
Retained earnings 307,000 177,000
Investments were sold at a loss (not extraordinary) of $10,000; no equipment was sold; cash dividends paid were $30,000; and net income was $160,000.
1. Prepare a statement of cash flows for 2007 for Zubin Mehta Corporation.
2. Determine Zubin Mehta Corporation’s free cash flow.
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