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The comparative balance sheet for Short Company as of December 31, 2010 and 2009, is shown below

The comparative balance sheet for Short Company as of December 31, 2010 and 2009, is shown below
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Solution Guide / Answer Key:

ACCOUNTING
Accounting 7th Edition by Horngren, Harrison and Bamber
Prepare a Statement of cash flows:
The comparative balance sheet for Short Company as of December 31, 2010 and 2009, is shown below, followed by the condensed income statement. Other financial data for 2010 is also given.

Instructions:
Prepare a statement of cash flows for 2010. Additional information for 2010 follows.
a. Acquired land at a cost of $60,000; paid one half of the purchase price in cash and issued common stock for the balance.
b. Sold used equipment for $20,000 in cash. The original cost was $40,000; depreciation of $10,000 had been taken. The remaining change in the property, Plant, and Equipment account represents a purchase of equipment for cash. Total depreciation expense for the year was $9,000.
c. Issued bonds payable at par value for cash.
d. Sold bond investments costing $20,000 at no gain or loss during the year.
e. Paid $20,000 cash dividends on the common stock.

Analyze: By what percentage did Cash increase from January 1 to December 31?

 

FILE: MS EXCEL & MS WORD

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