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The income statement and additional data of Capitol Hill Corporation follow

The income statement and additional data of Capitol Hill Corporation follow
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Solution Guide / Answer Key:

ACCOUNTING
Accounting 7th Edition by Horngren, Harrison and Bamber
CHAPTER 16

Exercise 16-29 (E16-29) The income statement and additional data of Capitol Hill Corporation follow:

Capitol Hill Corporation
Income Statement
Year ended June 30, 2006

Revenues:
Sales revenue - $229,000
Dividend revenue - 8,000 $237,000
Expenses:
Cost of goods sold - $103,000
Salary expense - 45,000
Depreciation expense - 28,000
Advertising expense - 12,000
Interest expense - 2,000
Income tax expense - 9,000 199,000
Net income - $38,000

Additional data:
a. Collections from customers are $15,000 more than sales.
b. Dividend revenue, interest expense, and income tax expense equal their cash amounts.
c. Payments to suppliers are the sum of cost of goods sold plus advertising expense.
d. Payments to employees are $1,000 more than salary expense.
e. Acquisition of planet assets is $101,000
f. Cash receipts from sale of land total $24,000
g. Cash receipts from issuance of common stock total $30,000
h. Payment of long term note payable is $15,000
i. Payment of dividends is $11,000
j. Cash balance, June 30, 2005, was $20,000; June 30, 2006, was $27,000

Requirement: Prepare Capitol Hill Corporation’s statement of cash flows for the year ended June 30, 2006. Use the direct method. Follow the format given in Exhibit 16A-3, page 830.

 

FILE: MS WORD

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