CHAPTER 23. Statement of Cash Flows
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1 CHAPTER 23 Statement of Cash Flows BRIEF EXERCISE 23-1 Cash flow from investing activities Sale of land... $ 180,000 Purchase of equipment... (415,000) Purchase of available-for-sale securities... (59,000) Net cash used by investing activities... $(294,000) BRIEF EXERCISE 23-2 Cash flow from financing activities Issuance of common stock... $ 250,000 Issuance of bonds payable ,000 Payment of dividends... (350,000) Purchase of treasury stock... (46,000) Net cash provided by financing activities... $ 364,000 SOLUTIONS TO EXERCISES EXERCISE 23-1 (10 15 minutes) (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) Operating add to net income. Financing activity. Investing activity. Operating add to net income. Significant noncash investing and financing activity. Financing activity. Operating add to net income. Financing activity. Significant noncash investing and financing activity. Financing activity. Operating deduct from net income. Copyright 2011 John Wiley & Sons, Inc. Kieso, Intermediate Accounting, 14/e, Solutions Manual (For Instructor Use Only) 23-1
2 (l) Investing activity. EXERCISE 23-3 (15 25 minutes) RODRIQUEZ COMPANY Partial Statement of Cash Flows Net income... $1,050,000 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense... $ 60,000 Decrease in accounts receivable ,000 Decrease in inventory ,000 Increase in prepaid expenses... (170,000) Decrease in accounts payable... (275,000) Decrease in accrued expenses payable... (120,000) 105,000 Net cash provided by operating activities... $1,155, Copyright 2011 John Wiley & Sons, Inc. Kieso, Intermediate Accounting, 14/e, Solutions Manual (For Instructor Use Only)
3 EXERCISE 23-5 (20 30 minutes) NORMAN COMPANY Partial Statement of Cash Flows Cash receipts from customers... $862,000 (a) Cash payments: For operating expenses... $609,000 (b) For income taxes... 44,500 (c) 653,500 Net cash provided by operating activities... $208,500 (a) (b) Computation of cash receipts from customers: Service revenue... $840,000 Add: Decrease in accounts receivable Ad ($59,000 $37,000)... 22,000 Cash receipts from customers... $862,000 Computation of cash payments: Operating expenses per income statement.. $624,000 Deduct: Increase in accounts payable Deduct ($46,000 $31,000)... 15,000 Cash payments for operating expenses... $609,000 (c) Income tax expense per income statement.. $ 40,000 Add: Decrease in income taxes payable Add ($8,500 $4,000)... 4,500 Cash payments for income taxes... $ 44,500 Copyright 2011 John Wiley & Sons, Inc. Kieso, Intermediate Accounting, 14/e, Solutions Manual (For Instructor Use Only) 23-3
4 EXERCISE 23-6 (15 20 minutes) NORMAN COMPANY Partial Statement of Cash Flows Net income... $90,000 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense... $60,000 Loss on sale of equipment... 26,000 Decrease in accounts receivable... 22,000 Increase in accounts payable... 15,000 Decrease in income taxes payable... (4,500) 118,500 Net cash provided by operating activities... $208,500 EXERCISE (Continued) The proceeds from the sale of equipment of $32,500 are considered an investing activity. Investing activities include the acquisition and disposition of long-term productive assets. (c) The cash dividends paid can be determined by analyzing T-accounts for Retained Earnings and Dividends Payable. Retained Earnings 91,000 12/31/11 Dividends declared? 31,000 Net income 104,000 12/31/12 Dividends declared = $91,000 + $31,000 $104,000 = $18,000 Cash dividends paid? Dividends Payable 5,000 12/31/11 18,000 Dividends declared 8,000 12/31/ Copyright 2011 John Wiley & Sons, Inc. Kieso, Intermediate Accounting, 14/e, Solutions Manual (For Instructor Use Only)
5 $15,000 Cash dividends paid = $5,000 + $18,000 $8,000 = Financing activities include all cash flows involving liabilities and stockholders equity other than operating items. Payment of cash dividends is thus a financing activity. (d) The redemption of bonds payable amount is determined by setting up a T-account for Bonds Payable. Redemption of B/P? Bonds Payable 46,000 12/31/11 25,000 Issuance of B/P for PP&E 49,000 12/31/12 The problem states that there was no amortization of bond premium or discount; thus, the redemption of bonds payable is the only change not accounted for. EXERCISE (30 35 minutes) FAIRCHILD COMPANY Statement of Cash Flows (Indirect Method) Net income... $ 810 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense ($1,200 $1,170)... $ 30 Gain on sale of investments... (80) Decrease in inventory Increase in accounts payable Increase in receivables... (450) Decrease in accrued liabilities... (50) 150 Net cash provided by operating activities Cash flows from investing activities Sale of held-to-maturity investments Copyright 2011 John Wiley & Sons, Inc. Kieso, Intermediate Accounting, 14/e, Solutions Manual (For Instructor Use Only) 23-5
6 [($1,470 $1,300) + $80] Purchase of plant assets [($1,900 $1,700) $70]... (130) Net cash provided by investing activities Cash flows from financing activities Issuance of capital stock [($1,900 $1,700) $70] Retirement of bonds payable... (250) Payment of cash dividends... (260) Net cash used by financing activities... (380) EXERCISE (Continued) Net increase in cash Cash, January 1, ,100 Cash, December 31, $1,800 Noncash investing and financing activities Issuance of common stock for plant assets... $ 70 EXERCISE (Continued) Noncash investing and financing activities Issuance of common stock for plant assets... $ 70 *$6,900 ($1,750 $1,300) **$4,700 ($1,900 $1,600) ($1,200 $800) ***($930 $30) + ($250 $200) 23-6 Copyright 2011 John Wiley & Sons, Inc. Kieso, Intermediate Accounting, 14/e, Solutions Manual (For Instructor Use Only)
7 EXERCISE (30 40 minutes) ANDREWS INC. Statement of Cash Flows Net income... $27,000 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense... $31,000* Amortization of copyright... 4,000 Gain on sale of equipment... (2,000) Decrease in inventories... 20,000 Increase in salaries and wages payable... 4,000 Increase in accounts payable... 4,000 Increase in prepaid rent... (1,000) Increase in accounts receivable... (13,000) Decrease in income taxes payable... (2,000) 45,000 Net cash provided by operating activities... 72,000 Cash flows from investing activities Sale of equipment [($30,000 X 30%) + $2,000]... 11,000 Purchase of equipment [$154,000 ($130,000 $30,000)]... (54,000) Purchase of available-for-sale investments... (17,000) Net cash used by investing activities... (60,000) Cash flows from financing activities Principal payment on short-term loan... (2,000) Principal payment on long-term loan... (7,000) Dividend payments... (6,000) Net cash used by financing activities... (15,000) Net decrease in cash... (3,000) Cash, January 1, ,000 Cash, December 31, $ 6,000 Supplemental disclosures of cash flow information: Cash paid during the year for: Interest $11,400 Income taxes $ 8,750** *$35,000 [$25,000 ($30,000 X 70%)] **$6,750 + ($6,000 $4,000) Copyright 2011 John Wiley & Sons, Inc. Kieso, Intermediate Accounting, 14/e, Solutions Manual (For Instructor Use Only) 23-7
8 EXERCISE (25 35 minutes) MORGANSTERN COMPANY Statement of Cash Flows Net income... $ 46,000* Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense... $ 28,000 Loss on sale of investments... 9,000 Loss on sale of plant assets [($60,000 X.20) $8,000]... 4,000 Increase in current assets other than cash... (27,000) Increase in current liabilities... 18,000 32,000 Net cash provided by operating activities... 78,000 Cash flows from investing activities Sale of plant assets... 8,000 Sale of held-to-maturity investments... 34,000 Purchase of plant assets... (180,000)** Net cash used by investing activities... (138,000) Cash flows from financing activities Issuance of bonds payable... 75,000 Payment of dividends... (10,000) Net cash provided by financing activities... 65,000 Net increase in cash... 5,000 Cash balance, January 1, ,000 Cash balance, December 31, $ 15,000 *Net income $59,000 $9,000 $4,000 = $46,000 **Supporting computation (purchase of plant assets) Plant assets, December 31, $215,000 Less: Plant assets sold... (60,000) 155,000 Plant assets, December 31, ,000 Plant assets purchased during $180, Copyright 2011 John Wiley & Sons, Inc. Kieso, Intermediate Accounting, 14/e, Solutions Manual (For Instructor Use Only)
9 SOLUTIONS TO PROBLEMS PROBLEM 23-1 SULLIVAN CORP. Statement of Cash Flows Net income... $370,000 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation... $147,000 (a) Gain on sale of equipment... (2,000) (b) Equity in earnings of Myers Co... (35,000) (c) Decrease in accounts receivable... 40,000 Increase in inventories... (135,000) Increase in accounts payable... 60,000 Decrease in income taxes payable... (20,000) 55,000 Net cash provided by operating activities ,000 Cash flows from investing activities: Proceeds from sale of equipment... 40,000 Loan to TLC Co... (300,000) Principal payment of loan receivable... 50,000 Net cash used by investing activities... (210,000) Cash flows from financing activities: Dividends paid... (100,000) Net cash used by financing activities... (100,000) Net increase in cash ,000 Cash, January 1, ,000 Cash, December 31, $815,000 Copyright 2011 John Wiley & Sons, Inc. Kieso, Intermediate Accounting, 14/e, Solutions Manual (For Instructor Use Only) 23-9
10 PROBLEM 23-1 (Continued) Schedule at bottom of statement of cash flows: Noncash investing and financing activities: Issuance of lease obligation for capital lease... $400,000 Explanation of Amounts (a) (b) (c) Depreciation Net increase in accumulated depreciation for the year ended December 31, $125,000 Accumulated depreciation on equipment sold: Cost... $60,000 Carrying value... 38,000 22,000 Depreciation for $147,000 Gain on sale of equipment Proceeds... $ 40,000 Carrying value... (38,000) Gain... $ 2,000 Equity in earnings of Myers Co. Myers s net income for $140,000 Sullivan s ownership... X 25% Undistributed earnings of Myers Co... $ 35, Copyright 2011 John Wiley & Sons, Inc. Kieso, Intermediate Accounting, 14/e, Solutions Manual (For Instructor Use Only)
11 PROBLEM 23-2 HINCKLEY CORPORATION Statement of Cash Flows Net income... Adjustments to reconcile net income to net cash provided by operating activities: Loss on sale of equipment... $ 4,100 (b) Gain from flood damage... (8,250)* Depreciation expense... 1,900 (c) $14,750 (a) Patent amortization... 1,250 Gain on sale of investments... (1,700) Increase in accounts receivable (net)... (3,750)** Increase in inventory... (3,000) Increase in accounts payable... 2,000 (7,450) Net cash provided by operating activities... 7,300 Cash flows from investing activities Sale of investments... 4,700 Sale of equipment... 2,500 Purchase of equipment... (20,000)(d) Proceeds from flood damage to building... 32,000 Net cash provided by investing activities... 19,200 Cash flows from financing activities Payment of dividends... (5,000) Payment of short-term note payable... (1,000) Net cash used by financing activities... (6,000) Increase in cash... 20,500 Cash, January 1, ,000 Cash, December 31, $33,500 *($30,000 + $2,000) ($29,750 $6,000) **($12,250 $3,000) ($10,000 $4,500) Copyright 2011 John Wiley & Sons, Inc. Kieso, Intermediate Accounting, 14/e, Solutions Manual (For Instructor Use Only) 23-11
12 PROBLEM 23-2 (Continued) Supplemental disclosures of cash flow information: Cash paid during the year for: Interest $2,000 Income taxes: $6,500 Noncash investing and financing activities Retired notes payable by issuing common stock $10,000 Purchased equipment by issuing notes payable 16,000 $26,000 Supporting Computations: (a) Ending retained earnings... $20,750 Beginning retained earnings... (6,000) Net income... $14,750 (b) Cost... $11,000 Accumulated depreciation (40% X $11,000)... (4,400) Book value... $ 6,600 Proceeds from sale... (2,500) Loss on sale... $ 4,100 (c) Accumulated depreciation on equipment sold... $ 4,400 Decrease in accumulated depreciation... (2,500) Depreciation expense... $ 1,900 (d) Beginning equipment balance... $20,000 Cost of equipment sold... (11,000) Remaining balance... 9,000 Purchase of equipment with note... 16,000 Adjusted balance... 25,000 Ending equipment balance... (45,000) Purchased with cash... $20, Copyright 2011 John Wiley & Sons, Inc. Kieso, Intermediate Accounting, 14/e, Solutions Manual (For Instructor Use Only)
13 PROBLEM 23-3 MORTONSON COMPANY Statement of Cash Flows ($000 Omitted) Cash receipts from customers... $3,520 (a) Cash payments: Payments for merchandise... $1,270 (b) Salaries and benefits Heat, light, and power Property taxes Interest Miscellaneous Income taxes (c) 2,937 Net cash provided by operating activities Cash flows from investing activities Sale of available-for-sale investments Purchase of buildings and equipment... (310) Purchase of land... (80) Net cash used by investing activities... (350) Increase in cash Cash, January 1, Cash, December 31, $ 333 (a) Sales... $3,800 Deduct ending accounts receivable... (780) 3,020 Add beginning accounts receivable Cash receipts (collections from customers)... $3,520 Copyright 2011 John Wiley & Sons, Inc. Kieso, Intermediate Accounting, 14/e, Solutions Manual (For Instructor Use Only) 23-13
14 PROBLEM 23-3 (Continued) (b) Cost of goods sold... $1,200 Add ending inventory Goods available for sale... 1,920 Deduct beginning inventory... (560) Purchases... 1,360 Deduct ending accounts payable... (420) 940 Add beginning accounts payable Cash purchases (payments for merchandise)... $1,270 (c) Income taxes... $818 Deduct ending income taxes payable... (40) 778 Add beginning income taxes payable Income taxes paid... $ 808 in the income statement Copyright 2011 John Wiley & Sons, Inc. Kieso, Intermediate Accounting, 14/e, Solutions Manual (For Instructor Use Only)
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