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Prepare a statement of cash flows using the direct and the indirect method

BADM 710: Homework 9 (Chapter 11)
Total Points Available: 10 (Due: November 22)
Holiday, Inc. provides you with the following trial balance for the 2013 and 2014 fiscal years:
 The company purchased new inventory of $2.25M
 Of the sales 80% are cash, the rest is on account. (Note: there were no write-offs in the current year.)
 The company sold old equipment for $30,000 (cash); the equipment had originally been purchased for $42,000 and had been fully depreciated at the time of the sale.
 The company purchased new equipment for $456,000.
 All expenses except depreciation, bad debt, and part of salaries are cash expenses
 Of the salaries expenses 90% are cash; the rest is an accrual (to be paid next year)
 Prior year accrued salaries are paid (in cash)
Holiday Corporation – Trial Balance
Beginning Balance
Ending Balance
Description
Debit
Credit
Debit
Credit
Cash
144,000.00
378,270.00
Marketable securities
837,000.00
837,600.00
Other securities & investments
543,900.00
543,900.00
Accounts receivable
236,400.00
1,448,400.00
Allowance for doubtful accounts
2,280.00
17,880.00
Inventory
1,266,000.00
546,000.00
Building and leasehold improvements
336,000.00
336,000.00
Accumulated depreciation – building
120,000.00
150,000.00
Equipment
42,000.00
456,000.00
Accumulated depreciation – equipment
42,000.00
45,600.00
Accounts payable
4,620.00
4,620.00
Accrued salaries & vacation
22,800.00
81,600.00
Deferred revenues
52,620.00
52,620.00
Common stock
600.00
600.00
Retained earnings
900,000.00
3,160,380.00
Dividends (cash)
3,000.00
12,000.00
Unrealized gain (loss)

600.00
Revenues from sales & services
6,300,000.00
6,060,000.00
Cost of goods sold
2,598,000.00
2,970,000.00
General & administrative expenses
8,700.00
11,100.00
Salaries
711,000.00
816,000.00
Research & development
210,000.00
219,000.00
Office expenses
57,000.00
48,000.00
Travel expenses
30,600.00
28,800.00
Accounting & auditing
138,000.00
153,000.00
Rental expenses
192,000.00
187,200.00
Advertising expenses
348,000.00
292,800.00
Legal & professional services
150,000.00
189,000.00
Miscellaneous other expenses
34,800.00
42,600.00
Penalties
7,440.00
6,030.00
Bad debt expense
1,080.00
15,600.00
Depreciation expense
30,000.00
75,600.00
Gain (loss) on the sale of fixed assets

30,000.00
Other income (cash)
480,000.00
9,000.00
Totals
$ 7,924,920
$ 7,924,920
$ 9,612,900
$ 9,612,900
Requirements: Prepare a statement of cash flows using the direct and the indirect method

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