The following Information applies to the questions displayed below.j Store Compa
ID: 2476320 • Letter: T
Question
The following Information applies to the questions displayed below.j Store Company engaged in the following transactions during the 2011 accounting perlod. The beginning cash balance was $27,700 and ending cash balance was $59,330 1. Sales on account were $283,600. The beginning recelvables balance was $94,600 and the ending 2. Salarles expense for the period was $54,510. The beginning salarles payable balance was $3,605 and 3. Other operating expenses for the perlod were $120750. The beginning other operating expenses 4. Recorded $19,960 of depreclation expense. The beginning and ending balances In the Accumulated 5. The Equipment account had beginning and ending balances of $207,040 and $237,940, respectively 6. The beginning and ending balances In the Notes Payable account were $47,600 and $149,600 7. There was $5,562 of Interest expense reported on the income statement. The beginning and ending 8. The beginning and ending Merchandise Inventory account balances were $90,900 and $109,080 balance was $77,700 the ending balance was $2,060. payable balance was $4,960 and the ending balance was $9,369 Depreclation account were $13,560 and $33,520, respectively There were no sales of equipment during the period. respectively. There were no payoffs of notes during the perlod. balances In the Interest Payable account were $1,353 and $902, respectively. respectively. The company sold merchandise with a cost of $159,177 (cost of goods sold for the perlod was $159,177). The beginning and ending balances of Accounts Payable were $9,790 and $11,846, respectively 9. The beginning and ending balances of Notes Recelvable were $5,400 and $10,300, respectively. Notes recelvable result from long-term loans made to employees. There were no collections from employees during the perlod 10. The beginning and ending balances of the Common Stock account were $102,000 and $126,000, 11. Land had beginning and ending balances of $49,500 and $40,140, respectively. Land that cost $9,360 12. The tax expense for the perlod was $7,340. The Taxes Payable account had a $850 beginning balance 13. The Investments account had beginning and ending balances of $28,900 and $34,900, respectively. respectively. The Increase was caused by the issue of common stock for cash. was sold for $12,688, resulting In a galn of $3,328 and an $783 ending balance The company purchased investments for $19,000 cash during the period, and Investments that cost $13,000 were sold for $8,359 resulting in a $4,641 lossExplanation / Answer
a.
b. Statement of cash flows for the year ended December 31, 2011:
Amount Statement of cash flows 1. Accounts receivable Increase by $ 283,600 Increase by $ 300,500 2. Salaries payable Increase by $ 54,510 Decrease by $ 56,055 3. Other operating expenses payable Increase by $ 120,750 Decrease by $ 116,341 4. Depreciation expense Increase by $ 19,960 No effect 5. Equipment Increase by $ 30,900 Decrease by $ 30,900 6.