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preparing the direct method statement of cash flows rouse toy company reported the f 644579

Preparing the direct method statement of cash flows Rouse Toy Company reported the following comparative balance sheet:

ROUSE TOY COMPANY

Comparative Balance Sheet

December 31, 2012 and 2011

Assets

2012

2011

Liabilities

2012

2011

Current:

 

Current:

 

 

 

Cash

$ 17,000

$ 11,000

Accounts payable

$ 43,000

$ 38,000

Accounts receivable

59,000

49,000

Salary payable

24,500

19,000

Inventory

78,000

84,000

Accrued liabilities

5,000

13,000

Prepaid expenses

3,100

2,100

Long term notes payable

60,000

70,000

Long term investments

75,000

85,000

Stockholders’ Equity

 

 

Plant assets, net

227,000

189,000

Common stock

42,000

39,000

 

 

 

Retained earnings

284,600

241,100

Total assets

$459,100

$420,100

Total liabilities and stockholders’ equity

$459,100

$420,100

Requirement

1. Compute the following for Rouse Toy Company:

a. Collections from customers during 2012. Sales totaled $143,000.

b. Payments for inventory during 2012. Cost of goods sold was $80,000.

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