accounting hw 16

Problem #1:  10 points
The following information is available for Ness Company.
                                                               January 1, 2014             2014             December 31, 2014
Raw materials inventory                               $ 25,000                                               $31,000
Work in process inventory                              14,500                                                 20,200
Finished goods inventory                                32,000                                                 27,000
Materials purchased                                                                  $175,000
Direct labor                                                                                  230,000
Manufacturing overhead                                                              190,000
Sales                                                                                             840,000
(a)  Compute cost of goods manufactured.
(b)Prepare an income statement through gross profit.
Problem #2: ( 15 points)
Planner Corporation’s comparative balance sheets are presented below.
Comparative Balance Sheets
December 31
                                                                                                               2014                           2013   
                        Cash                                                                            $ 21,570                      $ 10,700
                        Accounts receivable                                                       18,200                         23,400
                        Land                                                                               18,000                         26,000
                        Building                                                                          70,000                         70,000
                        Accumulated depreciation                                            (15,000)                     (10,000)
                             Total                                                                     $112,770                     $120,100
                        Accounts payable                                                      $  12,370                       $31,100
                        Common stock                                                               75,000                         69,000
                        Retained earnings                                                           25,400                         20,000
                            Total                                                                      $112,770                     $120,100
Additional information:
1.Net income was $27,900. Dividends declared and paid were $22,500.
2.All other changes in noncurrent account balances had a direct effect on cash flows, except          the change in accumulated depreciation. The land was sold for $5,900.
(a)  Prepare a statement of cash flows for 2014 using the indirect method.
(b)  Compute free cash flow.

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