# MUST BE IN EXCELDue Week 9 and worth 50 pointsDirections: An

MUST BE IN EXCELDue Week 9 and worth 50 pointsDirections: Answer the following questions on a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard.ExercisesE13-3. Cushenberry Corporation had the following transactions.⦁ Sold land (cost \$12,000) for \$15,000.⦁ Issued common stock at par for \$20,000.⦁ Recorded depreciation on buildings for \$17,000.⦁ Paid salaries of \$9,000.⦁ Issued 1,000 shares of \$1 par value common stock for equipment worth \$8,000.⦁ Sold equipment (cost \$10,000, accumulated depreciation \$7,000) for \$1,200.InstructionsFor each transaction above, (a) prepare the journal entry, and (b) indicate how it would affect the statement of cash ﬂows using the indirect method.E13-4. Gutierrez Company reported net income of \$225,000 for 2015. Gutierrez also reported depreciation expense of \$45,000 and a loss of \$5,000 on the disposal of equipment. The comparative balance sheet shows a decrease in accounts receivable of \$15,000 for the year, a \$17,000 increase in accounts payable, and a \$4,000 decrease in prepaid expenses.InstructionsPrepare the operating activities section of the statement of cash ﬂows for 2015. Use the indirect method. ProblemsP13-3A. The income statement of Whitlock Company is presented here. Additional information:⦁ Accounts receivable increased \$200,000 during the year, and inventory decreased \$500,000.⦁ Prepaid expenses increased \$150,000 during the year.⦁ Accounts payable to suppliers of merchandise decreased \$340,000 during the year.⦁ Accrued expenses payable decreased \$100,000 during the year.⦁ Operating expenses include depreciation expense of \$70,000.InstructionsPrepare the operating activities section of the statement of cash ﬂows for the year ended November 30, 2015, for Whitlock Company, using the indirect method. P13-7A. Presented below are the ﬁnancial statements of Nosker Company. Additional data:⦁ Dividends declared and paid were \$20,000.⦁ During the year equipment was sold for \$8,500 cash. This equipment cost \$18,000 originally and had a book value of \$8,500 at the time of sale.⦁ All depreciation expense, \$14,500, is in the operating expenses.⦁ All sales and purchases are on account.Instructions⦁ Prepare a statement of cash ﬂows using the indirect method.⦁ Compute free cash ﬂow.