Avatar Company Uses the Indirect Method to Prepare Its Statement

question 71

Essay

Avatar Company uses the indirect method to prepare its statement of cash flows. Please refer to the following portion of the comparative balance sheet:
$$\begin{array} { | l | r | r | r | } \hline & { \mathbf { 2 0 1 4 } } & { \mathbf { 2 0 1 3 } } & { \text { Increase/decrease } } \\\hline \text { Cash } & \$ 21,000 & \$ 18,000 & \$ 3,000 \\\hline \text { Accounts receivable } & 31,000 & 35,000 & ( 4,000) \\\hline \text { Inventory } & 53,000 & 25,000 & 28,000 \\\hline \text { PP\&E, net } & 120,000 & 90,000 & 30,000 \\\hline \text { Total assets } & \$ 225,000 & \$ 168,000 & \$ 57,000 \\\hline\end{array}$$
Additional information provided:
• Equipment costing $52,000 was purchased for cash.
• Equipment with a net asset value of $10,000 was sold for $14,000.
• Depreciation expense of $12,000 was recorded during the year.
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Please use the following T-account format to analyze the transactions affecting net Property, plant & equipment:
Property, plant & equipment, net
$$\begin{array} { | l | l | } \hline \quad \quad \quad90,000 & \quad \quad \quad \quad \\\hline & \\\hline & \\\hline & \\\hline & \\\hline\end{array}$$

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Definitions:

Self-talk Benefits

Positive effects arising from the practice of intentionally generating affirmative inner dialogue, such as improved mood, reduced stress, and enhanced performance.

Self-image

The mental portrayal, concept, or image an individual holds about themselves.

Self-esteem Source

The origin or factors that contribute to an individual's perception of their own worth or value.

External Locus

The belief that one's fate or outcomes in life are determined by external forces or luck rather than one's own actions.