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4 Sales SCOGS 6 Gross Profit 7 Selling and Administrative Expenses B Income from operations 9Other gains and revenues 10 Gain on sale of equipment 11 Income before taxes 12 Income tax expense 13 Net Income 14 15 16 17 18 Applet Inc. Income Statement Year ended year 2 19 20 Current Assets 21 Cash and cash equivalents 22 Accounts Receivable Assets 29 30 Current Liabilities 23 Inventory 24 Total current assets 25 Plant, property, & equipment 26 Less accumulated depreciation 27 Net plant, property, & equipment 28 Total Assets Liabilities 31 Accounts payable 12 Accrued liabilities i Applet Inc Balance Sheet Years 2 & 1 $3,638,000 2,469,000 1,169,000 941,000 228,000 3,000 231,000 91,000 $ 140,000 Year 2 Year 1 91,000 5 29,000 637,000 654,000 586,000 537,000 1,314,000 1,220,000 1,517,000 1,394,000 654,000 561,000 863,000 833,000 $2,177,000 $2,053,000 $ 264,000 $ 220,000 193,000 190,000 Prepare a statement of cash flows in proper format using the indirect method for Applet Inc.'s second year of operation. Show Taccount to support your calculations. The following information is provided as a supplement to the financial statements. 1. The company sold equipment for $8,000. The original cost was $15,000 and the depreciation was $10,000 2. There were no new bonds issued during the year. 3. The company did not repurchase and of its own stock during the year.

4 Sales SCOGS 6 Gross Profit 7 Selling and Administrative Expenses B Income from operations 9Other gains and revenues 10 Gain on sale of equipment 11 Income before taxes 12 Income tax expense 13 Net Income 14 15 16 17 18 Applet Inc. Income Statement Year ended year 2 19 20 Current Assets 21 Cash and cash equivalents 22 Accounts Receivable Assets 29 30 Current Liabilities 23 Inventory 24 Total current assets 25 Plant, property, & equipment 26 Less accumulated depreciation 27 Net plant, property, & equipment 28 Total Assets Liabilities 31 Accounts payable 12 Accrued liabilities i Applet Inc Balance Sheet Years 2 & 1 $3,638,000 2,469,000 1,169,000 941,000 228,000 3,000 231,000 91,000 $ 140,000 Year 2 Year 1 91,000 5 29,000 637,000 654,000 586,000 537,000 1,314,000 1,220,000 1,517,000 1,394,000 654,000 561,000 863,000 833,000 $2,177,000 $2,053,000 $ 264,000 $ 220,000 193,000 190,000 Prepare a statement of cash flows in proper format using the indirect method for Applet Inc.'s second year of operation. Show Taccount to support your calculations. The following information is provided as a supplement to the financial statements. 1. The company sold equipment for $8,000. The original cost was $15,000 and the depreciation was $10,000 2. There were no new bonds issued during the year. 3. The company did not repurchase and of its own stock during the year.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Sales SCOGS 6 Gross Profit 7 Selling and Administrative Expenses B Income from operations 9 10 11 Income before taxes 12 Income tax expense 13 Net Income 14 15 16 17 Applet Inc. Income Statement Year ended year 2 18 19 Other gains and revenues: Gain on sale of equipment Assets 20 Current Assets: 21 Cash and cash equivalents 22 Accounts Receivable 23 Inventory 24 Total current assets 25 Plant, property, & equipment 26 Less accumulated depreciation 27 Net plant, property, & equipment 28 Total Assets 29 30 Current Liabilities 31 Accounts payable 32 Accrued liabilities i Liabilities Financials Applet Inc. Balance Sheet Years 2 & 1 $3,638,000 2,469,000 1,169,000 941,000 228,000 3,000 231,000 91,000 $ 140,000 $ Year 2 91,000 S Year 1 29,000 637,000 654,000 586,000 537,000 1,314,000 1,220,000 1,517,000 1,394,000 561,000 833,000 654,000 863,000 $ 2,177,000 $2,053,000 $ 264,000 $ 220,000 193,000 190,000 Prepare a statement of cash flows in proper format using the indirect method for Applet Inc.'s second year of operation. Show T-account to support your calculations. The following information is provided as a supplement to the financial statements. 1. The company sold equipment for $8,000. The original cost was $15,000 and the depreciation was $10,000. 2. There were no new bonds issued during the year. 3. The company did not repurchase and of its own stock during the year.
Transcribed Image Text:Sales SCOGS 6 Gross Profit 7 Selling and Administrative Expenses B Income from operations 9 10 11 Income before taxes 12 Income tax expense 13 Net Income 14 15 16 17 Applet Inc. Income Statement Year ended year 2 18 19 Other gains and revenues: Gain on sale of equipment Assets 20 Current Assets: 21 Cash and cash equivalents 22 Accounts Receivable 23 Inventory 24 Total current assets 25 Plant, property, & equipment 26 Less accumulated depreciation 27 Net plant, property, & equipment 28 Total Assets 29 30 Current Liabilities 31 Accounts payable 32 Accrued liabilities i Liabilities Financials Applet Inc. Balance Sheet Years 2 & 1 $3,638,000 2,469,000 1,169,000 941,000 228,000 3,000 231,000 91,000 $ 140,000 $ Year 2 91,000 S Year 1 29,000 637,000 654,000 586,000 537,000 1,314,000 1,220,000 1,517,000 1,394,000 561,000 833,000 654,000 863,000 $ 2,177,000 $2,053,000 $ 264,000 $ 220,000 193,000 190,000 Prepare a statement of cash flows in proper format using the indirect method for Applet Inc.'s second year of operation. Show T-account to support your calculations. The following information is provided as a supplement to the financial statements. 1. The company sold equipment for $8,000. The original cost was $15,000 and the depreciation was $10,000. 2. There were no new bonds issued during the year. 3. The company did not repurchase and of its own stock during the year.
13 Net Income 14 42 15983 15 16 17 29 30 Current Liabilities 11 Accounts payable 32 Accrued liabilities 43 44 18 19 20 Current Assets 21 Cash and cash equivalents 22 Accounts Receivable 23 Inventory 24 Total current assets 25 Plant, property, & equipment 26 Less accumulated depreciation 27 Net plant, property, & equipment 28 Total Assets 33 Income taxes payables 34 Total current liabilities 35 Bonds Payable 36 Total Liabilities 37 Stockholders' Equity Assets Liabilities 38 Common Stock 39 Retained Earnings 40 Total stockholders' equity 41 Total Liabilities & Stockholders' Equity Applet Inc. Balance Sheet Years 281 Financials Ⓒ $ 140,000 $ Year 2 91,000 $ Year 1 29,000 654,000 637,000 586,000 537,000 1,314,000 1,220,000 1,517,000 1,394,000 654,000 561,000 863,000 833,000 $2.177,000 $2,053,000 5264,000 $ 220,000 190,000 71,000 481,000 193,000 75,000 532,000 479,000 520,000 1,011,000 1,001,000 155,000 897,000 157,000 1,009,000 1,166,000 1,052,000 $ 2,177,000 $2,051,000 mircompany did not repurchase and its own stock during the year. ✪
Transcribed Image Text:13 Net Income 14 42 15983 15 16 17 29 30 Current Liabilities 11 Accounts payable 32 Accrued liabilities 43 44 18 19 20 Current Assets 21 Cash and cash equivalents 22 Accounts Receivable 23 Inventory 24 Total current assets 25 Plant, property, & equipment 26 Less accumulated depreciation 27 Net plant, property, & equipment 28 Total Assets 33 Income taxes payables 34 Total current liabilities 35 Bonds Payable 36 Total Liabilities 37 Stockholders' Equity Assets Liabilities 38 Common Stock 39 Retained Earnings 40 Total stockholders' equity 41 Total Liabilities & Stockholders' Equity Applet Inc. Balance Sheet Years 281 Financials Ⓒ $ 140,000 $ Year 2 91,000 $ Year 1 29,000 654,000 637,000 586,000 537,000 1,314,000 1,220,000 1,517,000 1,394,000 654,000 561,000 863,000 833,000 $2.177,000 $2,053,000 5264,000 $ 220,000 190,000 71,000 481,000 193,000 75,000 532,000 479,000 520,000 1,011,000 1,001,000 155,000 897,000 157,000 1,009,000 1,166,000 1,052,000 $ 2,177,000 $2,051,000 mircompany did not repurchase and its own stock during the year. ✪
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