Aaron, Ben, and Conrad are the founders of ABC Smith, Inc. and have the following financial statements. Income Statement Net Sales Cost of Goods Sold Gross Profit Marketing General & Administrative Depreciation EBIT Interest Earnings Before Taxes Income Taxes Net Income Balance Sheet Cash Accounts Receivables Inventories Total Current Assets Net Fixed Assets Total Assets Accounts Payable Accruals Bank Loan Total Current Liabilities Long-Term Debt Common Stock ($.05 par) Additional Paid-in-Capital Retained Earnings Total Liab. & Equity Construct a cash flow statement. 2019 2018 $1,300,000 $1,600,000 780,000 960,000 520,000 640,000 130,000 160,000 150,000 150,000 40,000 200,000 45.000 155,000 62,000 93,000 2018 $50,000 200,000 450,000 700,000 300,000 1,000,000 130,000 50,000 90,000 270,000 400,000 50,000 200,000 80,000 1,000,000 55,000 275,000 55.000 220,000 88,000 132,000 2019 $50,000 300,000 570,000 920,000 380,000 1,300,000 $180,000 70,000 90,000 340,000 550,000 50,000 200,000 160,000 1,300,000

Aaron, Ben, and Conrad are the founders of ABC Smith, Inc. and have the following financial statements. Income Statement Net Sales Cost of Goods Sold Gross Profit Marketing General & Administrative Depreciation EBIT Interest Earnings Before Taxes Income Taxes Net Income Balance Sheet Cash Accounts Receivables Inventories Total Current Assets Net Fixed Assets Total Assets Accounts Payable Accruals Bank Loan Total Current Liabilities Long-Term Debt Common Stock ($.05 par) Additional Paid-in-Capital Retained Earnings Total Liab. & Equity Construct a cash flow statement. 2019 2018 $1,300,000 $1,600,000 780,000 960,000 520,000 640,000 130,000 160,000 150,000 150,000 40,000 200,000 45.000 155,000 62,000 93,000 2018 $50,000 200,000 450,000 700,000 300,000 1,000,000 130,000 50,000 90,000 270,000 400,000 50,000 200,000 80,000 1,000,000 55,000 275,000 55.000 220,000 88,000 132,000 2019 $50,000 300,000 570,000 920,000 380,000 1,300,000 $180,000 70,000 90,000 340,000 550,000 50,000 200,000 160,000 1,300,000

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E: Identify each of the following items relating to sections of an income statement as Revenue from...

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