FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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PAT METHENY COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $6,900 Cost of goods sold 4,700 Gross margin 2,200 Selling and administrative expense 930 Income from operations 1,270 Other revenues and gains Gain on sale of investments Income before tax Income tax expense Net income Cash dividends 80 1,350 540 810 260 $ 550 Income retained in business Additional information: During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2017. Instructions Prepare a statement of cash flows using the indirect method.
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Transcribed Image Text:PAT METHENY COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $6,900 Cost of goods sold 4,700 Gross margin 2,200 Selling and administrative expense 930 Income from operations 1,270 Other revenues and gains Gain on sale of investments Income before tax Income tax expense Net income Cash dividends 80 1,350 540 810 260 $ 550 Income retained in business Additional information: During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2017. Instructions Prepare a statement of cash flows using the indirect method.
(SCF-Indirect Method) (LO 2) Condensed financial data of Pat Metheny Company for 2017 and 2016 are presented below. PAT METHENY COMPANY Cash Receivables Inventory Plant assets COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 2017 $1,800 1,750 1,600 Accumulated depreciation Long-term investments (held-to-maturity) Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings 2016 $1,150 1,300 1,900 1,700 (1,170) 1,420 $6,300 1,900 (1,200) 1,300 $7,150 $1,200 $ 900 200 250 1,400 1,900 2,450 1,900 $7,150 $6,300 1,550 1,700
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Transcribed Image Text:(SCF-Indirect Method) (LO 2) Condensed financial data of Pat Metheny Company for 2017 and 2016 are presented below. PAT METHENY COMPANY Cash Receivables Inventory Plant assets COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 2017 $1,800 1,750 1,600 Accumulated depreciation Long-term investments (held-to-maturity) Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings 2016 $1,150 1,300 1,900 1,700 (1,170) 1,420 $6,300 1,900 (1,200) 1,300 $7,150 $1,200 $ 900 200 250 1,400 1,900 2,450 1,900 $7,150 $6,300 1,550 1,700
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