The table below contains data on Fincorp Inc. The balance sheet items correspond to values at year-end 2018 and 2019, while the income statement items correspond to revenues or expenses during the year ending in either 2018 or 2019. All values are in thousands of dollars. 2018 2019 Revenue$3,900 $4,000 Cost of goods sold 1,200 1,300 Depreciation 470 490 Inventories 330 400 Administrative expenses 470 520 Interest expense 180 180 Federal and state taxes* 480 500 Accounts payable 350 410 Accounts receivable 370 445 Net fixed assets† 5,000 5,850 Long-term debt 2,300 5,100 Notes payable 790 520 Dividends paid 490 490 Cash and marketable securities 2,525 410 * Taxes are paid in their entirety in the year that the tax obligation is incurred.† Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed. Construct a statement of cash flows for Fincorp for 2019.

First Calculate Profit After Tax which is to be used in Cash Flow Statement Income…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The table below contains data on Fincorp Inc. The balance sheet items correspond to values at year-end 2018 and 2019, while the income statement items correspond to revenues or expenses during the year ending in either 2018 or 2019. All values are in thousands of dollars.

	2018		2019
Revenue	$	3,900		$	4,000
Cost of goods sold		1,200			1,300
Depreciation		470			490
Inventories		330			400
Administrative expenses		470			520
Interest expense		180			180
Federal and state taxes*		480			500
Accounts payable		350			410
Accounts receivable		370			445
Net fixed assets^†		5,000			5,850
Long-term debt		2,300			5,100
Notes payable		790			520
Dividends paid		490			490
Cash and marketable securities		2,525			410

* Taxes are paid in their entirety in the year that the tax obligation is incurred.

^† Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed.

Construct a statement of cash flows for Fincorp for 2019.

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