FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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How to prepare a statement of
To prepare a statment of cash flows for the year 2014
2014 2013
Cash 177,000 78,000
Accounts recievable 180,000. 185,000
Investments 52,000 74,000
Equipment 298,000 240,000
Accoumulated
Current Liabalities 134,000 151,000
Common stock 160,000 160,000
Additional Infomation : Investments were sold at loss (not extraordinary) of 10,000; no equipment was sold; cash dividends paid were 30,000; and net income was 160,000
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- Here are comparative balance sheets for Skysong Company. Prepare a statement of cash flows-indirect method. SKYSONG COMPANY Comparative Balance Sheets December 31 Assets 2020 2019 Cash $72,000 $22,000 Accounts receivable 86,000 77,000 Inventory 171,000 192,000 Land 72,000 101,000 Equipment 263,000 199,000 Accumulated depreciation - equipment (65,000) (32,000) Total $599,000 $559,000 Liabilities and Stockholders' Equity Accounts payable $37,000 $48,000 Bonds payable 149,000 209,000 Common stock ($1 par) 214,000 171,000 Retained earnings 199,000 131,000 Total $599,000 $559,000 Additional information: 1. Net income for 2020 was $98,000. 2. Cash dividends of $30,000 were declared and paid. 3. Bonds payable amounting to $60,000 were redeemed for cash $60,000. 4. Common stock was issued for $43,000 cash. 5. Equipment that cost $49,000 and had a book value of $28,000 was sold for $33,000 during 2020; land was sold at cost. Prepare a statement of cash flows for 2020 using the indirect method.…arrow_forwardPrepare a statement of cash flows for the Maness Coporation, using the infromation shown in the balance sheets. 2017 2018 Changes Assets Cash $150 $125 $(25) Accounts receiveable 350 375 25 Inventory 475 550 75 Total current assets 975 1,050 75 Gross fixed assets 2425 2750 325 Accumulated depreciation (1000) (1200) (200) Net fixed assets 1425 1550 125 TOTAL ASSETS 2400 2600…arrow_forwardConsider the following balance sheet and income statement for Metro Eagle Outfitters, in condensedform, including some information from the cash flow statement:Balance Sheet 2019 2018 2017Cash and short-term investments $ 630,992 $ 745,044 $ 734,693Accounts receivable 46,321 40,310 36,721Inventory 332,452 367,514 301,208Other current assets 132,035 134,620 101,788Total current assets 1,141,800 1,287,488 1,174,410Long-lived assets 582,832 647,482 593,802Total assets $ 1,724,632 $ 1,934,970 $ 1,768,212Current liabilities $ 432,902 $ 405,401 $ 387,837Total liabilities 503,445 517,786 417,141Shareholders’ equity 1,221,187 1,417,184 1,351,071Total debt and equity $ 1,724,632 $ 1,934,970 $ 1,768,212Income StatementSales $ 3,475,802 $ 3,120,065 $ 2,945,294Cost of sales 2,085,480 1,975,471 1,763,143Gross margin $ 1,390,322 $ 1,144,594 $ 1,182,151Operating expenses 988,284 869,385 864,776Earnings before interest and taxes $ 402,038 $ 275,209 $ 317,375Net income $ 232,108 $ 151,705 $…arrow_forward
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