Dana-Stallings, Inc., had the following financial statements for 20X1 and 20X2 ASSETS 20X1 Cash $ 53,000 Marketable securities 87,000 Accounts receivable Inventories Current assets Net fixed assets Total LIABILITIES AND EQUITY Accounts payable Accrued expenses Bank borrowings Current liabilities Common stock Retained earnings Total 346,000 432,000 $918,000 1,113,000 $2,031,000 $ 413,000 226,000 100,000 $ 739,000 100,000 1,192,000 $2,031,000 20X2 $ 31,000 0 528,000 683,000 $1,242,000 1,398,000 $2,640,000 $ 627,000 314,000 235,000 $1,176,000 100,000 1,364,000 $2,640,000 Note: For 20X2, depreciation was $189,000; interest paid was $21,000; taxes paid amounted to $114,000; and no dividends were paid. Question 1 Using the information provided prepare a statement of cash flows 20X2 consider (Net profit $ 172000).
Dana-Stallings, Inc., had the following financial statements for 20X1 and 20X2 ASSETS 20X1 Cash $ 53,000 Marketable securities 87,000 Accounts receivable Inventories Current assets Net fixed assets Total LIABILITIES AND EQUITY Accounts payable Accrued expenses Bank borrowings Current liabilities Common stock Retained earnings Total 346,000 432,000 $918,000 1,113,000 $2,031,000 $ 413,000 226,000 100,000 $ 739,000 100,000 1,192,000 $2,031,000 20X2 $ 31,000 0 528,000 683,000 $1,242,000 1,398,000 $2,640,000 $ 627,000 314,000 235,000 $1,176,000 100,000 1,364,000 $2,640,000 Note: For 20X2, depreciation was $189,000; interest paid was $21,000; taxes paid amounted to $114,000; and no dividends were paid. Question 1 Using the information provided prepare a statement of cash flows 20X2 consider (Net profit $ 172000).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Dana-Stallings, Inc., had the following financial statements for 20X1 and 20X2
ASSETS
20X1
Cash
$ 53,000
Marketable securities
87,000
Accounts receivable
Inventories
Current assets
Net fixed assets
Total
LIABILITIES AND EQUITY
Accounts payable
Accrued expenses
Bank borrowings
Current liabilities
Common stock
Retained earnings
Total
346,000
432,000
$ 918,000
1,113,000
$2,031,000
$ 413,000
226,000
100,000
$ 739,000
100,000
1,192,000
$2,031,000
$
20X2
31,000
0
528,000
683,000
$1,242,000
1,398,000
$2,640,000
$ 627,000
314,000
235,000
$1,176,000
100,000
1,364,000
$2,640,000
Note: For 20X2, depreciation was $189,000; interest paid was $21,000;
taxes paid amounted to $114,000; and no dividends were paid.
Question 1
Using the information provided prepare a statement of cash flows 20X2
consider (Net profit $ 172000).
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