AnSwerDE comprete.GIBSON CORPORATIOStatement of Cash FlowsFor the Year Ended December 31, Yaar2Cash tows from operatng acivtesNet income130.711Aas: Decrease in cument assets nd inoreases in ourentDereese in invertory15.600 CDecrease in prepaid rent2485Increase in salares payatle4.13Less Incease in uent ases and Decreases in ounere itnorease in coounts recevateDecrease in accounts payaePus Noncah chargenDepreciation anpanse22400 OINet cesh ow om cperngativICash foes bom ng ivtesPud to purchese land7.12111400O.000O18,000Paid as etProdof mendt son g(Cash o n ngviesProceeds trom ateck< PrevNedyuess. re es n current assets and Decreases in current liabiltiesIncrease in accounts receivable(7.364) O(8,852) ODecrease in accounts payablePlus: Noncash chargesDepreciation expense22,400 ONet cash Infow from operating activitiesCash flows from investing actvities:167.121Paid to purchase landPaid to purchase equipmentProceeds from sale of equpment114,900 O98.00010,000Net cash infow from investing activitiesCash fows from fnancing activies230,900Procneds from stock issue48,000 ONet cosh indoow from francing ectivities48,000448.021Plus Beginnng cash balance40,40 OEnding cosh belante485,481 The comparative balance sheets and an income sutement for Gibson Corporation follow:Balance SheetsAs of December 31Year 2Year 1AssetsCashAccounts receivableMerchandise inventoryPrepaid rentEquipmentAccumulated depreciationLand$ 60,67527,614156,0472,485249,480(136,850)191,680$ 551, 13134:53$ 40,46020, 250171,6504,970285, 880(230, 850)76, 780$ 369, 140Total assetsLiabilitiesAccounts payable (inventory)Salaries payab leStockholders' equityCommon stock, $50 par valueRetained earningsTotal Liabitities and equity$ 65,94228, 96874,80024, 830246, 500209, 721$ 551,131198, 50071,010$ 369, 140Income StatenentFor the Year. Ended Decenber 31. Year 2SalesCost of goods soldGross profitOperating expensesDepreciation expenseRent expenseSalaries expenseOther uperating enpenses$1,499,000(796,6691702,331(22, 400).(25,740)(258, 200)(257,260).S 338.711Net income

Name: AnSwerDE comprete.GIBSON CORPORATIOStatement of Cash FlowsFor the Yea
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Description: AnSwerDE comprete.GIBSON CORPORATIOStatement of Cash FlowsFor the Year Ended December 31, Yaar2Cash tows from operatng acivtesNet income130.711Aas: Decrease in cument assets nd inoreases in ourentDereese in invertory15.600 CDecrease in prepaid rent2

Cash flow statement is a statement which is prepared to find out the cash comes in and goes out , by…

Business

Accounting

Increase in accounts receivable (7.364) Decrease in accounts payable (8.852) Plus: Noncash charges Depreciation expense 22,400 Net cash inflow from operating activities Cash fows from investing actvities Paid to purchase land Paid to purchase eqipment Proceeds from sale of epment $ 167.121 114.900 98.000 18,000 Net cash infow from investing activities Cash fows from finanding activies 230 900 Proceeds trom stock iasue 48.000 t cash indow trom Brancing actvities 4.000 448 021 Plus Begirnng csh balance Ending

Increase in accounts receivable (7.364) Decrease in accounts payable (8.852) Plus: Noncash charges Depreciation expense 22,400 Net cash inflow from operating activities Cash fows from investing actvities Paid to purchase land Paid to purchase eqipment Proceeds from sale of epment $ 167.121 114.900 98.000 18,000 Net cash infow from investing activities Cash fows from finanding activies 230 900 Proceeds trom stock iasue 48.000 t cash indow trom Brancing actvities 4.000 448 021 Plus Begirnng csh balance Ending

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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