Information from A Corporation’s income statement for 2018 follows: Sales $ 750,800 Cost of Sales (269,200) Gross Profit 481,600 Operating Expenses Depreciation Expenses (15,700) Other Operating Expenses (173,933) Income Before Taxes 291,967 Income Tax Expense (89,200) Net Income 202,767 Comparative Balance sheet Information is as follows: Cash increased $ 30,350 Accounts Receivable decreased 5,638 Inventory increased 25,347 Equipment increased 30,250 Accumulated Depreciation on Equipment increased 15,700 Accounts Payable decreased 137,158 Income Taxes Payable decreased 4,000 Common Stock increased 15,000 Paid in Capital, Common Stock increased 48,000 Retained Earnings increased 142,767 Additional Information follows: The corporation purchased Equipment for $ 30,250 cash. The corporation issued 3,000 shares of common stock for $ 21 cash per share. The corporation declared and paid $ 60,000 in cash dividends. You may assume all sales are credit sales, all credits to Accounts Receivable reflect cash receipts from customers, all purchases of inventory are on credit, all debits to Accounts Payable reflect cash payments for inventory, all other expenses are cash expenses, and any change to Income Taxes Payable reflects the accrual and cash payment of taxes. What was the corporation’s 2018 cash flows from operations?
Information from A Corporation’s income statement for 2018 follows:
Sales $ 750,800
Cost of Sales (269,200)
Gross Profit 481,600
Operating Expenses
Other Operating Expenses (173,933)
Income Before Taxes 291,967
Income Tax Expense (89,200)
Net Income 202,767
Comparative Balance sheet Information is as follows:
Cash increased $ 30,350
Inventory increased 25,347
Equipment increased 30,250
Accounts Payable decreased 137,158
Income Taxes Payable decreased 4,000
Common Stock increased 15,000
Paid in Capital, Common Stock increased 48,000
Additional Information follows:
The corporation purchased Equipment for $ 30,250 cash.
The corporation issued 3,000 shares of common stock for $ 21 cash per share.
The corporation declared and paid $ 60,000 in cash dividends.
You may assume all sales are credit sales, all credits to Accounts Receivable reflect cash receipts from customers, all purchases of inventory are on credit, all debits to Accounts Payable reflect cash payments for inventory, all other expenses are cash expenses, and any change to Income Taxes Payable reflects the accrual and cash payment of taxes.
What was the corporation’s 2018
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