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Oliver Company provided the following information for the years 20X1 and 20X2:   Oliver Company Income Statement For the Year Ended December 31, 20X2 1 Sales $75,000.00 2 Cost of goods sold (20,000.00) 3 Depreciation expense (2,000.00) 4 Other expenses (13,000.00) 5 Net income $40,000.00         Oliver Company Comparative Balance Sheets At December 31, 20X1 and 20X2 1   20X1 20X2 2 Assets:     3 Cash $24,600.00 $64,600.00 4 Accounts receivable $5,400.00 $9,200.00 5 Inventory 8,000.00 6,000.00 6 Property, plant and equipment 160,000.00 175,000.00 7 Accumulated depreciation (18,000.00) (20,000.00) 8 Land 20,400.00 47,000.00 9 Total assets $200,400.00 $281,800.00 10 Liabilities and Equity:     11 Accounts payable $8,600.00 $10,000.00 12 Mortgage payable 0.00 40,000.00 13 Stockholders’ equity 191,800.00 231,800.00 14 Total liabilities and stockholders’ equity $200,400.00 $281,800.00       Prepare a schedule that provides operating cash flows for the year 20X2 using the direct method

Oliver Company provided the following information for the years 20X1 and 20X2:   Oliver Company Income Statement For the Year Ended December 31, 20X2 1 Sales $75,000.00 2 Cost of goods sold (20,000.00) 3 Depreciation expense (2,000.00) 4 Other expenses (13,000.00) 5 Net income $40,000.00         Oliver Company Comparative Balance Sheets At December 31, 20X1 and 20X2 1   20X1 20X2 2 Assets:     3 Cash $24,600.00 $64,600.00 4 Accounts receivable $5,400.00 $9,200.00 5 Inventory 8,000.00 6,000.00 6 Property, plant and equipment 160,000.00 175,000.00 7 Accumulated depreciation (18,000.00) (20,000.00) 8 Land 20,400.00 47,000.00 9 Total assets $200,400.00 $281,800.00 10 Liabilities and Equity:     11 Accounts payable $8,600.00 $10,000.00 12 Mortgage payable 0.00 40,000.00 13 Stockholders’ equity 191,800.00 231,800.00 14 Total liabilities and stockholders’ equity $200,400.00 $281,800.00       Prepare a schedule that provides operating cash flows for the year 20X2 using the direct method

FINANCIAL ACCOUNTING
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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Oliver Company provided the following information for the years 20X1 and 20X2:
 
Oliver Company
Income Statement
For the Year Ended December 31, 20X2
1
Sales
$75,000.00
2
Cost of goods sold
(20,000.00)
3
Depreciation expense
(2,000.00)
4
Other expenses
(13,000.00)
5
Net income
$40,000.00
 
 
 
 
Oliver Company
Comparative Balance Sheets
At December 31, 20X1 and 20X2
1
 
20X1
20X2
2
Assets:
 
 
3
Cash
$24,600.00
$64,600.00
4
Accounts receivable
$5,400.00
$9,200.00
5
Inventory
8,000.00
6,000.00
6
Property, plant and equipment
160,000.00
175,000.00
7
Accumulated depreciation
(18,000.00)
(20,000.00)
8
Land
20,400.00
47,000.00
9
Total assets
$200,400.00
$281,800.00
10
Liabilities and Equity:
 
 
11
Accounts payable
$8,600.00
$10,000.00
12
Mortgage payable
0.00
40,000.00
13
Stockholders’ equity
191,800.00
231,800.00
14
Total liabilities and stockholders’ equity
$200,400.00
$281,800.00
 
 
 
Prepare a schedule that provides operating cash flows for the year 20X2 using the direct method.
 
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