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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Oliver Company provided the following information for the years 20X1 and 20X2:
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Oliver Company
|
|
Income Statement
|
|
For the Year Ended December 31, 20X2
|
|
1
|
Sales
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$75,000.00
|
|
2
|
Cost of goods sold
|
(20,000.00)
|
|
3
|
|
(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
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20X2
|
|
2
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Assets:
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|
|
|
3
|
Cash
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$24,600.00
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$64,600.00
|
|
4
|
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$5,400.00
|
$9,200.00
|
|
5
|
Inventory
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8,000.00
|
6,000.00
|
|
6
|
Property, plant and equipment
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160,000.00
|
175,000.00
|
|
7
|
|
(18,000.00)
|
(20,000.00)
|
|
8
|
Land
|
20,400.00
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47,000.00
|
|
9
|
Total assets
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$200,400.00
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$281,800.00
|
|
10
|
Liabilities and Equity:
|
|
|
|
11
|
Accounts payable
|
$8,600.00
|
$10,000.00
|
|
12
|
Mortgage payable
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0.00
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40,000.00
|
|
13
|
|
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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