PROBLEM 23-10A IS MY QUESTION. POSTED 23-9A FOR REFERENCE FOR 23-10A. Problem 23-9A: Zowine Company's condensed income statement for the year ended December 31, 20-2, was as follows: Net sales 765,000 Cost of goods sold 550,000 Gross profit 215,000 Operating expenses 30,000 Income before taxes 185,000 Income tax expense 65,000 Net income 120,000 Additional information obtained from Zowine's comparative balance sheets as of December 31, 20-2 and 20-1, was as follows: 20-2 20-1 Cash $60,000 $ 20,000 Accounts receivable 70,000 100,000 Merchandise inventory 80,000 125,000 Accounts payable 55,000 90,000 Required Prepare a partial statement of cash flows reporting cash provided by operating activities for the year ended December 31, 20-2. (NO ANSWER IS NEEDED FOR THIS... REFER TO BELOW) Refer to Problem 23-9A (above). The following additional information was obtained from Zowine's financial statements and auxiliary records for the year ended December 31, 20-2: Acquired a new warehouse $120,000 Bought new warehouse equipment 80,000 Issued a note to the bank 40,000 Issued additional common stock: Par value 50,000 Paid-in capital in excess of par 20,000 Declared and paid cash dividends 30,000 Required Prepare a statement of cash flows for Zowine for the year ended December 31, 20-2.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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PROBLEM 23-10A IS MY QUESTION. POSTED 23-9A FOR REFERENCE FOR 23-10A.

Problem 23-9A: Zowine Company's condensed income statement for the year ended December 31, 20-2, was as follows:

Net sales	765,000
Cost of goods sold	550,000
Gross profit	215,000
Operating expenses	30,000
Income before taxes	185,000
Income tax expense	65,000
Net income	120,000

Additional information obtained from Zowine's comparative balance sheets as of December 31, 20-2 and 20-1, was as follows:

	20-2	20-1
Cash	$60,000	$ 20,000
Accounts receivable	70,000	100,000
Merchandise inventory	80,000	125,000
Accounts payable	55,000	90,000

Required

Prepare a partial statement of cash flows reporting cash provided by operating activities for the year ended December 31, 20-2. (NO ANSWER IS NEEDED FOR THIS... REFER TO BELOW)

Refer to Problem 23-9A (above). The following additional information was obtained from Zowine's financial statements and auxiliary records for the year ended December 31, 20-2:

Acquired a new warehouse	$120,000
Bought new warehouse equipment	80,000
Issued a note to the bank	40,000
Issued additional common stock:
Par value	50,000
Paid-in capital in excess of par	20,000
Declared and paid cash dividends	30,000

Required

Prepare a statement of cash flows for Zowine for the year ended December 31, 20-2.

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