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Question 5 The Income Statement and additional data of Crawford Properties, Inc., follows: CRAWFORD PROPERTIES Inc. Income Statement For Year Ended June 30, 20X6 Revenues: Sales revenue $237,000 Expenses: Cost of goods sold Salary expense Depreciation expense Income taxes expense $103,000 58,000 29,000 9,000 199,000 $38,000 Net Income Additional data: a) Acquisition of plant assets is $116,000. Of this amount $101,000 is paid in cash and $15,000 by signing a note payable. b) Proceeds from sale of land total $24,000 c) Proceeds from issuance of common stock total $30,000 d) Payment of long-term note payable is $15,000 e) Payment of dividends is $11,000 f) From the balance sheet 30/6/X 6 30/6/X 5 Current Assets: Cash & cash equivalents Accounts receivable Inventories $27,000 43,000 92,000 $20,000 58,000 85,000 Current Liabilities: Accounts payable Accrued liabilities $35,000 13,000 $22,000 21,000 Required: Prepare Crawford Properties, Inc.'s statement of cash flows for the year ended June 30, 20X6, using the indirect method.

Question 5 The Income Statement and additional data of Crawford Properties, Inc., follows: CRAWFORD PROPERTIES Inc. Income Statement For Year Ended June 30, 20X6 Revenues: Sales revenue $237,000 Expenses: Cost of goods sold Salary expense Depreciation expense Income taxes expense $103,000 58,000 29,000 9,000 199,000 $38,000 Net Income Additional data: a) Acquisition of plant assets is $116,000. Of this amount $101,000 is paid in cash and $15,000 by signing a note payable. b) Proceeds from sale of land total $24,000 c) Proceeds from issuance of common stock total $30,000 d) Payment of long-term note payable is $15,000 e) Payment of dividends is $11,000 f) From the balance sheet 30/6/X 6 30/6/X 5 Current Assets: Cash & cash equivalents Accounts receivable Inventories $27,000 43,000 92,000 $20,000 58,000 85,000 Current Liabilities: Accounts payable Accrued liabilities $35,000 13,000 $22,000 21,000 Required: Prepare Crawford Properties, Inc.'s statement of cash flows for the year ended June 30, 20X6, using the indirect method.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Question 5 The Income Statement and additional data of Crawford Properties, Inc., follows: CRAWFORD PROPERTIES Inc. Income Statement For Year Ended June 30, 20X6 Revenues: Sales revenue $237,000 Еxpenses: Cost of goods sold Salary expense Depreciation expense Income taxes expense $103,000 58,000 29,000 9,000 199,000 $38,000 Net Income Additional data: a) Acquisition of plant assets is $116,000. Of this amount $101,000 is paid in cash and $15,000 by signing a note payable. b) Proceeds from sale of land total $24,000 c) Proceeds from issuance of common stock total $30,000 d) Payment of long-term note payable is $15,000 e) Payment of dividends is $11,000 f) From the balance sheet 30/6/X 6 30/6/X 5 Current Assets: Cash & cash equivalents Accounts receivable Inventories $27,000 43,000 92,000 $20,000 58,000 85,000 Current Liabilities: Accounts payable Accrued liabilities $35,000 13,000 $22,000 21,000 Required: Prepare Crawford Properties, Inc.'s statement of cash flows for the year ended June 30, 20X6, using the indirect method. 4
Transcribed Image Text:Question 5 The Income Statement and additional data of Crawford Properties, Inc., follows: CRAWFORD PROPERTIES Inc. Income Statement For Year Ended June 30, 20X6 Revenues: Sales revenue $237,000 Еxpenses: Cost of goods sold Salary expense Depreciation expense Income taxes expense $103,000 58,000 29,000 9,000 199,000 $38,000 Net Income Additional data: a) Acquisition of plant assets is $116,000. Of this amount $101,000 is paid in cash and $15,000 by signing a note payable. b) Proceeds from sale of land total $24,000 c) Proceeds from issuance of common stock total $30,000 d) Payment of long-term note payable is $15,000 e) Payment of dividends is $11,000 f) From the balance sheet 30/6/X 6 30/6/X 5 Current Assets: Cash & cash equivalents Accounts receivable Inventories $27,000 43,000 92,000 $20,000 58,000 85,000 Current Liabilities: Accounts payable Accrued liabilities $35,000 13,000 $22,000 21,000 Required: Prepare Crawford Properties, Inc.'s statement of cash flows for the year ended June 30, 20X6, using the indirect method. 4
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