SalesCost of goods soldGross profitOperating expenses:Salaries$32,000Depreciation and depletion 4,500MiscellaneousIncome before taxesIncome taxesNet incomeAssetsCashAccounts receivablesInventoryProperty, plant andequipmentIncome StatementFor the year ended December 31, 2011Share capitalRetained earningsLong term liabilities:Notes payableCurrent liabilities:Less: Acc. DepreciationTotal AssetsShare capital and liabilities:Accounts payableSalaries payableTaxes payable82,30020,10012,400$150,00063,00087,00038,1008,20029.900Balance Sheet31-12-2011060,00062,200125.10045,30048,9006,4001,5002,90040,00030,0001,90039,00015,60031-12-20106,40042,00023,40074.50015,4005,7001,30074.5002,70040,00010,0002,100125,100Required: Prepare cash flow statement for the year ended December 31, 2011.

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Sales Cost of goods sold Gross profit Operating expenses. Salaries Income Statement For the year ended December 31, 2011 $32,000 Depreciation and depletion 4,500 Miscellaneous 12.400 $150,000 63,000 87,000 48,900

Sales Cost of goods sold Gross profit Operating expenses. Salaries Income Statement For the year ended December 31, 2011 $32,000 Depreciation and depletion 4,500 Miscellaneous 12.400 $150,000 63,000 87,000 48,900

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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