Saturn Company Income Statement for ycar cnded Dec. 31, 2018 Sales Revenue Cost of Goods Sold $238,000 153,000 Gross Profit Operating Expenses: Depreciation Expense Insurance Expense Salaries Expense Other Operating Expenses Total Operating Expenses Operating Income Other Revenue and (Expenses): 85,000 $14,400 12,000 42,600 11,100 80,100 4,900 Gain on Sale of Land Interest Expense Total Other Revenue and Expenses 4,800 (3.500) Income Before Income Tax Income Tax Expense Net Income 1,300 6,200 1,860 $ 4,340 Additional Information: 1. Saturn Company sold land with an original cost of $10.000, for $14,800 cash. 2. A new parcel of land was purchased for $20,000, in exchange for a note payable. 3. Plant assets were purchased for $40,0000 cash. 4. Saturn declared and paid a $440 cash dividend to sharcholders. 5. Saturn issued common stock in exchange for S45,000 cash. Prepare a cash flow statement for Saturn Company using the indirect method for the year ended 31 December 2018
Saturn Company Income Statement for ycar cnded Dec. 31, 2018 Sales Revenue Cost of Goods Sold $238,000 153,000 Gross Profit Operating Expenses: Depreciation Expense Insurance Expense Salaries Expense Other Operating Expenses Total Operating Expenses Operating Income Other Revenue and (Expenses): 85,000 $14,400 12,000 42,600 11,100 80,100 4,900 Gain on Sale of Land Interest Expense Total Other Revenue and Expenses 4,800 (3.500) Income Before Income Tax Income Tax Expense Net Income 1,300 6,200 1,860 $ 4,340 Additional Information: 1. Saturn Company sold land with an original cost of $10.000, for $14,800 cash. 2. A new parcel of land was purchased for $20,000, in exchange for a note payable. 3. Plant assets were purchased for $40,0000 cash. 4. Saturn declared and paid a $440 cash dividend to sharcholders. 5. Saturn issued common stock in exchange for S45,000 cash. Prepare a cash flow statement for Saturn Company using the indirect method for the year ended 31 December 2018
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education